Fun "Fund Facts"
This is the time period that fund facts need to be delivered
Before trade order
How many types of Account Risk Score oversight types are there? Name them
What happens when an ACR is 90 days past due
No compensation for AuA
Name the 2 mandatory situations for Charting
1) Trades
2) Transfer-ins
Every Fee Grouping conversation must be captured in SF what must you input in your notes?
1. Conversation details surrounding different between transactional versus Fee-Based accounts
2. Discussion of benefits of Fee Grouping with the client
3. Clients' decision on account grouping
4. Rationale for exception to not group account(s) if applicable
When amending SIP, to ensure complaint a new fund fact is required
Yes
What is required in the subject line of your ARS Charting note
the specific ARS ref#
How many days do you have to input ACR notes for completion post ACR meeting
5 business days
What is the different between and activity log and a charting note?
Activity logs track actions - calls, emails, tasks, booked meeting and non-material information
Charts - is any material information that in pertinent to to the relationship financially an otherwise
IIROC (CIRO) Offside Registration is where a client's address is in a jurisdiction that advisor is not licensed, what is the max number of days for resolution (address updated to where a supporting advisor is licensed) ?
60 days
When a multi fund transaction occurs only one fund fact disclosure statement is required
False, need to outline that a fund fact disclosure per specific fund was disclosed prior to trades
Name steps of the ARS action items when attempting to resolve
Do a review (suitability, KYC, Risk etc)
Update CIP/KYC if required
Rebalance or Switch
What are the threshold for overall past due ACR % and 90 days past due
10% and 5% respectively
What is a primary reason why we must Chart
identify and outline Conflicts of Interests
Client is aging or showing signs of diminishing mental capabilities what should we ask for and capture in SF?
Trust Contact Person, Trading Authority or POA
These can happen if fund facts are not properly disclosed and documented
rescind trades, losses attributed to advisor, breach of CFR
If a client has multiple ARS items from different account can I consolidate to one Charting note?
Trick Question: yes but your action items may be different depending on client account objectives, in which case it may be more efficient to have separate charts per ARS
If unable to connect with client within 90 days of due date what must you chart and add to SF?
Contact strategy include cadence, input attempt of contact activity in activity logs, and continue to chart any material info and conversations
Which is more important - the quantity of notes or quality of notes?
Trick Question: both are equally important, you need to have both
A client is considered as a non-resident when he/she spends more than what number of days, either consecutively or in aggregate, outside of Canada.
183
When adding to your trade chart these are the components of the fund fact disclosure that needs to be be included
fund name, delivery method, date/time
Name the 3 possible scenarios for deferral of action
1) capital gains (tax)
2) legal settlement (separation/divorce pending)
3) death of client
Name additional tactics if unable to contact client for past due ACR
flag TDCT accounts with generic "contact FP" message on C3; confirm contact info C3 and ISM (no changes); register mail and log tracking # into SF
How many days do you have to Chart material info after client interaction? (non trade)
7 days
When sending clients sensitive information like account numbers, balances, statements etc we must use what process to ensure this data is protected?
Secure email