KYP
You are required to include X number of alternatives in your comparison.
What is 3?
When a KYC is more than three years old it is considered __________.
Sun Life form used to document mutual fund meetings or discussions.
What is the Advisor Record of Client Conversation or form #4449?
This document discloses: the range of products you can provide, how you are compensated, information about potential conflicts of interest and the client's right to additional information.
What is the Clear Connection Brochure?
TSM for FC 59.
Who is Nancy Tu?
This tool is used to complete and evidence your fund comparisons.
What is the Morningstar Due Diligence Screener?
A clients financial ability to endure potential lossess.
What is Risk Capacity?
Must be discussed at all new account opening and KYC update discussions.
What is Trusted Contact Person (TCP)?
This is a written explanation of the recommendations the advisor has made and how they address the needs identified.
What is a Reasons Why Letter?
This regulatory body oversees and enforces compliance for mutual funds in Canada.
What is Canadian Investment Regulatory Organization (CIRO)?
This is the maximum time period an advisor can typically rely on a fund comparison before needing to update their research.
What is 12 months?
Used to determine if clients holdings align with their KYC allocations.
What is the Account Holdings Tool (AHT)?
What is What you need to know about your mutual fund accounts disclosure document (AKA, A2507).
This analysis can include the following: age, health status, income, survivor needs, expected retirement income, liquidity needs, budget and currently owned policies.
What is a Needs Analysis? or
What is OnePlan?
This is the organization that is your first stop when reporting a suspicious activity.
What is FINTRAC?
DAILY Double if you can tell me what FINTRAC stands for.
Financial Transactions and Reports Analysis Centre of Canada
Demonstrates that the advisor has developed comprehensive knowledge of each recommended fund through careful research. Should contain:
Fund Comparison, Performance Reports, industry articles, Fund Webinars and/or Wholesaler meeting notes.
What is a Research File?
This rule limits the amount invested in high risk asset classes to 20%.
What is the Concentration Risk policy?
This is discussed in order to remain fully transparent to clients and protect ourselves from any potential conflicts; perceived or actual.
What is Outside Activities disclosure.
These two documents must be completed when processing a "replacement".
What is the "Life Insurance Replacement Declaration (LIRD)" and " Written analysis to accompany Life Insurance Replacement Declaration (form 4459)?
It must be clear and prominent. It must allow the recipient to opt out of getting CEMs.
What is Unsubscribe?
Recommended method to evaluate and support your KYP process.
What is the Five Pillars framework?
This type of questionnaire incorporates both risk capacity and risk attitude to determine an investor's profile for accounts with the same investment objective.
What is a goal-based Investor Questionnaire?
Advisors must note the conversation regarding this document summarizing key information about the fund in plain language.
What is the Fund Facts document?
An advisor can perform these limited services for existing clients located outside their licensing jurisdiction. (list 3)
What are beneficiary designations, surrenders, policy loans, dividend withdrawals, index selection on Universal Life policies and/or exercising a contractual right (conversion or GIO)?
The 5 Elements of a Compliance Regime.
What are:
1. appointment of a compliance officer
2. Development of written compliance policies and procedures
3. Risk Assessment (bonus for both type so risk)
4. Training program
5. Effectiveness Review