Solutions, Self Defense and Best Practices

[admin]

see a lawyer if you feel you have been misled, misinformed, or abused financially. Even if you feel foolish or feel like you have just been duped by a fast talking salesman, I suggest you inquire or more than one lawyer.
They will better understand the "duty of care" required of a professional. You will not be thinking as clearly or as objectively as they will. Sit down and tell them what happened to you, as you understand it. They will likely charge you nothing for an initial visit. What have you got to lose but some pride?

If you decide to go through the "proper" regulatory channels, that also may have to be done, but understand that the industry, the self regulators, and the regulators all come from the same pool. They swim together, work together, and circulate freely. Many experts have suggested (as I do) that the regulators are suffering from something called "regulatory capture". I wont go into detail, but suffice it to say in my opinion, none will be on your side. Their job security takes priority over your situation.

[admin]

Here is what to do if you would like to ensure that your investment account is not used as a dumping ground for ill conceived or poorly constructed, high commission investment products.

Write a letter to your investment firm, and state that you are assuming they will act in YOUR interests, and not in the interests of the firm and the salesman. Tell them you are RELYING on the advertising promise of YOU FIRST or TRUST US or any of the many forms of advertising that the industry uses to gain clients.

Tell them another three or four things which tend to be used in court to determine if they owe you a duty of care:

Tell them you trust them to act professionally and in your interests.
Tell them you are vulnerable to the different levels of knowledge they posess verses yourself on matters such as fees, returns, risks.
Tell them you trust that they will honor and follow BEST practices in matters of codes of ethics, mission statements, and professional rules and regulations.

Above all tell them you are NOT looking for a salesman, or a relationship of buyer beware. You may not grant them discretion (total authority) over your account, but that aside from this one aspect, the other four tests of duty are involved, and you expect them to act in your interests, not firstly theirs.

Sadly, if you fail to clarify these expectations, you may be in a position of many seniors, who after being taken advantage of by salespersons posing as advisors, faced a legal defense that depends on the above to tell the client that "they did not owe you a duty of care". (contrary to what the advertising and codes say)

If you fail to get a satisfactory response, a response where the firm seems to understand, agree and admit that they owe you (the customer) a duty of professional care, then you must ask yourself the questions. The questions are: How is this response different from the promises that their advertising contains? Does it coincide or contradict?
If the advertising promise differs from the duty of care response, then you may be dealing with a firm whose words do not match their deeds. Buyer beware if that is the case.

for further info on what the industry claims when push comes to shove see case law such as:
Cosgrove V RBC
Hunt V TD Waterhouse
cases found at www.investorvoice.ca

[admin]

One national securities regulator for Canada.

Not thirteen in an economy the size of Texas.

Not thirteen for investment issuers to have to strugle through.

Not thirteen where the chairman of each is paid in some cases over $600,000 per year.

Not thirteen, who combined cannot even find a manner of causing restitution to agrieved or abused investors.

One. Uno.

Not founded by industry.

Not funded by industry.

Not fathered by industry.

Not feathered by industry.

Not fettered by industry. (is fettered even a word?)

[admin]

(advocate has not verified the service provided below, but posts it strictly due to it's interesting presentation towards lower cost investing. Please do your own due dilligence)

The ASL Direct Way
http://www.asldirect.com/ASLDirect/ASLD ... enDocument
The investor's solution to higher returns on mutual fund investments

With ASL Direct's unique pricing structure, you the investor are able to significantly increase the returns on your mutual fund holdings. This is achieved through rebating the annual trailer fee, compounding takes care of the rest. We invite you to use the compounding calculator and see for yourself how much your returns will increase.

What you will find at ASL Direct

1. On-line trading for over 1000 Canadian mutual funds.

2. The rebating of the annual embedded trailer fee will increase your portfolio value by thousands, even hundreds of thousands of dollars. This is broken down for each mutual fund holding(s) and is incorporated into the on-line portfolio.

3. Free unbiased and impartial investment advice.

4. Access to your personal portfolio online, updated on a daily basis.

5. Cradle to grave trade confirmation.

6. Free mutual fund recommendations, where you can view our top fund picks separated by fund category.

7. Sliding monthly fee structure for multiple accounts.

8. The ability to transfer, hold, as well as buy and sell stocks, bonds, and ETFs inside your RSP/RIF account.



ASL uses only 100% no-load mutual funds that pay the highest 1% or higher on-going annual trailer / service fee commissions that ASL 100% rebates to its client accounts.

ASL does not give any tax advice to its clients on their 100% rebating of the mutual fund on-going trailer / service fee commissions.

ASL's Principal owner has a tax opinion that says that mutual fund trailer / service fee commission rebates are a non-taxable return of capital.

(advocate has not verified the service provided above, but posts it strictly due to it's interesting presentation towards lower cost investing. Please do your own due dilligence)