If you have not yet read the Small Investor Protection Association (SIPA) report: "Web of Deception" http://www.sipa.ca/library/SIPAsubmissions/WEBofDECEPTION_2017.pdf please take the time. It is such an important document and it will hopefully catapult the issue of fiduciary responsibility to the forefront. You definitely want to pass it on.
We started High Rock Capital Management's Private Client Division http://highrockcapital.ca/private-client-division.html to lead the industry forward as far as our responsibility to our clients is concerned.
To this day we still meet with prospective clients who are under the false impression that their advisor has to put their interests (as client's) first (ahead of their own, as advisors), when that is not the case.
As the "Web of Deception", reports, only 3% of all licensed advisors do. So what are the odds that your advisor does not?
Needless to say, we (at High Rock) are always looking for ways to show how we are different. In January of this year, before the CBC GoPublic unveiled their reports and the SIPA report was released, we were busy working on a document that would help elevate our ethical approach to our clients (and show that we hold ourselves to a higher standard than most of the rest of the financial services industry), hence:
Our Voluntary Code of Conduct for the Stewardship of Your Wealth,
Which we have posted on the first page of our website http://highrockcapital.ca/index.html
All of our clients will receive this signed document (as an attached pdf) with the quarterly updates that they will be receiving over the course of the next week, but we are excited to share it with you today because it does truly reveal our desire to properly dedicate ourselves to the higher level of client care that we are espousing.
Scott Tomenson,CIM Managing Partner, Chief Investment Strategist