Good planning reduces risk and increases your likelihood to reach your objectives. However, what if something goes wrong? What if your advisor relationship gets derailed? You can protect yourself.
If you have a concern with your financial advisor, investment firm or investment fund company, there are steps you can take to resolve the issue.
Step 1
Speak to your financial advisor (or your service provider, if you manage your own investments) to explain your concern. Most concerns are the result of a misunderstanding or simple human error and can be easily resolved through conversation.
Step 2
If you cannot resolve the issue with your financial advisor, contact the head office of the dealer firm and speak to the person or department responsible for addressing complaints. Each dealer firm must have a policy and procedures for handling complaints.
Step 3
If the issue is still not resolved to your satisfaction, you can turn to the regulatory body that regulates the firm, or to the general ombudsman, as noted below. The financial advisor or compliance officer can tell you which of these organizations they are registered under:
- Mutual Fund Dealers Association (www.mfda.ca)
- Investment Industry Regulatory Organization of Canada (www.IIROC.ca)
Alternatively, if your complaint is not resolved to your satisfaction within 90 days after you have submitted it to the firm you are dealing with, you can contact the Ombudsman for Banking Services and Investments. OBSI is a national independent dispute resolution service that investigates unresolved complaints of clients of banks and the investment industry. An alternative to the legal system, OBSI services are informal and free for investors.
