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Mark Kent, president and CEO of Portfolio Strategies Corp. in Calgary, says the firm will only need to make minor changes as a result of the client-focused reforms, mostly around advisor training and updating documentation. Photo by Todd Korol/Globe & Mail
Todd Korol/The Globe and Mail
This article is the third in an ongoing series on the client-focused reforms, which will place investors’ interests first in their dealings with financial advisors and dealer firms and have a consequential impact on advisors and the investment industry.
The pandemic-driven shift to remote work has been both a help and a hindrance to investment industry firms working on updating their client relationship policies and procedures to meet new investor-protection rules that come into effect fully by the end of this year.
As social distancing continues, you may find that texting clients can be useful for maintaining relationships and increasing the speed of communication.
“Many of my clients view me as their personal CFO. A large part of that is being accessible to my clients quickly and at all times,” said Joss Biggins, an investment advisor with EthicInvest, a unit of Leede Jones Gable Inc. in Vancouver. “Texting allows me to do that with an added level of comfort from the client’s perspective.”
Biggins uses text messaging for casual and administrative communications that don’t require archiving or supervisory oversight. If something needs to be archived or documented, he requests an email or phone call from his clients.