When financial advisors don’t properly fulfil their know-your-product (KYP) obligations, they put themselves at risk of potential litigation, a legal expert told the Institute of Advanced Financial Planners’ annual symposium in Gatineau, Que.
Advisors who rely solely on the product information that dealers provide are not in compliance with the client-focused reforms, said Harold Geller, a lawyer with Geller Law in Ottawa who specializes in legal action against advisors. “You have to do independent analysis,” Geller said.
Avoid being sued over KYP shortfalls, expert tells IAFP symposium | Advisor.ca
Advisors should conduct independent analysis, educate clients, write detailed notes
michelleschriver
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