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Is your adviser properly registered?

Earlier this week, the Nova Scotia Securities Commission reprimanded a financial planning firm for allowing their adviser to carry out trades in Nova Scotia though he was not registered to do so. The firm had to pay $10,000 in fines and $1200 in costs. Is your adviser properly registered?

In Canada, anyone trading securities or in the business of advising clients on securities must be registered with the provincial or territorial securities regulator, unless an exemption applies.  A securities regulator will only register firms and individuals if they meet certain standards.

Remember that an adviser must be registered in the jurisdiction where their clients live. So if you chose to do business with an adviser in Toronto, but you live in Antigonish, your adviser must be registered in Nova Scotia. If you are working with an adviser in Sydney, and you move to Alberta, you must either transfer to an adviser registered in Alberta, or your current adviser must register there to keep your business.

Use the National Registration Search to find out if an individual or firm is registered in your province or territory.

The category of registration tells you what products and services a firm or individual can offer.  Being registered, however, doesn’t mean that firms and individuals have the same skills, provide the same services or charge the same fees.  Make sure you understand their qualifications, and the product or service they are selling you.

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