Client-Focused Reforms: Using Our Family As Your Guide

Families come in all shapes, sizes, and ours guides registered persons through the Client-Focused Reforms.

Just in case you were wondering what they were, the Client-Focused Reforms were introduced in two phases: the first phase implemented the conflicts of interest rules which took effect in June 2021; the second phase deals with relationship disclosure information and includes Suitability, Know-Your-Client (KYC) and Know-Your-Product (KYP) which came into effect in December 20, 2021.

The idea of the Client-Focused Reforms is that the client’s interests come first. They enhanced the regulatory obligations of registered persons and strengthened relationships between clients, their advisors, dealers and reps. They also increased compliance, internal controls, training and documentation requirements.

By now, the Client-Focused Reforms should be fully baked into most Firm’s policies and procedures (if not, please reach out to us!) but it is still important to provide annual continuing education to registered persons reminding them about the importance of the Client-Focused Reforms and reinforcing that their client’s investment needs, objectives and risk profiles should always come first.