With RRSP and tax season in full swing and in an effort to reduce compliance delays and inquiries, you will find useful information below that we hope will enhance your client relationships, streamline meetings, and make your administrative tasks easier.
Please note that there are two important components to support your practice:
- Using your Advisor Dashboard
- Communicating with your Compliance team
1. Using Your Advisor Dashboard
When you select a tile, it will generate a client list for the respective category. We recommend generating and utilizing these lists as you schedule appointments and meet with your clients.
NCAFs/KYC Update Forms:
Investia’s policies require a current and valid NCAF/KYC Update Form on file for trading to occur. As a result, Univeris will not allow trades to be placed on accounts lacking this documentation.
Your dashboard can assist you in the following ways:
• Showing which accounts require an updated KYC;
• Identifying any KYCs that will expire within the next 6 months.
If a client’s KYC is expected to expire in the coming months, having this information will prevent the need to revisit the client later in the year, provided there are no material changes in their personal or financial circumstances.
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Using the KYC Automated Tool with clients is an excellent and efficient practice for updating KYC forms. For more information about this tool, click here. |
To avoid trade delays, it is essential that the KYC information be updated in Univeris prior to trade placement. If a KYC update has recently been completed for suitability reasons, the KYC information must be updated in the system before placing a trade. Failure to do so may result in the trade being halted in the order affirmation process, leading to potential delays and inquiries from the Compliance team.
Suitability:
Additionally, please ensure that you check both investment objectives and risk suitability before placing trades. Your dashboard shows accounts needing review (for rebalancing or a KYC update if there’s a material change in the client’s profile). You can review suitability via the PortfolioINSIGHTS “Suitability” tab.
Unresolved Inquiries:
Unresolved inquiries can hinder trading on an account due to suitability or other previously identified concerns. This situation causes delays, requires further communication with your client, and prompts additional compliance inquiries. By identifying these clients and collaborating with your Corporate Branch Manager, you can gain a clear understanding of the requirements needed for an efficient resolution.
2. Communication with Compliance
Your Compliance team, led by your Corporate Branch Manager, is here to assist by:
• Working with you to create and/or review a plan to address unresolved inquiries.
• Developing effective compliance processes to reduce the number of inquiries you receive, and coaching you to ensure that:
o Your client’s risk profile and investment objectives are suitable. Note that the Investor Profile Questionnaire is a useful tool to verify suitability.
o Notes are entered in Univeris (“Communications” section/”Notes” tab or in OrderXPRESS) to provide additional context (e.g., notes explaining temporary underweights in investment objectives).
o NCAFs and KYC Update Forms are thoroughly and accurately completed to avoid paperwork inquiries, including reviewing amendments to banking information and trusted contact person information.
• Answering questions that you might have prior to your client paperwork preparation and meetings.
In summary, proactively engaging with your Compliance team can positively impact your client relationships.
For any questions or additional information regarding this memo, please contact your Compliance team.
