Investors have embraced advisor background checks as more than 60,000 AdvisorReports were run in the first full year of the educational tool offered by the Investment Industry Regulatory Organization of Canada.
The online service allows investors to check the background of more than 22,000 investment advisors at more than 200 regulated investment dealers in Canada.
In recognition that October is Investor Education Month and that the service recently marked its one-year anniversary, IIROC is encouraging investors and other stakeholders to use this free service.
“The popularity of the service confirms there was a demand for effective tools to assist investors in doing the due diligence to make informed decisions when choosing or using an advisor,” says Susan Wolburgh Jenah, IIROC president and CEO.
Each report tells investors about an advisor’s educational qualifications, employment history, the services and products that he or she is approved by IIROC to offer and a record of disciplinary cases, if any, with direct links to related documents.
Launched at the end of October 2010, the reports can be a valuable resource for investors who are choosing an advisor or are interested in checking up on their current advisor’s background.
The service can be accessed in the Know Your Advisor area of the Investor section of IIROC’s website.