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Annual ‘Ugly Questions’

Moderator: Gary Legault , Legault Compliance Consulting. Annual ‘Ugly Questions’. Annual ‘10 Ugly Questions’. Panelists: Cas Litwin FundEX Investments Inc. Michael Smith Credential Financial Som Houmphanh Sentinel Financial Management Corp . How does Your Firm Handle.

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Annual ‘Ugly Questions’

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  1. Moderator: Gary Legault, Legault Compliance Consulting Annual ‘Ugly Questions’

  2. Annual ‘10 Ugly Questions’ Panelists: • Cas Litwin FundEX Investments Inc. • Michael Smith Credential Financial • SomHoumphanh Sentinel Financial Management Corp

  3. How does Your Firm Handle... • Point of Sale (POS) • Remote Supervision of Branches • OBA disclosure • Fee Based Financial Planning • Annual Compliance Questionnaire • Cookie Cutter KYC’s • Product Review • Reporting to the Board of Directors • How do you present your Disclosures • CRM2

  4. POS – Point of Sale • What’s your firm doing now? • What challenges are you facing? • What’s on the horizon?

  5. Remote Supervision of Branches • What supervision structures do you have in place? • Are there limits on how many DRs can be supervised by one person remotely? • What contact and visitation policies and procedures are in place?

  6. OBA Disclosure • What OBA Activity must be disclosed to you ?(commercial/non-commercial) • Do all OBAs require disclosure? • In reference to Insurance OBA, how detailed must the disclosure be?

  7. Fee Based Financial Planning What’s your firm doing now and why? What are the biggest challenges? What do you see in the future for our industry?

  8. Annual Compliance Questionnaire • Do you utilize one? • How many questions? • Is it mandatory and, if so, how is non compliance handled? • How is it delivered and completed? • How is it reviewed?

  9. Cookie Cutter KYC’s Has your firm defined it? What do your policies and procedures say about it? How do you look for it in trading activity and/or onsite reviews? What do you do if you find it?

  10. Product Review • What is your process ? • How do you educate your advisors on new product? • How is approved product made known to advisors? • What is identified for advisors? • Can they do customized searches?

  11. Reporting to the Board of Directors • How frequently? • What is your reporting format? • What topics are covered in your report?

  12. How do you present your Disclosures? • There are all sorts of disclosures such as: • Relationship disclosure information • Privacy Policy • Complaint handling • What format do you use – booklet, stand alone, a mix? • How is evidence of client receipt obtained?

  13. CRM 2 • What are you doing about cost disclosures coming into effect on July 15 2014? • management fee • sales charge or deferred sales charge and any other redemption fees or short-term trading fees • any trailing commission, or other embedded fees • any options regarding front load ends • switch or change fees • Anything else re RDI or account statements?

  14. Q & A • Do you have any questions? • THANK YOU!

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