Doing business with a professional
Advisors and CSF members
The 34,000 members of the CSF are trained, certified and regulated financial services professionals. To practice in Quebec, they must be authorized to do so. You should always consult the Register of firms and individuals authorized to practice before doing business with an advisor.
This register, maintained by the Autorité des marchés financiers, contains the contact details of CSF members authorized to operate in the sector of financial products and services distribution. The process takes only a few seconds and will let you know if your advisor is in good standing.
To access this register, click here.
If your search does not yield any results, please contact the Information Centre of the CSF.
Right to practice
An advisor must be authorized in order to practice in any of the disciplines and registration categories overseen by the CSF:
- Mutual fund brokerage
- Financial planning
- Personal insurance
- Group personal insurance
- Scholarship plan brokerage
Your meetings with your advisor
Before the meeting
One of your advisor’s basic obligations is to know their client well. For this reason, they need to ask you questions about your current situation, both personal and financial, so that they can recommend products and strategies that are right for you and in your best interests.
You can make the meeting more productive by preparing properly. Here are some questions you may be asked:
Your situation:
- Do you have any dependents?
- Are you covered in the event of disability?
- Would your loved ones be protected if you died prematurely?
- What is your risk tolerance with regard to your investments?
Your goals:
- At what age do you plan to retire?
- Do you have a retirement plan?
- Do you want to save for major projects?
- Do you want to help your children with their post-secondary education?
Your advisor will also ask you for documents relating to your financial situation, in order to get an overall picture of your circumstances. Therefore, during the meeting it is useful to have on hand documents or information regarding:
- Your employment-related benefits: group insurance and pension plan
- Your insurance policies: disability, life, home, etc.
- Legal documents: will, power of attorney, mandate, etc.
- Your assets: registered or non-registered investments
- The nature and balance of your debts and the interest rates on them
- Your latest tax returns and notices of assessment
During the meeting
Generally, during your first meeting, your advisor will use an account opening form to collect all the information you provide. Your advisor is required to maintain the confidentiality and protection of your personal information. Documents commonly referred to as a “Financial Needs Analysis” and “Investor Profile” will be used, depending on the type of products or services offered to you.
During this meeting, it is important that you feel at ease with your representative. To make sure of this, ask yourself the following questions:
- Do you feel that they are listening to you attentively?
- Are they taking the time to fully understand your financial situation?
- Do they clearly explain the products or services they offer, as well as the advantages and disadvantages of each?
- Do you understand how the proposed products and services work, and how they meet your needs?
Write down the date and time of your discussions, along with a brief summary of what was discussed. Keep all correspondence and documents exchanged with your representative (letters, emails, text messages, etc.).
Their commitment to the profession
A professional with plenty of diplomas is good. A professional who constantly develops their skills to keep their knowledge up to date is better. For this reason, the Chambre de la sécurité financière has adopted essential tools to oversee the practice of financial services professionals.
Professional development
Professional development helps maintain high standards of practice and further our mission: to protect you. The CSF is a pioneer in this regard. Well before most professional orders, we required our members to participate in continuing education activities and obtain professional development units in order to continue practicing.
Mandatory compliance course
Did you know that the CSF is the first organization in Canada to have created a mandatory compliance course? This course is designed around your advisor’s four main responsibilities:
Be informed
Be informed so that they have all the relevant information on hand when the time comes to advise you.
Explain
Explain the ins and outs of the strategies they recommend.
Evaluate
Evaluate all possible solutions based on your situation.
Advise
Provide advice so that you can make informed decisions.
Code of ethics
All professionals who are members of the CSF must comply with important obligations aimed at putting your interests at the top of their priorities. These obligations are set out in law and in their code of ethics. The duties and obligations they must fulfill are based on values that guarantee protection of the public:
- Competence
- Honesty
- Integrity
- Prudence
- Loyalty
- Diligence
- Putting your interests first
The CSF has also developed InfoDéonto, a tool to support the professional practice that documents and explains in plain language all obligations and best practices of its members. This tool can also be useful for you and answer many of your questions about the work of an advisor.
Never rest on your laurels!
Obtaining a licence to practice is just the first step in this process of continuous learning. As the world is evolving so quickly, it is crucial to keep up with changing practices and techniques in order to do one’s job well. This is something your CSF advisor understands very well. It is why they are committed to their profession and have your best interests at heart.
Learn more
ProAdvice, the mandatory course for 2019-2023, is the perfect blend of professional advice and consumer protection. Greatly inspired by real-life cases experienced by our members, the training offers an engaging interactive journey, punctuated by scenarios and expert interviews, that raises many questions but provides a wealth of answers. In cases of mistreatment, conflict of interest, or client acquisition, would you have made the right decision? Take the ProAdvice course that suits your practice and discover that compliance is an ally for professional success.
This CE activity is recognized in several subjects. Please choose the formula that suits you best (only one of the 2 formulas can be purchased and completed). This choice is final and the distribution of PDUs cannot be split into several subjects.
This CE activity is recognized in several subjects. Please choose the formula that suits you best (only one of the 2 formulas can be purchased and completed). This choice is final and the distribution of PDUs cannot be split into several subjects.