Due Diligence

Due diligence means that the advisor has a reasonable basis for the recommendations made

  • includes the duty to diagnose
    • obliged to gather and analyze all relevant information regarding your financial situation before making recommendations to you
  • must ensure the recommendations are suitable with respect to
    • knowledge of your situation
    • legal, tax, business and economic aspects
  • clearly and accurately describe to you
    • the conclusions about the your financial situation
    • the recommended strategies
    • the level and types of risks associated with the strategies
    • the method of compensation

Due diligence helps protect an advisor against legal action.

This brief summary cannot capture the variations for

  • different designations
  • different jurisdictions

This is primarily for residents of Ontario, Canada.

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