A successful Manitoba-based wealth management company shows how all leading financial institutions should be taking responsible and responsive steps in keeping with current legislation, regulations, and the prevalence of devastating fraudulent scams to protect the wealth of their clients. If promoting and offering wealth management services Manitoba financial institutions including our banks and credit unions should be making the same commitment to Manitobans.
Let me start out with a statement made in LP Financial’s introduction. “Your relationship with LP Financial Planning Services Ltd. Is about more than investing money. It is about sharing your aspirations and building a relationship with your advisor.”
As one of their leading advisors and a co-founder of this successful Manitoba company, which was established back in the 80s, Eldon Wittmier says as your advisor he is committed to understanding you, your personal and financial circumstances, your investment needs and objectives, your risk profile (including your risk tolerance and risk capacity), your time horizon and any other factors that may affect our recommendations. He adds your advisor will be available for regular conversations with you about the status of your investments with us and changes in your personal profile.
It is a two-way street in building a relationship with an important client who is entrusting the company or financial institution with their hard-earned money and life-supporting assets. Eldon Wittmier requires a commitment from you as well. You should provide him with all relevant information about your personal and financial situation, your investment goals and objectives, your risk tolerance and when you expect to access the investments in your account. You should always let your advisor know when and if this information about you changes.
Trusted Contact Person
Another important facet of LP Financial’s concern and commitment to its clients is having advisors like Eldon ask for the name and contact information of a trusted contact person. They should be an individual with whom you are comfortable allowing your advisor to discuss your financial or personal circumstances. A key consideration here is the permission of the advisor to contact this trusted contact person if they are legitimately concerned that you are being exploited financially. Another one may be about your mental capacity to make decisions involving financial matters. How objective can you be at times if you are emotional about a proposed investment offer which may be too good to be true and needs another person to be contacted to look at it in a more dispassionate light?
Suitability of your Current Situation
LP Financial and its advisors make it clear securities regulations ensure each recommendation that is made is suitable in relation to your investment objectives, risk profile and other personal and financial circumstances. This is particularly apparent in the following circumstances:
- When you transfer assets into your account
- When we become aware of a change in an investment in your account that could result in the investment of account not being suitable for you
- When we become aware of a material change in your personal and financial information
- If there is a change in your advisor responsible for your account
This wealth management firm also makes it clear they may place a temporary hold on the purchase or sale of a security or on the withdrawal or transfer of cash or securities from your account when they reasonably believe you might have an illness, impairment, disability or aging-process limitation that places you at risk of financial exploitation, and they believe that you are, or may be exploited financially. The trusted contact person may also be contacted or a legal representative in these circumstances.
Investment Planning
Investment planning is the advisory service most requested by LP Financial’s clients. They are committed to understanding you before you invest any of your money. They will learn about your family situation, annual income and net worth and will determine your financial needs and objectives, your risk profile, your time horizon, income needs, liquidity needs and any other factors that may have an impact on our recommendations and your financial future. Before making specific recommendations, they also will ensure the products are suited to your needs and advise you of the risk factors involved.
Anti-Spam and Do Not Call Legislation
Commercial emails cannot be sent without your prior consent and will contain information that contains information indirectly related to the products provided by your advisor. LP Financial follows the National Do Not Call protocols when contacting clients. Any call initiated by an advisor to a client will be for the purposes of responding to an inquiry, or to book an appointment to discuss financial affairs.
LP Financial also has a well outlined complaint handling procedure headed up by its Chief Compliance Officer to investigate the matter and help you resolve it. There are other regulatory agencies and ombudsman’s services if required to go beyond LP Financial’s formal process.
Client Agreement
LP Financial has a client agreement you sign as part of the onboarding process. It acknowledges disclosures and agreements of the firm’s accountability to you. It reaffirms your trusted contact person, that you understand the nature of the financial advisory services from LP Financial and commitments as their client to ensure a successful relationship and the specific nature of the engagement.
An appropriate concluding paragraph to the client agreement is as follows:
LP Financial Planning Services Ltd. has evolved from one of Canada’s oldest and most established financial counseling firms. The firm has a history of providing financial solutions to its clients and proven investment performance that spans more than four decades. Your decision to use our services is taken most seriously by all members of our professional advisory team and we pledge to do our best to assist you in achieving your financial and life goals with peace of mind.
New Account Disclosure Form
And finally, LP Financial has what is called a new account disclosure form which focuses on the nature of the relationship they are establishing with you such as having an advisor like Eldon Wittmier commit to understanding you, your financial needs, your investment objectives, your risk profile, your time horizon and any other factors that may affect our recommendations. It also states the firm’s obligation to you to ensure each recommendation is suitable for your situation in relation to your investment objectives, risk tolerance and other personal circumstances.
