Advantages of Using an IIROC-Registered Advisor

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Advantages of Using an IIROC-Registered Advisor

IIROC takes steps to make sure the investment firms and individuals registered with us have the training, qualifications and experience to meet investors’ needs.

IIROC-regulated advisors are able to offer a wide range of products and services, ranging from mutual funds, guaranteed investment certificates, stocks, bonds and options to more complex alternatives. Only those individuals with the necessary training and education receive our approval. These advisors must also pass financial, professional and personal background checks before they can be registered to work at IIROC-regulated firms. This is one way that our regulation helps investors.

Background Checks

Protecting investors means taking steps to give them confidence in the firms and advisors that we register.

Before approving an advisor to work at an IIROC-regulated firm, IIROC checks:

The advisor’s education and training – does he/she have the required proficiency and training for the job?
The advisor’s financial background – are there any financial problems such as bankruptcy?
The advisor’s professional and personal background – are there any civil or criminal convictions in his/her record?

Registration Requirements

IIROC has a commitment to high proficiency standards that are regularly reviewed to ensure they reflect current marketplace realities and investor needs.

IIROC approved advisors must complete courses before and after they are approved for employment. Advisors and RRs must complete the Canadian Securities Course and the Conduct and Practices Handbook Course, as well as the Registrant Code of Ethics and the Registrant Standards of Conduct.

Then, once approved for employment at an IIROC-regulated firm, the advisor or registered representative must complete a 90-day training program, with content set by IIROC. To learn more about the various approval and registration categories offered by IIROC and what they mean, click here.

Within 30 months after approval, advisors or RRs must complete the Wealth Management Essentials Course, which requires approximately 110-160 hours of study and has two three-hour exams.

Additional courses are required if advisors or RRs wish to sell options or futures. To provide discretionary advice or portfolio management services, they must complete the Wealth Management Investment Management Supplement (the IMT) and the Portfolio Management Techniques Course (the PMT).

All these courses are provided by the Canadian Securities Institute, with IIROC approved content. Individuals can also complete the three levels of the Chartered Financial Analyst program administered by the CFA Institute.

Ongoing training

The investment industry changes constantly and quickly but IIROC’s continuing education requirements help advisors keep up to date on financial products, rules and regulations and industry trends.

IIROC-approved advisors must complete education programs after they are registered to help them keep on top of new financial products, rules and regulations, and industry trends. Every three years, they must complete a Continuing Education program that requires 12 hours of compliance and 30 hours of professional development courses.

We also use guidance notices and web-cast seminars to keep advisors and RRs informed and thus better able to meet investor needs.