Enabling the Evolution of Advice in Canada

“IIROC recognizes the wealth management industry is evolving. We are committed to facilitating innovation and accommodating new advice and service offerings to better serve the needs and wants of Canadians, without compromising investor protection or choice.”

Andrew Kriegler, President and CEO, IIROC


An IIROC & Accenture Study (pdf)

News Release

Powerful investor segments, including women and millennials; newer industry players; and new digital tools and financial technologies are changing how Canadian investors consume advice and services and how they prefer to interact with wealth management services providers, according to a new report published by IIROC in partnership with Accenture.

Enabling the evolution of advice

The wealth management industry in Canada is undergoing a period of important transformation. Inter-generational wealth transfers, changing investor demographics, arrival of new players and the availability of new digital tools and financial technologies are fundamentally changing...

Investors are changing

At its core, the wealth management industry is about client relationships. Social and cultural movements correcting the gender power imbalance, combined with changing Canadian demographics have led to the emergence of two new and powerful investor segments...

The industry is transforming in response

Understandably, the industry is responding by exploring and implementing new advice and service models to meet evolving investor expectations.

Emerging digital business models and tools

Changing investor needs and expectations, as well as rising cost pressures, are resulting in an expanded continuum of advice and service models that are available at different price points, and not exclusively at a low cost.

Innovation headwinds in Canada

A variety of barriers to innovation were raised in the Consultation; some related to the broad regulatory environment in Canada and the costs of regulation, and others related to the understanding and application of current IIROC requirements. We have summarized the key issues...

Opportunities to enhance engagement

The final topic we explored in our Consultation was about IIROC’s engagement with Dealers – what was working well and what could be improved. We heard a range of feedback...

Looking Ahead

In this section, we discuss how a changing landscape requires a different approach to client experience.

About the consultation

This report incorporates insights from three streams of research:

  • Interviews with business, strategy and compliance industry executives from Dealers and other industry participants.

  • A workshop with chief compliance and risk officers from a cross-section of Dealers.

  • A quantitative survey with respondents from Dealer compliance and operations staff.

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.