I was recently at a social event where I met an investment adviser. I didn't say anything at the time, but I would like to consider using that person as my adviser. We don't live in the same province. Is that a problem for him dealing with me? My present adviser is local so does location make a difference?
I have clients around the world and many outside of Ontario where I live. As long as your adviser is licensed in the province where you live there should be no issues.
There are certain criteria that need to be met to satisfy the "Know Your Client" rule as well as the government's anti-money laundering act.
Now that your potential adviser has met you in person, it definitely makes it easier.
As for business dealings with an out-of-province adviser, with today's technology, it certainly shouldn't be a problem. I regularly use email to send information, and portfolio transactions are done over the telephone. Most important is the ability to reach your adviser, rather than the location they operate from.
Nancy Woods, CIM, FCSI, is an associate portfolio manager and investment adviser with RBC Dominion Securities Inc. To ask her a question, send an e-mail to firstname.lastname@example.org or visit her web site at nancywoods.com
READ MORE FROM OUR ASK AN ADVISER SERIES HERE