: Larry Elford - Submission - July 30

Thank you for viewing my perspectives on your good questions, as they relate to harm done by so-called professionals in Canada, to Canadians.  I feel that the greatest economic harms possible is being done by the very persons who tell us they are financial professionals, and I feel that Canadian regulatory regimes are wilfully blind, possibly negligent in protecting Canadians.  My submission is pasted below and shared publcily at this link:  http://www.investoradvocates.ca/viewtopic.php?f=1&t=193

Re: Advisor Disguise/Deception

by admin » 28 Jul 2015 07:46 pm 

Screen Shot 2015-07-29 at 9.42.10 AM.png

click to enlarge this image of the US broker registration search page (web link found at bottom of this page)

The most important class action potential on the horizon today.
Deception and intentional misdirection leads to financial abuse BY so-called financial "advisors" and their sponsoring dealers


Because billions of dollars are being cheated, shortchanged and siphoned away from trusting North American investors, into the hands of slick investment dealers and their "faked advisor" sales-force. videos at https://www.youtube.com/user/investoradvocate?feature=mhee


7 Steps "Advisors" Take To Abuse Unsuspecting Investors

  1. Conceal true license from firm customers… (use non-regulated "titles" to imply something to clients other than what license/registration says) (Illegal? Yes. Violation of section 100 of the Alberta Securities Act, yet which no Canadian regulator will enforce the Act.)
  2. To help conceal legal duty from customers…(hide from them the difference between fiduciary (professional) duty and "suitability" (salesperson) duty)
  3. Misdirect customers into a false assumption that they have a professional with a valued duty of care to them (the industry thus actually "helps" the trusting customer to "fool themselves" with industry misdirection)
  4. Hide best-advice, and best-products from customers…profit from the greater rewards of selling substandard or higher-fee investments. (house brand funds, high fee products)
  5. Conceal conflicts of interest from client. (fees, commissions, deferred sales charges, dealer financial relationships)
  6. Conceal the lack of agency duty/sole loyalty to client. (strongly imply integrity and trust while delivery of salespersons, misdirection, deception, defraud, shortchange)
  7. Never reveal to clients the difference between a SEC or Canadian registered "adviser" (fiduciary professional) and a self-titled, non-regulated "advisor" (salesperson/broker.


Virtually anyone referring to themselves as an "advisor" (legal license under US and Canadian Securities Acts is "adviser")

Four out of five employed by larger investment dealers are found to be taking advantage of the public in some or all of the manners numbered above.

Screen Shot 2015-07-29 at 9.42.48 AM.png

click to enlarge this image of the Canadian broker registration search page, (web link found at bottom of this page)

Please keep reading the posts that follow in this topic to see more of the problem, and some of the solutions/things you can do to protect your financial health from professional predators. Contact the author at visualinvestigations@shaw.ca if you are a victim of this type of deceptive/fraudulent practices by a financial professional. Class actions are being discussed to bring accountability to an industry which promises "integrity and trust in every transaction they are involved in…".

The most important link or two which lends credibility to these arguments above is to simply ask you to go to either the BrokerCheck site with FINRA in the USA, or if in Canada, to the Canadian Securities Administrators search page:

http://brokercheck.finra.org Type in the name of your "advisor" here and find out that they are 9 times out of 10 truly registered as a "broker". (with a vastly different legal obligation to their client than they imply)

http://www.securities-administrators.ca ... px?ID=1325 Nine out of ten "advisors" in Canada are hiding their true "dealing representative" registration. (which is described as a mere "salesperson" by the CSA)


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