Opening an Investment Account CIRO Brochure
A guide for Investors
The following information has been copied directly from a document provided by CIRO and is presented here for convenience only. We do not own this content and make no claim to authorship or copyright. For the most accurate and up-to-date information, please refer directly to the official CIRO document linked: Opening Investment Account CIRO Brochure
Opening an account through an advisor
Why so many questions?
Firms and individuals working with you must make recommendations suitable to your circumstances.
Before proposing any investments or activity, your advisor must work with you to determine what types of investments fit your immediate and long-term financial needs. The “know-your-client” standard is important for investor protection.
Your Advisor should ask:
- What is your investing experience?
- What is your financial situation?
- What is your investing time horizon?
- What are your investment goals?
- How much risk are you able and willing to tolerate?
- Would you like to appoint a TCP?
You should ask your advisor:
- Are you registered with a firm?
- What are your qualifications?
- What is your investment approach?
- How are you compensated?
- What kind of products can you sell?
Naming a Trusted Contact Person (TCP)
A TCP acts like an emergency contact for your account, although they cannot make financial decisions or account changes.
A TCP should be an individual you trust and can help safeguard your assets when there is an emergency or potentially suspicious activity.
Keeping your information up to date
Your advisor is required to keep your information current and should check in with you periodically to confirm its accuracy (at least once every 3 years). As a best practice, you should also keep your advisor up to date on any changes.
Always check advisor registration
- CIRO's AdvisorReport
- CSA's National Registration Search