Overview of Client Information & Authorization Updates

What Are Client Information & Authorization Updates?

Client information and authorization updates allow Advisors and Portfolio Managers to maintain accurate and current client records while ensuring proper consent is in place when sharing account details with third parties. These updates are essential for regulatory compliance, effective communication, and delivering seamless service to clients throughout their financial journey.

To access and track these requests, navigate to the ticket index page in the CRM by selecting CRM > Tickets, then click the pipeline dropdown menu and select Account Administration.

Types of Client Information & Authorization Update Requests

• Add or Update Power of Attorney (POA): Used to add or update a Power of Attorney on a client account. This request ensures the correct individual has legal authority to act on the client’s behalf in accordance with the documentation provided.
• Authorize Information Sharing: This request provides client authorization to share their account information with a designated third party. It is used when clients want to allow access to their account details for legal, family, or advisory purposes.
• Report Marital Breakdown: Used to indicate that a client has experienced a marital breakdown. This request supports the appropriate division or review of accounts and beneficiary information based on the client’s new personal circumstances.
• Update Client Address: This request is used to update the client’s address on file. Keeping address information current is important for regulatory mailings, account security, and client communication.
• Update Email Address: Used to update the email address associated with a client’s account. Accurate email information ensures timely delivery of statements, notifications, and digital communications.
• Update Phone Number: This request allows for updating the phone number on a client’s account. Keeping phone contact details current ensures effective communication and security verification when needed.
• Update Client Name: Used to update the client’s legal name on file. This request is typically submitted after a legal name change due to marriage, divorce, or other personal reasons and must be supported with appropriate documentation.
• Update Date of Birth: This request updates the date of birth on a client’s account. Accurate DOB information is required for age-based account eligibility, tax reporting, and identity verification.
• Update Social Insurance Number (SIN): Used to update the client’s Social Insurance Number. Keeping SIN records accurate is critical for tax reporting and fulfilling regulatory obligations.

Why Are These Requests Important?

Information and authorization updates ensure client records are consistent, secure, and compliant with regulatory standards. These updates help reduce the risk of miscommunication, support accurate reporting, and ensure proper authorization is in place for all client instructions.

Key Benefits of Managing Client Information & Authorization Updates:

• Regulatory Compliance: Maintains accurate, up-to-date client records in line with KYC and tax reporting requirements.
• Accurate Communication: Ensures all correspondence reaches the client without delay or error.
• Client Confidence: Reinforces trust by ensuring sensitive account changes and authorizations are handled with care.
• Operational Efficiency: Reduces processing delays and errors caused by outdated or missing client details.