IIROC – Shafting Self-Directed Investors by Fixing What Ain't Broke at Discount Brokers + MORE Apr 13th

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Grrr! IIROC, please leave us alone! With friends like you, self-directed investors don’t need enemies. Despite receiving many objections and warnings from both investors and discount brokers (such a convergence of views sure doesn’t happen often!) against measures that will make the discount broker business more complicated and costly to the detriment of investors, the regulator IIROC is ploughing ahead with a revised Guidance. What kind of bad things for investors are likely?disappearance and future restriction of many useful useful tools like model portfolios under the pretext that this is making recommendations aka providing advice, which the discount brokers are not allowed to provide; I would dearly like to see a (good) risk assessment module attached to the model portfolio selection tools but this probably won’t happen nowrising fees or commissions charged to investors as the brokers are obliged to provide more complicated vetting procedures to ensure investors are only allowed to open “appropriate” accountsAs I said in my own comments to IIROC over a year ago, the history of the discount brokers over the two decades during which I have been an active investor with a bunch of them (BMO InvestorLine, TD Direct Investing, Questrade, RBC Direct Investing) has been pleasingly positive – low trading and administration costs, broad and steadily expanding product availability and services, responsive people when when a few administrative issues arose, impressive and widening range of useful tools, reports and educational material…

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