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AdobeStock-Drazen Today’s clients want more than investment advice. Research shows that consumers want comprehensive, holistic financial guidance. They understand that no single advisor can be an expert in every area of wealth management, but they want a trusted partner who can coordinate the expertise, identify the opportunities and connect the dots. Most clients are seeking the benefits of a family office, even if they don’t know to call it that. Canadians would benefit from this.

iStockphoto Canada’s main stock index gained ground amid recent trade developments, while AI stocks weighed on Wall Street. On Wednesday, United States Trade Representative Jamieson Greer said the U.S. is not renewing the Canada-U.S.-Mexico Agreement “in its current form” — but the trade agreement will remain in place as negotiations continue.

iStockphoto RBC Dominion Securities Inc. (RBC DS) is paying $3.4 million in a settlement with the Canadian Investment Regulatory Organization (CIRO) to resolve allegations that the firm failed to properly supervise a pair of reps. A CIRO hearing panel approved a proposed settlement with RBC DS, which agreed to pay $1.8 million in disgorgement, a $1.5-million fine, and $100,000 in costs for failing to adequately oversee futures trading by two of its registered reps.

Courtesy CIBC Canadian Imperial Bank of Commerce has agreed to pay $10 million in a proposed settlement of a class-action lawsuit regarding non-sufficient funds fees. The case took issue with CIBC’s practice of charging NSF fees on re-presented pre-authorized debit transactions between Sept. 21, 2020 and May 31, 2024. CIBC does not admit any liability in the proposed settlement reached on June 24 that came together with the help of a mediator.

AdobeStock-joyfotoliakid When you buy a bond, there’s a chance the borrower might not be able to pay you back, but bonds also carry a different kind of risk. Duration, or interest rate risk, is related to a bond’s sensitivity to changes in interest rates. When interest rates go up, you won’t be able to sell a bond for the price you paid, says Will Gornall, an associate professor at UBC’s Sauder School of Business.

AdobeStock-joyfotoliakid When you buy a bond, there’s a chance the borrower might not be able to pay you back, but bonds also carry a different kind of risk. Duration, or interest rate risk, is related to a bond’s sensitivity to changes in interest rates. When interest rates go up, you won’t be able to sell a bond for the price you paid, says Will Gornall, an associate professor at UBC’s Sauder School of Business.

iStock-photoman EQB Inc. says it completed its PC Financial acquisition on Wednesday. In conjunction with the deal, EQB says two Loblaw nominees, George Weston Ltd. CEO Galen Weston and Loblaw CFO Richard Dufresne, will join its board of directors. EQB said it would acquire PC Financial in December and that it would pay $800 million in shares and cash, while Loblaw would take about a 16% stake in the bank and EQ would become the exclusive financial partner of the PC Optimum loyalty program.

The world’s top consumer businesses treat client complaints as valuable inputs into their efforts to improve continuously. It’s a best practice that Canada’s financial services would do well to study. Too many in the Canadian investment industry view complaints as problems to be managed. After 20 years of assisting retail investors, I have spoken with retirees who waited months to receive a complaint response.

iStock-photoman Most advisory firms are exceptionally good at what they do. They hold advanced designations. They manage complex financial situations. They guide clients through retirement planning, tax strategies, succession conversations and market uncertainty. Many have spent decades building deep technical expertise. Yet despite all that knowledge, many still struggle to explain their value clearly. The value is there.

AdobeStock /opolja Canadian Press is reporting that U.S. Trade Representative Jamieson Greer confirmed today that Washington has chosen not to renew its trade deal with Canada and Mexico “in its current form.” As set out in the Canada-U.S.-Mexico Agreement (CUSMA), which came into force in 2020, leaders from the three countries met today for a mandatory joint review to discuss whether to formally extend their trilateral trade agreement for another 16 years.