News Summary

• Many financial professionals are assumed to have a fiduciary obligation to act in their clients’ best interests.
• In practice, however, the standard widely varies.
• For some advisers, it means little more than recommending investments that are merely suitable.
• For others, particularly discretionary portfolio managers, it involves prioritizing client interests, fully disclosing conflicts and aligning every recommendation with the client’s long-term goals.
• Canada needs a clear, nationally recognized fiduciaries framework to protect investors, elevate the profession and bolster public confidence.