As an Assante client, you put your trust in us to safeguard your financial future. We take our responsibility in this regard very seriously. So, while we can’t fully insulate you from market volatility, we can assure that your assets are protected.
In fact, you enjoy four crucial layers of protection.
Security Safekeeping Measures
When you own either mutual funds or individual securities through Assante, they are maintained separate from our own corporate investments. Indeed, most of your assets with us are actually held by independent third-party custodians–BBS Securities Inc and National Bank Independent Network. As a result, your assets are not comingled with Assante’s own corporate assets. In addition, these funds and securities are independently tracked—by Fundserv for mutual funds, and the Canadian Depository for Securities in the case of the vast majority of equities.
Strict Industry Standards
Assante is regulated by two industry regulatory organizations: the Investment Industry Regulatory Organization of Canada (IIROC), and the Mutual Funds Dealers Association of Canada (MFDA). These bodies monitor and enforce rules regarding market integrity, investor protection, and stringent recordkeeping. IIROC and MFDA conduct regular, independent audits on trades, marketing materials, branch operations, and disclosures on client statements. Their audits also encompass financial and custodianship procedures. Finally, each Assante Advisor is also subject to oversight by regulators.
Industry-Wide Protection
Even though your assets are segregated from our own, you nonetheless benefit from two industry investor protection funds. These would kick in in the extremely unlikely event that some of your funds went missing. Both the Canadian Investor Protection Fund and the MFDA Investor Protection Corporation (for mutual funds), can reimburse clients for up to $1 million per account in assets held through a member dealer.
Strong Corporate Backing
The final layer of protection for your assets comes by way of the organizational and financial strength of CI Assante and our parent company, CI Financial Corp. Assante personnel monitor and keep senior management apprised of key regulatory, legal, and compliance issues. Meanwhile, CI Financial’s Internal Audit Department reviews and tests Assante’s internal control policies to ensure they meet regulatory requirements.
It’s important to underscore the financial health of CI Financial Corp. The third largest investment company in Canada, CI has total assets under management of $304 billion as of June 31, 2021. CI earned $104 million during the quarter, and maintains solid levels of liquidity.
What’s more, as a public company, CI Financial is subject to robust disclosure requirements. This gives our clients valuable, ongoing transparency into its governance and financial position.
The Bottom Line
Sometimes you’ll hear people talk about a “belt and suspenders approach” to something. Well, when it comes to the assets you hold through us at Assante, consider it two belts plus two sets of suspenders. You’re not just well-advised with us. You’re also well-protected.