Every year, the Chambre receives numerous requests for investigations regarding RRSP transactions. Alleged violations include the following:
- Failure to meet the deadline for executing the request
- Error in the amount to be contributed
- Inappropriate investment
- Order executed twice
Vigilance is therefore essential, but proper organization will help you get through this period with peace of mind. Here are some practical, easy-to-apply tips:
Be proactive
Clients are not necessarily aware of dates or ignore deadlines until the last minute. In addition to personalized calls or mailings (your CRM system and file notes will help you with this), consider updating your voicemail message and email signature to remind clients that it is time to contribute. The goal is to minimize the number of last-minute requests, which are a frequent source of errors.
Stay vigilant
Despite the numerous requests you receive, the lack of time to process them and the stress this can cause, you remain responsible and must comply with all your ethical obligations. Take the time to fully inform the client, verify that contribution limits are calculated correctly and ensure that all documents are duly completed.
Update the client’s profile
Remember that the investor profile must be reviewed each time a client wishes to make an investment in order to verify whether there have been any changes in their situation. The same applies to the FNA for insurance clients with investments in segregated funds.
Learn more about FNA and the investor profile.
Keep thorough records
Video conferences can quickly add up and put your concentration to the test. Take notes (or record the conversation with the client’s consent) and schedule breaks between meetings. A summary email to the client is also recommended to confirm that all is understood and what comes next.
Learn more about client file management.
Plan for the unexpected
Do you have a backup plan in case you are unexpectedly absent (e.g., an accident or illness)? Make sure someone else can handle your clients’ requests if you are unavailable.
Reread our advice on contingency planning (in French)
Guide your clients toward good habits
Ideally, you should talk about RR1SPs throughout the year with clients who do not have automatic payments set up. This helps avoid emergency situations and allows you to plan certain payments as much as possible. As they say in the industry: RRSP season is all year round!
