Toronto, ON – Advocis, the Financial Advisors Association of Canada, applauds the Manitoba Securities Commission (MSC) on its decision to issue orders to permit a corporation established and controlled by a registered salesperson to receive payments of commissions or fees from the salesperson�s registered dealer.
�Manitoba advisors will welcome this news,� said Steve Howard, president and CEO of Advocis. �Incorporation is a modern and efficient business structure that offers many practical advantages such as tax planning and provides more efficient succession planning and business expansion by easing administrative costs.�
Advocis has longed pressed for advisor incorporation and in the past year has sent two submissions to the MSC on this matter:
- http://www.advocis.ca/content/programs/advocacy/sub07/Sub-MSC-incorp-mar23-07.pdf (March 23, 2007).
- http://www.advocis.ca/content/programs/advocacy/sub07/Sub-MFDA-Rec-MB-jul13-07.pdf (July 13, 2007).
�The MSC orders put Manitoba mutual fund licensees on an equal footing with their colleagues in a number of other provinces,� said Howard.
The MSC notice can be read here: http://www.msc.gov.mb.ca/legal_docs/legislation/notices/2007_37notice.pdf
Advocis is a national professional association that prepares, promotes and protects financial advisors in the public interest. It does this by providing a professional platform including career support, designations, best practices direction, education, timely information and professional liability insurance. This strengthens the relationship of trust and respect between financial advisors and their clients, the public, and government. www.advocis.ca.