By: Michelle Schriver | Investment Executive | January 17, 2020
Read More, and see what Scott Plaskett says about How collaboration is improving advice
The IRONSHIELD syndicate solves the issue, Plaskett says: the group of professionals has bargaining power to attract portfolio managers and implement referral arrangements with them. This also benefits clients because portfolio managers operate under a fiduciary standard, he says. Syndicate members might also refer other professionals, including insurance specialists, mortgage brokers and corporate reorganization specialists.
While neither the ACP nor IRONSHIELD syndicates is new, there’s been a move to fee-only advice in recent years. In 2017, the number of referral arrangements between Ontario Securities Commission registrants and non-registered professionals increased by 69% compared with 2015, according to the regulator’s latest annual summary report.
