Friday, November 7, 2014

Complaint handling from Seniors in need of major reform

Complaint investigators have not tailored their protocols to match the unique challenge of complaints from the elderly. Most haven't made the cultural shift to comply with CRM and IIAC's list of Best practices in dealing with seniors. The mindset change from a transaction business to an advice business is not encapsulated into operations or complaint investigation methodologies /assessments. Complaint investigators need to realize that the risks clients face saving for retirement are different than the risks they face during retirement. Building a plan to distribute a nest egg in a manner that mitigates the unique risks the client will face during the retirement years is absolutely necessary yet most complaint investigators do not consider this in complaints received from seniors and retirees  Dealing fairly, honestly and in good faith with clients includes the handling of complaints. Further, a number of civil cases have demonstrated that new standards of care are expected within Canadian society and complaint investigations should take them into account.

Once Securities Commissions and the MFDA/IIROC  improve their processes it can be a example for investment dealers to follow. This article describes the practices and behaviours that need to be changed. Read it here 

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