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Professional Conduct and Governance

CSI is the most experienced and trusted financial educator endorsed by regulatory authorities across Canada. When investors choose to work with a CIWM, they can feel confident knowing these professionals are held to high standards enforced through CSI’s rigorous process.

CIWM Code of Ethics

All CIWM designation holders agree to abide by the CIWM Code of Ethics, both when applying for the designation and when renewing it annually. Abiding by the Code means a CIWM commits to maintaining a high level of professionalism when dealing with the public. 

CSI is committed to overseeing the ethical standards it requires of its designation holders. We monitor adherence to the CIWM Code of Ethics through reviews, periodic audits of the designation holder’s annual commitment and declaration requirements, handling public complaints and tracking news and regulatory reports.

All candidates are required to declare any legal action, allegations or complaints prior to being granted a designation. Designation/Fellowship holders must notify CSI of any criminal charges, legal actions or complaints initiated against them within 30 calendar days of occurrence or upon renewal of the credential, whichever comes first. This declaration includes a “Fit and Proper Requirement” that sets out the following situations for self-declaration:

  • Any accusations of professional misconduct, disciplinary or reprimands or license suspensions or revocations by an employer, professional association or administrative or regulatory authority.
  • Currently bankrupt or in the past 5 years been adjudged bankrupt.
  • Convicted of a criminal offence in any jurisdiction for which a record suspension or a pardon has not been granted.
  • Convicted of an offense under any financial services or consumer protection legislation in any jurisdiction.

Any information provided will be collected, stored and used in accordance with applicable laws and CSI’s privacy policy, and will be shared with the Designation Ethics Committee, who is responsible for reviewing if a candidate or designation holder has breached the CIWM Code of Ethics. The Designation Ethics Committee will review each situation individually to determine what impact, if any, there will be on the candidate’s or designation holder’s certification.

CSI retains the ultimate discretion and authority to temporarily and/or permanently revoke any of its credentials from an individual. This prerogative may be exercised in cases involving actions by a candidate or designation holder that, while not directly violating the Code of Ethics, pose risk of, or resulted in, material damage or significant harm to the public, the financial services industry, the credential, or CSI. All such sanctions will adhere to the standard review process of the Designation Ethics Committee and will be eligible for an appeals process.

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CIWM Professional Responsibilities

Who You Are

You are a professional Certified International Wealth Manager designation holder. Your training has been designed to help you meet the evolving needs of today’s high-net-worth clients looking for comprehensive, integrated wealth solutions provided by a single, trusted expert. You have been empowered to deliver expertise across your client’s entire life cycle because of your in-depth knowledge of fund accumulation, preservation, conversion and transfer. You have learned to form strategic partnerships with a spectrum of relevant professionals and know when it is in the best interest of your client to tap into their collective wisdom.

What You Stand For

You are committed to fulfilling the holistic wealth needs of your clients to the best of your ability at all times and adhere to the general principles of conduct for your profession and industry. This means you hold yourself to the stringent guidelines of the Certified International Wealth Manager Code of Ethics and Standards of Professional Conduct.

What Your Responsibilities Are

Commitment To The Client

Know Your Client

Getting to know your client thoroughly is your cornerstone responsibility as a Certified International Wealth Manager Professional. An in-depth survey of your client’s financial circumstances will lay the groundwork. However, to fully understand their financial objectives, you must seek out and understand your client at a deeper, more personal level and encourage them to explore their own unique vision for the future. The comprehensive strategic wealth plan that you create must take into account how your client wants to live today and for the rest of their life, as well as what they want to leave behind

Exercise Due Diligence

As your responsibility extends beyond a client’s finances and into their real-life goals and vision, you are held to a high standard of due diligence whenever you make a recommendation to a client. You must carefully analyze the various dimensions of your client’s strategic wealth plan and the specifics of your recommendation so that any transaction is consistent with the overall objectives of your client’s plan.

Embrace Change

Change is a part of life, and you must be ready to embrace changes in your client’s circumstances or objectives. You must be fully prepared to advise your client about the consequences of any changes they wish to make to their strategic wealth plan. That way, you are working with the client to ensure that their strategic wealth plan is serving their life rather than the other way around. Therefore, you must update your client’s account documentation to reflect all changes, both material and goal-oriented, to ensure your recommendations remain congruent with your client’s current situation.

Build a Network of Professionals

It is essential that you develop a network of professionals so you can provide complete financial solutions for your client. This means establishing strategic partnerships with professionals in all financial areas ancillary to yours, whether it is insurance, real estate, tax planning, estate planning, etc. Your client must receive the best service available in whatever financial areas they wish to explore. It is your responsibility to determine when your client is better served by introducing an outside expert who is prepared to fulfill your client’s needs.

Review the CIWM Code of Ethics

1.0 General Responsibilities

CIWM designates will comply with all legal, regulatory, and professional principles that govern the financial services industry.

As a CIWM you will:

1.1 Comply with all legal, regulatory, and professional requirements to operate in your jurisdiction, including those required by any government, regulatory organization, or professional association governing your activities. Where there is a conflict between the Code of Ethics and the law, you must abide by the law.

1.2 Act with integrity, honesty, justice, and fairness to ensure that all of your conduct fosters trust in you, your employer, the financial services industry, and any government, regulatory organization, or professional association that governs your activities.

1.3 Treat each person with respect and equity, ensuring that you do not discriminate against any person on such grounds as age, gender, marital status, national or ethnic origin, physical or mental disability, political affiliation, race, religion, sexual orientation, or socioeconomic status.

1.4 Refrain from committing any act that reflects adversely on you, your employer, the financial services industry, and any government, regulatory organization, or professional association that governs your activities, including any conduct involving dishonesty, fraud, deceit or misrepresentation.

1.5 Preserve and only use confidential information for the purposes for which it was intended.

2.0 Responsibilities To The Client

CIWM designates will put their client’s interest first to honour the trust that clients have bestowed upon them.

As a CIWM you will:

2.1 Put the client’s interests first, ensuring that all potential and actual conflicts of interest are disclosed to the client so that the client can make an informed decision.

2.2 Act only within the confines of your own competence and when appropriate, seek additional support.

2.3 Make only prudent, suitable, and appropriate recommendations to a client that are based on reasonable due diligence and professional judgement, and provide the appropriate information required for the client to make an informed decision.

2.4 Refrain from making any misrepresentative communications, including those related to the qualifications that you or your firm possess, the services that you or your firm can perform, and the benefits, guarantees, risks, and costs of any action, good, or service.

3.0 Responsibilities to the Profession

CIWM designates will operate in accordance with the laws, regulations, and expectations associated with being a financial services professional.

As a CIWM you will:

3.1 Enter into associations only if you can maintain your professional integrity.

3.2 Only use the CIWM designation in a dignified and judicious manner that is in compliance with the CIWM Certification Mark License Agreement.

3.3 Abide by the annual certification renewal and continuing education requirements required to maintain the CIWM designation.

3.4 Notify CSI within 30 days of any criminal charges, legal actions, or complaints initiated against you.

3.5 Abide by the Ethical Misconduct Review Process, including cooperating with an investigation request and complying with decisions of the Designation Ethics Committee and/or Appeal Panel.

3.6 Assist the profession with its responsibility of educating the public about financial matters.

4.0 Responsibilities to the Employer

CIWM designates will operate in accordance with their employer’s policies, procedures, and processes.

As a CIWM you will:

4.1 Place your employer’s interests ahead of your own and not exploit your position for personal advantage.

4.2 Disclose to your employer all matters that could reasonably be expected to interfere with your duty to your employer.

4.3 Follow your employer’s policies, procedures, and processes, unless doing so will breach another section of the CIWM Code of Ethics.

4.4 Comply with any prohibitions on activities imposed by your employer.

What is the CIWM Advisory Council?

The CIWM Advisory Council’s mandate is to shape and promote the CIWM designation (and the interests of the CIWM community) to the financial services industry and the investing public. The Council ensures the continued elevation of the CIWM designation, improves protection to the public who rely on the knowledge and competence of CIWMs, and acts as key ambassadors to and mentors within the financial services community.

The Council consists of 1 CSI representative and 12 volunteers from across Canada who are CIWMs or other CSI designation holders in good standing. Members sit on the Council for a 2-year term, with the potential to renew.

What are the Responsibilities of the CIWM Advisory Council?

The Council oversees the CIWM and ensures that it, and its holders, continually meet unparalleled educational, ethical and professional standards. Key functions of the Council include:

  • Participating in setting annual objectives for the Council based on the needs of CIWM stakeholders, the investing public and the industry.
  • Helping to establish and implement CIWM awareness campaigns and events.
  • Contributing to the CIWM community to promote awareness of the pinnacle credential (e.g., writing articles, being profiled, submitting testimonials, etc.).
  • Serving on related committees where appropriate (e.g., Ethics Committee).

Who are the CIWM Council Members?

The following is a list of current CIWM Advisory Council Members:

James Campbell (Chair)<small>Dipl. B., CFP®, FMA, CIM®, DMS, MBA, CGAP, FCSI®, CIWM</small>

James Campbell (Chair)Dipl. B., CFP®, FMA, CIM®, DMS, MBA, CGAP, FCSI®, CIWM

President, Senior Wealth and Estate Planner
IIS Insurance and Risk Strategies - Ottawa, ON
Elizabeth Joseph<small>CIM®, CFP®, FMA, FCSI®</small>

Elizabeth JosephCIM®, CFP®, FMA, FCSI®

Portfolio Manager, Sr. Wealth Advisor
CIBC Wood Gundy - Ontario

Darren Lillies <small>CIM®, CIWM, FCSI®</small>

Darren Lillies CIM®, CIWM, FCSI®

Portfolio Manager
Silverberg Wealth Management - Alberta
Craig Noon-Ward <small> CFP®, CIM®, FCSI®</small>

Craig Noon-Ward CFP®, CIM®, FCSI®

Senior Financial Planner
TD Wealth - British Columbia
David Shum<small> CIM®, CIWM, DFSA, PFP®, FCSI®</small>

David Shum CIM®, CIWM, DFSA, PFP®, FCSI®

Branch Manager
RBC - British Columbia
Adam Buss<small>CFP®, RRC®, FCSI®, CLU®, CIM®, CIWM®</small>

Adam BussCFP®, RRC®, FCSI®, CLU®, CIM®, CIWM®

Wealth & Estate Planning Specialist
Canaccord Genuity - Manitoba

Robert Kelland<small> CIM®, FCSI®</small>

Robert Kelland CIM®, FCSI®

Senior Wealth Advisor, Portfolio Manager
ScotiaMcLeod / Scotia Wealth Management - Ontario
Patrick Charlebois<small> CIM®, FCSI® Pl.Fin</small>

Patrick Charlebois CIM®, FCSI® Pl.Fin

Gestionnaire de portefeuille
National Bank - Québec
Darcy Fitzhenry<small> CIM®, CFE, CAMS, CFCS, FIS, CIPP/C</small>

Darcy Fitzhenry CIM®, CFE, CAMS, CFCS, FIS, CIPP/C

Director, AML, Regulatory Compliance
CWB Financial Group - Alberta
Tania Slade <small>CFA, CFP, CIM®, FCSI®</small>

Tania Slade CFA, CFP, CIM®, FCSI®

Senior Director, Program Management
BMO Wealth Management - Toronto, ON
John Kountourakis <small>CIM®, FMA, B.A., FCSI®</small>

John Kountourakis CIM®, FMA, B.A., FCSI®

Investment Management
Manulife Securities Inc. - Québec

What is the CSI Designation Ethics Committee?

The CSI Ethics Committee was established to ensure any complaints against CSI designation holders are heard promptly and fairly. The Committee considers any alleged violation of the Code of Ethics and determines whether there has been a breach.

  • A CSI Case Co-ordinator (normally a CSI employee) provides each member of the Committee with a copy of the case file.
  • At the Committee meeting, the CSI Case coordinator presents the case and answers any questions.
  • If the Committee determines that the case qualifies as a breach, the Committee determines the appropriate penalty.

 

Allegations of violation of the CIWM Code of Ethics are dealt with by the Designation Ethics Committee according to the CSI Ethical Misconduct Process. If the Committee determines a violation occurred, a disciplinary sanction is recommended. The CIWM holder may accept the recommended sanction or request a hearing. Disciplinary sanctions could include:

  • A written reprimand from CSI and/or the Chair of the CIWM Advisory Council
  • Notifying the appropriate regulatory body for possible further investigation
  • Publicizing the violation on the CIWM public website and/or newsletter
  • Recording the violation in the CIWM designation holder’s record
  • Requiring the CIWM to complete a supplementary ethics course(s)
  • Requiring the CIWM to complete an additional professional development course(s)
  • Suspending the CIWM’s licence and use of the CIWM Certification Mark (for a specific period, indefinitely with conditions for reinstatement, or permanently)
  • Notify the holder’s employer and/or professional or designation granting organization of the violation
  • Imposing other measures deemed appropriate by the Designation Ethics Committee

All violations of the CIWM Code of Ethics will be published on the CSI public website under the Publication of Enforcement.

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