Clarifying our position on awards process and criteria
Dear reader,
At WP, we take the compliance requirements of our advisor community seriously. We report the news, but we also view ourselves as a resource and a publication that serves and celebrates the wealth management industry.
While nominations have continued to flood in, there have been a few queries regarding CIRO’s concerns around awards and misleading communications. We feel it’s important, therefore, to clarify our position.
CIRO has stated to WP that: “Advisor participation in any advisor ranking contest does not result in a compliance violation of the rules regarding misleading communications in itself however, if inclusion in such ranking contest/list is based partly or entirely on a registered individual’s sales activity, revenue generation or assets under management, then referencing the results of these ranking contests/lists on the firm’s website or a registered individual’s webpage, LinkedIn profile, or other sites accessible to the public will be considered a compliance deficiency. A registered individual must not use that award or recognition in client-facing interactions, including any marketing or client communications such as webpages or LinkedIn profiles.”
The SRO had also voiced concerns around awards and ranking contests that are pay to play and contests that are not a fair representation of a particular market.
With regards to the Wealth Professional Awards, we can reassure you that:
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When the client focused reforms came fully into effect on December 31, 2021, Wealth Professional changed its criteria to ensure our annual Wealth Professional Awards do NOT include AUM, revenue or sales activity as a criteria.
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The winners are selected by an independent judging panel so there is no conflict of interest. See methodology.
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Nominees for the annual Wealth Professional Awards do NOT pay a fee to be nominated or listed as a winner.
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Our awards are open to every advisor and firm in the country
WP is pro-advisor and everything we do is designed purely to raise the bar within the financial planning industry. If you have any questions, please don’t hesitate to get in touch with me via the email address below.
Best regards,
