The Financial Advisor Independent Contractor Agreement is essential for financial services firms operating in Canada who engage independent financial advisors. This document is designed to comply with Canadian federal and provincial regulations, including securities laws, tax requirements, and privacy legislation. It establishes the independent contractor relationship while ensuring compliance with regulatory requirements, defining service scope, compensation structures, and operational parameters. The agreement is particularly crucial for firms seeking to expand their advisory network while maintaining regulatory compliance and protecting their business interests. It addresses key aspects such as registration requirements, client relationship management, confidentiality obligations, and professional standards specific to the Canadian financial services industry.
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1. Parties: Identification of the firm and the independent financial advisor
2. Background: Context of the agreement and brief description of the parties' business relationship
3. Definitions: Key terms used throughout the agreement including 'Services', 'Confidential Information', 'Client', etc.
4. Engagement and Services: Scope of financial advisory services to be provided and confirmation of independent contractor status
5. Regulatory Compliance: Obligations to comply with securities regulations, licensing requirements, and industry standards
6. Compensation: Fee structure, commission splits, payment terms, and expense responsibilities
7. Term and Termination: Duration of agreement and circumstances for termination by either party
8. Independent Contractor Status: Explicit terms establishing and maintaining independent contractor relationship
9. Compliance with Laws: Obligation to comply with applicable laws, regulations, and professional standards
10. Confidentiality: Protection of firm, client, and trade secret information
11. Client Relationships: Ownership of client relationships and restrictions on solicitation
12. Records and Reporting: Requirements for maintaining records and reporting to the firm
13. Insurance and Liability: Professional liability insurance requirements and allocation of risks
14. Intellectual Property: Ownership and use of firm's intellectual property and advisor's materials
15. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Non-Competition: Restrictions on competing activities - optional based on jurisdiction as some provinces have limitations on non-compete clauses
2. Use of Firm Resources: Terms for using firm's facilities, equipment, and support staff - include if advisor will have access to firm resources
3. Marketing and Branding: Guidelines for using firm's brand and marketing materials - include if advisor will conduct marketing activities
4. Succession Planning: Terms for transitioning clients upon retirement or departure - include for established advisors with significant book of business
5. Training and Development: Requirements for ongoing professional development - include if firm provides training support
6. Client Fee Structure: Detailed client billing arrangements - include if advisor has flexibility in fee arrangements
7. Outside Business Activities: Terms governing other business activities - include if advisor maintains other professional roles
1. Schedule A - Compensation Structure: Detailed breakdown of commission splits, fee arrangements, and bonus structures
2. Schedule B - Approved Services: Comprehensive list of financial advisory services the contractor is authorized to provide
3. Schedule C - Compliance Manual Acknowledgment: Firm's compliance policies and procedures that the advisor must follow
4. Schedule D - Technology and Systems Access: Terms of use for firm's technological resources and systems
5. Schedule E - Insurance Requirements: Specific insurance coverage types and amounts required
6. Appendix 1 - Required Licenses and Registrations: List of mandatory professional licenses and registrations
7. Appendix 2 - Client Transfer Procedures: Process for transitioning clients upon termination of agreement
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