Opening our company took nearly four times longer here than in the U.S. Why?

A U.S. and a Canadian flag flutter at the Canada -United States border crossing at the Thousand Islands Bridge in Lansdowne, Ont. on Sept. 28, 2020.Andrew Auerbach and Jean Blacklock are contributing columnists for The Globe and Mail. They are co-founders of Delisle Advisory Group, an independent wealth-management firm serving high-net-worth families.

The processing-time objective is 120 business days with the Ontario Securities Commission compared to 45 calendar days in the U.S. with the Securities and Exchange Commission . This means that registration of an investment-counselling firm in Canada’s most populous province takes four times as long as an independent firm in the U.S.

Why does this matter? In the United States, competition within industries is a key reason for their success. One factor contributing to With that sort of dominance in market share, there is not the competitive incentive for the banks to offer innovations in product choice that you would see with more competitors in our market. In addition, there are inherent potential conflicts of interest within a bank offering multiple services to the client beyond investment management, and creating incentives for investment professionals to offer their clients more services across the bank.

Source: News Formal (newsformal.com)

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