Does Confidentiality Expire With My Financial Advisor in Kitchener-Waterloo?
Financial advisors handle important client information, including financial account information, tax documents, investment portfolios, and other personal information. With this in mind, many financial advisor clients wonder about the confidentiality agreement and if or when it can expire. As certified financial advisors in Kitchener-Waterloo, this article will cover the ins-and-outs of financial advisors and their duty to confidentiality, as well as what limits this confidentiality may have. Keep reading to learn more about how we keep your personal information safe.
Do Financial Advisors Have Confidentiality in Kitchener-Waterloo?
Yes, financial advisors in Kitchener-Waterloo have a legal and ethical duty to maintain confidentiality with their clients. Various professional associations uphold this standard by outlining a code of ethics, including confidentiality, for all practicing financial advisors.
Financial advisors handle sensitive client information as part of their job, and it’s our duty to ensure this information remains protected. We do not disclose any information about our clients to anyone for any reason, unless the client provides written consent.
Our confidentiality measures are vital for protecting our clients from:
Identity theft
Fraud
Unauthorized disclosure
Misuse of personal information
Additionally, the data we protect is not limited to financial services. We have a duty to protect any information about our client that is not available to the public, even if it doesn’t involve the client’s financial situation.
We ensure we maintain confidentiality through protected client portals with end-to-end encryption and extensive employee privacy and security training. With a proper understanding of cybersecurity practices, we protect our clients while helping them reach their long-term financial goals.
Does a Financial Advisor Maintain Confidentiality After I Stop Working With Them?
Yes, a financial advisor is obligated to maintain confidentiality with your private information, no matter if you continue working with them or not. If you stop working with a certain financial advisor, they still have a duty to keep the information you shared with them confidential and protected.
Understanding a Financial Advisor’s Confidentiality Agreement
A confidentiality and non-disclosure agreement is included as part of your contract with a financial advisor. This document legally binds us to maintain confidentiality with any and all of your private information.
If there is any information you’re concerned will not be included in your financial advisor’s confidentiality agreement, exclusions will be listed within the contract along with the scope of confidentiality. Read your contract with your financial advisor carefully before signing to become aware of what information is and is not confidential. Generally, any private information that could put you at risk if shared is automatically held under confidentiality.
A Financial Advisor’s Fiduciary Duty
Confidentiality can be considered a smaller aspect of a financial advisor’s overall fiduciary duty. A fiduciary duty is best described as a duty to act in our client’s best interest. As a result, we are obligated to keep your needs and best interests above our own.
Part of acting in your best interest is keeping your information confidential. Another part of acting in your best interest is ensuring any investment product or other financial recommendations we make to you are solely made in your best interest.
Does Fiduciary Duty End When I Stop Working with My Financial Advisor?
No. A financial advisor’s fiduciary duty does not end if you stop working with them. Although we can no longer make financial decisions or recommendations on your behalf, our fiduciary duty is still intact when it comes to confidentiality and the protection of your personal information.
Working with Kitchener-Waterloo Financial Advisors that Value Confidentiality
At Grand River Financial Services, we’re dedicated to maintaining client confidentiality. We’ve worked with hundreds of clients throughout Kitchener-Waterloo, building a financial portfolio that helps them meet their diverse financial needs and goals. Our ethical conduct has been a major contributor in maintaining long-term, happy clients.
Are you a Kitchener-Waterloo local looking for a professional financial advisor you can trust?
Try reaching out to the team at GRFS! We’re happy to answer questions about our confidentiality agreement and code of ethics. Give us a chance to find out if we’re the right fit for your financial needs.