Client File Guidelines

• Copies of most recent investment statements (GIC/RRSP/RESP/CSB/Stock portfolios/Mutual funds/Segregated funds, etc.
• Copies of most recent defined contribution, money purchase pension plan statements or group RRSP accounts identifying current holdings
• Copies of most recent statements identifying cash values in any existing insurance products
• Limited partnership offering memorandum, executive summary, and most current correspondence

• Copies of pension plan booklets
• Copies of most recent pension statements
• Copies of CPP/QPP contribution statements

• Copies of any existing RESP plans in place
• Copies of most recent statements for any funds held in trust that are earmarked for education

• While not mandatory, it’s helpful to acquire copies of the last four payroll stubs for the client and spouse giving you a more accurate picture of their income from employment
• Copies of last two years tax returns and notices of assessment
• Copies of most current financial statements
• Copies of documentation for all outstanding liabilities (mortgages, lines of credit, auto loans, etc.)

• Copies of employee benefits booklets
• Most recent employee benefits statements
• Copies of life, disability, critical illness, long-term care, office overhead, and any other insurance contracts
• General insurance policies (property/casualty, auto, etc.)

• Copies of wills
• Copies of powers of attorney
• Marriage, separation, divorce documents
• Shareholder/business agreements
• Family trust documentation

This file will hold all documents that pertain to current tasks being undertaken for this client. The layout of the contents of this file is as follows:

• Engagement Agreement – Should be stapled to the front left cover of the file.
• Letter of Authorization – Stapled to front left cover of the file under the Engagement Agreement.
• Most recent Action Plan Checklist – When doing planning for a client, ideally you should create an action plan that identifies all steps you are recommending relative to the implementation of the client’s strategy. A copy of this action plan should be stapled to the front left cover of the file over top of the Engagement Agreement. This action plan will clearly identify any activities that are scheduled for this client.
• Current service documents and new information – This could include correspondence you are currently dealing with, updated documentation on the client’s current situation that will be used for the next review, etc. This will prevent these materials from being out of reach when you need to refer to them while providing service to the client.
• File label & colour coding – Below is an illustration of the file folder label that will be used for this file. Either the file folder label or the file folder itself should be colour-coded RED to distinguish this file clearly from other files.

In this way, if your client calls, you can access the file quickly and have all pertinent information regarding current issues of concern at your fingertips.

For security purposes, these files should be stored in a locked file drawer.

This file will contain most of the source documents used in developing the plan for the date indicated on the label. All materials should be two-hole punched on the left margin and fastened in the file using an Acco fastener. These documents will include the following:

• Fact finder
• Employee benefits booklets
• Most recent pension plan statements & booklets
• Most recent financial statements (for all corporate, proprietor, or partnership interests
• CPP/QPP Statement of Contributions
• Copies of all investment statements (GIC/RRSP/CSB/Stock portfolios/ Mutual funds/Defined contribution or money purchase pension/Group RRSP, etc)
• Documentation on current liabilities
• Copies of life, disability, and other insurance contracts
• Copies of wills and powers of attorney
• Copies of any marriage/divorce/separation, shareholders, or trust documents.

Financial planning report – A copy of the completed plan is to be left loose in the file with either a clamp on the document or stapled.

General correspondence relating to the planning process – Copies of all correspondence should be filed in chronological order with the most recent on top. This should be fastened to the back of the file (on top of the data collection materials).

File label & colour coding – Below is an illustration of the file folder label that will be used for this file. Either the file folder label or the file folder itself should be colour-coded GREEN to distinguish this file clearly from other files.

Historical filing – When a review plan is completed, a new file should be set up with the current date indicated. The previous plan will be retained in it’s own file and kept in main client filing cabinets along with the current plan so that at all time we’ll have two consecutive plans at our fingertips. Once a file is into its second review, the original or first planning file may be removed and go into historical off-site storage. It will be our practice to retain historical files for seven years at which time these old files will be destroyed.

Central filing – This file may be retained in a central filing system where it can be accessed on an as-needed basis.

Given that the Client Service File holds copies of the action plan and other current issues, this file will not need to be referenced too often once the current plan has been presented and implementation has commenced.

These files should be maintained in locked storage facilities for security purposes.

File label & colour coding – Below is an illustration of the file folder label that will be used for this file. Either the file folder label or the file folder itself should be colour-coded BLUE to distinguish this file clearly from other files.

These files should be maintained in locked storage facilities for security purposes.

Given that the content of these product files are governed by compliance regulations, we will not review their contents here but rather will just acknowledge that these files must exist where product transactions have taken place.

Some of the aspects of electronic data collection that represent a best practice include client meeting notes. Retaining a written summary of any meetings held with your clients on an electronic system can be valuable from a number of perspectives.

It helps you to recall conversations, decisions, and action items that result from your client face-to-face and telephone meetings.

By making it a practice to have your client receive copies of these meeting notes and signing off on their content ensures you are protected from possible later client misunderstandings. Taping meetings and attaching digital audio files to the client’s electronic file can be reviewed at a later date should it become necessary.