National Bank (NBCN), Trivest’s custodian for holding client assets, recently changed their monthly statements beginning in November. We have been getting reports that clients are not receiving their monthly statements, for either November or December. The changes are related to the Client Relationship Model 2 (CRM2), which is an initiative undertaken by the Canadian Securities Administrators to better improve client reporting and transparency. Here is what we know:
- December statements have been delayed. This is not unique to NBCN, as many other firms across the country are experiencing issues adopting to the new regulations and getting their statements out in a timely manner
- Some of you may have received November statements, while others may have not. This is because under NBCN’s new structure, statements will be sent out at a minimum quaterly, and monthly if there are any securities bought or sold in the period. Previously statements were sent out monthly if there was any activity, such as dividend or interest payments, but this will no longer happen.
- Note, if you would like to view your account information at any time, you can log into NBCN’s website. If you need any help with this, give us a call
We have been in close contact with NBCN, and they have informed us that December statements should be mailed out the week of January 23rd. If you have any questions, please contact us at 604-925-3041 or firstname.lastname@example.org.