Operations Memo

OM_2020-07; MFDA, Bonding & Corporate E&O Fees 2020-2021

For more information, contact:

Advisor Services Team

Date Issued:

July 7, 2020

Please be advised that the annual MFDA, Bonding and Corporate E&O Fees invoice will be posted and sent to you shortly. 

This year it was necessary to increase the Bonding Fee from $185.00 to $195.00 to reflect higher cost while the MFDA Fee and the Corporation E&O Fee will also increase from last year to $2,050 and $210 respectively.

The Corporate E&O coverage is necessary to ensure the firm is properly represented on any litigation from a client issuing a statement of claim against a financial advisor and GP Wealth Management Corporation.  As we have offered in the past, the invoice can be paid in one of two ways: 

  1. Three (3) equal monthly installments deducted from commissions; or
  2. Deducted in full on your next commission payment.

To pay by installments

If you would like to arrange for an installment payment plan, please let us know by Wednesday, July 22th, 2020 by sending an email to accounting@gpwealth.ca.

Alternatively, if I don’t hear from you by July 22th, 2020, the full invoice amount will be deducted from the next commission statement.

As always, if you have questions or comments, contact the Advisor Services Department by email at advisorservices@gpwealth.ca.