Financial Services

Master Data Management for Wealth Management

by DSI Team

The Problem

In April 2022, the Canadian Deposit Insurance Corporation (CDIC) introduced new rules regarding the disclosure requirements for deposits held in trust, including those managed by wealth management firms.

The Solution

 

The CDIC ruling compelled wealth management firms to reassess and revise their procedures concerning beneficiary and successor designations, guaranteeing accurate documentation and yearly certification to uphold their professional trustee status and safeguard their clients' interests.

Dimensional Strategies Inc. (DSI) implemented a set of business rules within data pipelines to process existing client information and accurately assign the appropriate beneficiary and successor designations.

 

 
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