Is Polaris Wealth’s website safe and secure?
All data exchanged between our web servers and the your computer is safe and secure. We use SSL encryption and a 256 bit certificate.
How does Polaris protect my assets?
Safety is paramount at Polaris. Your assets are held in-trust at our custodian, Virtual Brokers (VB), a division of BBS Securities Inc. or, National Bank Independent Network (NBIN). This means that Polaris can only provide trading instructions and can only access client accounts to charge a monthly advisory fee. In the unlikely event that Polaris were to stop doing business, your assets will remain in your name at Virtual Brokers or NBIN, and Polaris will not have any claim to them. This arrangement also provides you with insurance through the Canadian Investor Protection Fund (CIPF) and provides further protection in the event BBS Securities Inc. also ceases business. If VB is your chosen custodian they enhance your protection with an additional $10 million in insurance coverage.
What is the Canadian Investor Protection Fund (CIPF) and how does it work?
The Canadian Investor Protection Fund (CIPF) is a pool of money used to compensate investors in the event of an investment dealer insolvency. The fund was established by the Investment Industry Regulatory Organization of Canada (IIROC) and coverage is extended to anyone holding an account with a CIPF member up to $1 million. Virtual Brokers, a division of BBS Securities Inc., is a CIPF member and as such, Polaris accounts are covered up to $1 million should Virtual Brokers become insolvent. The CIPF is an important mechanism for investors and we encourage you to learn more.
If I have multiple accounts, is each one covered for $1-million by the Canadian Investor Protection Fund (CIPF)?
It depends. To read more about the specific criteria the CIPF uses to evaluate separate accounts, please visit: http://cipf.ca/Public/CIPFCoverage/CoveragePolicy.aspx
What would happen to client accounts if Polaris ceased business?
In the unlikely event that Polaris should stop doing business, your assets will remain in your name at Polaris Wealth's custodian, Virtual Brokers, a division of BBS Securities Inc., or National Bank Independent Network. Polaris will not have any claim to them.