In this week's edition

The OSC is looking at whether discount brokers should be able to provide some form of advice. The regulator’s draft statement of priorities, which details its agenda for the coming year, indicated plans to study the regulation and provision of advice in the order-execution-only channel, which includes discount brokers and robo-advisors. Current limitations on advice may be preventing information from being provided to DIY investors “who are increasingly seeking advice from unregistered channels, including social media platforms,” the regulator said in its draft statement. James Langton reports on the OSC’s priorities.

Manulife Financial Corp. cut 250 jobs globally in its investment management division, with employees in Canada, the U.S., the U.K. and Asia affected. Manulife is just the latest firm to trim staff, following Scotiabank, RBC and BMO cutting jobs this year as economic uncertainty weighs. In other industry moves this week, Karl Cheong left First Trust Portfolios Canada and more advisors moved from Richardson Wealth.

New rules went into force earlier this year that lowered the threshold for what the CRA considers an “avoidance transaction.” The clock didn’t begin ticking on the new category of notifiable transactions, however, until the CRA formalized its designations earlier this month, adding five sets of transactions to a list that could grow. As Michael McKiernan reports, the release of the list has done little to quell uncertainty around the new mandatory disclosure regime.

RRSPs are commonly passed on to surviving spouses or common-law partners in first-to-pass scenarios, with beneficiaries deferring tax until a later date. However, in cases where a person is unmarried or widowed, beneficiary designations can have serious consequences for estates. Columnist Matt Trotta explains using a case study.

Finally, as the holidays approach, some advisors may be agonizing over their client gift lists. Does it have to be this way? Not necessarily, according to a couple of financial industry consultants. Timely gifts, rather than those dictated by the calendar, may be more memorable. And it’s worth asking whether gifts are necessary at all. “If you’re not in the gift-giving business, don’t start,” one consultant said. Melissa Shin reports.