Does an investment advisor have a fiduciary relationship?
Ontario, Canada
The following excerpt is from Boal v. International Capital Management Inc., 2022 ONSC 1280 (CanLII):
Second, he noted that the mere fact that an investment advisor has given investment advice to a client does not create a fiduciary relationship. It is only “[w]here the elements of trust and confidence and reliance on skill and knowledge and advice are present” that the relationship is considered fiduciary: Hodgkinson v. Simms, at p. 381. The indicia of such a relationship are described by the certification judge as follows:
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