Investment Counsel (Conseiller en valeurs) - A firm also sometimes known as an adviser (see the AMF Definitions of Intermediaries (doc.530) which specializes in advising typically high net-worth clients (often institutional clients) in investing in securities, without directly providing the trade execution services of a broker. In summary, it is the person a client goes to for investment advice and who may also look after the management of the client’s portfolio (in which event, the firm uses a broker for trade execution). See the section How to invest- investment counsel.