Wednesday, October 21, 2009

For GT Blog October 22, 2009

I am done with the CSTA

The CSTA (Canadian Society of Technical Analysts) claim their mission to be “To promote Technical Analysis at both academic and professional levels, through education and the sharing of knowledge with the community of technical analysts and the investment industry, and through the establishment and fostering of the highest standards.”

When I became a member several years ago I assumed the CSTA to be a professional organization on a par with peers such as Certified Financial Planner Board of Standards, the CFA Institute, the Financial Planners Standards Council and The Financial Advisors Association of Canada (Advocis)

Dig this mission statement from Advocis, “The Financial Advisors Association of Canada provides a platform of knowledge, advocacy, community and protection enhancing the professionalism of financial advisors and planners in the best interest of the consumer.”

The bottom line, the private investor is the direct beneficiary of these professional organizations because they know - in the long run – when investors are well served – their profession is also well served – everybody wins

I have in the past made several public presentations on behalf of the CSTA with a view to encourage industry pros and private investors to incorporate some form of technical analysis into their investment strategy. My last presentation was at the June 2009 CSTA annual meeting in Toronto.

I have always held myself out to be an educator and not salesman looking for new business - Unfortunately over the past few years the CSTA has morphed into a shill or platform for industry salesmen to fish for new clients - the board of directors is littered with salesmen who seek to use the organisation as a platform to promote their own self interests

So here is my challenge to the CSTA - a new rule

No member of the CSTA shall use the organisation to promote their own self-serving agenda - this would forbid industry professionals from using the CSTA platform for interaction with private investors and the business media to promote their own personal business enterprises

Do this and I bet one-third of the directors would resign

Do this and I would reconsider my membership

Bill Carrigan


Dr. Shit said...

as a regular reader of your blog I have to say this post caught me off guard. You have a genuine concern that should be addressed. Perhaps someone needs to work with Mr. Vialoux and the CSTA to adopt a code of ethics or standards that are similar to other professional organizations.

Maumaj said...

Thanks for the heads up. I was about to go to my first local CSTA meeting but now I'll pass until I hear that it has adopted a code of ethics.

Matt said...

I too will reconsider my membership until this organization changes.