AUGUST 2015: Articles from our monthly print edition

27 Aug 2015

Canadians believe financial advice is valuable, says survey

The ways financial advice-givers in Canada quantify what their time and service is worth to Canadians, are likely going to be examined more closely by those who remain in the business going forward.

26 Aug 2015

Plan far ahead to successfully buy or sell a business

Advisors who want to either sell or buy another book of business or corporation need to plan a good three to five years ahead of time to ensure they have all their financials in order and decide if and where they fit in after the deal is done, a Toronto meeting of the Canadian Group Insurance Brokers (CGIB) has been told.

24 Aug 2015

Incentive capped at $1.5 million would be inadequate to attract whistleblowers

A financial incentive capped at $1.5 million is “highly inadequate” to attract would-be whistleblowers who could be putting their entire financial futures in jeopardy, a roundtable sponsored by the Ontario Securities Commission (OSC) has been told.

21 Aug 2015

236 Canadians attend MDRT Annual Meeting

236 Canadians attended this year’s Million Dollar Round Table (MDRT) Annual Meeting, making Canada 10th on the list of countries with the highest attendance at this event which took place in New Orleans this past June. The highest participation came from China with 1,927 members, followed by the United States with 1,612 members.

21 Aug 2015

Marked silence on Internet sales

Some in the insurance industry were disappointed that Quebec’s Ministry of Finance simply cut and pasted the regulators’ positions into its Report on the Application of the Act respecting the distribution of financial products and services. There was even greater disappointment that there was almost no mention of the valuable role that advice plays in the sale of insurance.

18 Aug 2015

Immunize your business against improper replacement

Replacement of existing life insurance accounts for at least one in every two policies sold according to everything I read. It has for a long time so, it’s not likely going away anytime soon.

18 Aug 2015

More seniors retiring with debt

Enticed by historically low interest rates and easy credit, about one-quarter of Canadians over 65 are retiring in debt, while some younger Canadians are caught in debt traps that can be “shocking” in size, a recent Advocis seminar was told.

18 Aug 2015

CRA compelled to assess tax return claiming credit in alleged gifting tax shelter

A person who owes tax may be pleased if the Canada Revenue Agency (CRA) delays assessing a tax return. On the other hand, such delay can obviously be costly to someone who is anticipating a significant refund.

18 Aug 2015

Commercial practices report: The AMF cautions insurers

Quebec’s financial sector regulator, the Autorité des marchés financiers (AMF), has asked insurers to be cautious about certain commercial practices.

18 Aug 2015

CAILBA forms committee to examine insurance carrier contracts

Contracts between carriers and most managing general agencies (MGAs) are under review, after supervision guidelines from the Canadian Life and Health Insurance Association (CLHIA) came into effect earlier this year.

22 Jul 2015

Rejection can push you in a better direction

Rejection may be just a part of prospecting and life insurance sales, but it also can be the very incentive to push you into finding new strategies that work for you – or your cue to go in a completely different direction, advisors have been told.