SEPTEMBER 2014: Articles from our monthly print edition

22 Sep 2014

MDRT president sees opportunities in UK commissions ban

The new president of the Million Dollar Round Table (MDRT), Caroline Banks of the United Kingdom, sees the axing of commissions in her country as a business opportunity rather than a scourge for financial advisors. (Read more)

22 Sep 2014

Manulife launches low-fee universal life

Manulife Financial has launched a series of four universal life insurance products with lower management fees. Costs were reduced by eliminating all of the investment bonuses as well as some of the guarantees. (Read more)

22 Sep 2014

Advisors see upsides and downsides to Manulife acquisition of Standard Life

Many insurance professionals are bemoaning the loss of yet another key player in the insurance industry with the recent announcement that Manulife Financial is buying Standard Life’s Canadian operations for $4 billion. The deal will boost Manulife’s presence in products it has identified for growth and increase its presence in Quebec, (Read more)

22 Sep 2014

New feature launched in this edition

The Insurance and Investment Journal is pleased to present a new regular feature called Expert Insight. It appears in this issue of the magazine on page 38. (Read more)

22 Sep 2014

Financial Horizons grows western footprint

Integration work is underway soon at Financial Horizons Inc., after the company announced it is acquiring two additional companies this fall – Performance Financial Services Inc., of Saskatchewan, and Belec & Company Ltd., of Edmonton. (Read more)

22 Sep 2014

Our archaic insurance disclosure obligations need updating

An applicant for life insurance is required to disclose all matters that are relevant to determine the risk of death within personal knowledge. But what is meant by “all matters”? Or “within personal knowledge”? How does the person know when something should be disclosed? Must the applicant volunteer information or only answer the questions posed by the insurer? (Read more)

22 Sep 2014

Champions rebound by going back to basics

Yes, they are among the world’s most prosperous advisors, but MDRT members still get back to sales basics to overcome obstacles. Michael Morrow banks on building a loyal clientele who gladly refer him to qualified prospects. (Read more)

22 Sep 2014

Application of the two witness rule for Wills

Having two witnesses to a testator’s signature is an important component of the execution process for a person’s Will. In particular, the presence of witnesses provides a level of comfort that assists in dispelling concerns about potential coercion, undue influence or outright fraud, though it is certainly not a guarantee against those concerns. (Read more)

22 Sep 2014

When to take government benefits?

Clients who are entering their 60s will need to consider when they will draw on their government retirement benefits. This decision should be made considering his other sources of income and as part of his overall financial plan. (Read more)

22 Sep 2014

Data mining may uncover hidden sales opportunities

To the uninitiated, data mining an advisor’s book to turn up prospective sales leads, sounds like a marvellous, almost ‘no-brainer’ way to generate new business. In reality however, data mining insurance information can be a messy business, and campaigns are generally haphazard, if they are undertaken at all by managing general agencies (MGAs) and carriers. (Read more)

22 Sep 2014

Asia: the rising sun of the travel insurance market

A Finaccord study found that last spring, the travel insurance market for countries like China and Japan skyrocketed. (Read more)

22 Sep 2014

Life settlements company persists to become an authorized agent

If Daniel Kahan gets his way, he’ll be able to move the headquarters of Ontario Life Line, his Toronto, Ont.-based life loan (settlements) business, to Halifax, N.S. without a regulatory hitch. (Read more)

22 Sep 2014

Give clients a pre-retirement financial check up

With baby boomers making up the bulk of many financial advisors’ client bases, an increasing number of your clients will probably be retiring in the coming years. Now is the time to make sure that their finances are up to the challenge that lies ahead of them. (Read more)

22 Sep 2014

All fees should be disclosed

Dear Editor,

I am writing this note as a consumer and as an investor. Thus, before proceeding further, I should note and disclose this fact and my bias in favour of the best interests of people like me who invest in mutual funds and other financial instruments. I strive to make informed decisions based on the truth, and the whole truth – and without any relevant material information being intentionally undisclosed. Neither I nor any member of my family is either a bank employee or involved in the sale of mutual funds or deposit instruments through either the banking or the independent channel. (Read more)

22 Sep 2014

Canadians neglecting estate planning

More than half of Canadians do not have a will and even those who do either don’t keep it up-to-date or have concerns that the will won’t live up to their wishes. But financial advisors have a role to play in helping their clients make thoughtful choices about this important financial decision. (Read more)