BridgeForce News | October 17, 2016
HEADLINES
The increasing complexities of senior clients with POAs
As the average age of the population increases, it’s becoming more commonplace for advisors to take instructions from people other than the client pursuant to a signed power of attorney (POA) document. Navigating some of the complexities associated with a POA has become a huge problem for advisors and dealers as this presents practical and legal issues fraught with challenges, and there don’t appear to be protocols established by our principles-based approach to regulation to help them navigate this issue. As a result, advisors and their dealers need to establish their own protocols to address the everyday issues that present themselves.
COMPLIANCE
Providing a “best interest” standard for advisors may not raise the bar
Advisors across Canada are worried about the Canadian Securities Administrators’ (CSA) proposal that all advisors be held to the “best interest” standard. Currently, advisors must deal fairly, honestly and in good faith with clients. In fact, both the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC) include the best interest standard in their respective provisions addressing conflicts of interest so that there are certain safeguards even without the proposed changes. So, why all the fuss?
SUPPLIER COMPANY NEWS
Assumption Life
What’s up, Assumption Life?
New no medical product suite, InstaTerm and InstaTerm Deferred will no longer be available, Our FlexTerm Ultimate Summer Roadtrip Contest now over, Clarification regarding the Life Insurance Replacement form, How to obtain a copy of your applications summary.
BMO Insurance
Meeting: Segregated funds roadshow (September 27 – October 27, 2016)
We are pleased to announce that, from September 27th to October 27th, we will be hosting thirteen (13) breakfast and lunch seminars in major cities across Canada to launch our new guarantee options and our new funds.
Canada Life
Meeting: Canada Life days (October 25 – November 10, 2016)
Growing your business in a changing world – Canada Life is here to guide you with the strategies, tools and support you need to achieve success with your clients and grow your business.
eBulletin: Segregated fund changes and consequences for non-registered client policies
Changes are being made to a selection of segregated funds, There may be tax implications for clients who have non-registered policies, Impacted client lists will be mailed to help identify key relationships.
Canada Protection Plan
Meeting: Save the date (October 24 – November 4, 2016)
There’s good reason why Canada Protection Plan is the leading name in No Medical & Simplified Issue Life Insurance.
Desjardins Insurance
Desjardins Insurance provides the most flexible long-term care (LTC) solutions on the market
With life expectancy on the rise and the increased chances that we will require specialized assistance, 74% of Canadians admit they have no financial plan to pay for long-term care if they needed it according to a survey conducted on behalf of the CLHIA. Here are the two biggest misconceptions about long-term care to help you start the conversation with your clients…
Tax changes for prescribed Life Annuities coming in 2017
Are you retired or close to retirement? Are you looking for a tax-efficient retirement income solution? If you have money in a non-registered account, you could enjoy significant tax savings if you purchase a prescribed life annuity before 2017.
Empire Life
Insight (October 11, 2016)
Empire Life Dividend Growth GIF – harness the power of dividend investing, Ron Friesen joins as new CFO, Reminder: RSP to RIF Conversion letters, Introducing two new life products, Empire Life Voted Most Innovative in 2016, Simplify your estate with an Empire Life Guaranteed Investment Fund Contract, Pricing Changes, Get market insights direct to your inbox.
Equitable Life
New options on GIAs and Pivotal Select
We’re always looking for ways to offer you more features and provide options that make doing business with Equitable Life® the easiest part of your day. As a result, we’ve made some changes to our Guaranteed Interest Account and Pivotal Select™ Segregated Funds applications.
News for October 6, 2016
Important product changes coming October 24, 2016, Grandfathering of G2 policies, How’s our service?, Engage your social media audience.
Foresters Insurance
Membership Matters (October 2016)
Community Matters: We’ll always be neighbors, Staying social online, Finding light in the dark, You’ve been boo’d, Easier Eats, Seniors, it’s your day, Get your financial house in order, Happy Friendsgiving, Early detection may save your life.
iA Financial
EquiBuild 15-year payment now available
You can now broaden your client base for the EquiBuild universal life product. Clients who wish to pay up their policy sooner can do so in 15 years.
YRT COI has never been more attractive
In regards to permanent insurance, we have addressed the Genesis and Genesis-IRIS universal life product YRT rates. As of October 15, 2016, your clients will get more for their money and here’s why…
ivari
ivari Info
Tell us how we’re doing! Distribution Service Satisfaction Survey 2016, Important deadlines for new business and current tax rules, Let’s talk about connecting, We’re moving on up!
Meeting: Tax changes are coming (October 24 – October 31, 2016)
We’re coming to your city with our 2016 Fall Road Show. Get an update from our president Doug Brooks on ivari’s first year, Learn all about MTAR from our product team, Hear a detailed overview of our new UL product, Learn how digital marketing can help you grow your business and hear about new underwriting trends and changes related to the new product launch.
Manulife Financial
BankNotes (October 2016)
Wake up your clients’ home equity and make it an active asset in retirement plans, Get your clients a promotional rate of 25 bps above our current GIC rate, Manulife Bank’s online photo contest gives clients a shot at $500, Manulife Bank continues to enhance Investment Loan program by updating processes, underwriting and forms.
Growing number of Canadians feel it is a bad time to invest in their homes
The Manulife Investor Sentiment Index revealed that “investing in your own home as an asset class” dropped four points in the last six months and has consistently fallen since May 2014, down 9 points in total. While 80 per cent said owning a home was their primary goal, only 25 per cent of respondents who currently rent said they plan to buy a home in the next 12 months.
Vitality now available
Welcome to a new kind of life insurance – one that rewards healthy living! Manulife Vitality is now available for sale! Show your clients what life insurance feels like with Manulife Vitality. Visit the new Manulife Family Term with Vitality page today.
RBC Insurance
2017 Exempt test changes: RBC Life Insurance deadlines
As you are aware, new legislation affecting the taxation of Canadian life insurance policies will come into effect on January 1, 2017. To ensure that your client’s new policies are settled or changes to existing policies are approved before December 31, 2016, please note the following important deadlines for submitting policy changes and term conversions to RBC Insurance.
Connect clients to more than just a product
Best in class products need best in class services! RBC Insurance® is committed to giving you and your clients more than just the best products. We want to ensure that they also have services that put them first by connecting them with the right support at the right time, and empowering them with the knowledge they need in moments when they need it the most.
Ever wonder when you became a fortune teller?
Some of your clients may believe you possess a crystal ball and can predict economic volatility. Your task to instill trust and help them understand that investing is not short-sighted, but a long-term plan requiring diversification can be a difficult one.
SSQ Insurance
Meeting: Professional development fall meeting (October 17 – October 28, 2016)
Join us at our upcoming professional development meeting where you will learn more about our latest developments and get the chance to interact with members of the SSQ team.
Sun Life
NewsFlash
Have you seen the new Money for Life commercial?, 3 ways for PHI and HCC clients to access contact information for emergency travel assistance services, A leader in participating insurance, Net worth calculator on sunlife.ca now better than ever.
Transition rules: Help clients receive 2016 tax treatments on life insurance applications
Sun Life Financial has taken a lead role developing transition rules for the tax changes to life insurance that are the least disruptive to your business and your clients. Working with the Canadian Life and Health Insurance Association (CLHIA) and governing bodies, Sun Life Financial proposed and advocated for transition rules that will help clients receive 2016 tax treatment for policies with underwriting that extends into the early part of 2017.