Half of Canadians do not have a will, a new TD survey has found. In addition, 28 per cent of Canadians without a will are between the ages of 53 and 71, and 39 per cent have not discussed estate planning with their children, according to the survey that was released this week.
“Estate planning is an essential step in making sure your assets are managed as you wish after your death,” says Rowena Chan, senior vice president of TD Wealth Financial Planning. “If you do not have a will, it can create a lot of conflict and unnecessary animosity amongst family members during an already difficult time – regardless of how much or how little you plan to leave behind.”
Many life insurance advisors in Ontario are not complying with certain regulatory requirements and best practices, reveal recent examinations conducted by the Financial Services Commission of Ontario (FSCO).
Izabel Scovino, director, market regulation branch with FSCO, presented some key results from the regulator’s insurance agent compliance examinations conducted in 2015-16 and 2016-17 at the Independent Financial Brokers of Canada’s Spring Summit in Toronto on Wednesday.
FSCO conducted approximately 200 examinations in each of those years, Scovino said, checking for compliance with its regulatory requirements as well as industry best practices. The results show a decline in advisors’ level of compliance in many areas over the two-year period.
SUPPLIER COMPANY NEWS
What’s Up, Assumption Life?
Our Critical Protection policy is now available with a 20-year pay option, Webinar: Assumption Life’s exclusive High Income Fund, Webinar: Discover the benefits of portfolio diversification, Berkshire Hathaway Shareholders’ meeting.
AML legislative changes: new methods for identifying clients
Updated form for determining politically exposed persons, New Non-photo owner identification form, Begin using updated forms and applications June 12, 2017.
Life insurance beneficiary designation guide
Use this guide to help clients navigate common issues and designate the right beneficiary for their policy, Learn: how to communicate the client’s chosen beneficiary, what to consider and what could go wrong and alternatives for designating beneficiaries in different situations, Beneficiaries are organized by class so you can quickly access descriptions, guidance and procedures.
Changes to Empire Life Insurance and Investment Applications and Forms
Empire Life has implemented changes to our Insurance and Investment Applications and Forms based on the updated Anti-Money Laundering (AML) regulation (refer to Info Circ 2017-12) and the introduction of Common Reporting Standards (CRS) (refer to Info Circ 2017–13). Paper stock of applications will need to be destroyed and replaced with the updated versions (version date 06/17) prior to June 17, 2017 (AML deadline).
Insight (June 1)
New Anti-Money Laundering Legislation, Accumulating Money with Peter Wouters, Director, Tax, Retirement & Estate Planning, Common Reporting Standard (CRS) new tax legislation, Participating Investments Summary for Spring 2017.
Applications: Out with the old, in with the new!
Do you have the newest version of Equitable Life’s applications? Over the last month we’ve launched new segregated funds, added new GIA product features, and implemented new regulatory requirements into all our Savings & Retirement applications. If the date on the back of your application is older than 2017/05/29, replace your applications by order new applications using our Savings & Retirement supply order form.
New forms to comply with AML & CRS changes
To maintain compliance with new Anti-Money Laundering (AML) and Common Reporting Standard (CRS) requirements, Equitable Life® has updated several forms and applications for life insurance and savings & retirement products.
New Pivotal Select segregated funds
Equitable Life’s Pivotal Select segregated fund lineup has been refreshed to include six new highly regarded segregated funds. The Pivotal Select contract offers clients competitive pricing and flexibility, as well as a wide range of asset classes and investment options in every guarantee class.
Membership Matters (June)
A cheaper way to go, Dare yourself to do more, Making room for your flock, 6 warm-weather safety tips for pet owners.
Sales Promotion: Join us in spectacular Whistler (November 1 – June 30)
Foresters Financial and BridgeForce are very excited to give you the opportunity to join us in beautiful Whistler, British Columbia from August 27 to 31, 2017.
Sales Promotion: Roll in Money – Bonus Elite 2017 (January 1 – December 21)
From January 1 to December 21, 2017, if you reach more than $90,000 in annual placed premium that is still in force at the end of the year and you are one of the top three producers, you will receive a bonus based on your 2017 total annual placed premium.
Weekly Economic Review
Canadian employment numbers shatter expectations. The recent outperformance of the Canadian GDP continues but should soon come to an end.
RBC GIF: Now with “Lower Fees for Everyone!”
It’s here! Effective immediately, management fees on 7 of our Balanced Funds will be reduced by 20 basis points across all Series (Invest Series, Series 1 and Series 2) and across all Sales Charge Options (DSC, LSC, ISC), from the very first dollar invested!
Revolutionizing mental health-related disability claims management
Watch Canadian sports journalist, Michael Landsberg share the challenges he faced in finding the right diagnosis and treatment to manage his depression and why he is a huge supporter of RBC Insurance’s exclusive Onward by Best Doctors‡ program.
NewsFlash (June 1)
Now available: new forms for AML and tax requirements, A new way to speed up life and CII applications, We’re contacting clients about a UL fund change, Do you have clients turning 71 who own guaranteed interest investments in an RRSP?, How to help clients prepare for future health-care needs.
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