BridgeForce News (September 26, 2022)
BridgeForce Updates
Industry Headlines
Saving for a home using the FHSA
The FHSA gives prospective first-time homebuyers the ability to save $40,000 on a tax-free basis towards the purchase of a first home in Canada. Like an RRSP, contributions to an FHSA will be tax-deductible, but withdrawals to purchase a first home, including from any investment income or growth earned in the account, would be non-taxable, like a TFSA.
Inflation is cooling, but the Bank of Canada isn’t done its fight
Inflation in Canada is cooling faster than expected, but economists don’t expect the Bank of Canada to back down from its fight just yet.
Compliance
Do I have to report a breach?
To check out a 1 minute YouTube video “Obligations for reporting breaches”, click here.
As we saw in February, the first step is to determine the risk of significant harm, and the sensitivity of the information and to notify BFG. Further, many carriers require advisors notify them immediately if their clients are affected.
In March we looked at when and how to notify affected individuals. But when do you need to report?
The OPCC (Officer of the Privacy Commissioner of Canada – https://priv.gc.ca/en/) has a number of resources available to help you determine how to manage a breach.
BridgeForce Compliance News (September 2022 #2)
- Quebec Privacy Law: Phase 1 Effective September 22, 2022
Previous BridgeForce Compliance News Issues
Advisor Education
BridgeForce-University.com is our On-Demand service that is unlike any other on-demand service you have ever seen. No narrated slideshows, and no fake webinars, just video recordings of live events!
Over 100 accredited presentations are available for you to earn all of the CE Credits that you need for your Licenses and Designations. See presentations from your carriers, PLUS access new information from other experts in the industry that are designed to grow and improve your knowledge and your practice.
Get the convenience of On-Demand, get access to our Live BFG Roadshow Webcasts, and earn all of the CE Credits that you need! Anytime, Anywhere, and on Any Device!
Tech Tips
News
Cyber security guidance for heightened threat levels
The threat level your organization faces is fluid and often changes with factors like global events and cyber crime prevalence. By following the guidance below, in addition to basic cyber security hygiene practices, your organization can ramp up your cyber security posture, enhance your resiliency, and better protect your organization during heightened threat levels.
IE lives on in Microsoft Edge
Give your organization the dual engine advantage by moving to Microsoft Edge. Microsoft Edge with IE mode is the replacement for Internet Explorer 11 which is retired and out of support as of June 15, 2022.
Computer Picks
September’s Recommendations
- Microsoft Surface Pro 8 – $1,199
- Microsoft Surface Laptop 4 – $999
- Dell Latitude 3420 – $849
Recommended Computer Specs
- Intel Core i5 (11th Gen or higher)
- 8 – 16 GB RAM
- 256 GB SSD or higher
It is strongly recommended to purchase computers from the Microsoft Store or Dell.
Supplier Company News
BMO Insurance
Responsible investment options with UL
According to a recent study, while only a quarter of investors currently own responsible investments (also known as ESG investments), a majority would consider including them in their portfolios.
Canada Life
Segregated fund policies have moved to new system as of Aug 2022
We’re continuing to move wealth products to our new policy administration system to ultimately provide you and your clients with a more consistent experience. On Aug. 2, segregated fund policies with CAN fund codes moved to the new system. This includes all Standard Series, Partner Series and all Preferred Series products.
Canada Protection Plan / Foresters Financial
Foresters InsuranceAssist e-App keeps getting better
The new and improved InsuranceAssist e-App is here! Now you have more opportunities to grow your Forester Financial business.
Sales Campaign: Foresters All-Star Program (Mar 15 – Dec 31)
We want you to become a Foresters Financial™ All-Star in 2022. All-Star advisors may earn an additional 15% bonus on their Foresters Net First Year Commission (NFYC)!
The Edge Benefits
Sales Campaign: Fall Classic (Oct 1 – Oct 31)
We’re excited to announce that October will be the biggest incentive month in EDGE history. Not only will you have the opportunity to earn up to $5,000 in bonuses during the month of October.
Empire Life
- Updated Whole Life Insurance and Universal Life Insurance policy details on MyEmpire
- Finding investment and tax opportunities in a challenging market
- Is 2022 the rude wake-up call we’ve been waiting for?
- Empire Life fixed income funds outperformed after the worst drawdown in more than 40 years
- Women, Finances, and Estate Planning Webinar
- Now available: Participating Account Q2 Summary
The BIGGER eBundle Bonus is extended until September 30, 2022
Earn 15% or 20% more FYC1 on life and health products when you submit the application electronically using the Fast & Full® Life App and clients select and complete the Electronic Health Questionnaire (eHQ) and choose and receive eContract Delivery as compared to submitting paper applications and receiving a paper contract.
Equitable Life
The Equitable Life Fall Roadshow is coming to a city near you
Join us for an informative and insightful session! Hear about Equitable Life’s new and exciting plans for our segregated fund line-up. Learn how to navigate the world of sustainable investing and ESG with a special presentation from Invesco.
Sales Campaign: Step Up Your Wealth Sales (Jan 1 – Dec 31)
Step up your wealth sales with Equitable Life® and you’ll be rewarded with a growth bonus for doing more business in 2022. Make this year your best year ever with Equitable Life!
iA Financial
New conversion opportunities
An excellent opportunity to communicate with your clients to reassess their needs and discuss the conversion of their current coverage into permanent insurance!
Mid-summer dreams of a U.S. Fed pivot give way to the realities of persistently high inflation
August was not easy for fixed income investors, as shown by the 20% drawdown of the Bloomberg Global Aggregate Total Return Index for bonds by the end of the month from its peak in July 2021. In that context, 10-year Treasuries’ yields moved off the recent lows recorded in July and shot up roughly 50 basis points in August to close at about 3.25%.
ivari
Put some pep in your compliance step!
Whether you’re new to the business or have been an advisor for many years, it never hurts to brush up on compliance requirements. Fortunately, our new CE accredited course Running a compliant business will help you do just that!
Manulife Financial
Sales Campaign: Grow for it 2022 (Jan 1 – Dec 31)
By helping more Canadians get the protection they need, not only will you grow your business, you’ll also be rewarded with an iPad Air.
SSQ Insurance
8 little known facts about life insurance
Life insurance is a product for everyone though it is also quite complex. Whether you have a policy or not, here are 8 facts you should know about it.
Information and links to other websites contained in this document are solely for the information and convenience of BridgeForce Financial Group brokers. This information is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. No endorsement of any third party products, services or information is expressed or implied by any information, material or content referred to, included in, or linked from this bulletin. The approved materials are the property of individual companies used under license and may not be copied, transmitted, or used without express written approval. E. & O.E.