BridgeForce News (October 11, 2022)
BridgeForce Updates
Industry Headlines
Help your business owner client choose between salary and dividends
As we approach the end of the calendar year, it may be worth taking some time before Dec. 31 to review the compensation plans of your small business owner clients. After all, clients who own a business through a corporation — whether retail, manufacturing, operating or consulting — have tremendous flexibility in how they choose to remunerate themselves. The same holds true for professionals who have incorporated their practices, such as doctors, lawyers and accountants.
Withdrawal strategy can help retirees reduce tax hit
Advisors can help retired clients manage cash flow by determining their most tax-efficient withdrawals, factoring in personal circumstances and adjusting as needed through retirement.
CRA charging higher interest on amounts owed
Owe the Canada Revenue Agency for overdue tax? Your costs on that debt just rose. The rate of interest the CRA charges on current or previous balances owing increased on Oct. 1 to 7%, up from 6%, representing the second consecutive quarter that the rate has risen by one percentage point.
FaithLife announces new brand name
FaithLife Financial announced Oct. 3 the launch of its new brand name, Serenia Life Financial.
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
Tips to Spot and Prevent Fraud
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.
Computer Picks
October’s Recommendations
- Microsoft Surface Laptop 4 – $999
- Dell Latitude 3420 – $879
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
Beneva
Beneva Newsletter – October 2022
- NEW: Advisor blog
- Successful investing takes a team of experts, and you’re one of them
- Insuring Children: Health and Wealth for the Family
- Wealth Series Webinars reminder
BMO Insurance
New benefit for BMO Insurance applicants
Introducing Dynacare’s myLabWorks. We strive to find meaningful ways to support our mutual clients that can make a positive impact to their lifestyle and overall health. We are also seeing an increasing awareness towards preventative health care. As a result, we believe our clients want a better understanding of their medical history and test results.
Canada Life
Enhancing sustainable opportunities using carbon transition strategies
We know that a sound investing approach requires the flexibility to evolve in response to the responsible investment realities, opportunities, trends, regulations, and risks of today and prepare for those of tomorrow. Based on extensive research and portfolio modeling by our sub-advisor J.P Morgan Asset Management (JPMAM) and Canada Life’s Investment Management Research Team we’ve added the Canada Life U.S. Carbon Transition Equity Fund to the Canada Life Sustainable Portfolios.
The case and space for segregated funds
Since their introduction more than 60 years ago, segregated (seg) funds have experienced ups and downs in terms of their popularity. Today, they are once again experiencing a resurgence.
Canada Protection Plan / Foresters Financial
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)!
Desjardins Insurance
- For more decisions at the point-of-sale: Our decisions are now provided by illustration
- Use e signature to be eligible for a decision at the point of sale
- Electronic application | Improvements for greater efficiency!
- Your new ally to support you with your business development activities
- Improvements to the electronic application: Insurability section – Medical questionnaire
- Unclaimed property – Notification for claimants
- Updated Insurance Application – Life, Health and Disability form
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
- Natural gas market volatility puts Canada and Europe on a very different footing
- Fast & Full eBundle Bonus is extended until December 31, 2022!
- Underwriting: Adverse Decisions
- Women, Finances, and Estate Planning Webinar
- Best Practices: Compliance Templates
- New Business and Policy Change (Excluding Underwriting) Email Update
- Upcoming mailing to RRSP customers who are Age 71
- Incorporating Inflation into Financial Planning
The BIGGER eBundle Bonus is extended until December 31, 2022
Earn 15% or 20% more FYC 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
A new Universal Life Insurance solution for the 21st century
Introducing a new universal life solution built for the 21st century: Equitable Generations™ universal life insurance is available for sale NOW!
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!
Fidelity Investments
Weekly Market Pulse (October 7)
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.
RBC Insurance
2023 Student Savings Program – Now Available
The RBC Insurance® 2023 Student Savings Program, including the Medical Student Offer (MSO) and the Engineering Student Offer (ESO) is available from October 3, 2022 to September 30, 2023.
SSQ Insurance
Your SSQ Insurance Newsletter – October 2022
- Protect your clients’ finances with Canada child benefit
- Canada Sales Congress
Sun Life
- Help Clients get the coverage they need and grow your business with a limited-time Sun CII premium discount coming October 1.
- Clients can now see more details about their insurance return of premium benefits.
- Don’t forget! The National Accounts year-end is quickly approaching. Take note of these key dates for delivery requirements and settling policies to ensure cases are part of your 2022 commissions.
- Introducing Sun Life Consulting – your one stop for business growth
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