BridgeForce News (November 14, 2022)
BridgeForce Updates
Industry Headlines
Keep your practice profitable in times of inflation
You can increase profits by reducing expenses, but any cuts must be made with caution and without lowering your value in the eyes of clients.
CRA announces CPP max pensionable earnings for 2023
The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2023 will be $66,600, up from $64,900 in 2022.
Tips for two tough conversations with clients
Client conversations, potentially uncomfortable ones, are required for comprehensive financial planning. Tips to begin a couple of tough conversations — specifically, on the topics of care needs as clients age and living benefits — were presented in Toronto on Tuesday at the annual fall summit of the Independent Financial Brokers of Canada (IFB).
Compliance
FSRA resolves hundreds of complaints in its regulated sectors
The Financial Services Regulatory Authority of Ontario (FSRA) is releasing its annual Complaints Report for the 2021-2022 fiscal year. “By receiving complaints from members of the public, FSRA is assisted by consumers to maintain high standards of conduct in the regulated sectors and better protecting consumers from harm,” said Wendy Horrobin, Head, Licensing and Risk Assessment, Market Conduct.
Leverage compliance for a rewarding client-advisor experience
Our industry operates in a complex and ever-changing regulatory environment. The challenge for advisors and their firms is determining how to turn regulation into an advantage for clients and for themselves.
Ex-rep sanctioned for discretionary trading
A former mutual fund rep has been fined and suspended for two years, after a regulatory hearing panel found that he engaged in discretionary trading in connection with several bulk trades for clients, and failed to keep proper records.
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 (October 31, 2022)
- Enforcement Against Unsuitability of UL as ‘one size fits all’ product
- FSRA raised concerns about UL and alignment of sales incentives
BridgeForce Compliance News (October 17, 2022)
- Title Protection: A Different Approach in Saskatchewan
- What if there’s a breach?
- What Are Your CE Requirements?
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
How to enable two-factor authentication on every social platform
One of the best ways to protect your accounts from unauthorized intruders is to set up two-factor authentication (aka 2FA) for them. 2FA is an extra layer of security that makes it so a hacker needs more than just your username and password to get into your account.
Computer Picks
Recommendations
- Microsoft Surface Laptop 4 – $999
- Dell Latitude 3420 – $1,199
Recommended Computer Specs
- Intel Core i5 (11th Gen or higher)
- 8 – 16 GB RAM
- 256 GB SSD or higher
Supplier Company News
Beneva
La Capitale and SSQ Insurance will be Beneva on January 1, 2023!
As one of our key partners, we’ll be keeping you up to date at every step of our transition to Beneva.
Canada Life
Client savings on LifeAdvance critical illness
Clients can access a 5% premium reduction on qualifying new Canada Life LifeAdvance™ critical illness policies for applications received between Nov. 7, 2022 and March 3, 2023.
Chargeback option sales compensation increase
We’re invested in providing solutions that can help you and your clients reach your goals. That’s why we’re making a temporary product change to the gross sales compensation rate on our Chargeback (CB) option, from 3% to 4%, for a 6-month period*. Between Oct. 24, 2022 and April 24, 2023, you can earn an additional 1% gross sales compensation with the CB option when selling Canada Life segregated funds. We’re making this temporary change to help you grow your business and support your clients’ needs.
Growing Together with Canada Life (Oct 1 – Mar 31)
You could receive an additional 25% bonus, up to $10,000, on life and living benefits insurance and segregated fund sales placed between Oct. 1, 2022 and March 31, 2023 with our Growing Together bonus offer.
Canada Protection Plan / Foresters Financial
Help clients feel more connected
Helping clients feel more connected can add real value to your business. When you show you care about their overall well-being, they’re more likely to stick around and recommend you to friends. Foresters Financial offers a new way to help. Fun Family grants are now Foresters Moments! It’s still about having fun but now your clients have more options to plan exciting activities and make meaningful connections.
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
- Term products | Lower rates since October 22, 2022
- Illustration | A new feature to quickly get the premiums total
- You can now produce life insurance illustrations up to $20M
- SOLO Healthcare | Premium increases effective January 1, 2023
- Disability insurance | Removal of Employer statement form
- Discovery Series with Desjardins
- Changes to the Helios2 contract and DFS GIF lineup | Client lists now available
Reminder: delivery of Advance Notice of change for Helios2 contracts opened until November 28, 2022
Last August, we announced changes to the DFS Guaranteed Investment Funds (DFS GIF) affecting, among other things, the Helios2 contract, which will take effect on November 28.
Guarantee Advantage: renew now with the ongoing campaign
If your clients have invested in the Guarantee Advantage campaigns coming to maturity shortly, they can renew these investment options without having to wait, directly in the ongoing campaign.
Empire Life
- Interest rates, inflation, and currency: a fixed income market update
- Do you have clients who own a cottage or whose parents own a cottage?
- Helping Canadians Achieve their Financial goals
- eVision Insurance IllustratorTM Introduces Save & Share!
- Upcoming Term Renewals
- Did you know that you can register for access to the Dynacare portal to view status updates?
- Underwriting: Adverse Decisions
- Multi-Strategy Q3 Advisor Holdings Update
- Incorporating Inflation into Financial Planning
Keep the Cottage in the Family Strategy
With the substantial increases in the average value of recreational properties such as cottages, are they aware of the potential capital gains tax liability that may be payable to keep the cottage within their family? Now is a great time to talk to your clients about how the Keep the Cottage in the Family strategy can be used to preserve and enhance their estate, helping to ensure that the cottage can be kept in the family and enjoyed for generations to come.
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
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 (November 11)
iA Financial
Inflation: Our take on the massive market reaction
This week: The markets are cheering the slowdown of inflation, but is it too soon to turn optimistic?
Being present pays!
Have you already started planning for the next RRSP-TFSA campaign? We have! Discover tools and content that will help you achieve your objectives and support your clients in the current economic environment.
Financial Literacy Month
Your clients have questions about the state of the markets? This video with Sébastien Mc Mahon will help you inform them about the situation and promote your advisory role on your social networks.
Monthly Macro and Strategy | Global Economy: Danger, Cliff Ahead
“While we are constructive on inflation getting back under control in the coming 18 months, it might just take a recession to break its back.” — Sébstien Mc Mahon and Adil Mahroug
ivari
Coming soon…fax number discontinuation
Effective January 31, 2023, we will no longer be accepting any documents from advisors, distributors or customers by fax and our fax number will be disabled. To that end, we have removed our fax number from our website and are working towards removing it from all ivari forms, applications, and communications.
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
Your Critical Illness Insurance toolbox
October is critical illness awareness month. We put together a few tools that will allow you to broach the subject with your clients. Our 5 critical illness insurance myths blog article could also be a good way to spark their interest.
La Capitale and SSQ Insurance will be Beneva on January 1, 2023!
As one of our key partners, we’ll be keeping you up to date at every step of our transition to Beneva.
Sun Life
- Meet the 2022 Sun Life Hall of Fame inductees
- Take note of these key dates
- We’re increasing the Clarica dividend interest rate
- Do you find it difficult to broach the subject of CII with Clients?
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.