Canadian Alumni Association

Canadian Insurance & Investment Advisors Alumni association

Media Release

June 5th 2009

ARTICLE FOR CONSEILLER.CA FINANCE AND INVESTMENT

Subject: Can Financial advisors can build their future?

 

Let us review the journey of life insurers in Quebec.We can say that life insurers have gone far since the creation of the Regional Associations of Quebec and Montreal in 1905.. They gave the first impulse to life insurers in Canada on the same date.

In 1959 the Provincial Association of Life Insurers ofQuebec (APAQ) is born. In a decree of the provincial government in 1979, contributions became mandatory. At the time, before the compulsory contributions, there were 5 300 members in 20 years of existence. Remember that since the very beginning, the mission of life insurers was to protect the public.

In 1989, the APAQ was replaced by the Association des intermédiaires en assurance de personnes du Québec (AIAPQ) to arrive in 1999 (Act 188),to the formula that we know today: the Chambre de la sécurité financial.

Where are we at today?On 29 March 2006, the Coalition of Independent Insurance Advisors of the Financial Industry of Québec (RICIFQ) was born in Boucherville. For the first time, the advisers of the financial industry have the opportunity to think of themselves as entrepreneurs. Being the complement of self-regulatory organizations, we can not ignore this structure that will enable us to protect our integrity and gain the respect of stakeholders in the financial market.

The entry into career of new entrepreneurs must come by increased support from insurance companies and firms in bilateral business cooperations.Communication must be based on a viable structure to enable the adviser to consolidate its business in the short, medium and long term.

Let us ask ourselves the question: are the costs of the Ministry of Education's formation in the college worth it? The lifetime of a consultant in the industry is about 30% for the first year and about 10% after 5 years as a provider.

The RICIFQ has already denounced the controversy over the benefits provided by insurance companies and firms with regard to bonuses (contests, trips, etc..) Validated by the AMF. In so doing, the AMF authorizes an imbalance of forces. By eliminating these practices, these amounts could be used to structure the new contractor, to consolidate his business by uniform commissions basis and by commissions for the duration of his contracts. This will provide continuity in career and thus strengthen the whole in anticipation of the handover. The advisor will structure his business on a solid foundation while allowing him to provide consistent service to its customers.

Being self-employed means to own your business and to be objective in your recommendations. The public will continue to be very well served by certified counselors and they will continue to offer the best products on the market without internal influence.

By allowing the sale of house products , following Act 188, the attachment mandatory in insurance and the arrival of banks, the consumer does not know if he has the product that meets his needs.

The technology is now accessible to everyone and is changing rapidly. Insurance companies and firms could offer a better system with uniform platforms. The trend suggests that the public can choose only the product that suits their needs. It is unrealistic and irresponsible to make such speeches. The responsible citizen will always need a specialist to make informed financial decisions, because he can not be competent in all areas. If everyone practices his profession as a specialist, consumer security will be increased.

The advisor recognizes that the quality of its services is paramount to his survival and it's his interest to follow this rule to build a long-term customer. It is for this reason that we must give him the means.

By consultating with the missions of self-regulatory organizations (SROs), we find that the Associationof Independent Advisors (RICIFQ) is completely complement. In this perspective and to protect the integrity of long-term advisers, it is important to bring your support to the RICIFQ, whose mission is: "Preserving the continuity of independent advice and the defense of the common interests of its members by associating them under the banner of a strong voice that represent them. "

The Autorité des marchés financiers (AMF) enforces laws relating to the financial sector, particularly in the areas of insurance, security, deposit institutions - except banks - and the distribution of products and services.

La Chambre de la sécurité financière (CSF) protects the public by maintaining the discipline and ensuring the training and ethics of its members.

The reorganization of the division of commissions and renewals will allow insurers and general agents to be partners thanks to their buying power.

Have you been victim of or have you witnessed any injustice as a financial advisor while carrying out your duties? If so, we invite you to register on our website at www.regroupement.ca. We would appreciate your comments. Feel free to write us at info@regroupement.ca.

 

Let us give ourselves the means to defend and enforce our rights.

Let us ALL UNITE