Message from Past-President
I would like to welcome you to our newly revamped website. We want to make this site our primary method of
communicating to our members. We would like to have the full year program schedule, other activities of interest and getting
word out when we need to rise to action.
At the halfway mark for 2008, our membership has remained the same as last year. We have 84 paid members. We lost
several members in the last year to death and retirement. I think that each of us has to act as ambassadors
for the association and convince fellow advisors that they can take measures to protect their livelihood by
becoming members.
It is essential for us to increase our membership ranks. A larger membership body would create greater credibility
for the organization as it deals with regulators and other bodies that would like to saddle us with a more
onerous structure.
Advocis has exerted a great deal of influence in a number of areas that required input so that the various bodies
could get our perspective on the issues. The Association has had real success such as: |
| 1. Bank Act proclaimed insurance restrictions in bank branches maintained. |
| 2. Supreme Court of Canada rules in favour of provincial jurisdiction in market conduct of insurance
that is permitted to be sold by banks such as creditor mortgage insurance. |
| 3. Manitoba advisors permitted to incorporate based on Advocis representations. |
| 4. Advocis pushes for and receives some major concessions in final rules for the do not call list. Very
recently it was announced that advisors would not be required to pay fees which was a very big concern. |
| 5. Advocis engaged Newfoundland regulators and government officials on principles for the sale of insurance
gaining significant clarity for Advocis members. |
6. Advocis seeks and achieves exemption order for securities advisors in PEI on restrictive cold call provisions.
|
| 7. Advocis makes representations to Saskatchewan Insurance Council on Segregated Fund suitability requirements
resulting in maintenance of a principles based approach. |
| Although these can be significant achievements in our continuing campaign, the issues refuse to go away.
The following are some of the key concerns that require our diligent monitoring and continuous input on behalf our
members and all advisors by association: |
|
| 1. Point of sale disclosure for seg funds and mutual funds may disrupt the sales process. |
| 2. IDA and MFDA rule changes to implement the Client Relationship Model will result in more compliance cost. |
| 3. Securities registration reform project does not recognize independent financial advisors. |
| 4. Advocis pushing for the greater consumer protection and a level playing field in the sale of
incidental insurance such as licensing for those selling creditor insurance products associated with a loan or
mortgage. |
Rick Kelly CFP CLU CH.F.C.
521 John Street
Thunder Bay, ON, P7B 1Y3
Ph: 807-345-3444
Fax: 807-345-1581
rick@ipcamethyst.com |
