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Wealth Professional | 01 Mar 2016, 05:00 AM Agree 0
Life insurance is an important part of a client’s financial future – but does that mean advisors should be the ones to sell it?
  • Bob White, CLU | 02 Mar 2016, 01:25 PM Agree 0
    Great article. If you want to hold out as a "Financial Planner" you need the education and be certified and Licenced to offer all the solutions, so there is some form of objectivity.

    If you are not licenced to offer Insurance, or mutual funds or annuities or segregated funds, etc. then how can your recommendations be objective? Even though you have the knowledge, if you can not offer a product, then have a relationship with an advisor to service then need.

    Like a law firm, there are different specialties, build your practice with advisors who have different skill sets to better serve your clients.

    If we want to be professional, we need to practice like professionals.

    What I see today is to many advisors form the Life insurance back ground dropping their mutual fund licences and opting seg funds only, a big disservice to clients. On the opposite side of that I see the Investment advisors not selling Seg funds and life products to clients.

    The reason is simple, it has become cost prohibitive to pay all the fees and cost to do so. How are we ever going to have young advisors fill the gap as the older advisors retire.

    Gets back to having fewer regulating bodies with hands out for fees. Why do we need a dozen Insurance councils? Why do we need a MFDA and An IIROC, securities dealers ( not sure how many organizations in Canada, 1 for each Province?)?

    There could be one main body/organization with a couple of silos, Insurance, Investment funds, securities, etc., and under that body different levels to you licence.

    Just food for thought.


    Bob White, CLU
    Member of Advocis since 1977
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