TABLE OF CONTENTS
INTERIM CEO’S MESSAGE
Harris Jones
It’s common knowledge in the industry that our Association was in trouble. There’s no point in sugar coating it. In 2022 and 2023, we experienced unprecedented financial losses and an accompanying liquidity crisis that posed an existential threat to the organization. However, I am happy to say we have stabilized cash flow, providing the breathing room needed to develop a comprehensive plan towards recovery.
We are aware that many of our members have been anxious to hear the details. It will come as no surprise that the underlying issues involved human resources matters, personal privacy issues, and competitive long-range planning, not to mention considerations arising out of litigation, all of which must necessarily be treated by the Board and management as confidential. That said, as we emerge from the turnaround period, it is important to give you a sense of what has been accomplished and how we are positioned to move forward.
When the Board became aware of the extent of 2022 losses, the immediate focus was on the preparation and implementation of a turnaround plan. As part of that plan, the Board initiated a management transition and put me, one of its own members, in place as Interim CEO.
During the interim period, my first priority was to bring spending in line with revenue. On a surface level, that meant zero based budgeting, paired with rigorous and detailed cash flow monitoring. On a deeper plane, it also involved a restructuring of Advocis operations and staffing resources to ensure that all spending, initiatives and daily activities were specifically aligned to one of our strategic imperatives— the Code of Conduct, Continuing Education, and Community. This was a long, tedious, and painful process for all involved. It required a staggering number of changes both big and small. It had major impacts on every part of the organization, and every business process within it.
I am pleased to tell you that the initial goal of reaching a stable state, in which monthly operational costs are at or below monthly operational revenue, has been achieved. While there is still much to do, we now have a sustainable base to work from. Also related to our financial position and operating results, we have engaged and are working with new auditors towards improved transparency in the Association’s financial reporting.
In parallel with these financial measures, we have also focused on a number of other areas requiring attention now for future success. For example, we have worked to build more productive relationships with our regulators, based on an improved understanding of our respective missions and objectives,
CPA, CA, CLU, CH.F.C., TEP
and are taking steps to protect Advocis’ interests in the area of education. This involves re-imagining how best to meet the needs of members in each of our four membership categories (full, provisional, student, and retired), while dealing with emerging competitive developments.
Work is now under way to engage a new CEO to lead the Association beyond turnaround and continue the progress made in each of the areas discussed above. We hope to be able to make an announcement on this very soon.
As I near the end of my tenure as Interim CEO, I remember the early days, when my task felt daunting, sometimes even overwhelming. Today, I take great satisfaction in what we have accomplished, and my overwhelming feeling is one of gratitude.
First and foremost, I thank the Board for their prompt and decisive action, and for allowing me the opportunity to serve our Association in this manner.
I am grateful to the members, who showed faith that we would be able to right the ship. We all owe a huge debt of gratitude to those who went before, and had the foresight to establish the Century Initiative (CI) program. I am grateful to the CI Board of Stewards, who saw the need and came to the rescue, making essential funds available at a critical time.
I am grateful to the sponsors, who continued to support the work of Advocis and its Chapters in the face of uncertainty.
I am especially grateful to the staff, who persevered through a time of upheaval and changing expectations, and emerged with high morale and a renewed sense of purpose. Without such teamwork we could not have done it.
Let’s keep the momentum going!
CHAIR’S MESSAGE
Eric Lidemark CFP, CLU, CH.F.C., CHS
Financially, 2023 was a tough year. Early in the year, your Board of Directors realized we needed significant changes. We decided on a management transition and appointed a interim CEO, with the main goal of restoring financial stability. We used turnaround strategies, including borrowing from Advocis-owned life insurance policies and getting a loan from the Century Initiative Fund. We also made strict cost-cutting measures like a travel ban and adjusting staff sizes, which helped us enter 2024 in a stronger position.
Despite these challenges, it was a great year for teamwork. Every board member supported the interim CEO in achieving our goals. We shifted our focus from strategic to operational tasks, but the board’s dedication never wavered. The Chapter Leadership Council worked hard with chapters to keep chapter events going. National events like Update and Symposium went on as usual. The Institute continued to protect our valuable assets—CLU®, CHS™, and PFA™—and actively engaged with regulatory bodies like FSRA in Ontario for Title Protection.
Volunteers were crucial in getting important tasks done, and I want to thank each one of them for their commitment in 2023. I also want to acknowledge our staff’s dedication and resilience. Even with the uncertainty caused by leadership changes, they stayed focused on their work. This strong belief in the importance of Advocis to advisors and consumers shows the deep dedication and sense of purpose in our team. For many, this work is more than just a job; it’s a calling.
As we face the challenges and opportunities ahead, let’s carry forward the unity, resilience, and purpose that defined our journey in 2023. Together, we will continue to support the mission of Advocis and help financial advisors thrive in an ever-changing environment.
MEMBERSHIP
The heart of our vibrant association is our membership. Advocis members join our association, and our network of chapters, for many reasons including our Code of Conduct and continuing education – but what truly sets us apart is the sense of community and fellowship that is unmatched elsewhere in the industry.
The Three C’s
The foundation for our work at Advocis is three interlocking imperatives that serve our members’ and Canadians’ interests. We call them The Three C’s.
The first C is our all-important Code of Conduct. It’s a commitment backed by enforcement. If a client complains, we check for any breach of that code. Our members understand that you can only lose your integrity once and that the Code of Conduct is an assurance to clients that we’re in this for them.
The second C is Continuing Education, which ensures that we learn and develop as advisors. Acquiring new knowledge equips us to excel and do a better job in meeting the changing needs of Canadians.
The third C is Community. This is every bit as important because we are stronger as a professional group. Community is nurtured in chapter meetings, at sponsored events, and through our education programs. One of our goals within the organization is to broaden our community by growing our membership base. Together, we are smarter and better at solving the challenges we encounter than any of us are individually.
Member Portal
In 2023 Advocis was pleased to launch a new Member Portal that enables many new self-serve features and an overall refreshed experience.
Through the new portal members can now:
• Update their profile, contact information and licensing details
• Renew membership and complete their attestation
• Track course registrations and CE credits
• Download receipts
• Update email preferences
In preparation for 2024 membership renewals, and with an aim to facilitate a smooth experience, a pre-renewal campaign through fall 2023 focused on orienting members to their new member portal, so they would be ready to login and self-serve successfully.
Advocis Membership
From licensing to succession planning and retirement, Advocis supports the growth of its members by providing a rock-solid platform built on the pillars of Code of Conduct, continuing education and community - and over 117 years of experience.
To serve financial advisors in every phase of their career, Advocis features multiple membership categories. These include:
• Full Members, the majority of whom are licensed, and have a recognized designation and five or more years of experience providing leadership, advice and support in the financial services sector
• Provisional Members, who are in years two to five in the financial services industry, as they gain their professional designations and titles
• Student Members, who are entering the financial services industry, and are registered in a financial services licensing program or in a full-time financial services program of study
• Retired Members, who are not actively pursuing new business
MANAGEMENT DISCUSSION & ANALYSIS
Introduction
This Management Discussion and Analysis (MD&A) discusses the financial position of The Financial Advisors Association of Canada (TFAAC or the Association) as at December 31, 2023, and its results of operations for the year then ended. It should be read in conjunction with the audited consolidated financial statements for the same period.
Our Business Model
TFAAC is the largest voluntary professional membership association of financial advisors in Canada, serving members and their clients since 1906.
TFAAC creates value and generates cash flows through core business activities that include designation program offerings, continuing education opportunities, industry-leading publications and membership in a cross-country network of Chapter organizations offering mentorship, study groups, practice development, and more. TFAAC’s core business activities are conducted through several distinct entities including the central entity, controlled affiliates, and a wholly owned subsidiary.
Advocis is the brand name under which TFAAC delivers services directly from the central entity to members. This central operation also provides support services to all the controlled affiliates and the subsidiary. This includes administrative support, office space, accounting and finance, technology, member services, advocacy initiatives, Chapters support, and general operations.
Advocis has members from every part of Canada, with over 4,100 full dues-paying members, plus provisional members, students, and retired members.
Advocis Chapters (located in all major centres across Canada) and Advocis Schools (Atlantic, Banff, and Pacific) are integral membership experience components within the central Advocis operation.
The Advocis Protective Association (APA) is a not-for-profit controlled affiliate of TFAAC that holds the master policy of errors and omissions (E&O) insurance for financial advisors and financial planners. Certificates of E&O insurance are sold by Advocis Broker Services Inc. (ABS), a wholly owned for-profit subsidiary of TFAAC.
The Institute of Chartered Life Underwriters of Canada, operating as The Institute for Advanced Financial Education (The Institute), is a not-for-profit controlled affiliate of TFAAC. The Institute is committed to assisting members achieve the highest standards of professional excellence through its credentialing and continuing education requirements, which are satisfied through courses offered by TFAAC. Over 8,000 present and future financial advisors and financial planners benefit from Institute programs across Canada.
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MANAGEMENT DISCUSSION & ANALYSIS
GAMA Global Canada (GAMA), a not-for-profit controlled affiliate of TFAAC, is a Chapter of GAMA Global, the premier association dedicated to promoting the professional development needs and leadership skills of leaders in the insurance, investment, and financial services industries. With over 500 members, GAMA delivers its programs locally, through representatives in each of the local Advocis Chapters across the country. GAMA membership is achieved by registering as a Manager Member within Advocis.
The consolidated financial statements of TFAAC incorporate the consolidated financial position and results of operations results for Advocis, and the subsidiary and controlled affiliates described above.
2023 Financial Results
TFAAC’s fiscal year ended December 31, 2023 was anything but “business as usual”. In fact, as described more fully in both the Interim CEO’s Message and the Chair’s Message, the Association experienced a liquidity crisis that threatened its continuation as a viable entity. This crisis was brought about by a shortfall in cash-producing revenue to support expenses incurred in delivering on the Association’s objectives.
Consolidated revenue for the year ended December 31, 2023 was $12,037K, an increase of $768K (7%) over 2022 revenue as restated. While revenues from membership fees, and conference and seminar registration fees, remained essentially unchanged from 2022, the remaining components of revenue increased over 2022. The largest increase was in revenues from professional development course fees, which rose $533K (30%) over 2022.
Consolidated cost of services for the year ended December 31, 2023 was $3,000K, a slight decrease ($58K or 2%) from 2022 cost of services as restated. Costs relating to conferences and seminars, and magazine publication charges fell from 2022 by 23% and 49%, respectively. These decreases were largely offset by increases in programs and services costs, and membership costs, of 13% and 15%, respectively.
Consolidated other expenses of $10,247K for the year ended December 31, 2023 remained largely unchanged from 2022 ($10,609K). Employee-related costs, including compensation and benefits, decreased by $782K (11%) as a result of the commencement, in the fourth quarter of 2023, of a comprehensive initiative to right-size and restructure at the TFAAC level in order to reduce costs and increase efficiency. This was partially offset by an 18% increase in professional and consulting fees due to external legal services primarily associated with this initiative. Consolidated other expenses for 2023 also included bad debt expense of $220K (2022 – Nil).
The factors above led to an operating deficiency of revenue over expenses of $1,210K for the year ended December 31, 2023, compared with a restated deficiency of $2,397K in 2022, an almost 50% improvement year over year. This improvement was augmented by other, non-operating items, to produce a deficiency of revenue over expenses after other items of $766K in 2023 ($2,724K in 2022). Other items comprised an unrealized gain on investments of $506K (2022 – an unrealized loss of $577K), a $148K loss on sale of investments (2022 – a loss of $6K), and income from Advocis Broker Services Inc. of $86K (2022 - $256K).
Turning around past financial losses has been management’s most urgent priority since Q4 of 2023. As of year-end 2023, measures undertaken to reduce costs had not yet taken full effect, and had only a single quarter in which to contribute benefits. We anticipate that continued application of these measures through the next full fiscal year will result in a substantially improved financial picture.
MANAGEMENT DISCUSSION & ANALYSIS
Looking Forward
TFAAC’s vision is to be the professional community for financial advisors, and its mission is to deliver learning and development opportunities, advocacy, and professional engagement for financial advisors—in the best interests of the public.
From a financial perspective, the Association’s objective is to realize the vision and deliver on its mission as a not-for-profit enterprise, operating on a break-even basis with sufficient surplus and reserves to weather temporary downturns and overcome adverse events. In the immediate short term, the goal is to return to a net annual surplus. This will be followed by restoring the reserve funds established by the Association to overcome threats and leverage opportunities that present themselves. In the longer term, the goal will be to add to the value proposition for membership in order to expand the membership base and strengthen the Association’s revenue stream.
The approach for achieving these objectives similarly breaks down into phases. In the immediate short term, the fundamental approach is cost containment. Any expense that is not required to meet statutory requirements or contractual obligations (including our commitments to our own members) will be curtailed. Following that initial stage, increased savings will be realized as contractual commitments expire and the transaction costs of changes are met.
Longer-term growth and expansion will be met and maintained on a sustainable basis by returning to fundamentals rooted in the Association’s “Three C’s”: The Code of Conduct, Continuing Education, and Community.
The Code of Conduct is the historical bedrock of our Association. Advocis was established on the principle that we work “Not for Ourselves Alone” but must also serve the best interests of clients and the public in general. Keeping this principle central to our vision is essential, not only in the licensing of new professionals, but also in building and maintaining public confidence and constructive relationships with regulators.
Continuing Education, indeed, education in general, is the keystone to our program. Education leading to licensing and credentials is often the entry point to membership. Education to maintain relevance is the reason to stay connected.
Community is the life blood of participation in Advocis. Networking with colleagues, engagement in community events, and participation in local and national committees and working groups all serve to not only help members grow and advance in their own careers, but also lead to a sense of connection with each other and with the Association itself. Strengthening the organizational structures, events, and activities through which our members become a community supports all the other goals. It also leads to a committed member base that supports the Association for the long term.
Initiatives are being implemented to strengthen each of these areas and improve bottom-line results in the process. For example, management is taking steps to increase the cost effectiveness of our education offerings. We are working with our affiliates and with external partners to develop targeted membership programs that will expand the community. We are making changes that will deliver additional value to members at no extra cost and improve our positioning in an increasingly competitive marketplace. We believe our immediate changes will overcome the present financial challenges. Just as important, we think our initiatives will raise Advocis up to, and even beyond, the strong industry presence it has held for so long.
The Financial Advisors Association of Canada (o/a Advocis)
Summary Consolidated Financial Statements December 31, 2023
To the Members of The Financial Advisors Association of Canada:
The accompanying summary consolidated financial statements and the complete consolidated financial statements of The Financial Advisors Association of Canada (collectively, the “financial statements”) are the responsibility of management and have been approved by the Board of Directors.
To the Members of The Financial Advisors Association of Canada:
The accompanying summary consolidated financial statements and the complete consolidated financial statements of The Financial Advisors Association of Canada (collectively, the “financial statements”) are the responsibility of management and have been approved by the Board of Directors.
Management is responsible for the preparation and presentation of the consolidated financial statements and summary consolidated financial statements, including responsibility for significant accounting judgments and estimates in accordance with Canadian accounting standards for not-for-profit organizations and ensuring that all information in the annual report is consistent with the statements. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.
Management is responsible for the preparation and presentation of the consolidated financial statements and summary consolidated financial statements, including responsibility for significant accounting judgments and estimates in accordance with Canadian accounting standards for not-for-profit organizations and ensuring that all information in the annual report is consistent with the statements. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.
In discharging its responsibilities for the integrity and fairness of the consolidated financial statements and summary consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of consolidated financial statements.
In discharging its responsibilities for the integrity and fairness of the consolidated financial statements and summary consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of consolidated financial statements.
The Board of Directors and Audit and Finance Committee are composed primarily of Directors who are neither management nor employees of the Organization. The Board is responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial information included in the annual report. The Board fulfils these responsibilities by reviewing the financial information prepared by management and discussing relevant matters with management and the external auditors. The Committee is also responsible for recommending the appointment of the Organization’s external auditors.
The Board of Directors and Audit and Finance Committee composed primarily of Directors who are neither management nor employees of the Organization. The Board is responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial information included in the annual report. The Board fulfils these responsibilities by reviewing the financial information prepared by management and discussing relevant matters with management and external auditors. The Committee is also responsible for recommending the appointment of the Organization's external auditors
MNP LLP is appointed by the Members to audit the summary consolidated financial statements and report directly to them; their report follows. The external auditors have full and free access to, and meet periodically and separately with, both the Committee and management to discuss their audit findings
MNP LLP is appointed by the Members to audit the summary consolidated financial statements and report directly to them; their report follows. The external auditors have full and free access to, and meet periodically and separately with, both the Committee and management to discuss their audit findings.
e -Signe d b y Harris Jon es 2024-07-03 08 :31: 59:59 MDT
Chief Executive Officer
Report of the Independent Auditor's on the Summary Consolidated Financial Statements
To the Members of The Financial Advisors Association of Canada:
Opinion
The summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at December 31, 2023, and the summary consolidated statements of operations, changes in fund balances and cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of The Financial Advisors Association of Canada (the "Organization") for the year ended December 31,2023
In our opinion, the accompanying summary financial statements are a fair summary of the audited consolidated financial statements on the basis described in Note 1.
Summary Consolidated Financial Statements
The summary consolidated financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations. Reading the summary consolidated financial statements and the auditors’ report thereon, therefore, is not a substitute for reading the audited consolidated financial statements and the auditors’ report thereon.
Emphasis of Matter
We draw attention to Note 3 of the summary consolidated financial statements, which explains certain comparative information presented for the year ended December 31, 2022 has been restated. Our opinion is not modified in respect of this matter.
Other Matter
The summary consolidated financial statements for the year ended December 31, 2022 (prior to the adjustments that were applied to restate certain comparative information explained in Note 3) were audited by another auditor who expressed an unmodified opinion on those summary consolidated financial statements on May 31, 2023.
The Audited Consolidated Financial Statements and Our Report Thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated July 4, 2024.
Management's Responsibility for the Summary Consolidated Financial Statements
Management is responsible for the preparation of the summary consolidated financial statements on the basis described in Note 1.
Auditor's Responsibility
Our responsibility is to express an opinion on whether the summary consolidated financial statements are a fair summary of the audited financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standards (CAS) 810, Engagements to Report on Summary Financial Statements.
Mississauga, Ontario
July 4, 2024
Chartered Professional Accountants
Licensed Public Accountants
Financial Advisors Association of Canada (o/a Advocis) Summary Consolidated Statement of Changes in Fund Balances For the year ended December 31, 2023
1.
Basis of presentation
The
Notes to the Summary Consolidated Financial Statements
For the year ended December 31, 2023
These summary consolidated financial statements include the accounts of The Financial Advisors Association of Canada (the "Organization") and the controlled not-for-profit organizations: Advocis Protective Association, The Institute of Chartered Life Underwriters of Canada and GAMA International Canada. Advocis Broker Services Inc. ("ABS"), a whollyowned for-profit subsidiary, is accounted for using the equity method whereby the initial investment is recorded at cost and subsequently adjusted to reflect the earnings and capital transactions.
Management is responsible for the preparation of the summary consolidated financial statements. The summary consolidated financial statements presented include the summary consolidated statement of financial position, summary consolidated statement of operations, summary consolidated statement of changes in fund balances and summary consolidated statement of cash flows. They do not include the summary of material accounting policies, or notes to the consolidated financial statements. The summary consolidated statements of financial position, operations, changes in fund balances and cash flows are presented in the same detail as the audited consolidated financial statements except the note referencing has been removed.
2. Capital Management
The Organization’s capital consists of its unrestricted and Century Initiative fund balances. On a consolidated basis the Organization is in a net assets position, however its unrestricted net assets are not evenly distributed across the consolidated group and in aggregate are in a deficit position. Additionally, at year end there is a working capital deficiency of $679,048. Operating results have improved over the previous year but continued to be in a deficiency of revenue over expenses for the year.
During the year, several changes were implemented by the Organization to improve its operating performance and its financial position. The continuing effects of these changes are expected to be experienced after year end and improve the liquidity position and result in an excess of revenue over expenses. Additionally, the stewards of the Century Initiative program have committed to make funds available as necessary to support the Organization's working capital needs.
Accordingly, the financial statements have been prepared on a going concern basis which assumes the realization of assets and settlement of liabilities in the normal course of operations. These financial statements do not reflect the adjustments or reclassification of assets and liabilities which may be necessary if the Organization were unable to continue its operations.
3. Correction of an error
During the year, the Organization determined that the revenue related to professional development courses had been recognized upon receipt of payment rather than over the period that courses were available for completion. The Organization has corrected the recognition retrospectively by restating the comparative figures for the affected balances as at December 31, 2022, revenue recognized for the year ended December 31, 2022 and opening net assets as at January 1, 2022.
The impact is as follows: As previously reported Adjustment As restated
Consolidated balance sheet as at December 31, 2022
Consolidated statement of operations for the year ended December 31, 2022
Consolidated statement of changes in fund balances for the year ended December 31, 2022
CENTURY INITIATIVE
Introduced in 2006, the Century Initiative (CI) program ensures Advocis has a strong financial foundation and adequate resources to effectively represent the interests of financial advisors and planners in the face of threats to the industry.
To participate, CI members commit to an additional five-year membership, over and above their Advocis membership fees. Fees from this premium membership are used to ensure the Association is well-capitalized now –and in the future – through a fund governed by a board of stewards. In 2023, $700,000 was distributed by the CI Funds to Advocis. This amount was not repayable. Subsequently, in the second half of 2023, two loans were provided to Advocis totaling $2,000,000, to assist the Association during its financial challenges. These loans are repayable and are interest bearing.
2023 Results
2023 investment performance results achieved by the Fund’s investment advisor – Connor Clark & Lunn – were in line with established benchmarks and considered ‘satisfactory’ with a 5-year compound return of 9.47%.
As of December 31, 2023, the balance of the fund stood at $3.3 million.
Advocis would like to express its gratitude to the CI Stewards and CI members for their ongoing support of the organization and its entire membership.
CENTURY INITIATIVE MEMBERS
EFFECTIVE DECEMBER 31, 2023
Gold Members
Bradford D. Cox, CLU,CH.F.C.
• Donald C S Rea, CFP, CLU, CH.F.C.
† Fred C. Ryall, CHS
Bruce Jeffery Hancock, CFP, CLU,CH.F.C., CHS
• Brian P. Etherington, CLU
Robert E. Bauml, CFP, CLU
• Paul K. R. Marchand
Susan M. Creasy, CLU
Tim M. Haunn, PFA,CEA
Jack A. F. McAuley, CFP, CLU, CH.F.C.
Paul J. Edmond, CFP
John A. Gleeson, CLU
Leslie J. Canavan (he/him), CLU,CHS,CPCA,MFA-P
• Robert J. A. Wildman, CFP, CLU,CH.F.C.
W. Bo Chew, CFP,CLU,CH.F.C.
Brent A. Johnson, CFP, EPC, CHS
Grant C. Karst, CFP,CLU,CH.F.C.
John A. Bowden, CFP,CLU,CH.F.C.
Gary A. Rusu, CLU
Kelvin A. McGillivray, CFP,CLU,CH.F.C.
Danielle J. Genier, CFP,CLU
Patrick B. Murphy, CFP, CLU
Kerry T. Knudsen, CFP
Gwen M. Harvey, CFP,CLU,CH.F.C.
Wayne Townsend, CFP,CLU,CH.F.C.
Tom I. Sorge, CFP,CLU,CH.F.C.,TEP
John J. Dean, CFP,CLU,CH.F.C.
Kevin R. Williams, CFP, CLU, RHU
Leonard W. Colman, CFP, CLU
Stephen Healy, Sr.
Glenn Ayrton, CFP,CLU,CH.F.C.
Deneen A. Cunningham, CFP, CLU,CH.F.C.,CHS
Betty-Anne M. Howard, CFP,CLU, CHS, CEA
John S. Hedden
• Robert C. McNary, CFP, CLU,CH.F.C.,CHS
Edmund H. Warburton, CLU,TEP
W. Brian Callery, CFP,CLU,CH.F.C.
Rejean M. Laverdiere
Robert G. Houle, CFP,CLU,CH.F.C.
Allan H. Minaker, CFP,CLU,CH.F.C.
David McGruer, CFP®, PFA
Jeffrey L. Appotive, CFP,CLU,CH.F.C.
Brian A. McMillan, CFP,CLU,CH.F.C., EPC
• Gerard E. Matte, CFP, CLU, CH.F.C.
Allan M. Bulloch
Murray D. Neilson, CLU, CH.F.C.
Lee Mosley, CLU
Kent D. Smith, CLU
• Alison A. Jenner, CFP,CLU,CH.F.C.
Pierre Baliki, CFP,CLU,CH.F.C.
Eric Barclay
Michael F. Noc, CFP,CIM, CLU, CHFC
Roger E. Sinclair, CFP
Rick L. Green, CFP,CLU,CH.F.C.
• Brian L. Leipert, CFP,CLU,CH.F.C.
Timothy C. Mitchell, CLU,CH.F.C.
Pierre Desjardins, AVA
Jerome L. Gedir, CLU
• Marc W. B. Arthrell, CFP, CLU,CH.F.C.,CHS
David N. Chalmers, CFP,CLU,CH.F.C.
Keith J. Muchan, CLU
Roger N. Belton
Peter D. Jobe, CFP,CLU,CH.F.C.
Derrick J. Peterson
David T. Fredrickson, CFP,CLU, CHS
Paul R. Bourbonniere, CFP, CLU,CH.F.C.,CHS
Daryl J. Smith, CFP,CLU,CH.F.C.
Brent C. Peacock, CHS
Greg Pallone
Edward L. Postrozny, CFP,CLU,CH.F.C.
Allain R Labelle, CFP,CLU,CHS,TEP
Paul Goldstein, CLU,CH.F.C.
• Dennis F. Caponi, Sr., CFP,CLU,CH.F.C.
Robert J. Crowder, CLU
Kirk R. Wrinn, CFP
Jaymie A. Bongard
Laura L. Doria
Jonathan K. Luesby, CFP, CIM, FCSI
• Gordon Einar Bruce Hayward, CHS, EPC, CEA
Ross M. Durant, CLU,CH.F.C.
Robert M. Dempster, CLU,CFP
Scott D. C. Harris, CFP, CLU, CPCA,EPC
Caron Czorny, CLU, CH.F.C, CHS
Dean E. Owen, CLU, CH.F.C.
Jeffrey M. Kechnie
Denis P. Bugeja
Paul E. Brown, CLU,CH.F.C.
Clifford A. Wiegers, CFP,CLU,CH.F.C.
• Neil Feigelsohn
Jennifer A. Tweddle, CFP,CLU, CHS, TEP
Peter E. Liden, CFP,CLU,CH.F.C.
Meiz M. Majdoub, CLU,CH.F.C.
Robert Craig, CLU, CH.F.C.
• Peter M. Seligman
Raymond Bourgeois, CFP, CLU,CH.F.C.,CHS
Cynthia L. Bowden, CLU,CH.F.C.
• Mari-Jayne Woodyatt, CLU,CH.F.C.
Lorraine S. Lavery, CLU,CH.F.C., CEB,TEP
Edward W. Polci, CLU
Abe E. Toews, CFP,CLU,CH.F.C.,CHS
Robert J. Cowan, CFP, CLU, CH.F.C.
John C. Guderyan, CFP, CLU
William F. Moroney
Sandra S. Pollack, CFP,CLU,CH.F.C.,TEP
Paul Metcalfe, CLU
W. Tod Alstad, CHS
Michael J. Couture, CLU,CH.F.C.,TEP
Angela M. Houle, CFP, CLU, CHS
• Robert L. Rizzuto, CFP, CLU, CH.F.C.
Frank R. A. Ciccolini
Kelly R. Smith, CFP,CLU,CH.F.C.
Al A. Jones, CFP,CLU
Ian M. Johnson, CFP,CLU
Wade A. Baldwin, CFP
Gregory F. Glista
• Judy M. Byle-Jones, CFP,CLU,CH.F.C.
Michael P. McClenahan, REBC,GBA
Scott L. Segger, CLU,CH.F.C.
Ken D. Crosson, CFP
Robert W. Franklin, CFP,CLU,CH.F.C.
Vikram Jindal
Jane L. Trentini, CFP,CLU
Patrick S. O’Connor, CFP,CLU,CH.F.C, FEA
Michael F. Cecutti, CFP, EPC
Pam C. Lavers, CFP
• Gerard A. Arsenault, CFP,CLU,CH.F.C.
Gerry H. Myers, CLU,CH.F.C.
Bruce Lindsay, CFP,CLU,CH.F.C.
Philip H. Tippetts-Aylmer, CFP
William D. Hawley, CLU, CHS
David C. Juvet, CFP,CLU,CH.F.C., CHS
Robert J. Neil, CLU
• Mimi (Micheline) A. Rogers, CFP
Lawrence I. Geller, CLU
Gordon P. Kroeker, CFP,CLU,CH.F.C.
Keith N. Brown, CFP, CLU, CH.F.C.
David M. Stinton, CFP,CLU,CH.F.C.
Sterling Rempel, CFP, CLU, CH.F.C.
• Philip Howe, CLU,CH.F.C.
Timothy A. Jones, CHS, EPC
Timothy B. Potter, CLU,CHS
Aurora L. Tancock, CFP
Vincent S. Wiegers, CFP,CLU,CH.F.C.
Peter J. Buckley, CFP,CLU, CH.F.C.,RHU
Michele Wilson, CFP,CLU,CH.F.C.
Paul J. Hauk, CHS
• Jocelyne Blais, CLU
Philip J. Belec
Rene Robert Pereux, CFP,CLU,CH.F.C.
Lynn B. Wintraub, CFP
Richard R. Dobel, CLU
Michael A. Gaian
Mark A. Woofter, CFP,CLU,CH.F.C.
Peter R. Bennett, CLU,CFP,CH.F.C.
David J. Reckin, CFP,CLU,CH.F.C.
Derrick W. Gleed, CHS
Edward T. McQuillan, CFP, CLU, CHS
Rodney P. Kurylo, CFP, CLU
David R. Temple, CLU
Michael Edward Carey, CFP, CLU
Michael A. Davis, CFP, CLU, CHS
Robert D. Healy, CHS
Douglas G. Lochhead, CFP
Warren Campbell, CLU
Mark J. Levine, MMPA, CPA, CA
Mark R. Landers, CFP, CHS
Philippe Desjardins
• David Stewart, TEP
• Ray A. Calver, CFP
• Arthur A. Schooley, CFP
• Catherine Stovel, EPC, CEA
• Ronald C. Sylvester
• Russell Gillman, CFP,CLU,CH.F.C.
• Jonathan W. Lewis
Double Gold Members
Edward A. K. Kurtz
Lorna J. Heiberg, CLU,CH.F.C.
Darrell R Wilson, CLU
Robert M. McEachern, CLU,CH.F.C.
William J. Dyer, CFP,CLU,CH.F.C.
Jay S. Wintraub, CLU,CH.F.C.
Robert G. Kearns
Noah G. Jones, CFP,CLU
Platinum Members
Zoltan Barzso
Mary Lambros, EPC, CDFA
Joseph M. Pal, CFP,CLU,CH.F.C.
Libby A. Wildman, CLU
David N. Beavis
Rich T. Groom, RHU
Floyd M. Murphy, CFP,CLU,CH.F.C.
Karl J. Krokosinski
T. Alec Crossgrove, CFP, CLU,CH.F.C.,CHS
Garry M. Zlotnik, CFP,CLU,CH.F.C.
Hal D. Couillard, CFP,CLU,CH.F.C.
Julian N. Wise, TEP
Teresa R. Black Hughes, CFP, R.F.P., CLU, CI
Brian A. Henley, CFP,CLU,CH.F.C.
Peter Anthony Wouters, CFP, CLU,CH.F.C.,CHS,
Albert Rempel, CFP
Robert W. Owens, CFP,CLU,CH.F.C.
John M. Nicola, CFP
Clay E. Gillespie, CFP, CLU, CIM
Roderick W. Abbott, CFP,CLU,CH.F.C.
• Wayne H. Levine
• Robert W. Adams, CLU
• Richard S. McCaw, CFP,CLU,CH.F.C.
Richard M. Cremasco, CLU,CH.F.C.,CFP
Joel H. Rose, CLU,CFP
John C. Goode
Dennis J. Hop, CFP,CLU,CH.F.C.
David I. Hull, CLU,CH.F.C.
George B. Sigurdson, CLU
Terry J. Zavitz, CFP,CLU,CHS
† Graham M Carter, CLU
Diane L. McCurdy, CFP
Dale A. Ens, CFP,CLU,CH.F.C.,CHS
Randall B. Reynolds, CFP,CLU,CH.F.C.
Gregory D. Abbott, CFP,CLU,CH.F.C.
Brian N. Mallard, CLU,CH.F.C.,R.F.P.
Michael P. Dibrina
Jon S. Hanser, CLU
Richard E. McKenster, CFP, CLU,CH.F.C.,CHS,
• Randolph B. McGlynn
James A. Brownrigg, CFP,CLU,CFC
Gregory A. Smyth, CLU,CH.F.C.
• Frank A. Creaghan, CLU
Terry G. Windrem
David W. MacFadyen, CFP,CLU,CH.F.C.
Paul Tompkins, CLU
Bernhard W. Geiss, CFP,CLU,CHS,TEP, FEA
Salvatore N. Corea, CFP
Raymond Di Rinaldo, CFP,CLU,CH.F.C.
• John T. Firstbrook
Gordon D. Wusyk, CFP,CLU,CH.F.C.
Robert S. Fleischacker, CFP, CLU,CH.F.C.,CHS
Robert R. J. Gould
Robert A. McCullagh, CFP,CLU,CH.F.C., CHS
Roger McMillan, BA,CLU,CH.F.C.
Richard K. Giuliani, CLU,CH.F.C.
Peter G. Lamb, CLU,TEP,EPC,CSA
Kristan K. Birchard, CLU, CH.F.C.
Susan St. Amand, CFP,CLU,CH.F.C.,TEP
T. Geoffrey Hull, CLU
Izumi Miki McGruer, CFP, CLU,CH.F.C.,CHS
Thomas I. Hull, CLU
Thomas P. McQuillan, CFP,CLU, CHS
Simon Hiebert, CLU
Gary H. Clark, CLU
Eric D. Lidemark, CFP,CLU,CH.F.C.,CHS
Brian B. McArthur, CFP,CLU,CH.F.C.
Kevin J. Dunphy, CFP, CLU, CEA
Donald L. Smith, CLU,FEA,TEP
David N. Udy, CFP
Robert W. Clark, CFP,CLU,CH.F.C.
Darrell G. Ert, B Comm, CLU, FEA
Christopher H. W. Facey, CFP, CLU,CH.F.C.
Jeffrey J. Kraemer, CFP,CLU,CH.F.C., TEP
Jeffrey Shaddick
Peter F. Creaghan, CLU
Joseph Sheehan, CLU,CH.F.C.
Jack J. Shaffer, CLU,CH.F.C.
David A. Holm, CFP,CLU,CH.F.C.
Robert J. Taylor, CFP,CLU,CH.F.C.
Martin J. McConnell, CFP,CLU,CH.F.C.
Michael G. Sheffar, CFP,CLU,CH.F.C.
Robert P. MacKenzie, CFP
Keith D. Newhook
Warren A. Smith, CFP
Adam Shapiro, CFP, CLU
Garry M. Stratychuk
• Duane D. Gibb, CFP
• Edward J. Topolniski
• David Lester
Double Platinum Members
John J. Talerico, CFP,CLU,CH.F.C.
† David R. Sagan, CFP,CLU,CH.F.C.
Michael Vukets
Lee Raine, CFP,CLU,CH.F.C.
Bruce W. Etherington, CFP,CLU,CH.F.C.
• James A. Burton
Rod M. Tyler, CFP, CLU,R.F.P.
Elliott B. Levine, CFP
Terry G. Zive, CLU,CH.F.C., CHS
• John E. McKay
James Virtue, CFP,CLU, CA,ICD.D
Peter J. Sorrell, CFP,CLU,CH.F.C.
Dan L. Schindle
Brian J. Dickinson
• Non-Member † Deceased
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