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ADVOCIS NEWS
AdvocisNews
A S S O C I A T I O N U P D A T E S A N D E V E N T S
CHAPTER NEWS
TOUR DE CURE
Members from all four British Columbia chapters of Advocis came together in August to participate in the Tour de Cure — B.C. ’ s biggest cycling fundraiser — in support of the BC Cancer Foundation. They had an amazing time, and raised more than $45,000.
In the lead-up to the National Day for Truth and Reconciliation, Advocis Vancouver Island hosted a timely webinar on Working with Indigenous People. The virtual event featured a panel discussion among professionals currently working with Indigenous clients. There was also a discussion on acknowledgments and a presentation from Indigenous Advocis member Mike Carlson on his experiences as a financial advisor.
CHAPTERS CONNECT, GOLF, AND GIVE BACK!
Several chapters in late summer hosted golf tournaments that provided opportunities to bring members together to reconnect in a fun, outdoor activity, while also supporting community organizations. Charities supported on the links included:
• Advocis North Central
Saskatchewan renewed their relationship with READ Saskatoon in support of the RESP Matched Savings Program. • Advocis South Saskatchewan revived its annual 65 Roses Tournament for Cystic Fibrosis, raising more than $16,000.
• Advocis Edmonton partnered with Desjardins to host a golf tournament benefiting SportCentral, which provides equipment for children living in low-income households.
Advocis British Columbia chapter participates in Tour de Cure fundraiser
Mike Reilly
LEGAL AND REGULATORY AFFAIRS UPDATE UPDATE ON THE NEW SELF-REGULATORY ORGANIZATION FRAMEWORK
On October 4, 2021, Advocis submitted our comments to the Canadian Securities Administrators (CSA) on its proposal to establish a single national self-regulatory organization (New SRO). The consolidation of Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association, along with their investor protection funds, can increase efficiency and harmonization within the industry. While this merger can alleviate a number of regulatory issues present in the current framework, it is not without its own challenges. In the proposal, the CSA laid out several solutions to address concerns raised by stakeholders in previous consultations. To name a few, the CSA proposed that the fees in the New SRO be proportionate to the regis-
trant’ s activities and that independent members who have expertise in investor protection form a majority on the board of the New SRO.
In our submission, we supported the CSA’ s efforts on reducing regulatory duplication for dual platform dealers, reducing consumer confusion, and enhancing proficiency standards and clarity to titles and designations. We emphasized that the CSA should promote a diversity of stakeholders in the marketplace and a level playing field for independent advisors and dealers. We also encouraged the CSA to ensure that advisors have meaningful representation in the governance of the New SRO that is reflective of the modern clientcentric approach to financial advice.
Worth noting is that the CSA has not reached a decision on the treatment of directed commission arrangements and incorporation under the New SRO. Instead, the CSA will be setting up a working group to study this issue and we expect to be fully engaged in promoting an expansive approach that would bring directed commissions to investment dealer activities.
Merging of the SROs is an evolving process, and Advocis, on behalf of its members, will continue engaging with the CSA on this initiative in the coming future.
IN MEMORIAM
Cynthia Duncan 1961–2021
Advocis was saddened to learn of the sudden and unexpected passing of Cynthia Duncan, MBA, CFP® , CLU, FCSI, CIWM, TEP, CFP, on October 6. Cynthia joined Advocis in 2001 and remained a proud member of the Winnipeg chapter for 17 years. A winner of the Leslie Dunstall Award in 2006, Cynthia also served as co-chair of the Manitoba Financial Literacy Council and chair of the research committee for the FP Canada Research Foundation.
“Cynthia ’ s contribution to Advocis, leadership in the industry, and passion for financial literacy was admired by all who knew her, ” said Greg Pollock, president and CEO of Advocis. “Her untimely passing has come as a shock to all of us, and our thoughts are with her clients, family, and friends. ”
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IN MEMORIAM
Hugh Haney 1934–2021
Advocis sends its condolences to the family, colleagues, and friends of Hugh Haney,who passed away onAugust 7. Hugh was a pioneer of the independent distribution system in the Canadian life insurance industry, and had a profound effect on the business and the careers of many current-day leaders. He is remembered by the CEOs of two of Canada ’ s leading MGAs, Terri Botosan, of Hub Financial, and Paul Brown, of IDC WIN.
Terri: I was hired at Financial Life in 1986 as a file clerk. On my first day, a friendly gentleman sat down on the corner of my desk, welcomed me to the company, and asked me how things were going. Later that day I pointed him out to my new colleague by saying, “That man is really nice, he checked in on me this morning. ” She replied with, “That man is the president of the company. ”
Over the next 12 years, I held many roles at Financial Life, departing as vice-president, marketing. In every role Hugh taught me to be humble, to compete from our strengths, not our competitors ’ weaknesses, to be reliable, to deliver excellence, and, likely the most important of all, that“ you get what you inspect, not what you expect. ”
Paul: I first met Hugh at a Christmas party hosted by a Calgary-based general agent in 1986. I was director of marketing at another smaller life company and Financial Life had just literally photocopied our market leading term rates. Although we joked about it over a cup of Christmas cheer, I didn ’t think it was that funny. Over the next few months, I came to realize why we were losing market share. Financial Life was actually issuing policies in a timely manner and getting brokers paid quickly and efficiently. Our underwriting was backed up and our systems were antiquated. Brokers, as always, gravitated to the best in class.
We stayed in touch, and in September of 1987 I joined Financial Life as assistant vice-president of sales, with the task of recruiting general agents and supporting that distribution system. The culture of Financial Life was one that I had never really experienced before. Everyone from the C-Suite to the mailroom was focused on the task at hand: deliver consumer-oriented products,issued in a timely manner with a focus on serving independent general agents who in turn served life insurance agents.
Terri: Hugh was a pioneer in brokerage distribution, and believed that Canadians deserved to be able to choose from a variety of products and find the one that met their needs, regardless of the insurance carrier that offered that product. Hugh believed that companies should earn the right to an agent’ s business, and that customer service and ease of doing business were important parts of a solid value proposition. He didn ’t just believe that, he delivered it.
Paul:
“Disruptor
” is a topical phrase in our industry today. Hugh was a disruptor long before it was a known concept. He built a business that competed head on with the large mainstream insurers. Hugh ran a great business but I think his legacy was really secured by what Terri referenced, his vision of the industry as whole. He did not expect or even want his distribution partners to give 100% of their business to him. In those days this was not a view held by most insurance companies. He believed that brokerage general agents had to expand their markets and overall offering to earn the business of the emerging crop of independent agents.
Terri: Over the course of my career, I have often been asked about the “ glass ceiling ” and how I broke through. That ceiling didn ’t exist at Financial Life. Effort, focus, and results were rewarded, and many of the executive positions were held by women. Hugh created a culture like no other. He embraced diversity, equity, and inclusion long before the industry was talking about it. We worked hard, played hard, and were proud of what we were accomplishing.
Paul: I’ m not sure there will ever be another
“Hugh Haney ” in our business. He had a unique ability to operate and motivate without being extroverted or exhibiting an ounce of arrogance. He was focused and confident that by looking after the customer that his business would succeed. As Terri said, he was supportive of women in executive roles long before it was a social issue. He just always did the right thing.
Terri: The greatest accomplishment of all is to have lived a life that mattered and to have lived a life that impacted others in a positive way. That can certainly be said about Hugh Haney.
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