Jackie Por ter, CFP Proud Advocis member since 1999
After a successful career focused on helping advisors build great businesses, Art Schooley saw a need for coaching in the industry and established The Personal Coach (TPC) in 2002.
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We are excited to see what the next 20 years looks like. We cannot say thank you enough to our wonderful clients and strategic partners. Thank you for joining us on this journey! TPC Team
The number of female Canadian adv isors hasn’t budged in two decades. How can the industr y entice more women into the business? Alison MacAlpine investigates
Four adv isors show how ser v ing a niche leads to a more thriv ing business. As told to Deanne Gage
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It’s an employee’s market. Kim Poulin and Kelly
Maxwell show how adv isors can still attract and retain staff in the new normal
Justine Zavitz explains why her firm made the move to a four day workweek
U E S T C O L U M N
questions to ask before jumping into new technolog
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Catherine Wood, CFP, CLU, CHS
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FORUM is published four times annually by The Advocis Publishing Group, 10 Lower Spadina Avenue, Suite 600, Toronto, Ontario M5V 2Z2
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Ou r f i n a n c i a l p l a n n er i s a wom a n . There, I said it. She’s someone I’ve k n ow n for a l on g t i m e , s om e on e who has a lot of hands on, real life experience beyond charts and spreadsheets.
S h e ’ s s o m e o n e w h o i s a p p ro a ch a b l e a n d can communicate with all different person ality ty pes. She has pleasant, attentive staff and she’s highly accredited
I know hundreds of adv isors but when it came to my ow n finances, ther e was no question that I would hire a woman I had trouble figuring out why I felt that way But a f ter i n ter v i e w i n g Al b er t a a dv i s or Ji l l i a n C a r r f o r a s to r y a b o u t s e r v i c i n g a n i ch e clientele (you’ll find it on page 18), a light bulb brightly shone.
When describing why female clients left m a l e a d v i s o r s , s h e s a i d , “ M a ny w o m e n j u s t don’t fe e l com for t a bl e t a l k i n g a b o ut their financial or career goals let alone their medical history with someone who h a s n o t t a ke n t h e t i m e to l i s te n to t h e i r stor y, their go als, and, most imp or tantly, their why ”
After reading this quote, you may think, “ No n s e n s e W h a t k i n d o f a d v i s o r d o e s n ’ t l i s t e n t o a c l i e n t ’ s g o a l s f r o m t h e g e t g o ? That’s adv isor 101 stuff.”
B u t t h e r e ’ s l i s t e n i n g a n d t h e n t h e r e ’ s liste ning, and study after study show that women have men beat in that categor y.
For the record, while the male adv isors w e m e t w i t h d i d l i s t e n , i t w a s n ’ t a c t i v e l i s tening. The v ibe was distracting, as they rushed through many items on a to do list s o we co u l d g e t to d i s c u s s i n g w h a t t h e y w a n te d to t a l k a b o u t yo u g u e s s e d i t , i nve s t m e n t s a n d p e r f o r m a n ce . Wi t h t h e women, the v ib e was more put dow n the pen and just listen to us talk.
While my husband had an immediate s h o r t t e r m g o a l , I w a s i m p r e s s e d w h e n o u r p l a n n e r o f ch o i ce t u r n e d to m e a n d s a i d , “An d w h a t a b o u t y o u ? W h a t d o y o u w a n t t o d o ? ” I t’s a p r e t t y b a s i c q u e s t i o n b u t it’s not one that I had been asked in a really l o n g t i m e , a n d i f I ’ m b e i n g h o n e s t ,
i t’s n o t some thing I’d e ven asked my s e l f I suppose I’m like many women who think a b o u t o t h e r f a m i l y m e m b e r s k i d s , aging parents, spouse before we think of ourselves
I’ve been investing consistently for more than three decades, since I was 18 We have wills, powers of attorney, and insurance We paid off our mor tgage years ago, and save for our children’s future education and our respective retirements While we ’ ve done a lot of the r ig ht thing s, I didn’t g ive much thought to my ow n personal end game. It was nice to be asked and explore answers
I wanted to tr y something different for this issue of FORUM. Many women strug gle to see themselves in big numbers in this industry, even after decades, since the num b e r o f wo m e n a dv i s o r s h a s n’t ch a n g e d m u ch ove r t i m e T h i s i s s u e i s f o r t h o s e women and for al l Advocis members to see the possibility and the depth of knowledge women bring to the table
This special issue of FORUM marks my last as I am moving onto a new career oppor tu nity this fall. It’s been a pleasure being your editor for the past eight years. I w ish you all cont inued success, g row th, and unlimited c
new. All the best.
After coming to Canada from Sri Lanka and then becoming a certified financial planner, Sawani Wickramarachchi found she could easily present a different country’s experience to the bu
Using this ke y infor mation, Wickr amar achchi relates how she pictures her family in situations like op
of
But despite any cultural and economic differences, she felt women basically have the same kind of values “They care not just about themselves, but their fam ilies,” says Wickr amar achchi, a financial planner w ith TD Wealth Financial Planning in Cornwall, Ont “They have a ver y clear idea of their financial goals, but they often don’t know how to implement them. Stor ytelling is the easiest and most efficient way of explaining some financial concepts ”
there’s a car that all drivers in your family drive. The driver represents the investment approach but the rate of return is their speed, which has a different value for each driver. Her mother, for example, may be concerned about how long it will take to get from point A to point B so she sees the TFSA as a savings a ccount. Her father is more conce r ne d ab out the safety of the product like a GIC. When she drives, she knows that if she’s not comfortable with one product she will go to another like a mutual fund. “You have to teach them,” she says. Female advisors sometimes act like counsellors for their clients, says Kirst y Thomson, a QAFP and wealth adv isor w ith Ray mond James Ltd., Private Client Group in Victoria. Helping individuals or
co n s u m e r s a n d a dv i s o r s . I wo u l d f re quently come to Richard for his insights, a n d h e w a s a l s o m o re t h a n w i l l i n g to share his knowledge with other advisors He w ill be missed.”
In Richard Parkinson’s own words from October 2018:
disability, and have that as part of your sale acknowledgement letter that the y sign
many terrific pro fessionals in the life insurance industr y, but Richard Parkinson was at the apex of this list,” says Lorne Marr, president and
“I’ve worked
known as Mr Spreadsheet His ability to extrapolate and condense numbers into digest ible wor kshe e ts he lp e d countless
Without a doubt, documentation is the most important part of our job as advisors. It will save us from being sued by a client and frankly, it’s just good business pra c t i c e to re c o rd h ow a n d w hy specific advice decisions were made and approved by clients
***
While I have not had this happen to m e , t h e re h ave b e e n s to r i e s of t h e f a m i l y of a d e c e a s e d c l i e n t h i r i n g a lawyer to sue the advisor for not doing a bet t e r j o b i n g e t t i n g t h e i r c l i e n t t o b uy m o re coverage and protecting all r isks. So, make s u re you h av e d o c u m e n te d t h a t you h av e discussed critical illness, disability, and long term care coverage, waiver of premium on
I a m a f a n of a n n u i t i e s f o r t h e r i g h t client, but they too can be fraught with dan g e r f ro m e i t h e r a c l i e n t w h o c h a n g e s h i s mind three weeks later or family members who are disturbed to find a loved one pur chased a $250,000 annuity with a zero year guarantee, and died two years later I have e ver y annuity client sign a “memorandum of understanding” that docume nts clearly that once the y invest the mone y in an annuity, it is locked in and c a n n o t b e u n d o n e . T h e s e c o n d element in this memorandum is a table showing the annuity rates for different guarantee periods. I also outline the reason the client chose a zero guarantee It might have been their focus was maximizing their incom e while the y are alive, and not g iv ing their children e ven more mone y
Documentation is a time consuming but n e c e s s a r y p a r t o f r u n n i n g y o u r b o o k o f business It can mean the difference between thriving or facing possible wrath from clients.
Sawani W ickramarachchi, CFPcouples deal w ith major life
vents involves more than prov iding financial solutions, as these events are often associated with a variety of emotional, health, or lifest yle consider a tions Listening to their stories and hav ing a full understanding of their circumstances are
advice
Thomson can often draw parallels between
of
matters of divorce Aside from dealing w ith administrative details, there are also discus sions about longer term goals and aspirations. Helping clients achieve a clearer vision of what they want their world to look like in 10 years and how they will handle that financially can provide tremendous support, peace of mind, and confidence to move forward
• Women will control nearly 50% of all financial wealth by 2026
Women,
Opening up
ith her
stor ies relaxes many of Thomson’s clients, but still ensures that their future financial situation remains
into their personal stor
puts the advisor and client on the same play ing field “My go al is to ensure that all the details are looked after b
my
knowing that my clients feel empowered and
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At every step, we go above and beyond
COVER STORY
Jackie Porter, CFP
Back in middle school, preparing to move on to high school, Jackie Porter’s guidance counsellor to l d h e r, “Yo u h ave t wo s t r i ke s a g a i n s t yo u : you ’ re a person of colour and you ’ re a woman There are not going to be a lot of options for you in life.”
Determined to prove the guidance counsel lor w rong , Por ter completed hig h schoo l and universit y, sometimes wor king three jobs at once to make ends meet Then, when she was in her early 20s, a se ver ance package g a v e h e r a n o p p o r t u n i t y t o p a u s e a n d r e a s s e s s , a n d a f r i e n d s u g gested she meet w ith a financial adv isor.
“The referral was a Black woman who looked like me, and that really was exciting because it gave me the vision to see that I could do that,” Por ter says. “As she was talk ing to me, a bubble kind of
c a m e o v e r m y h e a d , a n d I w a s l i k e , ‘ I t h i n k t h i s i s w h a t I ’ m s u p posed to do ’”
Twent y four years after joining the industr y, Por ter a cer tified financial planner runs Team Jackie Por ter (Car te Wealth Ma n a g e m e n t ) i n Mi s s i s s a u g a , O n t Howe ve r, s h e n o te s t h a t women especially women of colour continue to face con siderable barriers in an industr y still dominated by men
There’s no question the gender gap remains Investment Executive’ s Report Card series found that 20.6% of Canadian financial advisors were female in 2021, dow n from 23 2% in 2019 And there were considerable differences across the industr y : 38 9% of advisors at re t a i l b a n k s we re f em a l e , com p a re d w i t h 1 5 . 3 % a t bro ke r a g e s , 17 5% at dealers, and 21 9% at insurance agencies
Representation is part of the problem Not ever y aspiring advi sor gets to see herself reflected in a living, breathing, working pro fessional like Porter did. Porter believes it’s important to challenge w hat potential recr uits and the gener al public think a financial adv isor looks like.
“ The more people that can see themselves in a profession, the greater the impact and the more people w ill be attracted to that profession,” Por ter says.
Furthermore, as Sophia Ito, wealth advisor and client relationship manager with Nicola Wealth in the Greater Vancouver Area, says, “Talent doesn’t have gender attached to it. If you have the ability … the environment has to be created to allow that to be showcased.”
In the early 1990s, Laur ie Stephenson was sitting in an employ m e n t e qu i t y co m m i t te e m e e t i n g , a 3 0 s o m e t h in g wo m a n s u r rounded by 50 something men. One piped up and said, “I hired a woman once It doesn’t work ” She asked him, “How many times have you hired men when it didn’t work?” He didn’t understand why the question was relevant.
Sophia Ito, CFP, FMA, CIM Laurie Stephenson, CFP, CLU, CHFCThe number of female Canadian adv isors hasn’t budged in two decades. How can the industr y entice more into the business? Alison MacAlpine investigates
“ My w h o l e c a re e r p e o p l e h ave to l d m e … yo u can’t do things as an out lesbian, you can’t do things as a woman, ” she says “When I was going to come out, I asked a fr iend, ‘D o you think it’s going to b e hard for me? I’ve only been in the industr y for a year. ’ She was like, ‘No, it’s weird enough that we ’ re women ’ It’s sad because it’s such a great career for women. ”
Thirty three years into her career, Ste phenson is principal and owner at Starboard Wealth Planners in Halifax. Running an independent practice has allowed her to build her ow n culture and a space where she and her clients feel safe She’s also now in a position to advance other women ’ s careers, looking to br ing on female advisors as part of her succession plan.
That said, she thinks the indust r y at large needs to move for ward, and par t of the change has to b e a p u s h for m ore wom en i n m a n a g em en t . “We c a n keep br ing ing women in, but unt il the ‘infr ast r uc ture’ has changed to embrace diversity it is still going to b e a slog , ” Stephenson says. “We need women in the C suites
“Diversit y is good business Different perspective is good for business. Adding women or people of colour or indiv iduals who are in some way diverse is going to make your business better and make your decision making better,” she adds “Not all of our peo p l e c a n b e s i x fo o t t wo w h i te g uys i n blu e su i t s . An d I l i ke t h e guys i n blu e su i t s Mo s t of t h em h ave b e en su pp or t ive But we can better reflect Canada in our business It w ill be better for our clients and us. ”
Seema Sharma, president of Wealth & Estate Financial Canada Inc in Mississauga, Ont , brought some much needed gender diver sity to the world of insurance when she became the first woman her first boss in the industry had hired She met him 30 years ago on her university campus under a banner offering a $100,000 a year job
“He was ver y skeptical know ing that I was female and ever y body else that worked for him was male He kept using this one line: “Oh, being a woman, I don’t know if you ’ re going to be able
to follow my bluepr int to success He kept say ing that over and over again,” she recalls
Howe ver, Shar ma ’ s boss to be was t r y ing to make a recr uit ment quota and she had the r ig ht educational backg round For her par t, Sharma had a drive to succeed and set out to dispel her new mentor’s doubts. That first year, she did in fact earn $100,000.
“After me, my boss only wanted to recrui t female,” she says.
Unfortunately, breaking into the industr y wasn’t the only time S h a
n e s s w i t h prospects in which her effor ts to reach out were misinter preted as romantic over tures, and it’s something she’s fairly cer tain her male colleagues don’t regularly encounter.
“If a man sends a bouquet of flowe rs or a bottle of w ine, it’s taken completely differently. It’s followed by a phone call say ing ‘thank you, ’” she says. “ The needle has moved a little bit, but we have a long way to go when it comes to equalit y and being at par or receiv ing the respect we deser ve. ”
In November 2020, Paulette Filion and Judy Paradi, who specialize in marketing to women, reached out to female advisors and branch managers responsible for hir ing adv isors and published a white
aJudy Paradi and Paulette Filion Seema Sharma, CFP, CLU
“There are tons of people in the industry that, with a little bit of help, would absolutely be naturals because women are not scared of hard work, they’re smart when it comes to planning, they’re good at relationships, they’re good at getting known in their communities.”
paper about why there are so few female advisors. They identified a big disconnect between financial institutions, which by and large recognized the strengths women could bring to an adv isor y role, and the hiring decisions that often shut women out.
“When we spoke to industr y leaders, they said, ‘We have a lot of women in our firm and there’s far less bias than there used to b e. ’ But then when we talked to the women, they said, ‘Oh no, they haven’t changed,’” says Filion, par tner at Strateg yMarketing ca in the Greater Toronto Area.
She thinks that in their effor ts to boost the number of female advisors, organizations are focusing too much on attracting already established advisors at other firms, and not enough on transition ing people currently performing other roles within the firm. Until m o re wo m e n e n te r t h e p ro f e s s i o n , t h e g e n d e r d i s p a r i t y wo n’t shrink.
“ There are tons of people in the industr y that, w ith a little bit o f h e l p, wo u l d a b s o l u te l y b e n a t u r a l s b e c a u s e wo m e n a re n o t s c a re d of h a rd wor k , t h e y ’ re s m a r t w h en i t com e s to p l a n n i n g , t h e y ’ re go o d a t re l a t i on s h i p s , t h e y ’ re go o d a t ge t t i n g k n ow n i n t h e i r c o m m u n i t i e s , ” F i l i o n s a y s “ B u t w h a t a l l o f t h e w o m e n w e talked to said is, ‘I was just throw n out there w ith no help, no suppor t, no nothing. You’re on your ow n. ’”
Filion believes that par t of the solution is for women to build teams that benefit from a diversit y of indiv idual strengths She’d also like to see changes in the way success is measured and reward ed for example, recognizing the importance of client retention, in addition to assets and production
F lexibility in compensation, including models for independent advisors that blend a base salar y and commissions, is a third strat eg y Filion believes could make the profession significantly more attractive to women.
An d , a s i t h a p p e n s , b l e n d e d co m p e n s a t i o n i s ex a c t l y w h a t a l l owe d Ke l l y Ho to e n te r t h e i n d u s t r y T h e p a r t n e r a t D L D Financial Group Ltd. in Vancouver credits an innovative and sup por tive b oss for proposing a compensation structure that made her feel comfor table mov ing from an administrative suppor t role to becoming a financial adv isor.
Dav id Dr ummond, now her business par tner, offered to pay her a base salar y plus a percentage of her commissions, instead of
100% commissions Over time, as she built her residuals, they were able to wean her off the base salar y “It was a rare arrangement 14 years ago, but what really helped me build my career was not hav i n g to wo r r y a b o u t n o t g e t t i n g a p aych e q u e , ” Ho ex p l a i n s “Arguably, I probably made less money as a result of feeling that I needed that suppor t because, looking back, I would have done just fine but I personally felt like I needed it so that I could excel and do what I needed to do w ithout hav ing to worr y ”
Rachel le Lang lois ag rees w ith Ho that st r aig ht commissions can be a significant barrier to entr y, especially for sing le women “How do you make sure you pay your bills ever y month when you don’t know how much money is coming in?” she asks, pointing to the fur ther inse cur it y new a dv isors fe e l b e cause of stat ist ics that suggest just 10% of people (women and men) enter ing the profession succeed.
After spending five years as a teacher, Langlois became an advi s o r i n 2 0 1 4 a n d re l i e d e n t i re l y o n i n co m e
However, the Edmonton market, where she h
by
a
business ow ners who had always dealt w ith m
A young
emale adv isor was a tough sell.
market she relates to and that relates easily to her And, thanks to the team’s success, Silver Path was recently able to make two new hires.
blended compensation
“We’re paying them a base salar y while we train them
w ith the oppor tunit y to make bonuses and commissions as they learn more a
Amanda Fanning Rachelle Langlois, CFP, CHS Kelly Ho, CFP, CCS
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from page 13)
L a n g l oi s ex p l a i n s . “ T h e b a s e s a l a r y h a s b e en a bi g dr aw, as has offer ing our employees benefits when they come on. All of those things prov ide a little bit of stabilit y that gives women a chance to make it in the business ”
Ja cq u e l i n e S o o n g , a n a dv i s o r w i t h D e s j a rd i n s Financial Secur it y in Toronto, joined the indust r y eig ht years ago, st r aig ht out of scho ol, as an inde p en den t a dv i s or w i t h n o b a s e s a l a r y. S h e p ut s t h e decision down to “being naive,” but also to knowing t h a t b e i n g a n i n de p en den t a dv i s or w a s w h ere s h e wanted to end up. “I thought to myself, ‘Well, I might as well just star t from the beginning, as opposed to doing something that I didn’t want to do and then transitioning out of it,’” she explains.
S t i l l , f l y i n g w i t h o u t a f i n a n c i a l s a f e t y n e t w a s difficult, and S o ong likes the idea of a team mo de l i n w h i c h a n e x p e r i e n c e d a d v i s o r s h a r e s , f o r e x a m p l e , t h e b o t t o m 1 0 % o f a l a r g e b o o k o f b u s i n e s s w i t h a j u n i o r a d v i s o r T h i s w o u l d g i v e t h o s e j u s t s t a r t i n g o u t expe rience and stability, and also help senior advisors with succession p l a n n i n g
In addition, Soong believes the industr y needs to come up with b e t te r s o l u t i o n s f o r wo m e n w h o w a n t to h ave ch i l d re n . T h e re would be side benefits there, too: preparing for extended adv isor a b s e n ce s f o r m a te r n i t y l e ave wo u l d h e l p t h e i n d u s t r y d e ve l o p strategies to manage situations in which any advisor needs to step
away because of illness or disability “ There needs to be some sor t of backup in place,” she says. “ The industr y lacks that as a whole n o t j u s t f o r w o m e n , b u t i n c a s e s o m e t h i n g h a p p e n s t o a n a dv i sor ”
Amanda Fanning, who works alongside Langlois at Silver Path Financial Solutions Inc. in Cranbrook, B.C., joined the practice in 2018 w ith a one year old and a husband who was away from home for 15 days at a time. She wor ked a full time job, studied after her daughter was in bed, from 7 p.m. to 11 p.m., and woke up the next morning to star t it all over again
But it was her second pregnancy th at drove home how unpre pared the industr y was to manage motherhood. Her manager had b e e n i n t h e i n d u s t r y f o r a b o u t t h re e d e c a d e s , b u t w h e n s h e approached him to ask what to do about maternit y leave, he told her, “I’ve never had an adv isor have a baby. I don’t know.”
She arranged on her ow n for other adv isors to keep an eye on her b o ok w hile she was de liver ing her baby. Two days after her son ’ s bir th, she was back to checking emails.
“When he napp ed, I was in a Zo om app oint ment,” she says “
There was one Zoom appointment where I couldn’t get him to calm down and he was on the call with me. Luckily this was during COVID, so ever yone was ver y understanding ”
More accessible and affordable child care would help women in the industr y, Fanning adds. Her daughter aged out of daycare
Jennifer Kirby, CFP, CLU, CHS, CEBS Jacqueline Soong , CFP, CLU“There needs to be some sort of backup in place,” Soong says. “The industry lacks that as a whole not just for women, but in case something happens to an advisor.”
before she could get a spot, four years after she was put on a wait list She sig ned her son up w hile she was pre g nant, but ag ain it to o k f o u r ye a r s to g e t a s p o t . Eve n o n ce ch i l d c a re i s s e c u re d , women may still feel pressure to leave this industr y.
“Financial ly, there are a lot of ups and dow ns as an a dv isor, and you have to look at how much are you pay ing out and how much are you making? I know a lot of moms in many professions decide it just doesn’t make sense financially ”
As a second gener ation adv isor, joining her father’s pr actice in 2016, Jacqueline Ozdemir had more suppor t when she star ted a family soon after wards, but there were still challenges
“I w rote my insurance exam when I was 37 weeks pregnant,” says the financial adv isor w ith Ferguson Financial Planning (CI Assante Wealth Management) in Mississauga, Ont “ That wasn’t easy, and it’s certainly something that a male colleague would never have had to do.”
Ozdemir was able to take about a year off w ith her first child because she had an established team behind her With her second child, it was more difficult to be away from work because by then she was more fully engaged in the b usiness and had formed pri mar y relationships with clients As a result, she regularly took calls and emails, but she was thankful her team could take care of client transactions
Around the time Ozdemir was planning to return to work, the pandemic hit and daycares closed. She quickly put technolog y to
work in areas like appointment scheduling, using calendar booking to o l s to bl o ck of f h o u rs w h en h er h u s b a n d ( a l s o wor k i n g f u l l time) couldn’t cover for her. She says those t y pes of tools, along w i t h t h e f l e x i b i l i t y v i r t u a l m e e t i n g s p ro v i d e , c a n h e l p f e m a l e adv isors jugg le the responsibilities of work and home life
Ozdemir recently attended an in person event featuring a portfolio m a n a g e r a n d , l o o k i n g a r o u n d a t a b o u t 5 0 f e l l o w a t t e n d e e s , s h e spotted just one other woman “It’s a small sample, but it was actually ver y eye opening to see how male dominated the room was, ” she says.
Because women can be few and far between in the indust r y, Ozdemir would like more effor t made to g ive potential recruits an oppor tunit y to speak w ith female adv isors at the firm they’re consider ing Fir ms can also establish mentor ing prog r ams that connect new female adv isors w ith experienced female adv isors
“I really feel energ ized and empowered after speaking to my peer group of other female financial adv isors,” says Ozdemir “If it’s not happening organically, perhaps a little bit of support from head office can encourage it.”
Hav i n g fem a l e ro l e m o de l s w a s ver y i m p or t a n t for Jen n i fer Ki r by Grow i n g u p, s h e w a tch e d h er m o t h er bu i l d a su cce s s f u l career as a realtor, so she never had any doubt women could excel in business However, when Kirby star ted out 27 years ago, there were few women in leadership positions to look up to She sought out the ones who were there.
“I was really for tunate because I had some really great female mentors in my life,” Kir by says “ That’s really the key because to b e s u cce s s f u l i n t h i s b u s i n e s s yo u n e e d t h e s u p p o r t o f p e o p l e around you, and your success relies on others ”
Sh e adds, echoing Filion’s comments suggesting the industr y needs to change its definition of success, “Many women br ing a natur al skill set of empathy, compassion, collabor ation, loyalt y, and customer ser v ice Those are really keys to being a successful adv isor but you ’ re not necessarily rewarded by those things. A lot of the metrics are based on new business, [but] it’s really look ing after the clie nt long term that w ill make you successful ”
Kir by thinks women have a unique oppor tunit y to set aside “ m a l e s t r a te g i e s f o r s u cce s s ” a n d d o b u s i n e s s d i f f e re n t l y. Connecting with female clients, for example, may happen at a spa or throug h kids’ ac tiv ities r ather than on the golf course. She’d like to see these types of networking efforts more widely discussed and celebrated
A simple step fir ms can consid er is to stop indiscr iminate ly sending ever yone golf shir ts, suggests Por ter. More targeted gifts, a ppropr i a te for t h e i n d iv i du a l , wo u l d b e b e t ter a ppre c i a te d by both female and male adv isors.
In the meantime, Por ter continues to focus on being excellent at her job, committed to changing people’s perceptions one client at a time. “ This is just a reality for people of colour,” she says. “We can’t just be average. We don’t have that luxur y. ”
Jacqueline Ozdemir, MBA, CFA
By being excellent, resilient, and a little bit stubborn, at a time when there’s a broader societal push toward diversity, equity, and i n clu s i on , wom en m ay f i n a l ly nu d g e t h a t s t u bb or n on e i n f ive closer to gender parit y
ALISON MACALPINE is a Toronto based editor and w riter
Steady Gait Planning Inc , St Albert, Alt a Joined Business: 2013 Specialt y: Veterinarians
If yo u a re go i n g to s p e c i a l i ze , yo u have to be authentic about it. My father was an adv isor for 35 years before retiring and also managed a small herd of cattle. Growing up on a cattle farm a n d b e i n g a co m p e t i t ive s h ow j u m p e r, ve te r i n a r i a n s a n d h i g h n e e d a n i m a l s were always a par t of my life. When my h o r s e s ’ m a s s a g e t h e r a p i s t g o t i n to ve t s ch o o l s h e a s ke d m e to com e s p e a k to h e r c l a s s m a te s a n d f r i e n d s . T h e y h a d to l d m e t h a t t h e y were i n t i m i d a te d by t h e a dv i s or s a n d fe l t t h a t t h e y d i d n o t understand their world.
A majority of veterinarians graduate school w ith an over w helmi ng amount o f d e b t . T h e s e a re yo u n g , e m e r g i n g adults who really need help with under s t a n d i n g t h e i r d e b t a n d t h e i r op t i o n s Millennials and Gen Xers, which are a majority of my clients, are craving advice a n d d i r e c t i o n T h e y a r e w a n t i n g t o s u cceed financially and professionally.
One of the key pieces of working in a n i ch e m a r ke t i s t r u ly u n der s t a n d i n g t h a t m a r ke t . T h a t m e a n s l i s t e n i n g t o not only the client s ’ sore points, but also what is happening in their industr y
The vet industr y as a whole is dealing w ith their ow n epidemic w ith a mental health cr isis One in four veter inar ians h ave co n te m p l a te d s u i c i d e , w h i ch i s higher than any other professional pro gram A lot of issues stem from financial stress, compassion fatigue, social media bu l ly i n g , a n d bu r n o ut , to n a m e a fe w, and there is little support and long wait ing times to get help from professionals who understand their world.
The veterinary industry, unlike finan c i a l s e r v i ce s , i s do m i n a te d by wo m e n . These women have st rong mor al stan dards, are compassionate, hig h achie v e r s , a n d a re r a zo r f o c u s e d o n m a k i n g t h e i r i n d u s t r y a b e t te r p l a ce f o r t h e i r patients and future veterinarian teams I am inspired daily by my conversations w i t h t h e m . It co m e s d o w n to u n d e r s t a n d i n g w h a t t h e y g o t h ro u g h a n d u n d e r s t a n d i n g t h e m a s h u m a n s a n d doctors.
Four adv isors show how ser v ing a niche leads to a more thriv ing business. As told to Deanne Gage
There are the financial stressors that I help nav igate but I also lead the discus s i o n a ro u n d t h e i r b e h av i o u r s , f e e l i n g s , a n d t r a u m a s a ro u n d f i n a n ce s . It i s l e s s about the immediate need to invest and more about figuring out behaviours. How yo u c a n a f f o rd to d o a l l t h e t h i n g s t h a t you need to like paying bills, paying your debt back, and sav ing money while also b e i n g a b l e to a f f o rd a l l t h e t h i n g s yo u w a n t to d o l i ke t r ave l ; b uy i n g h o r s e s , a herd of cattle, or that Peloton; and build ing financial independence.
I w il l ne ver forge t one of my client’s responses, who has since become a great f r i e n d , to my q u e s t i o n , “Wh a t a re yo u afraid I am going to tell you to do?” Her re s p o n s e w a s , “ I h op e yo u ’ re n o t go i n g t o te l l m e t h a t I c a n’t h ave my d a i l y S t a r b u c k s ” T h a t d a i l y S t a r b u c k s i s n o t going to prevent someone from reaching financial independence. It is a behav iour t h a t we n e e d to i n co r p o r a te i n to t h e i r plan
What’s often missed in financial services is recognizing that our wants can some t ime tur n into needs And in the ve ter i n a r i a n c o m m u n i t y, w h e r e t h e r e i s a n epidemic of mental illness, those veteri n a r i a n s n e e d t o k n ow t h a t t h e y c a n g o b u y t h a t $ 5 c o f f e e b e c a u s e t h e y n e e d 2 0 m i nu te s to j u s t re f o c u s a n d ce n t re themselves so that they can continue with the rest of their day safely. I don’t think that we need to make large sacr ifices to be financially successful
I h ave h a d m a ny c l i e n t s w h o h ave t r ansit ione d to me from male a dv isors, not because the clients feel talked dow n to, but because they do not feel heard or respected. Often, in these scenarios there seemed to be missing compon ents to the co nve r s a t i o n , a l a c k o f u n d e r s t a n d i n g about products, and poor language used in deliver y of medical decisions because they tried to soften the decision.
Wo m e n d o n o t n e e d to b e co d d l e d , but we do have a driv ing need to under stand log ical ly. Many women just don’t f e e l co m f o r t a b l e t a l k i n g a b o u t t h e i r financial or career goals let alone their medical histor y w i t h s o m e o n e w h o h a s n o t t a ke n t h e t i m e to l i s te n to t h e i r stor y, t h e i r g o a l s , and most impor tantly their w hy. Ever yone has a stor y and it is a pr iv ilege if we have earned the right to know or hear it Once we know the stor y and the why, that’s when we can be most impactful to Canadians.
KRISTEN FAZIO, CHS, PFA Professionals’ Insurance Centre Richmond Hill, Ont.
Joined Business: 2017
Specialt y: Disabilit y insurance
Forty years ago, my dad worked for a major disability provider so I grew up learning about the product and the benefits I worked as a wholesaler that had a huge focus on d i s a bi l i t y i n su r a n ce a n d t h a t’s w h a t pushed me in that direction I found t h a t a l o t of a dv i s ors s hy aw ay f rom d i s a bi l i t y s o lut i on s . T h e y don’t fe e l comfor table because it’s a ver y g rey area product.
Disability insurance is ver y under s er v i ce d L i fe i n su r a n ce i s e a s y to explain, you ’ re either dead or you ’ re a l ive . But w i t h d i s a bi l i t y i n su r a n ce , there’s so many more factors that go i n to i t . T h e u n der w r i t i n g pro ce s s i s m ore d i f f i c u l t . Wh a t t h e y n e e d i n order to approve a policy is more dif ficult. Claims t ime is more difficult. And there’s the intricacies of what dif ferent features you need to add based on your occupation. I really enjoy the pu z zl e of put t i n g pl a n s to ge th er for clients And then I knew there was a m a s s ive g a p of a l o t of cl i en t s n o t being properly serviced from a disabil ity perspective
My niche is even more specialized, as I ser ve self employed medical pro
fessionals These professionals are peo p l e w h o don’t h ave t h e b en ef i t s of group employee benefits and have to build out all of their own protections
If a d i s a bi l i t y d i d h a pp en , t h e y could be in huge jeopardy of not being able to maintain their lifestyle What would happen if a physician couldn’t wor k and the y gener ate $350,000 of income a year for their family? Where would the mone y come from to live on? They always say they have savings earmarked for retirement or their kids’ education, but not this Then we talk about solutions that we can actually put in place that will make sure that in the worst case scenario their lifestyle is maintained and income is still flow ing into their family unit.
I h o l d f i n a n c i a l s em i n a rs to h e l p t h o s e t h a t a re t r a n s i t i o n i n g f ro m medical student to resident, or from re s i d e n t to p r a c t i s i n g p hy s i c i a n I sp end a lot o f t ime answer ing ques t i o n s . I g a i n a l o t o f c l i e n te l e f ro m hav ing that abilit y to educate and get into the details. Ninety per cent of my c l i e n t s a re re f e r r a l b a s e d f ro m o n e physician to another
When you ’ re self employed there’s a lot more r isk that doctors innately s e e If yo u don’t wor k , t h ere i s n o money. And physicians deal with peo ple who are ill, and they already have a lot of direct experience s eeing “what if ” scenarios
Joined Business: 20 05
Specialt y: Employee benefits
Employee benefit plans are the area of the busi ness in which we have chosen to specialize. We feel it is important to truly focus on this aspect of insurance only, as it would be difficult to do a proper job while also working in other areas of our industr y Staying on top of the intricate details of an employee benefit plan can be challenging enough, without also adding in the potential liability of insuring not just one business, but many employees and their families.
T h e m a j or i t y of o u r cl ien t s a re small business owners who need ben efit plans for under 25 employees. The biggest issue facing employers r ig ht now is finding employees Since the p a n dem i c , em p l oye e n e e d s h ave ch a n ge d d r a s t i c a l ly We wor k w i t h our clients to help attract and retain employees and to stay in competition w i t h l a r ger em p l oyers su ch a s t h e provincial government
Much of our adv ice and discus sion revolves around different benefit p l a n op t i on s , en su r i n g b o t h t h e em p l oyers a n d employees are getting what they need and what they want We often talk about health spending accounts, personal spending accounts, group RRSPs, as well as mental health support for employees and their families (EFAPs). Since the pandemic, we feel employers can no longer offer basic traditional insurance Employees want more and employers need these employees. Many of our clients are willing to make changes to their plans and consider less traditional models
The tried and true benefits, such as prescription drug coverage, eyeglasses, dental care, and paramedical practitioners, are still in hig h demand However, the traditional maximums offered by the insurance com p a ny m ay n o t b e en o u g h . For ex a m p l e , t h e t y p i c a l maximum on v ision care is $200 or $ 250 e ver y two years. We feel employers need to add a health spending a c co u n t i n o rd e r t o a u g m e n t t h e b a s e b e n e f i t s . I n addition, younger employees want more flexibility in their plan, which a health spending account can offer.
One of the reasons we have high retention with our clients is we really listen to them And when I say we listen, I don’t just mean listening to the business owner, traditionally mo re likely to be a man, but also listening to t h e p l a n a d m i n i s t r a tor, t r a d i t i on a l ly m ore l i ke ly to be a woman Men and women have different needs and concerns.
Ibegan my career as a traditional advisor I prospected by picking up the phone and dialing. I was to report my weekly ac t iv it y me t r ics to il lust r ate that I was b eing pro duc t ive, however only one activity was measured: how many calls did I make in a day? I hated it. In today’s modern world of texting , why would anyone my age spend time listening to a stranger over the phone? Personally, I never give cold callers the time of day, and I had to assume my peers felt the same way Making those phone calls felt intrusive and uncomfortable.
It was frustrating for me that my own approach to prospect ing pr imar ily, social media mar keting was p erceived as superfluous and less effective. After all, I was garnering the atten tion of an engaged online audience that was organically reaching out to me and genuinely wanted to hear what I had to say
Would my peers be willing to pay me an upfront fee to teach them how to manage their money? As it turns out, that’s exactly what they were hungry for When I achieved my CFP designation in 2019, I started my own independent practice under a fee only model where I could focus on being the problem solver and pro viding unbiased, sales free advice that is fundamentally rooted in conversations around financial literacy.
My mood shifted in a positive way that shone through in my social media content I felt free and for the first time genuinely exc i te d to t a ke n e w cl i en t con su l t a t i on s . S o, w h a t m a ke s t h e upfront fee so attractive? The difference in my approach is that I’m not really approaching them per se The traditional model i nvo lve d a c t ive ly hu n t i n g for opp or tu n i t i e s . But n ow I ’ m n o longer a hunter, I’m a prov ider They’re coming to me of their ow n volition because they’re parched for the financial literacy
My social media content prov ides thirst quenching relief, and now they’re in the right mindset to peruse the rest of the menu. I was offering a genuine opportunity for them to learn from me and then organically approach me for answers and solutions to their financial concerns.
Under a fee only model, I am able to provide the advice that clients want head on. Millennials don’t want to be sold, and they are keen to catch onto a sales pitch. Sure, paying an upfront fee for advice is ultimately a type of sale but it’s diffe rent And the difference comes across when you as the adv isor don’t feel the pressure to redirect the conversation toward a problem the client didn’t specifically ask about, and the client feels that, too
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ou have likely noticed “ we ’ re hiring” signs posted on windows and walls at different businesses you pass by or visit You can also see a lot of the same hiring messages online, and frankly, perhaps even at your own advisor y firm No matter the indus tr y, ever yone seems to be looking for new hires p o s t p a n dem i c . It’s a n em p l oye e ’ s m a r ke t , a n d t h i s m e a n s employers have to be diligent and conscientious to attract and retain their talent
Employees’ wants and needs have evolved over the last few years They are looking for hig her pay, flexibilit y, and remote options The line between career and family isn’t as distinct as it once was. Zero flexibility in schedule has become a thing of the past while too much flexibility in the day can threaten team cohesiveness and collaboration
I f y o u a r e l i k e m a n y a d v i s o r s , p o s t p a n d e m i c h i r i n g c h a l l e n g e s a re n o t e a s i l y o ve rco m e a n d , q u i t e f r a n k l y, a re daunting , as you may run out of ideas, capacit y, and abilit y to
keep or find team members in this competitive environment.
It’s no wonder that as coaches we have been doing a signif icant amount of work in what we consider the 15 critical areas of an advisory business, with the number one focus being hiring and team excellence It’s one of the main topics coming up in conversation with our clients
T h e s u c c e s s o f m a ny a d v i s o r s c a n b e a t t r i b u t e d t o t h e i r cohesive team With a g reat team, you can maximize oppor tunities, leverage your time effectively, and utilize each person ’ s unique abilities.
T hre e is the aver age numb er of days p er we ek employe es p re fer to wor k f rom h om e Ma ny em p l oye e s w a n t a hy br i d model where they can do some work remotely or have the ability to choose their schedule as they see fit This can be quite a chal lenge for advisors who want their team in the office during hours of oper ation. On the other hand, employees who go into the office ever y day can feel frustrated to come in only to do Zoom calls that they feel could’ve been accomplished at home
Another point of contention is whether it’s reasonable to ask employees to commute into the office each day with the cost of gas and rising inflation. It can also be a challenge to hire people w ith the abilit y to work remotely The hire must have the dis cipline to stay on task during hours of availabilit y while mini mizing distractions that can arise in an at home office environ ment (see page 24 for more details)
You need the support of a strong team more than ever during market volatility like we have seen this year, so there is a calamity of hurdles to overcome here
We’ve helped adv isors answer these questions:
• We’ve been strug gling to hire a receptionist. The position is five days a week as the receptionist needs to be in the office to greet guests and do daily in person tasks Why can’t we find anyone who is w ill ing to commit that time?
• Anothe r adv is or y team hired my assistant for $20,000 more per year than I was pay ing them I cannot afford to match it Now what?
• I ’ m st ressed about my team getting poached so I think I need to increase their pay, but by how much and can I afford it?
Most adv isor y teams can relate to these issues, and they are happening across Canada in many different industries. No one is immune So, why is this current env ironment so challenging for employers?
Well, first off, it’s a challenge to find employees r ig ht now. With most companies outwardly looking for new hires, there are a lot of options for candidates and the market is saturated. C o u n t l e s s t e a m s p u t h i r i n g o n h o l d d u r i n g t h e p a n d e m i c , b u t now all are looking to hire and the demand is larger than the supply.
T h e t a l en t s h or t a ge i s d r iv i n g u p s a l a r i e s , a n d b e c a u s e of com p l i a n ce a n d re g u l a t i on s , t h ere i s e ven m ore dem a n d for licensed individuals. Admin role salaries have increased $6,000 to $9,000 since 2018 based on our company data and research.
Jack M Mintz wrote an article for the Financial Post entitled “Why a l l t h e j o b v a c a n c i e s ? ” a n d i t p rov i d e s a n i n f o r m a t ive answer. He outlines three issues at play.
1. Although some Boomers are choosing to work longer, many have indeed retired, leav ing more jobs available than there are yo u n g e r p e o p l e to f i l l t h e m . Eve n t h o u g h p e o p l e a re l iv i n g longer and can still work, programs such as CPP and OAS may e n co u r a g e s o m e n o t to. O t h e r g ove r n m e n t p ro g r a m s f o r younger people may be contributing to this challenge as well.
2. There is also great availability of employment insurance ben efits and child benefits People may feel there is little financial gain to take on a job for a modest income with other alternatives.
3. Federal, prov incial, and municipal governments account for 84% of employment grow th since Februar y 2020, with 418,000 new public employees. This has reduced the number of workers available to the priva te sector
So, what have we found adv isors doing in response?
Of course, experience has always been an important factor when hir ing . Adv isors may ne e d to le t their usual re quirements of
two to five years of experience go and hire right out of college o r u n ive r s i t y. We’ve a l s o s e e n s o m e co m p a n i e s o f f e r s i g n i n g bonuses to get the experienced hires they want
Fe e d b a ck a n d on goi n g re v i e w s a re c r i t i c a l s o em p l oye e s fe e l empowered to reach peak performance. Employees that feel com m i t te d to t h e i r de ve l opm en t p l a n a re n o t a s l i ke ly to l e ave Ongoing communication is critical
More advisory teams are benchmarking and adjusting their ben efits and perks to keep valued staff, let alone get new people to add to the team
We’ ve b e e n s e e i n g s o m e o f o u r c l i e n t s p rov i d e re t e n t i o n salar y increases for staff. The reason being is that when a new staff member is hired, because of inflation, they are often making m o r e m o n e y t h a n a t e a m m e m b e r w h o w a s h i r e d f i ve p l u s ye a rs ago.
We’ve also seen a team compress their work week as they feel it would be good for the well being of their team members
Have conversations with your clients about what they want from a service perspective to make sure your office environment aligns w ith it. For example, how often should you be in the office to accommodate clients who prefer getting together in person? This will prevent coming into the office only for Zoom meetings.
Advisor y teams need to sell themselves now more than ever. Do a thorough job explaining the culture and why someone would want to work there friendly, flexible hours, on the subway line, summer hours, benefits, etc. This needs to start with the job post ing and continue through the inter viewing process.
If you think you do have someone who’s perfect, be w illing to negotiate for the role because the next perfect hire may take a while to surface if you let this one pass you by because of salar y discrepancy.
You are doing yourself a disservice if you don’t embrace change and allow yourself to continue to g row in the cur rent market Some adv isors may believe things w ill just go back to the way it was before the pandemic and that doesn’t seem to be the case
Keep an eye on your natural market Years ago, our past pres ident found our current president in a technolog y store selling t h e l a te s t co m p u te r s He co nv i n ce d h e r to j o i n t h e f i n a n c i a l ser v ices industr y at the local branch/sales office to star t a com puter depar t ment for the adv isors. The rest is histor y. As our CEO Art Schooley always says, be out in the marketplace where accidents happen
KIM POULIN is a hiring coach at the Personal Coach KELLY MAXWELL is a marketing coach at the Personal Coach www personalcoach ca
Justine Zav itz explains why her firm made the move to a four-day workweek
y now we can all ag ree that the pandemic was an enormous turning point for our society. How we wor k , p a ren t , s o c i a l i ze , s h op, t r ave l i t’s all changed.
In the early pandemic days, I remember see i n g a l o t o f s o c i a l m e d i a p o s t s a b o u t p e o p l e c l e a n i n g o u t t h e i r c l o s e t s . S o m e h ow wo r k i n g f ro m h o m e al lowed p eople to find more time for this chore. Meanw hile, my c l o s e t s we re wo r s e t h a n e ve r b e f o re My m e s s y c l o s e t s became something that was on my mind all the time.
Around this time, I read an ar ticle about a Canadian com pany that introduced a four day workweek for their staff It ref e re n ce d s t u d i e s o n g re a te r p ro d u c t iv i t y a n d f o u n d t h a t t h e North American style of working may be something that needs to be re evaluated after a centur y of being the norm
Im m e d i a te l y, I w a s exc i te d by t h e p ro s p e c t o f h av i n g a n en t i re d ay w i t h my k i d s a t s ch o o l a n d n o wor k to b e don e . I could final ly tackle my closets I wouldn’t have to sp end half my we e ke n d g ro ce r y s h o p p i n g a n d m e a l p re p p i n g . I co u l d spend it with my kids who are begging for my attention on these days I flipp e d the ar t icle to my business par t ner, op er at ions m a n a g e r, a n d b u s i n e s s d e ve l o p m e n t m a n a g e r s o we co u l d ensure it was on the agenda for our next man agement meeting. Our management team spent a lot of time tr y ing to figure out how we could make this successful within our office. While a fe w h e s i t a te d a b o ut t a ck l i n g s om e t h i n g l i ke t h i s , e ver yon e kept an open mind while we worked through this process We all had similar priorities, such as making sure the office was still open five days a week, not wanting people to drop the ball on their work, ensuring we saw greater productivity (as the research
shows) and not less. We consulte d w ith a lo cal law fir m that made the four day shift to better understand how they addressed any issues Here is what we came up w ith:
Which day of the week do we give off?
We decided on Wednesday This ensures Monday isn’t loaded with catch up after three days off. Research shows it’s the turn ing point dur ing the week w hen produc tiv it y star ts to wane. We also look at Wednesday as a flex day, not a day off If your desk has work on it that should be done before Thursday but didn’t get done by end of day Tuesday, we expect you to w rap it up during your flex day Before or after closet organization is up to you.
How do we keep the office open five days a week?
T here is a ske le ton crew ea ch we ek w ho wor k the We dnesday This means that ever y fourth week, ever y staff member will work a regular work week
Are we going to ask st aff to make up their time on the other days? If there will be extra hours on the other days, how will people with children sort out their child care?
We ask for an extra hour of work each day This does not make up for the Wednesday off but does allow us enough time to get our work done. The extra hour can be done on our ow n time. Some like to do thi s at 9 p m , while others (like me) tackle it at 5:30 a m
Which metrics ensure we are meeting/exceeding current productivit y and that our business contin ues to grow despite less time working?
T his was the toug hest par t S ales are easy to t r a ck, as are the n u m b e r o f a p p o i n t m e n t s a n d re ve n u e Fo r n o n s a l e s j o b s , w e p ay a t te n t i o n to w h e t h e r o r n o t p
fol low ups completed Are there emails or phone calls that go beyond the 24 hour response timeframe? Are we finding more errors?
What if some people are not capable of this structure?
We have the right to opt you out of the four day workweek if we feel you are not managing your time properly or strugg ling w ith the job. This has not happened in our office so far.
I probably spend more time than most working on my flex day, but the flexibility I have during this day is what I appreciate The five day workweek came out at a time when the vast major ity of married women stayed at home as caregivers and/or han dled all of the housework This changed decades ago, with men shar ing more and more of the household chores, and yet we haven’t changed w ith it The men in our office appreciate their flex day just as much as the women because they too can tackle the shopping and other errands earlier (ever been to Costco on Wednesday? It’s glorious), which then leaves the weekends free to hang w ith family and friends or pursue hobbies
The pandemic saw mental health issues sky rocket among all demog r aphics for a number of reasons. Wor k from home removed our boundaries on work/life harmony Finding good p e ople and ke eping them is imp ossible in this env ironment. What star ted as a selfish desire to create more time for myself tur ne d out to b e one of the most amazing b enefits we could give our staff. The feedback has been wonderful. We have not fallen behind on any of our metr ics, ever yone is happier and less st resse d out, and the y appre ciate the wor k/life har mony they are feeling.
A s f o r my s e l f , I h ave m o re t i m e f o r ro a d b i k i n g , s k i i n g , weeding my garden, and, of course, those pesky closets
JUSTINE ZAVITZ, CFP, CHS, CLU, GBA, is vice president of Zavitz Insurance and Wealth in London, Ont Justine Zavitz, CFP, CHS, CLU, GBAThis award recognizes the growth of a Multi-Line Advisory team with a focus on exceeding various performance levels of the Agency Managers team in the areas of new Life Insurance, new wealth and new Property and Casualty sales.
● NMLEA Gold Award Winners ● NMLEA Bronze Award Winners
Alfred Roissl
This award represents the very pinnacle of management excellence among GAMA Global Canada members. ● NAA Gold Award Winners
Peter Gillespie
Joannis (John) Panago
Alfred Roissl
Djebran Mehdawi
Blanche Tse Jerome Pusung
Herman Chan Wes J Scott Karl Krokosinski Stephane Cyr Scott Grant Craig MacTavish
Izumi Miki McGruer Brad Unraw Mark Dickson Darren Rosenberger Nubia Gomez Taha Al-Dabagh
Annadette Clarke-Moore Darin Calderwood Greg Taylor Sonia Wu
This award honours achievement in agency management, particularly increases in production.
Peter Gillespie
Joannis (John) Panago David Feldberg Alfred Roissl Djebran Mehdawi
Jerome Pusung Herman Chan Wes J Scott Shawn Smith Scott Grant Craig MacTavish Izumi Miki McGruer Nubia Gomez Taha Al-Dabagh Darin Calderwood
Greg Taylor Sonia Wu
Cl i e n t s w h o ch o o s e to g row t h e i r family through the use of surroga c y or o t h er a s s i s te d re pro du c t ive te ch n o l o g i e s m ay f i n d t h a t , i n some cases, the costs can be prohibitive and need to be factored into financial planning. Many are unaware that there may be tax sav ings associated with these costs through use of the Medical Expense Tax Credit (METC).
Fo r t h o s e u s i n g a s u r ro g a te m o t h e r, o r a sperm, ova, or embr yo donor, eligible med ical expenses were histor ically limited and did not include payments made for medical ex p e n s e s o f t h e s u r ro g a te o r t h i rd p a r t y donor, or reimbursements paid to a surro gate or donor in respect of expe nses those par ties personally incur The 2022 Federal Budget, released on April 7, 2022, proposed an expansion of these eligible expenses Draft legislation that includes this expansion was released on August 9.
Let’s review the METC and the new rules
T h e M E TC i s a 1 5 % n on ref u n d a bl e t a x credit available for a wide range of medical expenses so long as a reimbursement has not been received for the expense For example, if your employer’s g roup health insurance plan has covered an expense, you can’t claim the METC in resp ec t of that exp ense The amount claimed is reduced by the lesser of 3 % of yo u r n e t i n com e , a n d a n a n nu a l threshold ($2,479 federally in 2022; provin cial/territorial amounts vary) You can claim expenses incur red for you, your spouse or common law partner, and for certain family membe rs that you support Historically, you could not claim the METC for expenses of a n i n d iv i du a l n o t f a l l i n g i n to t h e s e c a te gories In the context of assisted reproductive
te ch n o l o g i e s , t h i s m e a n t t h a t m e d i c a l expenses paid by intended parents in respect of a sur rogate mother, or an ova or sperm donor, were not accommodated by the rules
There are a wide range of expenses for med ical goods and ser v ices that qualify for the METC. Included are many costs related to fer tility treatments and other reproductive assistance For instance, fees paid to a med ical practitioner or a hospital (public or pri v a te ) to co n ce ive a ch i l d a re e l i g i b l e T h e costs of prescription medication, including fer tility medication, are similarly eligible.
Many pregnancy related expenses of a sur rogate qualify for the METC For instance, t h e s u r ro g a te co u l d re q u i re p re s c r i p t i o n medications or a medical de v ice such as a blood pressure monitor They may receive counselling ser v ices, both before and post pregnancy, which qualify for the METC. The cost of a doula satisfies the requirements, as would the ser v ices of a chiropractor If the s u r ro g a te n e e d e d to f i n d p a i d c a re f o r a n aging parent during the pregnancy, that too could qualify
Although Canadian laws prevent a sur rogate from charging for the service provid e d, the sur ro g ate is p er mitte d to b e reim bursed by the intended parents for expenses directly related to the pregnancy. 1 Prior to the budget, the medical expenses of the sur rogate could only be included in a claim for the METC, however, by the surrogate or her spouse or common law partner The expenses were not eligible for the METC when paid for by the future parents.
T h e b u d g e t p ro p o s e d e x p a n d i n g t h e
M E TC r u l e s t o re co g n i z e t h a t “ s o m e a p p ro a c h e s t o b u i l d i n g a f a m i l y i nvo l ve medical expenses for individuals other than the intended parents. 2 This budget proposal w ill allow the medical expenses of a surro g a te o ut l i n e d a b ove , w h en p a i d by t h e intended parents, to qualify for the METC This includes costs paid directly by intended
parents, such as to a clinic for in vitro fertil i z a t i on of a su r ro g a te m o t h er, 3 a s we l l a s reimbursements paid by the intended parent to a surrogate for medical expenses incurred by the surrogate. 4 This change is to be effec tive for the 2022 and subsequent years.
Wh e re a r t i f i c i a l i n s e m i n a t i o n ( A I ) o r i n v i t ro f e r t i l i z a t i o n ( I V F ) i s p e r f o r m e d , amounts paid to a medical practitioner or a hospital for the procedure qualify for the M E TC T h i s i n clu de s n o t on ly t h e pro ce dure itself, but also certain expenses associ ated with obtaining the sperm or ova, sperm washing , sperm freezing and thaw ing , ova freezing and thaw ing, and embr yo freezing and thaw ing Once the AI or IVF has been p e r f o r m e d , i t i n c l u d e s u l t r a s o u n d s a n d blood tests. If t here are anaesthetist costs, t h o s e q u a l i f y F i n a l l y, f e e s p a i d f o r c yc l e monitoring are also eligible
Similar to the laws surrounding surrogacy, a sperm or ova donor cannot be paid for the donation The donor can, however, be reim bursed for exp enditures incur red in the process, many of which could qualify for the METC if claimed by the donor personally
Various expenses for which a surrogate could be reimbursed apply to a sperm or ova donor For instance, counselling ser v ices, medica tions, and elder care costs equally apply.
Pr ior to 2022, these exp enses incur re d by the donor also could not qualify for the METC by the intended parents. Just as with medical expenses of a surrogate, the budget proposed that these medical expenses of an ov a o r s p e r m d o n o r b e e l i g i b l e f o r t h e M E TC w h en p a i d by t h e i n ten de d p a ren t effective for 2022 and subsequent years This i n c l u d e s co s t s p a i d d i re c t l y, a n d t h o s e incur red by the donor and reimbursed by the intended parents
Further, the budget proposed permitting fees paid to fertility clinics and donor banks to obtain donor sperm or ova to be eligible f o r t h e M E TC e
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such fees were not eligible for the METC
DEBBIE PEARL WEINBERG, LLB, is the executive director, tax & estate planning with CIBC Private Wealth Management in Toronto She can be reached at debbie.pearl weinberg@cibc.com.
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Losing a loved one is never easy, and the added stresses of family conflict c a n m a ke i s su e s mu ch m ore d i f f i c u l t . T h i s i s w hy ge t t i n g a l l f a m i ly m e m b e r s o n t h e s a m e p a g e d u r i n g t h e estate planning process is so impor tant
Adv i s o r s c a n p rov i d e v a l u e to t h e i r clients by encouraging them to have open conversations with family members about their estate planning desires and objectives, particula rly if specific family members are to b e i nvo lve d i n i m p l em en t a t i on of t h e estate plan
A re v i e w o f t h e O n t a r i o Co u r t o f Ap p e a l d e c i s i o n Wa l t e r s v Wa l t e r s , 2 0 2 2 ONCA 38 (CanLII) prov ides a reminder as to the impor tance of hav ing these dis cussions before a loved one passes away
Florence Olive Walters passed away in 2016. She named her three adult children as trustees of a trust created in her w ill for the comfor t and welfare of her sur v iv ing spouse, Gerald Walters. Mr. Walters is also the father of the trustees They were named as capital beneficiaries of the trust, which would entitle them to receive the unused por tion of their mother’s estate upon the d e a t h o f t h e i r f a t h e r T h e t r u s te e s we re given absolute discretion to use the capital of the residue of Ms. Walters’s estate to care for their father
Mr. Walters requested that the trustees encroach on the capital of the estate to pay for his living expenses However, due to mis trust of their father, the two acting trustees (one was removed), would not pay what was requested Mr Walters applied to court for an order requiring the trustees to make the payments. The lower court found in favour of Mr Walters, determining that the trustees were influenced b y factors including their dislike and distrust of their father.
The trustees were ordered to pay their f a t h e r a r re a r s o f a l m o s t $ 1 0 0 , 0 0 0 a n d $26,000 out of the estate for his legal fees. They appealed the decision The Cour t of Ap p e a l re d u ce d t h e a r re a r s by a p p rox i mately 40%, but affirmed the lower cour t
decision in finding that it was reasonable to conclude that the trustees’ discretion was improp erly influenced by their dislike of their father.
Le t’s l o o k a t s u g g e s t i o n s f o r f a m i l y m e m b e r s to co n s i d e r w h e n d i s c u s s i n g estate pl anning
The Court of Appeal decision noted that it was not surprising that the trustees disliked their father, given the histor y of their rela tionship One of the most important factors to consider w ith estate planning is family dynamics Ever y family is different and an e s t a te p l a n s h o u l d a cco u n t for a f a m i ly ’ s par ticular issues including: long standing conflict between parents and children, sib ling rivalr y and other conflict issues, com munication style, expectations, and its deci sion making process, to name a few
It is not recommended to appoint fam ily members who do not get along or work well together to act jointly under a power o f a t to r n e y, o r a s co exe c u to r s o r co t r u s te e s . In t h i s Wa l te r s c a s e , o n e o f t h e children who agreed with his father’s posi tion was removed as a co trustee
Additionally, if the relationship between the appointed attorney, executor, or trustee and the beneficiar y or incapable person is s t r a i n e d , t h i s c a n l e a d to l i t i g a t i o n , a s occurred in this case. Even in family situ ations where ever yone gets along, appoint ing adult children to make financial deci s i o n s f o r a c a p a b l e p a re n t co u l d l e a d to conflict and legal disputes
During the estate planning p rocess, the w i l l m a ke r a n d e ve r yo n e a p p o i n te d to assist with the implementation of the estate plan should discuss each person ’ s role. This p rov i d e s a n o p p o r t u n i t y f o r a l l t h o s e involved to commit to car r y ing out their duties in an amicable and productive man n e r. T h e e s t a te p l a n co u l d a l s o i n c l u d e directions for how to handle potential dis putes and conflic ts, w ithout resor t ing to the cour ts if possible.
Naming the children as trustees and capital beneficiaries of the trust, placed them in a conflict of interest. The less that was dis tributed to their father, would mean more estate asse ts for the t r uste es at his death
Discussions about who is best suited to act as a trustee, taking into account family his tor y and conflict, is essential Furthermore, when creating a trust, consideration should be given to prov iding a capable sur v iv ing spouse with some decision making author i t y Na m i n g t h e m a s a co t r u s t e e w i t h adult children, and also including a neutral third par ty as a co trustee to assist with an i m p a s s e o r co n f l i c t , co u l d b e a p l a n n i n g option.
Although the deceased’s will indicated that her husband be cared for from her estate assets during his lifetime, the trustees were unwilling to pay his requested living expens es for a home he wanted to live in To min imize potential conflict and litigation, inten tions regarding amounts to be paid for liv ing exp enses, and different opt ions for housing, vacations, personal needs, medical care, and other issues involving the benefi ciar y should be clearly communicated
When a loved one dies and there is fam ily conflict, estate assets can be lost to court a n d l e g a l f e e s a n d re l a t i o n s h i p s m ay b e damaged. Planning to minimize the like lihood of family discord is well wor th the effort Paying attention to family dynamics, making w ise choices regarding those who w ill help w ith the implementation of the e s t a te p l a n , a n d c l e a r l y co m m u n i c a t i n g i n te n t i o n s , i s l i ke l y to g o a l o n g w ay i n de ve l op i n g a s o l i d e s t a te p l a n a n d m i n i mizing family conflicts
AKUA CARMICHAEL, LLB, J D , TEP, is director, tax & estate planning ser vices at The Empire Life Insurance Company The opinions expressed in this publication are those of the author.
We h ave a l l h a d to e m b r a ce p ivo t i n g i n o u r d ay to d ay framework for the past two ye a r s . Wh o wo u l d h ave thought the length of the global pandemic wo u l d ch a l l e n g e u s to re t h i n k h ow we e n g a g e w i t h i n d iv i d u a l s p e r s o n a l l y a n d professionally.
As f i e l d l e a d e r s s u p p o r t i n g f i n a n c i a l adv isors, we need to understand the three types of pivots advisors need to make when faced w ith disruptions Ma rket pivot looks a t w h o yo u s e r ve i n t h e m a r ke t p l a ce B u s i n e s s p i v o t i s a b o u t h ow to r u n yo u r b u s i n e s s f o r m a x i m u m e f f i c i e n c y An d m i n d s e t p i v o t l o o k s a t w h a t t r a d i t i o n a l thinking patterns need to be overcome to move forward to achieve their desired level of success
Most advisors have faced all three pivots w i t h a s t ro n g e r f o c u s o n o n e a re a ove r another Unlike past business models where the majority of advisors had access to busi ness development resources and infrastruc t u re s i n t h e c a re e r o r a g e n c y ch a n n e l s , today most advisors are solo business own e r s a n d h o l d t h e t i t l e o f C E O C h i e f Everything Officer This can be overwhelm ing as they navigate continuous market and regulator y changes. So, we need to ask spe cific questions to know and understand the actual pain points and help advisors create f o c u s a n d a l i g n t h e i r s t r a te g i c p l a n w i t h their business and life goals
COVID is not your t y pical market dis ruptor. The pandemic disrupted the globe, and quickly Advisors who took a hiatus in the early months from client engagement, thinking this too shall pass, promptly real ized this pandemic was staying longer than anticipated and required a new course of business direction. It was no longer busi ness as usual This new disruptor required new thinking and the adoption of different business methods.
It highlighted how quickly advisors had to make a market pivot. The ensuing stress te
ser v ice expectations. However, most adv i sors rose to the occasion, reaching out and prov iding reassur ance dur ing those chal leng ing early months. The pandemic also highlighted that servicing all clients in your practice at the same ser v ice level was not a sustainable model.
In multiple conversations with advisors, the reoccurring question was, “What could I do differently to reach all my clients within a reasonable timefr ame?” The realit y was that we were in a cr isis, and thing s were changing hourly and daily. Once crisis mode settled, the response to this was simple pivot Pivot from “I serve everyone ” thinking to “having a target market, establishing an ideal client profile, and creat ing a ser v ice
standard for each client level” thinking.
No t a l l c l i e n t s a re e q u a l , b u t t h e y a l l deser ve quality ser v ice standards Once an a dv i s o r m a ke s a m a r ke t p i v o t , a p ivo t to their business process should follow. A busi ness pivot is essential to accommodate your m a r ke t p ivo t T h i s re qu i re s t a k i n g a s te p back and rev iew ing your systems and pro cesses What technologies do you have, and what purpose do they serve? What efficien cy do they suppor t?
Te ch n o l o g y p l ay s a n i m p o r t a n t ro l e w h e n m a k i n g ch a n g e s to yo u r b u s i n e s s model. Digital tools allow you to automate rep etitive tasks and st reamline processes, w h i ch c a n f re e u p v a lu a b l e t i m e yo u c a n u s e to en g a ge w i t h pro s p e c t s a n d s er v i ce clients
Mi n d s e t i s t h e f i n a l p ivo t Wh e n yo u have b e en doing thing s the same way for m a ny ye a r s a n d n ow n e e d to a d a p t n e w methods and technologies to do business, the mind can be ver y resistant to change. As field leaders, this is where ou r par tner ship w ith advisors is stress tested Advisors want to know we are on their side as they go through any or all of these pivotal jour neys and will support them at each step We need to ask specific questions that will take them out of their comfor t zone and chal lenge traditional thinking with a fresh point o f v i e w. A n e w p o i n t o f v i e w m ay a l s o require a revised business plan and strategy for th eir practice
If we can take any thing away from the past two years, it is that change is fluid and constant To ride the waves, we must keep an open mind and be ready to make minor o r m a s s ive p ivo t s . C l i e n t s w i l l ex p e c t a l l financial professionals to be agile and flex ible to suppor t their ever chang ing needs i n a n e ve r ch a n g i n g e nv i ro n m e n t . T h e question is, when the next disruptor hap pens w ill you be re ady to pivot?
STACY BROOKS, CHS, CEPA, is an advisor value program manager at Financial Horizons She can be reached at stacy brooks@financialhorizons com
“What could I do differently to reach all my clients within a reasonable timeframe?” The reality was that we were in a crisis, and things were changing hourly and daily. Once crisis mode settled, the response to this was simple pivot.
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James Stewart, CHS
Adam Peros, CHS
Pankaj Bhatia, CHS
Katherine Ellis, CHS
Nicholas Thompson, CHS
Mark Livingstone, CHS
Yi Yang Xu, CHS
Naz Sukhram, CHS
SASKATCHEWAN
Tyler Clark, CHS
The Institute for Advanced Financial Education (The Institute) is the leading designation body in Canada for financial services practitioners in the specialty areas of Advanced Estate and Weatlh Transfer, and Living Benefits. The Institute provides a platform of standards and advanced knowledge through designation programs and accreditation services.
By obtaining the CHS designation, you have demonstrated a signifi cant commitment to your career and your clients.
ON ACHIEVING THE 2021 CHS AWARD FOR THE HIGHEST MARK IN THE ADVOCIS CHS EDUCATION PROGRAM.
The Institute for Advanced Financial Education (The Institute), CLU® and CH.F.C.® are trademarks of The Financial Advisors Association of Canada (TFAAC). The Institute is a wholly owned subsidiary of Advocis®. Copyright © 2019 TFAAC. All rights reserved. Unauthorized reproduction of any images or content without permission is prohibited.
Fro m p ro s p e c t i n g to co m m i s s i o n s and ever ything in between, technol og y plays a critical role in keeping a financial advisor’s business running smoothly.
Wh e n I s t a r te d i n t h e i n d u s t r y m o re than 20 years ago, collecting email address es was not common practice and hav ing a we b s i te w a s n o t co n s i d e re d t a b l e s t a ke s No w a d ay s , w e b s i t e s a r e a s s t a n d a r d a s h av ing a business card. If you don’ t have a professional website, you don’t exist You wo u l d a l s o ke e p t r a c k o f yo u r p ro s p e c t s a n d c l i e n t s o n a Ro l o d ex ( re m e m b e r t h o s e ? ) Now yo u s h o u l d h ave a p ro p e r client relationship management system
At the beginning of my career, I was also afraid of implementing technology because i t f e l t d a u n t i n g a n d i n t i m i d a t i n g to u s e n e w s of t w a re , e s p e c i a l ly w h en i t fe l t l i ke te ch p e o p l e s p o ke a d i f f e re n t l a n g u a g e T h e re ’ s a l o t o f n o i s e a b o u t “ w h a t yo u should do” versus “what works best for my business” that can be challenging to deci pher Howe ver, I’ve overcome the fear of implementing new tech because I’ve seen the great impact on our business
When it comes to adapting new tech, I re co m m e n d a dv i s o r s a s k s i x q u e s t i o n s b e f o re b r i n g i n g n e w s o f t w a re i n to t h e i r business:
At first g lance, new software can seem like an excellent solution to your problems. But b e f o re d iv i n g i n , yo u m u s t a s k yo u r s e l f what you ’ re tr ying to accomplish. When it comes to introducing new tech, I take this approach:
• What’s most impor tant to the business?
• Is it going to save time, money, or make my business better?
• Is there any thing I can automate?
Don’t forget to consider which par t of your business you ’ re tr y ing to enhance
T h e re a re f o u r p a r t s to a n a dv i s o r ’ s business:
1. Bringing in qualified prospects interested in your financial ser v ices.
2 Converting a portion of your prospects into clients.
3. Delivering the insurance policy or investments and prov iding ser v ice to your client.
4. Ensuring that you are paid.
Decide which part needs help first, then choose your software from there
I f yo u f i n d yo u r s e l f d o i n g t h e s a m e thing repeatedly, you mig ht want to con s i d e r s o f t w a re t h a t h e l p s yo u a u t o m a t e specific tasks. An example would be gath e r i n g i n f o r m a t i o n a n d do c u m e n t s f ro m c l i e n t s Yo u c a n s e t u p a w o r k f l ow t h a t s e n d s yo u r K YC b e f o re yo u r d i s co ve r y meeting; this w ill save you time, and you k n ow i t’ l l b e d o n e b e c a u s e yo u ’ ve g o t i t automated.
If you want to save space in your office, look at dig itizing all your client files Not o n l y w i l l t h i s s ave s p a ce , b u t i t w i l l s ave time since you’ll be able to access your files quickly
T h e a n s we r m ay b e ye s o r n o, b u t i t i s worth asking before spending time research ing new software.
I’ve created many websites for advisors, and a common request I run into is adding a n o n l i n e b o o k i n g s y s te m to a we b s i te . O f te n , a dv i s o r s a l re a dy h ave Mi c ro s o f t b o o k i n g s t h ro u g h t h e i r O f f i ce 3 6 5 s u b scription but don’t even know about it. If you don’t have the to ol, then it mig ht b e time to do a technolog y audit and figure out if there’s any existing software that can help solve your problem
Don’t just talk to the person selling you the software, get feedback from others on how t h e y u s e t h e s o f t w a re a n d i f t h e y l i ke i t .
Does it generate the results you ’ re after? Is it easy to use, or is there a ste ep lear ning cur ve? Has there been any dow ntime?
If yo u don’t w a n t to t a l k to s om e on e , read rev iews online. It’s essential to check re v i e w s b e f o re yo u i nve s t yo u r v a l u a b l e time and money in new software
T h i s q u e s t i o n g o e s h a n d i n h a n d w i t h reviews Sometimes the person selling you t h e s of t w a re i s g re a t a t fo l l ow i n g u p a n d getting back to you, but once you ’ ve pur ch a s e d yo u s e n d a m e s s a g e to c u s to m e r supp or t and it takes them days to send a reply. Hav ing reliable customer ser v ice is e s s en t i a l , e s p e c i a l ly for a dv i s ors w h o a re already busy
How long does it take to train on new soft w a re ? How m a ny t r a i n i n g s e s s i o n s a re needed, and how much time is required for each session? How much time w ill it take t o i m p l e m e n t t h i s i n t o yo u r w o r k f l ow ? Will it be implemented right away or w ill it take months?
Does the software achieve the goal of saving time and mone y or improv ing your busi ness? What’s the exit st r ate g y? What’s the plan if this doesn’t work out? Think about w h a t w o u l d b e r eq u i r e d t o w a l k aw ay from the software w ithout reg retting that decision later.
S o b e f o re d iv i n g i n to n e w s o f t w a re , ponder the answers to these questions to avoid wasting time on software that doesn’t work for your business
ANGELINA HUNG, BA, CFP, CLU, CHS, EPC, is a self proclaimed Financial Marketing Nerd at Financial Tech Tools Inc in Vancouver She can be reached at Angelina@financialtechtools.ca.
B
Hoste d by Advo cis New found land & Labrador, the 2022 Advocis Chapter Leadership Conference was a tremendous success, welcoming delegates from Advocis chapters across Canada to once again con n e c t a n d co l l a b o r a te i n a l ive s e t t i n g . Presentations, panels, and excellent dining a n d en ter t a i n m en t on “ T h e Ro ck” m a de f o r a n u n f o r g e t t a b l e ex p e r i e n ce u n d e r a theme of Between a Rock and a Soft Place Building Community w ith Fearlessness and Adaptability
As part of the 2022 Chapter Leadership Con feren ce , Advo c i s w a s p l e a s e d to recog nize volunteers from coast to coast as 2021 Volunteers of the Year for outstand ing contr ibutions in ser v ice to our mem bership, communities, and professionalism.
BRI TISH C OLU MBIA (co w inners for membership/community leadership)
Nahanni Ackroyd, CFP
“I am honoured to accept this award alongside Philip for our work in membership and com mu n i t y e n g a ge m e n t i n B r i t i s h Col u m b i a . Volunteering is a tremendous amount of work, and I would like to dedicate this recognit ion to all w ho voluntee r on behalf of Advoc is in o u r p ro v i n c e a s w e l l a s t h e m a ny m e m b e r s o f Ad v o c i s Va n c o u v e r I s l a n d w h o p a r t i c i p a t e d in our financ ial lite racy campaig n in November 2021 ”
AL BERTA Amanda McCloy, CFP, CLU, TEP“Volunteer ing w ith Advoc is has allowed me to get more involved in the financial planning
community and promote education, which I st rong ly b e lie ve in. It has als o g ive n me the opportunity to work with and give back to the local community and charities, including the Chr istmas Bureau of Edmonton.”
ONTA RIO NO RTH EAST
Janice McFarlane, CFP, CLU, CHS
“ T h e re a re m a ny o t h e r s i n t h e re g i o n v e r y deser v ing of it too, so it’s a ver y nice recogni tion indeed! Ottawa has a core group of folks who are dedicated to the Chapter’s success. In my mind, the y are all volunteer of the year ”
David Reeve
“I was honoured and surprised to receive this award! As a member of Advoc is, I belie ve we have a responsibility to focus on creating new kinds of value for our chapters, and it was a pleasure to work w ith other volunteers on the Southwest Ontar io Passport Program for the benefit of our entire region It takes a village!”
Elaine Erhart, CFP, CLU
“ I v ol u n t e e r a s a c h a n c e t o g iv e b a c k t o t h e
i n d u s t r y a n d m a k e a s m a l l d i f f e r e n c e i n
t h e lives of othe r s I do not think that w hat I am doing is any thing out of the ordinar y, a n d I b e l i e v e t h a t w h a t y o u g i v e i n t o t h e world comes back to your ow n in many ways tenfold.”
“The best part of being a board member is that I have had the opportunity to meet industr y p e op l e , i n c l u d i n g m a ny g re a t m e n to r s . An immense amount of work and coordination goes on behind the scenes in creating dynamic educational e vents for our colleagues, and as membership director I’ve especially appreciated the chance to reach out to our long standing m e m b e r s to a c k n ow l e d ge t h e m o n s o c i a l media for their career successes ”
ATL ANTI C (co w inners for financ ial literacy)
Jennifer Murphy, CFP, CLU
“ T h e r e a r e l o t s o f d e s e r v i n g v o l u n t e e r s i n t h e At l a n t i c re g i o n , s o I w a s f l a t t e re d w h e n my and Melissa’s names were called Financial literacy is something we ’ re both ver y passion ate about, and we look for ward to financ ial l i t e ra c y m o n t h e v e r y y e a r It i s j u s t a s re warding for us as it is for the st ude nts w e pres e nt to.”
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
“I felt honoured when I learned I had received this award. I volunteer because I am passion ate about suppor t ing financ ial adv is ors and a b o u t f i n a n c i a l l i t e ra c y I f e e l t h a t Adv o c i s b r i n g s s o m u c h v a l u e t o a d v i s o r s a n d t h e p u b l i c t h ro u g h e d u c a t i o n a n d a dv o c a c y Voluntee r ing als o he lps me to b e tte r unde r stand the industr y and to remain connected.
I a m v e r y p ro u d t o h o l d a p o s i t i o n w h e re I can cont r ibute to a positive difference in our communities.”
Cynthia Duncan (Prov ided by Melissa McRae Harrell, president, Advocis Winnipeg)
“Cynthia exemplified what it meant to promote a n d v a l u e e d u c a t i o n w i t h i n o u r i n d u s t r y He r cont r ibut ions to financ ial lite racy built a foundation that will continue in her honour, a n d s h e w i l l a l w ay s b e re m e m b e re d w i t h i n ou r c hap te r as a leade r and me ntor for ne w adv isors ”
An engaged and lively audience at Building Blocks for Success
Greater Vancouver welcomed m o re t h a n 1 8 5 a t te n d e e s for the return of this in person sig nature prog r am for those in t h e f i n a n c i a l p l a n n i n g , i n s u r ance, and investments industr y. The event was designed for par t i c i p a n t s o f a l l l e ve l s to l e a r n directly from their peers on how the y can a chie ve success at any l e ve l i n t h e i r c a re e r s , a n d f e a t u re d c u r a te d T E D Ta l k s s t y l e presentations. As a reflection of t h e ch a p te r ’ s co m m i t m e n t t o d ivers i t y, i n clu s i on , b e l on g i n g , a n d e q u i t y, t h e y i nv i te d a t te n d e e s t o “ c o n n e c t w i t h f a m i l i a r f a ce s a n d m a ke n e w a cq u a i n tances in a safe, positive, inclu sive env ironment ”
On May 1 2 , C a n a d a ’ s s e c u r i t i e s re g u l a to r s p u b l i s h e d t h e Ne w S e l f
Regulator y Organization’s (SRO’s) interim rules, which will take effect upon commencement of the New SRO’s operations at the end of this year The interim rules allow mutual fund dealers to introduce business to invest ment dealers In addition, a new categor y of registered representatives who deal st rictly in mutual funds at firms registered as both an investment dealer and mutual fund dealer (dual registered firms) will be permitted to conduct business w ithin the rev ised IIROC rules on a permanent basis
Pu r s u a n t to t h e i n te r i m r u l e s , t h i s n e w c a te go r y o f re g i s t r a n t s i s m a n dated to complete the Conduct and Practices Handbook (CPH) course within 2 7 0 days of their firm becoming dually reg istered We r aised concerns w ith respect to this new proficiency requirement We believe that the CPH course is not an appropriate requirement for this categor y of registrants. The majority of the topics covered in this course are either irrelevant for representatives dealing strictly in mutual funds or are duplicating what these representatives have already studied by completing other mandator y courses.
We also thanked the regulators for continuing to allow directed commis sions to unregistered corporations for mutual fund representatives at mutual fund only dealers, as well as for those registered representatives dealing strictly in mutual funds at dual registered firms. However, we strongly urged regulators to e x p a n d t h e p r a c t i ce o f d i re c te d co m m i s s i o n s to re p re s e n t a t ive s o n t h e i nve s t m en t de a l er p l a t for m a n d en dors e a t r u e i n cor p or a t i on m o de l for adv isors, regardless of platform. Lastly, we invited the New SRO to mandate accreditation for continuing education programs through third party services We b elie ve that accreditat ion enhances standards of professionalism and consumer protection.
Advoc is Members at the Nor ther n Ontar io Education Summit
Th e ch a p te r s o f No r t h e r n
O n t a r i o co l l a b o r a te d f o r the return of their popular bian nual full day summit hosted in Sudbur y. T he agenda include d g u e s t s p e a ke r s Ja n e B l a u f u s , Angelo Parziale (Sun Life), and P h i l i p Pe t u r s s o n ( I G We a l t h ) .
Na t i o n a l s p e a k e r s J a m e s R y u , v i c e p r e s i d e n t o f a d v o c a c y a n d g e n e r a l co u n s e l , and Nick Colosimo, director of government relations, also shared t i m e ly u p d a te s on t i t l e pro te c t i on a n d w h a t t h a t m e a n s for a dv i s ors a n d planners, and they engaged in a Q&A w ith the audience.
We s h o u l d n’t b e s u r p r i s e d t h a t i t f e e l s somewhat bittersweet to be together again. While there is much to celebrate as we begin to attend events, experience life (somewhat) w ith fewer restr ic tions, and beg in to build new con nections with clients and colleagues a l i ke , t h e r e i s a l s o m u c h t o l o o k b a c k o n w i t h co n ce r n . As w i d e l y researched and reported on by every one f ro m Mc Ki n s e y to t h e Un i te d Nations, COVI D 19 has had a dis p r o p o r t i o n a t e i m p a c t o n w o m e n in the wor kplace and esp ecial ly on women of colour. The result of t h i s lost momentum and pro g ress for professional women w il l like ly require a great effort to rebuild from, and I am confident that Advocis will lead the way w ithin our industr y in addressing this.
But you must walk the walk It is wonderful that we are finally able to act upon many of the initiatives that have been waiting in the w ings for more than two years Personal con nections matter, and to have conver s a t i o n s a b o u t t h e f u t u re o f o u r industr y in a way that can start making a difference, we need to look each other in the eye and not through the lens of a webcam!
Thankfully, our annual Chapter Leadership Conference (Strategies for Success) was able to take place once again last June in S t John’s, N L , and I was greatly inspired to see the growing diversity of our membership and chapter leadership emerge to share and celebrate our continued success. The a t m o s p h e r e o f g r a t i t u d e a n d m u t u a l r e s p e c t a m o n g c o l l e a g u e s w h o h ave wo r ke d h a rd w i t h i n t h e i r c h a p te r s ( a n d b e t we e n t h e m ! ) s i n ce Ma rch 2 0 2 0 w a s c l e a r, a n d i t often felt like we were all picking up right where we left off Together, we made it look easy
We all know that it wasn’t.
We all know that the ease of that reconnection was facil itated by the hundreds of Zoom calls, webinars, virtual chapter
m e e t i n g s , a n d o n l i n e l e a d e r s h i p summits Initiatives at Strategies for Success, including the launch of The Adv i s o r Grow t h Jo u r n e y a n d t h e summit between Advocis CEO Greg Pollock and FP Canada CEO Tashia Batstone, felt natural and organic in t h e m o m e n t . I w a s p a r t i c u l a r l y intrigued by their discussion of dig ital transformation, and the role of the human connection in financial advice Bu t all of it was the tip of an iceberg built beneath the waves not only by national staff and member vo l u n te e r s , b u t by t h e p re s e r ve d co h e s i o n o f o u r m e m b e r s h i p a n d their continued participation in the industr y as a whole
This is equally true of the efforts behind recent Advocis events such as the Nor thern Ontario Education Su m m i t , t h e B u i l d i n g B l o c k s f o r Su cce s s co n f e re n ce i n Va n co uve r, a n d m a ny o t h e r Advo c i s n a t i o n a l and chapter events that are still yet to come in 2022. As life slowly con tinues returning toward greater nor m a l c y, t h e co n t i nu o u s wo r k t h a t goes into keeping Advocis intact will begin fading into a more predictable rhy thm, and we w ill star t to forget what an uphill climb it would have been to embrace this new normal without every thing we did along the way to prepare ourselves for it
Ultima tely, I know this is for the best We should move for ward, and that cannot happ en if we hang on too tig ht l y to the past That said, I hop e we w il l always rememb er t h a t C OV I D 1 9 w a s m o re t h a n a p a n d e m i c : It w a s a j o b O n e t h a t e x p a n d e d o u r e x i s t i n g p r o f e s s i o n a l r o l e s a n d a s ke d m a ny of u s a n d wom en i n p a r t i c u l a r to t a ke on labours of emotion, patience, and empathy not only for our clients, but for ou r friends, families, and communities as well
T h a n k f u l l y, t h i s i s wo r k t h a t f i n a n c i a l a dv i s o r s k n ow well.
JULIE MARTINI is vice president of strategic engagement of Advocis
You must walk the walk. It is wonderful that we are finally able to act upon many of the initiatives that have been waiting in the wings for more than two years.
B Y J U L I E M A RT I N I
2022 is back live and in-person! This year’s event will feature several sessions where we will discuss major reforms in the life and health sector, the work to rebuild the securities regulatory framework, how innovation impacts advice, and the new Title Protection framework in Ontario.
