“What our model is based on is that you can only ‘hold out’ that you can do things if you have been designated to do them — it’s just a clarification in the consumer’s mind,” Howard told Advisor.ca after the meeting. “Consumers receive their advice, not their products, from appropriately designated individuals.”
Along with defining advice with professional designations (and establishing the CLU and the CLU Institute as the insurance underwriting equivalent of the CFP and the Financial Planners Standards Council [FPSC]), Howard called for membership mobilization and political lobbying at all levels. “Make no mistake, it’s [the Ontario Securities Commission (OSC)] and [the Alberta Securities Commission] that’s driving the train, so we have to focus on them,” said Howard. “And we see the federal government as an opportunity because they don’t have an agenda yet, they’re actually looking for one through the MacKay commission.”
With four pieces of key legislation currently “in play,” including the Uniform Securities Act that calls for one national securities regulator, Howard told Advisor.ca that the time for Advocis to take action on its new initiative is now. “On the surface, [the Uniform Securities Act] is a good thing because it resolves some of the chaos that’s in the industry today, but it’s a precursor to having the investment-based [regulatory] model be the platform,” said Howard. “We can’t agree with that, because it doesn’t recognize the role of advice. We’ve been told that if we don’t act now we will be pre-empted by having the politicians already make up their minds to adopt this.”
Howard had a special word for advisors focusing strictly on insurance who think none of the proposed changes to the regulatory system affect them. “Insurance is not immune,” warned Howard, pointing to the pending merger of the OSC — the most active regulatory body in Canada and biggest proponent of the “investment-centric” regulatory model — and FSCO.
“Dominated by the OSC, FSCO is merging with the OSC, and who is going to be the big dog in that one?” asked Howard. “So anybody who says, ‘I’m insurance only and all that securities stuff doesn’t affect me,’ you’re on the wrong page — it’s going to affect you.”
In its drive to reposition the regulatory model and “embed professionalism,” Advocis is also hoping to instill relevance in the advisor’s mind for the association itself. Howard forecasted a rise to 26,000 members over five years from its current roster of 16,000 advisors.
According to Howard, Advocis has already won simply by starting the ball rolling on its bold new initiative. “Just engaging in the strategy is a win for this association because we’re seen to be addressing the problems that the industry as a whole has faced,” said Howard. “That we’ll win the fight is a bonus.”
What do you think about Advocis’s plan for your industry? Are they on the right track or have they veered off along the way? Share your thoughts in the the Talvest Town Hall on Advisor.ca.
“What our model is based on is that you can only ‘hold out’ that you can do things if you have been designated to do them — it’s just a clarification in the consumer’s mind,” Howard told Advisor.ca after the meeting. “Consumers receive their advice, not their products, from appropriately designated individuals.”
Along with defining advice with professional designations (and establishing the CLU and the CLU Institute as the insurance underwriting equivalent of the CFP and the Financial Planners Standards Council [FPSC]), Howard called for membership mobilization and political lobbying at all levels. “Make no mistake, it’s [the Ontario Securities Commission (OSC)] and [the Alberta Securities Commission] that’s driving the train, so we have to focus on them,” said Howard. “And we see the federal government as an opportunity because they don’t have an agenda yet, they’re actually looking for one through the MacKay commission.”
With four pieces of key legislation currently “in play,” including the Uniform Securities Act that calls for one national securities regulator, Howard told Advisor.ca that the time for Advocis to take action on its new initiative is now. “On the surface, [the Uniform Securities Act] is a good thing because it resolves some of the chaos that’s in the industry today, but it’s a precursor to having the investment-based [regulatory] model be the platform,” said Howard. “We can’t agree with that, because it doesn’t recognize the role of advice. We’ve been told that if we don’t act now we will be pre-empted by having the politicians already make up their minds to adopt this.”
Howard had a special word for advisors focusing strictly on insurance who think none of the proposed changes to the regulatory system affect them. “Insurance is not immune,” warned Howard, pointing to the pending merger of the OSC — the most active regulatory body in Canada and biggest proponent of the “investment-centric” regulatory model — and FSCO.
“Dominated by the OSC, FSCO is merging with the OSC, and who is going to be the big dog in that one?” asked Howard. “So anybody who says, ‘I’m insurance only and all that securities stuff doesn’t affect me,’ you’re on the wrong page — it’s going to affect you.”
In its drive to reposition the regulatory model and “embed professionalism,” Advocis is also hoping to instill relevance in the advisor’s mind for the association itself. Howard forecasted a rise to 26,000 members over five years from its current roster of 16,000 advisors.
According to Howard, Advocis has already won simply by starting the ball rolling on its bold new initiative. “Just engaging in the strategy is a win for this association because we’re seen to be addressing the problems that the industry as a whole has faced,” said Howard. “That we’ll win the fight is a bonus.”
What do you think about Advocis’s plan for your industry? Are they on the right track or have they veered off along the way? Share your thoughts in the the Talvest Town Hall on Advisor.ca.
“What our model is based on is that you can only ‘hold out’ that you can do things if you have been designated to do them — it’s just a clarification in the consumer’s mind,” Howard told Advisor.ca after the meeting. “Consumers receive their advice, not their products, from appropriately designated individuals.”
Along with defining advice with professional designations (and establishing the CLU and the CLU Institute as the insurance underwriting equivalent of the CFP and the Financial Planners Standards Council [FPSC]), Howard called for membership mobilization and political lobbying at all levels. “Make no mistake, it’s [the Ontario Securities Commission (OSC)] and [the Alberta Securities Commission] that’s driving the train, so we have to focus on them,” said Howard. “And we see the federal government as an opportunity because they don’t have an agenda yet, they’re actually looking for one through the MacKay commission.”
With four pieces of key legislation currently “in play,” including the Uniform Securities Act that calls for one national securities regulator, Howard told Advisor.ca that the time for Advocis to take action on its new initiative is now. “On the surface, [the Uniform Securities Act] is a good thing because it resolves some of the chaos that’s in the industry today, but it’s a precursor to having the investment-based [regulatory] model be the platform,” said Howard. “We can’t agree with that, because it doesn’t recognize the role of advice. We’ve been told that if we don’t act now we will be pre-empted by having the politicians already make up their minds to adopt this.”
Howard had a special word for advisors focusing strictly on insurance who think none of the proposed changes to the regulatory system affect them. “Insurance is not immune,” warned Howard, pointing to the pending merger of the OSC — the most active regulatory body in Canada and biggest proponent of the “investment-centric” regulatory model — and FSCO.
“Dominated by the OSC, FSCO is merging with the OSC, and who is going to be the big dog in that one?” asked Howard. “So anybody who says, ‘I’m insurance only and all that securities stuff doesn’t affect me,’ you’re on the wrong page — it’s going to affect you.”
In its drive to reposition the regulatory model and “embed professionalism,” Advocis is also hoping to instill relevance in the advisor’s mind for the association itself. Howard forecasted a rise to 26,000 members over five years from its current roster of 16,000 advisors.
According to Howard, Advocis has already won simply by starting the ball rolling on its bold new initiative. “Just engaging in the strategy is a win for this association because we’re seen to be addressing the problems that the industry as a whole has faced,” said Howard. “That we’ll win the fight is a bonus.”
What do you think about Advocis’s plan for your industry? Are they on the right track or have they veered off along the way? Share your thoughts in the the Talvest Town Hall on Advisor.ca.
“What our model is based on is that you can only ‘hold out’ that you can do things if you have been designated to do them — it’s just a clarification in the consumer’s mind,” Howard told Advisor.ca after the meeting. “Consumers receive their advice, not their products, from appropriately designated individuals.”
Along with defining advice with professional designations (and establishing the CLU and the CLU Institute as the insurance underwriting equivalent of the CFP and the Financial Planners Standards Council [FPSC]), Howard called for membership mobilization and political lobbying at all levels. “Make no mistake, it’s [the Ontario Securities Commission (OSC)] and [the Alberta Securities Commission] that’s driving the train, so we have to focus on them,” said Howard. “And we see the federal government as an opportunity because they don’t have an agenda yet, they’re actually looking for one through the MacKay commission.”
With four pieces of key legislation currently “in play,” including the Uniform Securities Act that calls for one national securities regulator, Howard told Advisor.ca that the time for Advocis to take action on its new initiative is now. “On the surface, [the Uniform Securities Act] is a good thing because it resolves some of the chaos that’s in the industry today, but it’s a precursor to having the investment-based [regulatory] model be the platform,” said Howard. “We can’t agree with that, because it doesn’t recognize the role of advice. We’ve been told that if we don’t act now we will be pre-empted by having the politicians already make up their minds to adopt this.”
Howard had a special word for advisors focusing strictly on insurance who think none of the proposed changes to the regulatory system affect them. “Insurance is not immune,” warned Howard, pointing to the pending merger of the OSC — the most active regulatory body in Canada and biggest proponent of the “investment-centric” regulatory model — and FSCO.
“Dominated by the OSC, FSCO is merging with the OSC, and who is going to be the big dog in that one?” asked Howard. “So anybody who says, ‘I’m insurance only and all that securities stuff doesn’t affect me,’ you’re on the wrong page — it’s going to affect you.”
In its drive to reposition the regulatory model and “embed professionalism,” Advocis is also hoping to instill relevance in the advisor’s mind for the association itself. Howard forecasted a rise to 26,000 members over five years from its current roster of 16,000 advisors.
According to Howard, Advocis has already won simply by starting the ball rolling on its bold new initiative. “Just engaging in the strategy is a win for this association because we’re seen to be addressing the problems that the industry as a whole has faced,” said Howard. “That we’ll win the fight is a bonus.”
What do you think about Advocis’s plan for your industry? Are they on the right track or have they veered off along the way? Share your thoughts in the the Talvest Town Hall on Advisor.ca.
“What our model is based on is that you can only ‘hold out’ that you can do things if you have been designated to do them — it’s just a clarification in the consumer’s mind,” Howard told Advisor.ca after the meeting. “Consumers receive their advice, not their products, from appropriately designated individuals.”
Along with defining advice with professional designations (and establishing the CLU and the CLU Institute as the insurance underwriting equivalent of the CFP and the Financial Planners Standards Council [FPSC]), Howard called for membership mobilization and political lobbying at all levels. “Make no mistake, it’s [the Ontario Securities Commission (OSC)] and [the Alberta Securities Commission] that’s driving the train, so we have to focus on them,” said Howard. “And we see the federal government as an opportunity because they don’t have an agenda yet, they’re actually looking for one through the MacKay commission.”
With four pieces of key legislation currently “in play,” including the Uniform Securities Act that calls for one national securities regulator, Howard told Advisor.ca that the time for Advocis to take action on its new initiative is now. “On the surface, [the Uniform Securities Act] is a good thing because it resolves some of the chaos that’s in the industry today, but it’s a precursor to having the investment-based [regulatory] model be the platform,” said Howard. “We can’t agree with that, because it doesn’t recognize the role of advice. We’ve been told that if we don’t act now we will be pre-empted by having the politicians already make up their minds to adopt this.”
Howard had a special word for advisors focusing strictly on insurance who think none of the proposed changes to the regulatory system affect them. “Insurance is not immune,” warned Howard, pointing to the pending merger of the OSC — the most active regulatory body in Canada and biggest proponent of the “investment-centric” regulatory model — and FSCO.
“Dominated by the OSC, FSCO is merging with the OSC, and who is going to be the big dog in that one?” asked Howard. “So anybody who says, ‘I’m insurance only and all that securities stuff doesn’t affect me,’ you’re on the wrong page — it’s going to affect you.”
In its drive to reposition the regulatory model and “embed professionalism,” Advocis is also hoping to instill relevance in the advisor’s mind for the association itself. Howard forecasted a rise to 26,000 members over five years from its current roster of 16,000 advisors.
According to Howard, Advocis has already won simply by starting the ball rolling on its bold new initiative. “Just engaging in the strategy is a win for this association because we’re seen to be addressing the problems that the industry as a whole has faced,” said Howard. “That we’ll win the fight is a bonus.”
What do you think about Advocis’s plan for your industry? Are they on the right track or have they veered off along the way? Share your thoughts in the the Talvest Town Hall on Advisor.ca.
“What our model is based on is that you can only ‘hold out’ that you can do things if you have been designated to do them — it’s just a clarification in the consumer’s mind,” Howard told Advisor.ca after the meeting. “Consumers receive their advice, not their products, from appropriately designated individuals.”
Along with defining advice with professional designations (and establishing the CLU and the CLU Institute as the insurance underwriting equivalent of the CFP and the Financial Planners Standards Council [FPSC]), Howard called for membership mobilization and political lobbying at all levels. “Make no mistake, it’s [the Ontario Securities Commission (OSC)] and [the Alberta Securities Commission] that’s driving the train, so we have to focus on them,” said Howard. “And we see the federal government as an opportunity because they don’t have an agenda yet, they’re actually looking for one through the MacKay commission.”
With four pieces of key legislation currently “in play,” including the Uniform Securities Act that calls for one national securities regulator, Howard told Advisor.ca that the time for Advocis to take action on its new initiative is now. “On the surface, [the Uniform Securities Act] is a good thing because it resolves some of the chaos that’s in the industry today, but it’s a precursor to having the investment-based [regulatory] model be the platform,” said Howard. “We can’t agree with that, because it doesn’t recognize the role of advice. We’ve been told that if we don’t act now we will be pre-empted by having the politicians already make up their minds to adopt this.”
Howard had a special word for advisors focusing strictly on insurance who think none of the proposed changes to the regulatory system affect them. “Insurance is not immune,” warned Howard, pointing to the pending merger of the OSC — the most active regulatory body in Canada and biggest proponent of the “investment-centric” regulatory model — and FSCO.
“Dominated by the OSC, FSCO is merging with the OSC, and who is going to be the big dog in that one?” asked Howard. “So anybody who says, ‘I’m insurance only and all that securities stuff doesn’t affect me,’ you’re on the wrong page — it’s going to affect you.”
In its drive to reposition the regulatory model and “embed professionalism,” Advocis is also hoping to instill relevance in the advisor’s mind for the association itself. Howard forecasted a rise to 26,000 members over five years from its current roster of 16,000 advisors.
According to Howard, Advocis has already won simply by starting the ball rolling on its bold new initiative. “Just engaging in the strategy is a win for this association because we’re seen to be addressing the problems that the industry as a whole has faced,” said Howard. “That we’ll win the fight is a bonus.”
What do you think about Advocis’s plan for your industry? Are they on the right track or have they veered off along the way? Share your thoughts in the the Talvest Town Hall on Advisor.ca.
(June 16, 2003) Advocis president and CEO Steve Howard outlined the aggressive plan his association has drawn up to fight “predatory regulation,” industry fragmentation and consumer confusion.
“Basically, we’re asking the regulators for the first time to recognize the role of associations and the designations that they offer,” Howard told a roomful of Advocis members attending the association’s first annual general meeting last Friday afternoon in St. John’s, Newfoundland. “We want those designations as a holding-out requirement for advice giving.”
Reminding his audience of how “well connected” some association members are, Howard said Advocis has the “political will and the political might” to shift the current transaction-based regulatory model to an advice-based model by getting appropriate designations embedded as the requirement to hold out as an advice giver.
To effect this change, Advocis must define “advice” and the “embodiment of that advice.” In the association’s eyes, there are four aspects of advice: insurance, financial planning, discretionary investments and portfolio management. Advocis would like to see the following designations formally associated with each aspect:
“What our model is based on is that you can only ‘hold out’ that you can do things if you have been designated to do them — it’s just a clarification in the consumer’s mind,” Howard told Advisor.ca after the meeting. “Consumers receive their advice, not their products, from appropriately designated individuals.”
Along with defining advice with professional designations (and establishing the CLU and the CLU Institute as the insurance underwriting equivalent of the CFP and the Financial Planners Standards Council [FPSC]), Howard called for membership mobilization and political lobbying at all levels. “Make no mistake, it’s [the Ontario Securities Commission (OSC)] and [the Alberta Securities Commission] that’s driving the train, so we have to focus on them,” said Howard. “And we see the federal government as an opportunity because they don’t have an agenda yet, they’re actually looking for one through the MacKay commission.”
With four pieces of key legislation currently “in play,” including the Uniform Securities Act that calls for one national securities regulator, Howard told Advisor.ca that the time for Advocis to take action on its new initiative is now. “On the surface, [the Uniform Securities Act] is a good thing because it resolves some of the chaos that’s in the industry today, but it’s a precursor to having the investment-based [regulatory] model be the platform,” said Howard. “We can’t agree with that, because it doesn’t recognize the role of advice. We’ve been told that if we don’t act now we will be pre-empted by having the politicians already make up their minds to adopt this.”
Howard had a special word for advisors focusing strictly on insurance who think none of the proposed changes to the regulatory system affect them. “Insurance is not immune,” warned Howard, pointing to the pending merger of the OSC — the most active regulatory body in Canada and biggest proponent of the “investment-centric” regulatory model — and FSCO.
“Dominated by the OSC, FSCO is merging with the OSC, and who is going to be the big dog in that one?” asked Howard. “So anybody who says, ‘I’m insurance only and all that securities stuff doesn’t affect me,’ you’re on the wrong page — it’s going to affect you.”
In its drive to reposition the regulatory model and “embed professionalism,” Advocis is also hoping to instill relevance in the advisor’s mind for the association itself. Howard forecasted a rise to 26,000 members over five years from its current roster of 16,000 advisors.
According to Howard, Advocis has already won simply by starting the ball rolling on its bold new initiative. “Just engaging in the strategy is a win for this association because we’re seen to be addressing the problems that the industry as a whole has faced,” said Howard. “That we’ll win the fight is a bonus.”
What do you think about Advocis’s plan for your industry? Are they on the right track or have they veered off along the way? Share your thoughts in the the Talvest Town Hall on Advisor.ca.
(June 16, 2003) Advocis president and CEO Steve Howard outlined the aggressive plan his association has drawn up to fight “predatory regulation,” industry fragmentation and consumer confusion.
“Basically, we’re asking the regulators for the first time to recognize the role of associations and the designations that they offer,” Howard told a roomful of Advocis members attending the association’s first annual general meeting last Friday afternoon in St. John’s, Newfoundland. “We want those designations as a holding-out requirement for advice giving.”
Reminding his audience of how “well connected” some association members are, Howard said Advocis has the “political will and the political might” to shift the current transaction-based regulatory model to an advice-based model by getting appropriate designations embedded as the requirement to hold out as an advice giver.
To effect this change, Advocis must define “advice” and the “embodiment of that advice.” In the association’s eyes, there are four aspects of advice: insurance, financial planning, discretionary investments and portfolio management. Advocis would like to see the following designations formally associated with each aspect:
“What our model is based on is that you can only ‘hold out’ that you can do things if you have been designated to do them — it’s just a clarification in the consumer’s mind,” Howard told Advisor.ca after the meeting. “Consumers receive their advice, not their products, from appropriately designated individuals.”
Along with defining advice with professional designations (and establishing the CLU and the CLU Institute as the insurance underwriting equivalent of the CFP and the Financial Planners Standards Council [FPSC]), Howard called for membership mobilization and political lobbying at all levels. “Make no mistake, it’s [the Ontario Securities Commission (OSC)] and [the Alberta Securities Commission] that’s driving the train, so we have to focus on them,” said Howard. “And we see the federal government as an opportunity because they don’t have an agenda yet, they’re actually looking for one through the MacKay commission.”
With four pieces of key legislation currently “in play,” including the Uniform Securities Act that calls for one national securities regulator, Howard told Advisor.ca that the time for Advocis to take action on its new initiative is now. “On the surface, [the Uniform Securities Act] is a good thing because it resolves some of the chaos that’s in the industry today, but it’s a precursor to having the investment-based [regulatory] model be the platform,” said Howard. “We can’t agree with that, because it doesn’t recognize the role of advice. We’ve been told that if we don’t act now we will be pre-empted by having the politicians already make up their minds to adopt this.”
Howard had a special word for advisors focusing strictly on insurance who think none of the proposed changes to the regulatory system affect them. “Insurance is not immune,” warned Howard, pointing to the pending merger of the OSC — the most active regulatory body in Canada and biggest proponent of the “investment-centric” regulatory model — and FSCO.
“Dominated by the OSC, FSCO is merging with the OSC, and who is going to be the big dog in that one?” asked Howard. “So anybody who says, ‘I’m insurance only and all that securities stuff doesn’t affect me,’ you’re on the wrong page — it’s going to affect you.”
In its drive to reposition the regulatory model and “embed professionalism,” Advocis is also hoping to instill relevance in the advisor’s mind for the association itself. Howard forecasted a rise to 26,000 members over five years from its current roster of 16,000 advisors.
According to Howard, Advocis has already won simply by starting the ball rolling on its bold new initiative. “Just engaging in the strategy is a win for this association because we’re seen to be addressing the problems that the industry as a whole has faced,” said Howard. “That we’ll win the fight is a bonus.”
What do you think about Advocis’s plan for your industry? Are they on the right track or have they veered off along the way? Share your thoughts in the the Talvest Town Hall on Advisor.ca.
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