News and resources for Canada's top financial advisors
Howard says the banks have, and will continue to, lobby intensely on this issue. “So we will have our members across the country talk to their members of parliament about this issue and we’ll keep our perspective and we’ll keep re-iterating what Canadians have said to us, that they have serious concerns about privacy. We’re going to keep this issue upfront until it finally moves to its fruition.”
McMillan and Howard also provided an update on the association’s financial and membership status. Advocis now has working capital for the first time in 15 years, McMillan said, and has a strong balance sheet, turning its finances around last year to the tune of $1 million.
Advocis also has a substantial $2.5 million war chest as a result of the century initiative, created in 2004 to raise capital for the association. It’s hoped the program will eventually raise $5 million.
However, things aren’t so rosy with regards to membership. At the end of 2005, Advocis had 11,437, a slight decline from the previous year. Howard says Advocis, and other similar associations are “membership challenged” and the decreases are a “very real concern.”
“We are sitting on a demographic bubble and some of our senior members are moving out of the industry.”
Advocis boosted membership fees last year in an effort to expand its advocacy efforts. Howard concedes the increase contributed to the drop in members, but primarily with respect to non-designated advisors, which the association expected. “And it actually contributed less than we anticipated when we set our budget.”
In 2006, the association hopes to attract new members through a number of initiatives, such as the advisor career centre, an attempt to attract fresh blood into an aging industry. Howard says he’s optimistic that membership will be back at the 12,000 level by year’s end.
Howard also confirmed rumours that Advocis will no longer hold a national conference, but will instead schedule its annual general meetings in conjunction with one of the four Advocis educational “schools” across the country, starting with Banff in 2007.
About 1,000 advisors are attending Advocis’ 100th annual conference, which wraps up on Saturday.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(06/15/06)
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Advocis says it’s pleased that Ottawa has stayed the course on the thorny issue of whether banks should be given more flexibility to provide information, and ultimately sell, life insurance in branches. But the president of the country’s largest association of financial advisors cautions there’s still more work to be done.
On Wednesday, federal Finance Minister Jim Flaherty released a long-awaited white paper, outlining proposed changes to the Bank Act. The paper made no mention of the big banks’ requests to provide information on life insurance in branches and allow employees to refer bank customers to insurance agents.
“It’s a clear signal that we are on the right side of this issue and that the concerns about privacy and consumer interests are interpreted the same way by the government as we have seen them,” said Advocis president Steve Howard at the association’s annual conference in Victoria.
“Things are unfolding as they should, but to use a hockey analogy, it’s not the end of the game. We know the banking community is very active and very intense on this issue so as they say, it’s not over until it’s over.”
“We all know that what the banks are calling for is more access to personal information to market more of their products,” added Advocis incoming chair Roger McMillan. “They swear it won’t happen, but who really believes they won’t leverage their banking relationships to sell life and health insurance?”
Howard says the banks have, and will continue to, lobby intensely on this issue. “So we will have our members across the country talk to their members of parliament about this issue and we’ll keep our perspective and we’ll keep re-iterating what Canadians have said to us, that they have serious concerns about privacy. We’re going to keep this issue upfront until it finally moves to its fruition.”
McMillan and Howard also provided an update on the association’s financial and membership status. Advocis now has working capital for the first time in 15 years, McMillan said, and has a strong balance sheet, turning its finances around last year to the tune of $1 million.
Advocis also has a substantial $2.5 million war chest as a result of the century initiative, created in 2004 to raise capital for the association. It’s hoped the program will eventually raise $5 million.
However, things aren’t so rosy with regards to membership. At the end of 2005, Advocis had 11,437, a slight decline from the previous year. Howard says Advocis, and other similar associations are “membership challenged” and the decreases are a “very real concern.”
“We are sitting on a demographic bubble and some of our senior members are moving out of the industry.”
Advocis boosted membership fees last year in an effort to expand its advocacy efforts. Howard concedes the increase contributed to the drop in members, but primarily with respect to non-designated advisors, which the association expected. “And it actually contributed less than we anticipated when we set our budget.”
In 2006, the association hopes to attract new members through a number of initiatives, such as the advisor career centre, an attempt to attract fresh blood into an aging industry. Howard says he’s optimistic that membership will be back at the 12,000 level by year’s end.
Howard also confirmed rumours that Advocis will no longer hold a national conference, but will instead schedule its annual general meetings in conjunction with one of the four Advocis educational “schools” across the country, starting with Banff in 2007.
About 1,000 advisors are attending Advocis’ 100th annual conference, which wraps up on Saturday.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(06/15/06)
|
Advocis says it’s pleased that Ottawa has stayed the course on the thorny issue of whether banks should be given more flexibility to provide information, and ultimately sell, life insurance in branches. But the president of the country’s largest association of financial advisors cautions there’s still more work to be done.
On Wednesday, federal Finance Minister Jim Flaherty released a long-awaited white paper, outlining proposed changes to the Bank Act. The paper made no mention of the big banks’ requests to provide information on life insurance in branches and allow employees to refer bank customers to insurance agents.
“It’s a clear signal that we are on the right side of this issue and that the concerns about privacy and consumer interests are interpreted the same way by the government as we have seen them,” said Advocis president Steve Howard at the association’s annual conference in Victoria.
“Things are unfolding as they should, but to use a hockey analogy, it’s not the end of the game. We know the banking community is very active and very intense on this issue so as they say, it’s not over until it’s over.”
“We all know that what the banks are calling for is more access to personal information to market more of their products,” added Advocis incoming chair Roger McMillan. “They swear it won’t happen, but who really believes they won’t leverage their banking relationships to sell life and health insurance?”
Howard says the banks have, and will continue to, lobby intensely on this issue. “So we will have our members across the country talk to their members of parliament about this issue and we’ll keep our perspective and we’ll keep re-iterating what Canadians have said to us, that they have serious concerns about privacy. We’re going to keep this issue upfront until it finally moves to its fruition.”
McMillan and Howard also provided an update on the association’s financial and membership status. Advocis now has working capital for the first time in 15 years, McMillan said, and has a strong balance sheet, turning its finances around last year to the tune of $1 million.
Advocis also has a substantial $2.5 million war chest as a result of the century initiative, created in 2004 to raise capital for the association. It’s hoped the program will eventually raise $5 million.
However, things aren’t so rosy with regards to membership. At the end of 2005, Advocis had 11,437, a slight decline from the previous year. Howard says Advocis, and other similar associations are “membership challenged” and the decreases are a “very real concern.”
“We are sitting on a demographic bubble and some of our senior members are moving out of the industry.”
Advocis boosted membership fees last year in an effort to expand its advocacy efforts. Howard concedes the increase contributed to the drop in members, but primarily with respect to non-designated advisors, which the association expected. “And it actually contributed less than we anticipated when we set our budget.”
In 2006, the association hopes to attract new members through a number of initiatives, such as the advisor career centre, an attempt to attract fresh blood into an aging industry. Howard says he’s optimistic that membership will be back at the 12,000 level by year’s end.
Howard also confirmed rumours that Advocis will no longer hold a national conference, but will instead schedule its annual general meetings in conjunction with one of the four Advocis educational “schools” across the country, starting with Banff in 2007.
About 1,000 advisors are attending Advocis’ 100th annual conference, which wraps up on Saturday.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(06/15/06)
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