The weekly bulletin informs members recent initiatives, campaigns and more, so check it consistently to stay up-to-date with ways to grow your business.
2nd Quarter Compliance Update 2020
The presentation file for last Wednesday’s 2nd Quarter Compliance Update is attached for your reference.
A more succinct compliance package has been devised to facilitate your business submissions and below is a summary on the requirements:
- All new business requires an Advisor Disclosure/Privacy Statement and a Reason Why Letter.
- Life insurance business requires a Financial Needs Analysis.
- Investment business requires a Know-Your-Client Form (valid for 2 years from date of signature) – upgraded to a fillable PDF form for your ease of use
- Additionally, investment loan business requires an approved Leverage Loan Review Worksheet.
Also attached are the updated forms for your use; they are also available on VirtGate and will be on the Intranet shortly. Existing forms can continue to be used until the end of July 2020.
Feel free to contact Stephen at (604) 279-0866 ext.114 should you have any question.
Virtual Client Events
Speaker Global Life & Wealth will be organizing three client events next month as follows:
12 Tactics Which Your Executor Should Learn & 11 to 13 Company Solutions Lawyer and CPA Need to Know
Time & Date: 1:55 pm, Saturday, July 4th
11 Ways of Property Tax Coding & 3 RRSP Mistakes 9 Solutions
Time & Date: 10:55 am, Thursday, July 16th
2 to 3 Tactics Which Your Executor Should Learn & 9 to 10 Company Solutions Lawyer and CPA Need to Know
Time & Date: 1:55 pm, Thursday, July 16th
Contact Theresa Lai at 604-278-0122 (ext. 105) or email@example.com for more details on how to participate and share the resource with your clients.
For Canada Life to process and accept non-face-to-face (“NF2F”) applications in good order, check out the guidelines attached CL NF2F Process Chart.
Some key points are highlighted below:
1. Verification of client ID – if the client is new, their ID must be verified and must be indicated on the Advisor’s Report “Client’s identification was verified through video conferencing.” Note if your application is for universal life, a new client must be identified using the Dual process (NPOI) method.
2. Send the NF2F form at the same time as the application – To minimize any confusion or delay with processing, always send the form at the same time the application is submitted.
3. If electronic signatures are being used, submit the electronic summary with the audit trail at the same time as the NF2F form.
4. Use one form per application – If clients want two single life policies, two NF2F forms are required.
Limited Time Offer: 15 Months for the Price of 12!
TuGo is offer clients 15 months of Multi Trip Annual Insurance for the price of 12.
Secure your customers’ future travel coverage at the best rates possible, now until September 30th, 2020.
This limited time offer applies to new sales, renewals and auto-renewals. Paired with the 3-month bonus noted above, your renewing customers could receive 6 bonus months on their Multi Trip Annual Insurance
Keep in mind:
- TuGo uses the traveller’s age at purchase date, so you may lock them in at a lower rate, if they have a birthday coming up.
- You may also lock in their Medical Questionnaire rate.
- The 15-month limited time offer is optional, and the 12-month plan is still available.
Contact Hélène Desjardins at 1-800-697-7520 ext. 3501 or firstname.lastname@example.org for more information.
IA Spring Fling Contest
Remember, there are only 1 week left to the Spring Fling, and all business counts towards the CPB and additional 20% bonus this year!
Additional 20% FYC Bonus Campaign for IA Business
Connection Campaign 2020 – Earn Extra 5% FYC Bonus on Your Business with Every New Connection
While the current situation gives you the opportunity to outshine your competitors and showcase to your clients your continuous support to their financial well-being, it is also the time to connect your external broker network and share with them the different resources you have from the Platform – marketing support, client events, unique trainings, exclusive campaigns, knowledgeable processing, etc., and get additional rewards for your connections!
Upcoming Virtual Trainings
Please note when you sign in to the virtual trainings, make sure you use your legal name so the organizer can recognize you and have applicable CE credits issued accordingly. If requested by the speaker, please type in your name and e-mail address in the chat box to have your attendance recorded properly.
Business Insurance Series Session 1: Portfolio Enhancement Tool — EQ Monica Zhang & Chris Thompson
11am, Friday, July 3rd
ACC (Advanced Case Consultant) Chris will introduce you to a new tool from Equitable Life called the Portfolio Enhancement Tool which designed to help you demonstrate the tax, wealth enhancement and transfer advantages of incorporating a life insurance asset into a client’s personal or corporate investment portfolio.
Click on the link below to join:
Join Microsoft Teams Meeting
News from the Insurance Council of British Columbia
Life License Qualification Program (LLQP) exams have now resumed in our Vancouver location. Exams follow strict physical distancing and other COVID-19 prevention measures.
ICBC is currently accepting new registrations for exams in our Vancouver location only. Exams in Surrey and in locations outside of Metro Vancouver continue to be suspended until further notice. Registrants whose exams were cancelled in the months of March to May 2020 will be given priority to schedule their exams.
For more information about how to register for an exam, please visit ICBC COVID-19 update page.
Jian Guo Han was disciplined for contravening the Insurance Council’s Rules requiring licensees to maintain errors and omissions (E&O) insurance and complete continuing education (CE). The licensee failed to maintain E&O insurance from February 2 to May 27, 2018 as well as complete the minimum CE credits required for three licensing years. The licensee was fined $2,000 for the E&O coverage breach and $3,000 for the CE breaches ($1,000 for each year). He was also required to complete the missing CE credits and the Council Rules Course.
Please note that our office will be closed on:
Wednesday, July 1st, 2020 (Canada day)
Monday, August 3rd, 2020 (BC day)
Normal operations will resume on:
Thursday, July 2nd, 2020
Tuesday, August 4th, 2020
“The WAY to connect people. The WAY to drive business.”
Way Financial Inc.
Tel: (1) 604 279 0866
Fax: (1) 604 278 0133
2nd Floor, 8171 Ackroyd Road
Richmond, BC V6X 3K1
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