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2011 COMPANY

CAREER GUIDE
With the labour crunch looming, many young advisors will be hitting the industry over the next decade. In fact, studies indicate that Generation Y will make up roughly half of the worlds workforce. Our annual career guide is designed to assist new advisors coming into the business as well as experienced advisors who may be looking for a change
Compiled by Kristin Doucet

1. Product Lines and Services


Assante Wealth Management
Investment products including mutual funds, segregated funds, managed money, private client investment council solutions, stocks and bonds and cash management A broad range of wealth planning resources to deliver customized solutions for individual needs Insurance solutions including tax shelters, income protection, insured annuities, GICs and more Cash management solutions including lines of credit, RRSP loans and bank accounts Mortgage referral service through Invis Discount brokerage service through Qtrade Investor Wide range of insurance products including home, auto, life, travel, group, commercial and farm, as well as investment products Customized financial planning for private business owners Range of insurance and investment products Life, disability, health, critical illness and long-term care insurance Mutual funds and segregated funds Annuities, principal protected notes and labour sponsored funds Investment, insurance and mortgage services including both DundeeWealth proprietary products and third-party managed investment and wealth management products and services Full-service managing general agent Life and critical illness insurance, guaranteed savings annuities, segregated funds, single premium annuities Long-term care and disability insurance, and RESPs and mutual funds are available through third-party providers

The Co-operators

Creative Planning Financial Group Desjardins Financial Security


(independent network)

DundeeWealth Inc.

FaithLife Financial

14

FORUM

MAY 2011

Freedom 55/ London Life

Proprietary insurance, investment and mortgage products, as well as products from other insurers Wide array of product solutions from life, disability and critical illness insurance to segregated funds, RRSPs and guaranteed products Access to Solution Banking products through National Bank Through its mutual fund dealer, Quadrus Investment Services Ltd., mutual fund registered advisors have access to mutual funds within Freedom 55s exclusive Quadrus group of funds family Group retirement and savings plans, and group benefit plans for large and small employers A wide range of investment, retirement savings and income plans as well as life, disability, critical illness and health insurance for individuals and families For large and small businesses and organizations, benefit plan solutions are available featuring options such as life, health care, dental care, wellness and disability, international benefits plans, plus online services Group retirement and savings plans Financial planning, mutual funds and a wide range of other investment products and financial services Life, disability, and critical illness insurance Securities, mortgage and banking products All product lines including life insurance and living benefits, wealth management, mutual funds, group life and heath, group benefits, group pensions, affinity markets and Manulife Bank products Universal, permanent, term life, critical illness, long-term care and personal health insurance Travel insurance Segregated funds and payout annuities Universal, permanent, term life, critical Illness, long-term care and personal health insurance Mutual funds, segregated funds, RESPs, RRSPs, RRIFs, GICs, group RRSPs and pension plans Products and services for groups available through employee benefits group and group retirement services Wide range of investment products, cash management solutions, private client program, as well as independent institutional and proprietary research Full range of products including mutual funds, segregated funds, GICs, insurance products, portfolio solutions, and fee-based accounts and private client service Full range of account types RRSP, RDSP, RESP, RRIF and TFSA as well as nominee accounts

Great-West Life

Investors Group

Manulife Financial
(independent advisor channel)

RBC Insurance
(career sales division)

Sun Life Financial

Worldsource Wealth Management

2. Number of Advisors
Assante Wealth Management The Co-operators Creative Planning Financial Group Desjardins Financial Security
(independent network)

800

Freedom 55/ London Life Great-West Life

Over 3,300 financial security advisors, including 351 wealth and estate planning group advisors and associate advisors Over 1,600 independent Gold Key advisors and over 15,000 brokers and inter-corporate representatives 4,686 4,100 300 Over 3,000 career advisors, 200 associate advisors and 40 long-term care insurance specialists Over 600

483 7 partners and 25 associate advisors

Investors Group
Desjardins Financial Security Investments (DFSI) 185 Desjardins Financial Security Independent Network (DFSIN) 1500 1,000 40 full-time, 18 part-time and 66 brokers

Manulife Financial
(independent advisor channel)

RBC Insurance
(career sales division)

Sun Life Financial DundeeWealth Inc. FaithLife Financial

Worldsource Wealth Management

MAY 2011

FORUM

15

CAREER GUIDE

3. Types of Advisor Affiliations


Assante Wealth Management The Co-operators Creative Planning Financial Group Desjardins Financial Security
(independent network)

Principal-agent model Independent contractor advisors MGA principals and independent contractor advisors DFSI independent MFDA advisors; DFSIN split between contracted associate advisors and non-contracted independent advisors Independent contractor advisors Independent contractor advisors and brokers

Freedom 55/ London Life Great-West Life Investors Group Manulife Financial
(independent advisor channel)

Independent contractor advisors Independent contractor advisors Independent contractor advisors Independent contactor advisors Employees Independent contractor advisors Independent contractor advisors

RBC Insurance
(career sales division)

DundeeWealth Inc.

Sun Life Financial Worldsource Wealth Management

FaithLife Financial

4. Key Traits of New Recuits


Assante Wealth Management
Professional, motivated, client-oriented advisors who have a passion for helping clients achieve financial independence through a proactive, comprehensive and integrated approach to managing their wealth Both securities-licensed (or mutual fund only) and insurance-licensed strongly preferred Advisors must be working toward, or have already attained, the CFP or other respected investment or financial planning designations Self-managers Ability to access a natural market Financial stability Capacity to build a multi-line business Strong relationship management skills Integrity Visible ties to the community Dedicated to personal and professional development

The Co-operators

Creative Planning Financial Group

Entrepreneurial Experienced with good track record (MDRT level or shows promise of reaching MDRT)

Focused on high-net-worth small business owners and professionals Must fit with Creative Planning values and culture Willingness to grow, collaborate and learn Integrity Industry accreditations Willingness to invest in themselves Ethical Natural market to leverage

Desjardins Financial Security


(independent network)

Entrepreneurial Self-driven Passion for the client Strategic Professional

DundeeWealth Inc.

Well-established practice combined with an ambition for continued growth Financial planning approach that includes securities, mutual funds, insurance products, and/or mortgage and banking services Entrepreneurial Drive to succeed Business acumen Service focus

Good compliance record Client-centric approach with a commitment to a high standard of client service and a focus on enhancing the client experience Certain minimum asset and gross production thresholds Strong communication and relationship-building skills Commitment to Christian outreach/desire to make a difference.

FaithLife Financial

16

FORUM

MAY 2011

Freedom 55/ London Life

High-potential recruits with business or management experience Strong work ethic/drive to succeed Knowledge of financial services and ownership of industry products

Strong interpersonal and networking skills Entrepreneurial Trainable, willing and able to learn about complex topics Motivated by continuous learning, positive impact on their community and a work/family balance

Great-West Life

The ideal advisor has at least five years experience in the insurance/investment industry, and $100,000 in insurance sales premiums and $10 million in assets under administration Ability to impact and influence people in a positive way Achievement-orientated Self-manager Relationship-building skills Integrity Self-confidence Analytical thinking Financial stability Focused on learning and personal growth Ability to network effectively

Investors Group

Manulife Financial
(independent advisor channel)

Independent Entrepreneurial Ethical Entrepreneurial Goal-oriented Self-motivated Post-secondary education Excellent communication and interpersonal skills Ability to work independently with minimum supervision

Financial planning focus Competency Coachable Involvement in social and community activities Ability to develop, build and maintain client relationships Natural market to leverage Belief in products Satisfaction from helping others

RBC Insurance
(career sales division)

Sun Life Financial

Entrepreneurial Driven/goal-oriented Professional Community involvement Proven track record of past performance

People who either are currently employed, looking for a change, or those who have reached their full potential and are looking for more Focus on four key markets to attract new advisors: mid-life career changers; women; new graduates or career starters; and Ethno-Canadians

Worldsource Wealth Management

Entrepreneurial Desire to promote and retain their own brand

5. How Advisors Get Paid


Assante Wealth Management The Co-operators Creative Planning Financial Group Desjardins Financial Security
(independent network)

Commission and trailer fees. Advisors also have access to an advisor-paid group benefit plan that includes dental, medical, drug, disability insurance and family coverage Commission, incentives and bonuses Commission

Commission and trailer fees

MAY 2011

FORUM

17

CAREER GUIDE
DundeeWealth Inc.

5. How Advisors Get Paid continued

Commission. There are also incentive programs, and top advisors can earn entry into the Chairmans and Presidents Club, which includes a conference Commission and bonuses Commission. Additional compensation can include productivity bonuses, marketing and development allowance, etc. Commission. Additional compensation can include productivity bonuses, marketing allowance, etc. Commission, bonuses, near-cash compensation such as practice credits, education credits, and deferred compensation driven by performance and assets, as well as business support. In addition to an insurance bonus premium, advisors can receive a premium commission of up to $75,000 over their first three years that enhances earnings during their development period. New advisors also receive an appointment bonus of $2,000 when successfully licensed by Investors Group. To help new advisors establish themselves, Investors Group offers (on a selective basis) a financing program that allows new advisors to draw against future earnings. Advisors can also participate in benefit programs, such as those for life insurance, disability insurance, health, dental, vision care insurance, professional liability, and home and auto insurance. Mortgage discounts and a matching share ownership plan and investment plan are also available

FaithLife Financial Freedom 55/ London Life Great-West Life Investors Group

Manulife Financial
(independent advisor channel)

Commission plus override

RBC Insurance
(career sales division)

Commission, production bonuses, renewal commissions and service bonuses. RBC also offers financial assistance during the initial three-month training period, and has a flexible benefit plan that includes group life, living benefits, a health and dental plan. The company offers a pension plan, and an employee savings and share ownership plan with company-matched contributions Commission Commission

Sun Life Financial Worldsource Wealth Management

6. Training Programs
Assante Wealth Management
While Assante provides training, the advisors the company hires tend to be established advisors and therefore the training is mainly on its systems and processes rather than on sales. If an Assante advisor recruits an advisor with little or no prior experience, the company will provide system and process training; however, any sales training would be provided by the hiring advisor. The Co-operators provides extensive learning for both new and experienced advisors throughout their career. The Co-operators Agency Academy model incorporates programs focused on product knowledge, sales skills, strategic business planning, marketing, client relationship management, resource management, as well as financial literacy and analysis. Management and leadership skill development is the foundation for the curriculum and a key to success in this role. The companys experienced management team supports the transfer of learning to the workplace by providing new advisors with the coaching, tools and support needed to implement strategies necessary to build the business. Creative Plannings boutique-style operation lends itself more to mentorship than training. The firms advisors are experienced and have generally been trained prior to joining the company. Creative Planning does, however, welcome discussions with junior advisors who the company believes has the potential to take their business to the next level.

The Co-operators

Creative Planning Financial Group

18

FORUM

MAY 2011

CAREER GUIDE
Desjardins Financial Security
(independent network)

6. Training Programs continued

Desjardins Financial Security Independent Network associate contracted advisors are offered an extensive two-step, new advisor training program that focuses on practice management, sales, time management, business building and more. There is also an in-field training consultant who helps advisors and managers with the application of training theories to real-life client meetings. Based on Dundees independent model, the hiring of rookie advisors is made at the advisor level, not the firm level. Junior advisors may be hired at a branch and mentoring, compensation and other training requirements are determined by the independent branch manager. FaithLife provides extensive training for career advisors, including classroom training in the areas of sales, marketing and business development skills. It also offers weekly coaching, joint field work and training at quarterly regional meetings. Supplemental training through online training programs is also provided. New advisors participate in a five-week, full-time licensing training program (covering LLQP and IFIC). These programs are run by experienced licensing training managers and can be completed in a classroom environment or through e-learning. There is a two-week introduction to sales processes and tools training at the advisors financial centre by experienced new advisor training managers. Freedom 55 offers ongoing sales process, tools, products and technology training within the advisors financial centre. Business development directors provide training and development by accompanying new advisors on client visits (joint field work) and modeling and observing the sales process. Directors provide case consultation and help create, implement and maintain business plans. Freedom 55 also has a product support structure that provides support through product specialists in each line of business. Great-West Lifes Gold Key channel offers an Associate Advisor National Forum for newer advisors who join a Gold Key advisor firm. The organization also facilitates peer networking and provides opportunities for associate advisors to participate in professional development where they can learn from leading advisors. Product training, sales concepts and marketing support are provided through resource centres across Canada. Associate advisors with leading Gold Key firms benefit from an affiliation with one of 10 regional directors Gold Key Advisor Practices across Canada. Training and professional development is available exclusively through the Investors Group Institute. All new advisors are provided with the education they need to become established in the industry. In addition, the company strongly encourages and helps advisors begin the education necessary to become full-fledged financial planners. Subsequent to the industry training, through the Investors Group Business Development Program new advisors are immersed in a mentoring and coaching program whereby experienced advisors assist them during their first appointments. The company also offers additional educational conferences, web-based training, podcasts and access to subject matter experts. Manulife offers numerous events, web-based programs and resources covering a wide variety of topics including products, business development, concepts, sales skills, financial planning tools and succession planning. The company also has a continuing education centre that offers myriad online training modules. RBC sales directors provide skills development through on-the-job training. Self-study materials include the Getting Started Program and Education and Training Program, which includes sales skills development, product and marketing techniques and ongoing reference material, and prospecting techniques (including individualized needs analyses, telephone follow-up, and sales and closing techniques.) Sun Lifes Career Academy approach combines self-study with one-on-one coaching sessions, joint field work with financial centre managers, online training, webinars, classroom training, on-the-job training, workshops and ongoing training in the financial centre. Training is focused on sales skills, prospecting skills, product knowledge, business management, relationship management, needs analysis, sales concepts and technology training. New advisors attend the regional training schools between the third and fifth month as an advisor. They may also attend the national training school, held in Waterloo, Ontario, during their 12th to 18th month by meeting minimum production requirements. Sun Life also encourages advisors to continue their professional development by earning professional industry-recognized designations such as the CFP, CLU and RHU. Worldsource offers operational training for new advisors called Operational Business Integration, which is provided online and in person.

DundeeWealth Inc.

FaithLife Financial

Freedom 55/ London Life

Great-West Life

Investors Group

Manulife Financial
(independent advisor channel)

RBC Insurance
(career sales division)

Sun Life Financial

Worldsource Wealth Management

20

FORUM

MAY 2011

CAREER GUIDE

7. Other Special Programs / Services


Assante Wealth Management
Annual advisor conference that provides networking and mentoring opportunities Professional development days to promote peer-to-peer networking A program to encourage obtaining and maintaining professional designations Client Audit: a program that helps financial advisors maximize the profitability of existing client relationships by gathering ongoing feedback from clients, translating that into an action plan, and providing the support and tools to help advisors My Website: a free website creation tool that allows advisors to publish professional, custom content sites Regional vice-presidents provide business coaching to advisors in order to enhance the value of their practice The Path to Wellness: health-care concierge program Turbo Tax: through its partnership with Turbo Tax, Assante advisors can offer clients a 20 per cent discount on Turbo Taxs solutions for filing tax returns Associate agent financial assistance package to encourage new agent development Mentoring opportunities Client relationship management (CRM) software Financial modeling software Extensive marketing tools and support weekly sales meetings for sharing of experiences; weekly product educational sessions for insurance and mutual funds; and weekly technical seminars presented by accountants, lawyers and other professionals

The Co-operators

National and regional business builder incentive programs. Previous locations have included Switzerland, Greece and Argentina Educational awards for obtaining designations (e.g., CFP and CLU)

Creative Planning Financial Group

Annual warm conference for qualifying top advisors Annual ski day Professional development and education through collaboration and regular meetings in which experiences and lessons learned are shared including:

Desjardins Financial Security


(independent network)

Reward/recognition programs Professional development programs Discounts on industry courses (e.g., LLQP) through educational partners MyBranch: a three-part annual training program for branch managers comprising online and in-class courses, and risk management sessions MyAdmin: a multi-tiered program offered to assistants and administrative professionals to help them in their support of advisors and branch managers The Certified Insurance Practitioner Program: a two-level training program designed to maximize the existing insurance potential in an advisors business, and provide him or her with the knowledge and tools required to present insurance and tax and estate planning solutions to clients and prospects The Certified Portfolio Engineer Program: a three-level educational program designed to enhance an advisors understanding of portfolio construction, and to equip the advisor with the practical knowledge and tools theyll need to help deliver quality advice to clients New Registrants Program: a training program for new or migrating DundeeWealth registrants that provides an extensive introduction to Dundees operational processing, its head office personnel and its products and services MyBootCamp: a three-day program designed to help the advisor implement a tool or process into his or her everyday business practice Insurance Learning Virtual Training Series: bi-monthly online training sessions on sales, product and process, held in conjunction with Dundees insurance company partners, specialists and Dundee Insurance Agency myConnect: an annual national conference that provides education, training and opportunities for advisors to network with their peers from across the country Regional and national sales incentive programs Business development training and coaching Marketing support program Sales and client/member care support

DundeeWealth Inc.

FaithLife Financial

Freedom 55/ London Life

A number of professional development opportunities where advisors can network with like-minded advisors and exchange success strategies. Many events feature industry-leading speakers and best practice sharing among participants For established advisors, a business-consulting program helps them grow their business by focusing on systems and processes that can improve their businesss effectiveness A mentoring program provides advisors with a viable option to enhance business growth through a partnership with a new advisor

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FORUM

MAY 2011

CAREER GUIDE
Freedom 55/ London Life
continued

7. Other Special Programs / Services continued

Advisors can invest in a marketing associate program to help support their business Tax and estate planning group consultants with extensive experience in tax and estate planning. They specialize in areas such as estate planning and wealth transfer, buy-sell structuring, executive compensation and key person protection, business loan protection and charitable giving Private wealth counsellors deliver in-depth knowledge and case support for the affluent investment and retirement market Through 27 resource centres across the country, Great-West Life provides advisors with product and marketing support, including specialized support through the private wealth and estate services group and private wealth counsellors who assist advisors who work in the affluent client and business owner market Advisors associated with Great-West Lifes Gold Key channel have access to a wide range of programs, tools, systems and processes to help them take their businesses to the next level. Top Gold Key advisors enjoy additional support to help grow their practices. This includes a unique relationship with a regional director, Gold Key Advisor Practices, who provides one-on-one business coaching, succession planning and access to development opportunities at exclusive conferences and other forums. Top Gold Key advisors can also access development opportunities for associate advisors and operations team members An association with National Bank that helps to streamline the financial process for an advisor acquiring a block of business. Access is also provided to various external suppliers who provide support for website development, client surveys, behavioural assessments, etc. Wide range of programs to recognize and reward exceptional performance, business building, mentoring and community involvement Top advisors are rewarded with travel to world-class destinations such as Tokyo, Hong Kong, St. Petersburg and Rome. The Pillar Award recognizes and rewards advisors in their first four years for early growth and productivity in their new business, while the Executive and Senior Consultant Group recognizes the consistently strong performance of its most successful advisors. Other programs include the Excellence in Mentoring Award that recognizes personal contributions to mentoring new advisors, and the Herbert H. Carnegie Community Service Award for exceptional long-term community service Advisors can qualify for credits that can be used to cover the costs of obtaining the CFP or Financial Planner (F.Pl.) designations Investors Groups social media presence on Facebook, LinkedIn, YouTube and Twitter helps support its brand and assist advisors in building their practices. This presence is also used to highlight their advisors community work and charitable involvement. It also provides a forum for clients to provide testimonials, positive feedback and comment on their overall experience with Investors Group Advisor study groups Reward and recognition programs Support in the obtaining of designations Laptop with company-sponsored software Incentives for superior performance during sales campaigns Full reimbursement for successfully completing courses leading to industry designations and accreditation Illustration software that provides modeling Personal development support Technology support Client events information and examples of insurance plan performance on an individualized basis Ongoing career growth and development Opportunity to career path through Cross Roads program Conference qualifications

Great-West Life

Investors Group

Manulife Financial
(independent advisor channel)

RBC Insurance
(career sales division)

Sun Life Financial

Workplace Solutions team provides advisors with the materials, support and processes for seminar marketing that can be used in the workplace, with community groups, client groups or other associations Estate and financial planning team and long-term care insurance specialists who provide specialized support Partnerships with CI Investments, Great West Life, RBC Insurance and Allstate EWMS Advisor Front Office: a 24/7, real-time and online system that enables advisors to manage their business, portfolios and clients PortfolioINSIGHTS: a built-in portfolio analysis tool that features built-in compliance to help protect clients assets and provides an optional web-based access for investors Imaging and WorkFlow: document imaging, storage and retrieval Advisor portal through which advisors have access to tools, services, business and client information, in addition to Worldsources customized order management system Investor portal through which clients can view their individual financial situations at a glance

Worldsource Wealth Management

24

FORUM

MAY 2011

CAREER GUIDE

8. Corporate Culture / Work Environment


Assante Wealth Management
Assante advisors are agents of the firm (not employees) and as such operate their own business and structure their day accordingly. The company fosters a client-driven, professional and inclusive culture based on trust, integrity and respect. For the eighth consecutive year, The Co-operators has been named one of the 50 Best Employers in Canada by The Globe and Mails Report on Business magazine. The organizations confidential employee surveys gauge employee engagement. Firms with high engagement scores tend to attract and retain employees, and their staff members are committed to achieving corporate goals. This culture permeates to the companys agency force. Co-operators advisors have the ability to become CEO of a business with their name on it, set their own income goals and enjoy the opportunity to become a professional in the community. Creative Plannings culture is one of knowledge-sharing, support and mentorship, which leads to more creative and effective customized solutions for clients. The corporate culture is one that encourages personal accountability and success for Desjardins advisors. They are in control of their day-to-day operations and thus their own success. The company strives to maintain a strong connection between the field and head office through the use of technology, field visits and open communication. The partnership that DundeeWealth enjoys with its advisors is founded on strong regulatory and corporate compliance standards framed in an open, respectful relationship that encourages loyalty, protects independence and rewards performance. DundeeWealth encourages entrepreneurial spirit, trust, integrity and partnership, and therefore invests primarily in programs that add efficiencies to an advisors business so that he or she can spend more time servicing clients. FaithLifes Christian-based corporate culture is built on the values of supporting and growing the expertise and professionalism of its advisors, learning from experiences to increase excellence, integrity to guide decisions and stewardship to manage the business. Its vision is to grow profits so that the company can increase the good it does by returning its profits to clients and the Christian community in Canada and around the world. FaithLife offers flexible hours and values work-family life balance. Advisors are self-employed entrepreneurs who operate their own business with support from Freedom 55; many are incorporated and self-branded. With 61 professional financial centres across Canada, advisors can work in the markets that are right for them with a business model and support structure that allows them to operate their business effectively and efficiently. N/A The culture is one of support and community. New advisors are mentored and coached by not only their direct management, but also other consultants who have been in their shoes. Investors Group focuses on building enduring partnerships with clients and the community, and has been recognized as a Caring Company by the IMAGINE public awareness program because of their commitment to corporate citizenship. The company also ranked 9th on the Corporate Knights 2010 list of Best 50 Corporate Citizens in Canada and was the Corporate Citizenship Award winner in the 2009 Canadian Investment Awards. Advisors are independent businesspeople who organize their approach to work as required by their individual circumstances. Advisors are part of a mobile sales network. They have the freedom to make their own schedule, develop their skills and build customer relationships while RBC provides the product, marketing and back-end administrative support. Advisors are in business for themselves but not by themselves. They are fully supported by Sun Life Financial. As independent contractors, they set their own schedule for hours and job sharing. Sun Life supports the single advisors as well as a structure to build the business and partner with other Sun Life advisors through a multi-advisor corporation. Worldsource offers an engaged and family-supportive environment for its employees. The companys values are demonstrated through its dedication to support its client base of advisors by allowing them to flourish in an environment that is free from the interference of mandated proprietary products.

The Co-operators

Creative Planning Financial Group Desjardins Financial Security


(independent network)

DundeeWealth Inc.

FaithLife Financial

Freedom 55/ London Life

Great-West Life Investors Group

Manulife Financial
(independent advisor channel)

RBC Insurance
(career sales division)

Sun Life Financial

Worldsource Wealth Management

26

FORUM

MAY 2011

CAREER GUIDE

9. Assistance In Building Books Of Business


Assante Wealth Management The Co-operators Creative Planning Financial Group Desjardins Financial Security
(independent network)

Through its head office and field team members, Assante provides sales, marketing, compliance, technology and practice management support to help advisors build their books of business. A variety of marketing tools and programs are offered to assist advisors in the analysis and growth of their book of business. See #6 and #7. Support is provided through mentorship and joint case work, as well as partnering with the firms marketing director, who helps to increase the depth of planning provided to clients. This helps to build the advisors average case size and competencies. For its dual-licensed financial advisors across both Desjardins Financial Security Investments and Desjardins Financial Security Independent Network networks, the company offers a financing program to assist with the transfer of an advisors business to Desjardins to help with transfer and operational costs. Additionally, Desjardins assists in financing the startup of its DFSIN branches. DundeeWealth offers myPractice, an end-to-end solution of best practices in each of the core areas of an advisors business. The service provides advisors with access to over 200 tools and resources designed to support them in the areas that will help grow and develop their business. myPractice tools are divided into three categories: myStrategy, which helps advisors better understand the fundamental elements of their businesses; myProcess, which provides tools to add efficiency across various business processes including marketing, client acquisition, wealth management, administration and client service; and myResults, which offers guidelines for reviewing and measuring business progress and the success of the work done in the first two categories. FaithLife offers advisors support, training and coaching, as well as leads from over 90 events and marketing activities each year. It offers advisors a marketing support program to help them implement specific marketing campaigns within the advisors own block. Freedom 55 offers guidance, professional development programs and business coaching, along with a broad range of products, tools and processes. It provides advisors with equipment, tools and resources to help them approach the market in a professional and trusted way. New advisor training managers and directors work with advisors on how to identify their target market and focus on areas where theyre likely to experience success. They also help focus on strategies to penetrate and attract that market. Directors act as business coaches to help develop successful practices and recommend business solutions to meet unique client needs. The company also provides advisors with marketing materials and support to help educate and attract prospects. Product specialists are available in each product line to help with client meetings. Advisors may acquire blocks of business from other advisors who are retiring or who are narrowing their target market. Freedom 55 has business consultants who work with advisors on building their brand, marketing strategies and human capital requirements. The company also provides several programs throughout the year tailored to help advisors with their business needs. See #7. Investors Group offers education through industry-leading training programs and active mentorship by well-established advisors who share their knowledge and insight with new advisors on an ongoing basis. There is a strong support structure that includes an advanced financial planning support program and banking, mortgage and insurance product specialists. New advisors are also provided access to industry-leading marketing support, as well as lead-generation programs and events specifically designed to help build their practices. To help advisors grow their businesses, Manulife provides business acquisition loans, personalized marketing campaigns, client mailing support, client event support, business development support, personal coaching, strategic alliances and associate advisor development. In most cases, new advisors are provided with a small book of in-force business. In addition to providing branding support, RBC also provides financial assistance for local advertising and marketing at local community events. The company assists with marketing strategies to help advisors understand and identify the greatest need in the insurance marketplace, which includes information on market trends, demands of the changing marketplace and shifts in buyer profiles. Advisors are also provided with leads from RBC Insurances call centre and retail insurance partners. Support is given through marketing support, direct marketing campaigns, Workplace Solutions and lead generation. Training support is also given to assist advisors. The Advisor Business Development Program was launched in 2009 to help advisors build their block of business, increasing overall productivity and enhancing advisor support. Worldsources Quest program helps support the business planning and objectives development for an advisors practice.

DundeeWealth Inc.

FaithLife Financial

Freedom 55/ London Life

Great-West Life Investors Group

Manulife Financial
(independent advisor channel)

RBC Insurance
(career sales division)

Sun Life Financial

Worldsource Wealth Management


28 FORUM

MAY 2011

CAREER GUIDE

10. Assistance In Succession Planning


Assante Wealth Management The Co-operators
Assante has developed several tools and programs to support their advisors succession planning objectives including checklists, purchase and sales templates, and more. The companys regional vice-presidents work closely with advisors to help ensure a succession plan is in place that meets their specific needs. The Co-operators district management team continually works with its agency force to ensure succession plans are in place to support and maintain client relationships during times of transition. Due to Creative Plannings demographics, there are natural succession opportunities. The company believes strongly in mentorship and apprenticeship, which leads to advisors working jointly on client cases, and building a transition plan for their advisors and clients. This is evaluated on a case-by-case basis.

Creative Planning Financial Group Desjardins Financial Security


(independent network)

DundeeWealth Inc.

Dundee has developed a Business and Succession Planning Guide to help advisors with the partial or full sale of their book. The company also has a retirement and succession planning program designed to align the interests of the retiring advisor with the new advisor and the clients served. Dundee also offers a financing program to help with acquiring assets, a mentoring program, a business valuation strategy and resources to organize the business for sale. The company also has a Premature Death Program to manage the transfer of an advisors business in the event that he or she passes away before completing a succession plan. FaithLife Financial has a formalized process for transitioning an advisors book of business. The company supports their career advisors succession planning by delivering a program through field management that includes help in finding and hiring successor advisors. Freedom 55 offers support in the form of coaching, tools and processes, and has a succession planning tool for advisors that assists them in sourcing, recruiting and integrating new advisors into their practices. It also has an in-house consulting organization that can help advisors build and implement a tailored succession plan. Freedom 55 has arrangements in place with National Bank and Bank of Montreal to assist advisors in financing transactions of books of business. Regional directors and directors in the Resource Centres across the country are trained to deliver Great-West Lifes succession planning program to advisors who are looking to buy or sell a business. The company offers an interactive tool called Executive GPS that supports the succession planning and business transition process, recognizing that not all advisors have a need for an associate advisor as part of a succession plan, but perhaps an operational or marketing role to support their growth. Great-West Life also has a partnership with National Bank to provide financing for the purchase or sale of a book of business. Investors Group offers a guaranteed buy-out for the advisors practice upon retirement. The company has an assured value program whereby a practice is valued based on a predetermined formula. The retiring advisor is paid by the company, so there are never any issues or challenges regarding receiving payments over time. Advisors wishing to transition their practice work closely with branch managers and experts at head office to ensure the practice is transitioned in the most effective and efficient manner while looking out for the clients best interests. Manulife offers support for buying and selling a business, or blocks of businesses, contingency planning, succession planning and for the identification, support and development of potential successors. At RBC Insurance, succession planning is carried out on an ongoing basis. Sun Life has a centralized recruiting and selection team to assist the growth of each financial centre. Support is given to assist in the selection process for roles such as associate sales advisor, for sales and succession planning, as well as licensed administrative associates. Worldsource offers book financing through its Succession Planning program and partners advisors for potential succession circumstances.

FaithLife Financial

Freedom 55/ London Life

Great-West Life

Investors Group

Manulife Financial
(independent advisor channel)

RBC Insurance
(career sales division)

Sun Life Financial

Worldsource Wealth Management

Editors note: There are other financial services companies outside of those that participated in this years career guide that are also looking to expand their advisor networks. Due to space restrictions, we have only highlighted 13 companies. These companies were selected based on the variety of size (i.e., boutique firms versus career firms), type of new recruits (experienced advisors versus new advisors), and programs and services offered. For more information on a specific company, please contact the company directly. If you are interested in having your company profiled in next years career guide, please contact the editor at kdoucet@advocis.ca.

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In addition to the usual letters that fall after a designated advisors name, advisors who choose to either expand their skill sets or specialize in specific areas are looking to those designations outside their peripheral. Here is a list of designations that are becoming more popular with advisors today:
Chartered Accountant (CA): Provided through the Chartered Accountants of Canada, the program combines academic study, professional education and practical work experience, and ensures that students develop analytical, financial, accounting, communication and leadership skills. (www.cica.ca) Certified Employee Benefit Specialist (CEBS): Provided by the International Foundation, the designation focuses on three distinct areas of specialization: group benefits, retirement and compensation. (www.ifebp.org) Certified General Accountant (CGA): Granted by CGA Canada, the program combines training in theoretical and analytical knowledge and offers extensive training in accounting, tax and financial management. (www.cga-canada.org) Chartered Financial Analyst (CFA): Offered by the CFA Institute, the program focuses on equity security analysis and emphasizes ethical and professional standards within a global context along with other topics, including fixed-income analysis, alternative and derivative investments, and portfolio management. (www.cfainstitute.org) Canadian Investment Manager (CIM): Granted by CSI Global Education Inc. (CSI), the designation equips advisors with the skills required to serve more sophisticated financial clients and offers the credentials needed to be licensed as a discretionary portfolio manager in Canada. (www.csi.ca) Certified Management Accountant (CMA): Granted by CMA Canada, the designation combines accounting expertise and business acumen with professional management skills to provide leadership, innovation and an integrating perspective to organizational decision making. (www.cma-canada.org) Financial Management Advisor (FMA): Provided by CSI, the course equips advisors with the knowledge and expertise to handle complex wealth management issues and counsel high-net-worth clients. (www.csi.ca) Chartered Professional (CH.P.) Strategic Wealth: Offered by CSI, the program provides advanced wealth management skills for advisors working with high-net-worth clients. (www.csi.ca) Certified Professional Consultant on Aging (CPCA): Provided by the Age-Friendly Business Academy (formerly known as the Canadian Academy of Senior Advisors Inc.) the designation formerly known as the Certified Senior Advisor (CSA) focuses on the physical, social and psychological aspects of aging as well as the financial and estate planning requirements for aging clients. (www.cpcacanada.com) Elder Planning Counselor (EPS): Offered by various Canadian colleges, the course is designed for people who work in the 50+ age group and focuses on the evolving and specialized needs of Canadas citizens as they age. (www.cieps.com) Fellow, Life Management Institute (FLMI): Granted by LOMA, the program provides a comprehensive business education in the context of the insurance and financial services industry. (www.loma.org) Financial Divorce Specialist (FDS): Offered by the Academy of Financial Divorce Specialists, the designation provides the skills to perform divorce asset scenario evaluations. (www.afds.ca) Registered Health Underwriter (RHU): Granted by Advocis, the program focuses on living benefits, including income replacement and risk management solutions for individuals, business owners and professionals. (www.advocis.ca) KD

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