THE WAY FORWARD
2018 ANNUAL REPORT Advocis®, The Institute® and APA® are trademarks of The Financial Advisors Association of Canada
TABLE OF CONTENTS I
President & CEO’s Message 1 Chair’s Message 2 Membership 3 Membership Growth 3 Thrive in Five 3 Advocis Integrated Pathway to Professionalism 4 Legal and Regulatory Affairs 5 The Professions Model Task Force 5 The Voice of Canada’s Financial Advisors and Planners 5 Meeting with Key Regulators and Stakeholders 6 LRA Continues to Work for, and with, Our Members 6 Celebrating Our Tenth Annual Regulatory Affairs Symposium 7 2018 LRA Submissions and Bulletins 8
Government Relations 9 Advocis Legislature Days 9 Banning Embedded Commissions 9 Saskatchewan PST 10 Education 10 Advocis/Foran Life License Qualification Program 10 Advocis CFP® Certification Program 10 CLU® Designation Program 10 CHS Designation Program 10 Professional Financial Advisor Program Development 11 Continuing Education 11 Chapter-Facilitated Programs 11 Partner Programs 11 Communications and Marketing 12 Financial Advice for All 13 Promotion of the CLU Designation 14 Promotion of the Professional Financial Advisor (PFA) Designation Advanced Launch 15 Brand ReFresh 15 Media Coverage 16 2018 Media Releases 16 FORUM 16 TABLE OF CONTENTS II
The Institute 17 J. G. Taylor Award 17 Recognition of Longstanding CLUs 17 deHaerne Trophy 17 Awards and Winners 18 2018 Winners 18 CE Accreditation Services 19 Five-Year Strategic Plan 19 Mission and Vision Statements 19 Advocis Chapters 20 Supporting the Advisor of the Future 20 Chapter Leadership Conference 20 Advancing Financial Literacy 21 Totem Pole: Celebrating Chapter Excellence for over 100 Years 21 Advocis Protective Association 22 Advocis Broker Services 22 GAMA International Canada 23 2018 Lamp Conference 23 Awards 24 Advocis Schools 26 Banff School 26 Okanagan School 26 Atlantic School 27 Advocis and Cystic Fibrosis Canada 27 Management Discussion & Analysis 28 Summary Consolidated Financial Statements 29 Century Initiative 37 Century Initiative Members 38 2018/2019 TFAAC Subsidiary Boards – Members 41 Advocis Corporate Partnership Program 44 Partners and Sponsors 45 Contact Us 46 Executive Management 46 Directors 46 2019 ANNUAL REPORT THE WAY FORWARD 11
MESSAGE
CFP, M.Ed., L.L.M., C.Dir. M.Ed., CFP,
PRESIDENT & CEO’S & CEO’S PRESIDENT Greg Pollock, Greg The Financial Advisors Association of Canada Association Advisors Financial The President and CEO, Advocis, Advocis, and CEO, President breakthroughs in those areas. in those areas. breakthroughs landscape the regulatory discuss to experts industry together brought we In November an event the Future,” in to “Lean in Toronto, Symposium Regulatory our 10th annual at Literacy as part of our support for in November, Also media attention. captured that for called Financial Advice and podcast website public-facing launched a new, we Month, us additional given in-house and have produced are initiatives All. Both Financial Literacy families. and Canadian advisors, members, reaching channels for and challenges issues on several commentator industry a sought-after was Advocis of the advisor voice to be the continuing to forward We look financial advisors. facing of the future. This was also a year of major regulatory wins. In February, Scott Moe, Premier of Premier Moe, Scott wins. In February, of major regulatory also a year was This of our the success reflecting premiums, on insurance the PST repealed Saskatchewan, came in effectiveness of our advocacy evidence Further end. to that efforts advocacy on the embedded commissions direction its long-awaited released when the CSA June, by loud and clear message Advocis’ heard the CSA Critically, files. reform and targeted financial advice. for pay consumers how to with respect choice preserve deciding to as it continues wealth, particularly those with less Canadians, is a huge win for That financial advice. access these individuals to a mechanism for provide to with meetings featured Alberta, and Manitoba in Ontario, Days Legislature Successful and advisor professionalism of title protection the issues advance to stakeholders key future for laid the groundwork We years. the coming into forward moving – vital issues 2018 was a pivotal year for Advocis, as it marked the beginning of our New Strategic Strategic the beginning of our New as it marked Advocis, for year a pivotal was 2018 designation, and launched a new requirements membership our new announced Plan. We a true profession. model goal of making financial advice of our professions pillars two designation opened (PFA) Financial Advisor Professional Launch of the new Advanced The our expectations: exceeded far results 352 The quarter. in the fourth registration for membership new our Moreover, of 200. than our target - 181% more registered members initiatives, related these and Through and announced. finalized were requirements industry toward of the drive the forefront has positioned itself at Advocis professionalization. CHAIR’S MESSAGE
Al Jones, CFP, CLU, ACCUD, ICD.D TFAAC Chair
It should never cease to inspire the members of our Association that we remain as dedicated today as we were at our inception to the motto guiding all our activities: Non Solis Nobis, not for ourselves alone.
We work to support the community of advisors, helping one another grow in knowledge and professionalism. We work for our clients, that they may fulfill their financial goals, and thereby their life goals. And ultimately we work for the overall financial wellbeing of the country.
Safeguarding financial legacies for future generations and fostering the growth of new inheritances, Advocis financial advisors play a crucial part in what Edmund Burke called the partnership “between those who are living, those who are dead, and those who are yet to be born.” For us, the bottom line necessarily includes the common good of generations. Perhaps that is why LUAC President John Reid, CLU, called insurance and financial advice a “noble profession” 100 years ago.
“There is immense power when a group of people with similar interests get together to work toward the same goals,” as Idowu Koyenikan wrote in Wealth for All. That’s just what has been going on at Advocis. From Vancouver to St. John’s, our members have created one good result after another, out of a shared commitment to the goal of helping others.
Through the power of community, Advocis chapters raised nearly $90,000 for Cystic Fibrosis Canada, increasing the overall total to more than five million dollars. Advocis volunteers across Canada contributed their time and expertise to youth financial literacy programs, in partnership with Junior Achievement. And positioned on the leading edge of interaction with investors, Advocis advisors made a positive difference with their clients, steadying the ship in turbulent periods and navigating challenges that do not disappear even during relative calm.
What’s more, we made significant progress this year toward our goal of establishing financial advice as a true profession. The Advanced Launch of the Professional Financial Advisor designation set a new standard for the financial advisor of the future. And Legislature Days laid the groundwork for major regulatory changes – changes for which we have advocated for many years. These developments, historic for our Association, speak powerfully to our ability to effect positive change.
There is a term used in Ecuador that means a special gathering where everyone comes together to work for the greater good of the community: minga. In many ways, that perfectly describes how this year has gone: Advocis members came together and got the job done on issue after issue, for a broad social benefit.
Yet there is so much more to do, especially as we begin to transition, after many years, to a full-fledged professional association. We will need to continue to heed the call of our 2 motto and to act in the spirit of the minga: collaboratively, and not for ourselves alone. 2019 ANNUAL REPORT THE WAY FORWARD 3
Membership Fee Model Fee Membership features subsidized membership costs for new new for costs membership subsidized features It provides years. six their first throughout advisors to obtain their for members means an affordable designation. professional in Itself. Invests that An Industry regulators and the public through our highly effective our highly effective through and the public regulators new develop to continue And we initiatives. advocacy in their effective more be to advisors assist to ways call we in the area clients and with their practices Environment. in an Evolving Business Supporting Your of embodied in a community are values Our core are there where 40 chapters, across professionals learn and share connect, to ample opportunities ideas. in Five Thrive its from results see positive to continues Advocis development professional in Five Thrive exclusive program The program. onboarding and membership
Promoting and Promoting with governments, with governments, Enhancing Your Knowledge and Credibility Knowledge Enhancing Your
Advocis Value Proposition Value Advocis
designation and education platforms. As the voice of As the voice platforms. and education designation we are advisors, financial Canada’s the Profession Advancing area called called area of interest in the best professionalism raising to refers professional industry-leading our through consumers advisors or managers in the industry, Advocis supports Advocis in the industry, or managers advisors The areas. value on our core focusing by its members industry leaders. industry seasoned the business, to new are they Whether membership categories also experienced growth, growth, also experienced categories membership of of the value recognition a real indicating and advisors among established membership the fully subsidized Practicing Advisor Year 1 category. 1 category. Year Advisor Practicing the fully subsidized 5 and manager/GAMA Year Advisor Practicing Key growth highlights for the year include significant include significant the year for highlights growth Key 2 in Year those members, advisor in newer increases from who continue category, Advisor of the Practicing Advocis membership experienced continued growth, growth, continued experienced membership Advocis of cancellations). (net members 13,000 with over MEMBERSHIP GROWTH MEMBERSHIP 4 2019 ANNUAL REPORT THE WAY FORWARD highlighting theprogram’s success. Moreover, theThrive inFive program accounted for 35% ofourtotal paying membership growth in2018, three leadingdesignations -CHS,CFP®andtheCLU® -saw 13%annualgrowth. The FinancialPlanningFoundations course, whichputsadvisors onthepath toward obtainingoneof course fees for members resulted inarecord numberofadvisors entering ourdesignation course pathway. The integration andpromotion ofsubsidized membership fees alongsidediscounted designation This tiered approach leverages acommon curriculumthroughout Advocis Integrated Pathway to Professionalism the CHS,CFP ® and
CLU ® designation programs.
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The CSA proposes to discontinue the discontinue to proposes CSA The Advocis understands that certain certain that understands Advocis
Our view: be misapplied by can mutual fund sales practices needs to and this problem advisors unprofessional the DSC of elimination But the outright be addressed. is DSC response. policy be the incorrect would option be and it should problematic inherently it is not a tool; whom for consumers those for as an option preserved about is concerned CSA If the is suitable. the tool advisors, some as by it conduct unprofessional strengthen to ways better are there should be, protection. consumer The voice of Canada’s voice The and planners advisors financial financial of Canada’s be the voice to continues Advocis regulators by heard was our voice In 2018, advisors. mutual the insurance, across and other stakeholders the country. throughout universes fund and securities included the in 2018 submissions Our written following: NI 81-105 to Amendments Proposed CSA 13, 2018) (December issue: The mutual funds and trailing for sales option deferred a suitability make dealers who do not for commissions determination.
ways we can bring about sensible change. can bring about sensible change. we ways the decision makers clearly understand our message our message clearly understand the decision makers further in in engaging Advocis interested and are with staff at the Ministry of Finance and the Financial of Finance at the Ministry with staff financial nascent the Authority, Regulatory Services that believe we and the province, in regulator services We have been taking this message to stakeholders stakeholders to been taking this message have We meaningful saw we In 2018, years. for the country across closely been working have We in Ontario. progress be meaningfully involved in their own professional professional in their own be meaningfully involved regulation. such as the United Kingdom, Australia and beyond). and beyond). Kingdom, Australia such as the United need higher is simple: consumers message The to deserve and advisors standards, professional (with the escalation of discussions to ban commissions ban commissions to of discussions the escalation (with and foreign duty) interest best and impose a statutory in jurisdictions developments (based on the regulatory 2013 and is overseen by LRA. It was developed as a developed It was LRA. by and is overseen 2013 headwinds, both domestic to response proactive LRA is a key component of the Professions Model of the Professions component is a key LRA in created Model was Professions The Force. Task protection safeguards. protection Force Model Task Professions The profession, protects the livelihood of our members, our members, of the livelihood protects profession, and financial advice to access consumer fosters consumer strong and provides planning services legal and regulatory framework that promotes the promotes that framework legal and regulatory and planning as a true of financial advice recognition as well as in-person meetings with bureaucrats, with bureaucrats, meetings as in-person as well groups. politicians and stakeholder a sensible and effective promote Our goal is to our members’ positions through written submissions submissions written positions through our members’ the country, across and legislators regulators to interest; emerging technological trends in the trends technological emerging interest; of conduct and standards space; regulatory-advisory for advocate We relationship. in the advisor-client works on the key issues affecting our members, our members, affecting issues on the key works titles, designations advisor professionalism; including: of conflicts and compensation and proficiencies; LEGAL AND REGULATORY AFFAIRS AFFAIRS AND REGULATORY LEGAL (LRA) department Affairs and Regulatory Legal The 6 2019 ANNUAL REPORT THE WAY FORWARD than narrowly focusing onthespecialization of to clients; itiscriticalto get thedetails right. Rather the industry could make anenormousdifference Our view: of work to financialplanners alone. Planning Policy Alternatives –butitrestricts thescope Expert Committee onFinancialAdvisory andFinancial to putinto action therecommendations ofthe Ontario The issue: (April 16,2018)Regulation of“Financial Planner” Ontario Ministry ofFinance Consultation onthe separately from theomnibusCFRs. needs acomplete re-think that shouldbeconsidered And theCSA’s approach to referral arrangements disclosure requires furtherdiscussion andclarity. an advisor. The handlingofconflicts ofinterest and on costs andnotthevalue created by working with consequences. The CFRsare alsotoo narrowly focused Doing sowould necessarily create unintended framework that doesnotreflect modernadvice-giving. but they would belayered uponaproduct-based Our view: practice. impact multiplefacets day-to-day ofanadvisor’s a seriesofclient-focused reforms (CFRs) that would in theadvisor-client relationship, theCSA proposes The issue: (October 19, 2018) CSA Proposed Amendments to NI31-103 who holddesignations. qualifying scope ofadvisory orplanningactivities to those titles to thescope ofactivities, by restricting the financial advisor.” Ontario must alsolookbeyond designations and for thetitlesof “financial planner” why Ontario must protectis andrecognizeThat competence andethics to serve theirneeds. intermediary isaprofessional, withtheknowledge, in theadvice oftheirfinancialintermediary, that of mindknowing that whenthey place theirtrust of financialadvisors. All Ontarians deserve thepeace its financial consumers by capturingthebroader pool financial planning,Ontario must act to protect allof The CFRsare promising and well intentioned, The professionalization ofactors in Ontario’s Ministry ofFinance proposes Inorder to enhance professional standards
LRA reaches outto Advocis’ membership andthe for, andwith,ourmembers LRA continues to work officials inbothpublic forumsandprivate settings. FSCO, FSRA, insurance councils andgovernment securities commissions, theCLHIA,CAILBA, CCIR, In 2018, LRA staff and volunteers met withmultiple protection andallows thesector to thrive. advice andplanninginaway that promotes consumer our message aboutthesensibleregulation offinancial interactions create another opportunity to deliver makers across thecountry. These face-to-face advocacy work includesmeetings withkey decision Complementing ourwritten submissions, LRA’s regulators andstakeholders Meetings withkey invaluable input. Committee. LRA’s work isstronger withtheir Task Force andtheRetirement Income Adequacy the Investment Subcommittee, theTechnology on theLegal andRegulatory Policy Committee, Knowledgeable anddedicated members volunteer and regulation practice. onanadvisor’s members to helpusunderstand theimpact oflaw We are fortunate to have theinputofAdvocis issues facing thesector. debate andexchange perspectives onthekey consumer advocates, regulators andpoliticiansto a platform for financial advisors, industry experts, Symposium, anannualconference that provides on discussion panels.Andeachyear, LRA hosts through individualpresentations andparticipation regulatory trends at chapter events across Canada, materials. We alsoupdate ourmembers onthelatest Bulletins andotherexplainer andbackgrounder our submissions andpublishingRegulatory Affairs wider financialservices community by publiclyposting
2019 ANNUAL REPORT THE WAY FORWARD 7
panel was moderated by by moderated panel was panel was moderated by Chuck Grace, Chuck Grace, by moderated panel was Ethics of AI and Fintech of Ethics Insuretech Samson, Director of Prudential Oversight of Financial Oversight of Prudential Samson, Director the AMF. at Institutions media coverage extensive received 2018 Symposium the Globe and including from in English and in French, Journal/Conseiller. and Insurance Mail, Advisor.ca of Compliance and Registrant Regulation at the at Regulation and Registrant of Compliance Strategies of Component President Neil Gross, OSC, Sales of National Head and Dennis Tew, Consulting, the fate discussed Panelists Templeton. Franklin at reforms. and client-focused of embedded commissions The Technology member of Advocis’ Démoré, Jean-François Colbert, Chelsey and included panelists Force, Task of President Vice Chadi Habib, Fasken, at Associate and Group, Desjardins at Technology Information This the BCSC. at Counsel Senior Legal James Leong, legal and policy ethical, the potential panel discussed transformation fintech’s from stemming implications generation” and “next sector of the financial services technology. The and featured Field Project, the Ivey at Director Faculty Sales of Director National Gustafson, Kelly panelists Jonathan Insurance, IDC Worldsource at Innovation and Hélène GWL, at of Innovation President Vice Hoss,
,
Lean in to in to Lean was moderated moderated was Be Comfortable with the Uncomfortable Be Comfortable on November 20, 2018 at the Ritz-Carlton the Ritz-Carlton at 2018 20, on November A Path Chosen: The CSA’s Stand on on Stand CSA’s The Chosen: A Path The chart below illustrates how Advocis’ advocacy efforts were organized in 2018: organized were efforts advocacy Advocis’ how illustrates below chart The by Greg Pollock. It featured Debra Foubert, Director Director Foubert, Debra It featured Pollock. Greg by The panel The Session and Reforms Commissions talked about embracing change. Minister Fedeli closed Fedeli Minister change. about embracing talked cocktail our anniversary and joined us at the event the event. after reception makers to debate the issues of the day. Michael Hyatt’s Michael Hyatt’s of the day. the issues debate to makers presentation, President and CEO, opened the event by reminding reminding by opened the event and CEO, President of bringing journey of the ten-year the audience and decision leaders financial services together special anniversary keynote speaker Michael Hyatt Michael Hyatt speaker keynote special anniversary Fedeli, Vic the Honourable speaker and special guest Advocis’ Pollock, Greg Ontario. for of Finance Minister sponsorship goal for 2018. for goal sponsorship panels, interactive three featured 2018 Symposium regulators, government representatives and media. representatives government regulators, insurance from and booth exhibitors 12 sponsors With our exceeded we and mutual fund companies, Hotel in Toronto. For the first time in ten years, we years, ten time in the first For in Toronto. Hotel These of 300 attendees. audience an reached representatives, company included financial advisors, annual Regulatory Affairs Symposium, Symposium, Affairs annual Regulatory the Future, Regulatory Affairs Symposium Affairs Regulatory of its anniversary the tenth celebrated Advocis Celebrating our Tenth Annual our Tenth Celebrating 8 2019 ANNUAL REPORT THE WAY FORWARD February 5,2018 Advocis responds to theFCNB Seniors Consultation April 16,2018 Advocis responds to theOntario Consultation onFinancialPlanning May 8,2018 Consumers Fairly Advocis responds to theFSCO Superintendent’s GuidelineNo. Treating 01/18 FinancialServices May 8,2018 Advocis responds to theFSCO Draft Statement ofPriorities June 18,2018 and Fair Treatment ofCustomers Advocis responds to theconsultation draft oftheGuidance ontheConduct ofInsurance Business June 20, 2018 Advocis responds to MFDA Proposed CERulesandRequirements October 19, 2018 Advocis responds to theCSA regarding theproposed amendments to National Instrument 31-103 December 13,2018 Charge) Advocis responds to CSA regarding theProposed Amendments to NI81-105 (Deferred Sales SUBMISSIONS 2018 LRA SUBMISSIONS ANDBULLETINS March 2018 Ontario Government Consulting ontheRegulation ofFinancialPlanners November 2018 PIPEDA Privacy Breaches: Reporting, Notification and Record Keeping BULLETINS
2019 ANNUAL REPORT THE WAY FORWARD 9
Mutual Fund Sales Practices Mutual Fund
would make it harder for the public to save, invest and invest save, the public to for it harder make would that shown Studies have their financial goals. achieve up households have period, advised a long-term over to compared times the financial assets four to levels. all income households across non-advised ensure is to as an association Our intention financial trusted to equal access have Canadians Fedeli Minister made by announcement The advice. of Ontario the Government that demonstrates alongside work to vision and intends that shares to stakeholders consumers. protect Banning Commissions Embedded Securities Canadian the 2018, In September Securities the Ontario and (CSA) Administration National to amendments proposed (OSC) Commission 81-105 Instrument (Embedded Commissions). Fedeli Vic of Finance Minister Ontario In response, the in which he expressed a statement issued made by the direction to opposition government’s and OSC. the CSA investing starts in Canada household typical The households 80% of Canadian than $25,000. with less assets. investible in total $100,000 than less have financial advice professional to access Restricting
protection measures in the sale of life and health and health in the sale of life measures protection role as the significant as well products, insurance lives. in their clients’ play advisors small business in April to discuss the Bank Act review. Advocis staff staff Advocis review. the Bank Act discuss in April to discuss MPs to 40 key with over met and members consumer strong of maintaining the importance MPPs, MPs, Ministers and Premiers and participated and participated and Premiers MPPs, MPs, Ministers Advocis governments. with provincial in consultations in Ottawa Day Lobby annual Federal held its third touch-base was held in Winnipeg. was touch-base 200 MLAs, over engaged with members Overall, members in participation. Legislature Days were held were Days Legislature in participation. members and Alberta. A PAC Ontario Saskatchewan, in Ottawa, title protection. title protection. Days Legislature of four held a total Advocis In 2018, than 300 Advocis with more touch-base, and one PAC provision of financial advice, through such measures such measures through of financial advice, provision and standards education continuing as mandatory professionals. This approach places greater emphasis greater places approach This professionals. and of professional codes through on accountability in the higher standards It also enables conduct. ethical Advocis continued to build consensus on its project project on its build consensus to continued Advocis protect to approaches regulatory modernize to as financial advisors recognizing by Canadians Another key advocacy issue was the goal of was issue advocacy Another key advice. financial bar for the professional raising be detrimental not only to financial advisors and their financial advisors not only to be detrimental well as financial futures, Canadians’ but to businesses, the economy. as to premiums in Saskatchewan. Advocis raised concern concern raised Advocis in Saskatchewan. premiums without properly ahead with such reforms moving that would implications public policy the broad assessing revolved around the potential banning of embedded banning of embedded the potential around revolved insurance to and the addition of PST commissions an excellent opportunity to meet with politicians and with politicians meet to opportunity an excellent issues about the important officials government key in 2018 issues key The financial advisors. facing Advocis Legislature Days are an integral part of part integral an are Days Legislature Advocis provide They activities. advocacy and our lobbying GOVERNMENT RELATIONS GOVERNMENT Days Legislature Advocis 10 2019 ANNUAL REPORT THE WAY FORWARD Available inbothEnglishandFrench, theAdvocis/ key-term links. including robust practice exams, tipssummaryand online environment, aswell asitsstudy supporttools, program isdistinguished by itsrichandintuitive first-time pass rates, the Advocis/Foran LLQP A top LLQP certification course leading to high Qualification Program Advocis/Foran Life License EDUCATION to comply withFPCanada’s requirement to address Advocis isimplementing a substantive new curriculum As anapproved CFPCertification program provider, Advocis CFP®Certification Program audits. study guides,andmaintains rigorous exam bank new student supportresources, suchascomprehensive This self-study program continues to buildsignificant Ethics &Professional Practice. & Sickness, Segregated Funds &Annuities,and consists offour modules:Life Insurance, Accident Foran LLQP program isoffered Canada-wide and Consumers inSaskatchewan are the real beneficiariesofthisdecision. We commended thegovernment for makingtheright decisionto repeal thetaxoninsurance. of ourindustry partners, have paidoff. Party leadership candidates to get afirm commitment to repeal thisunfair tax. These efforts, alongsidethose media campaign,heldmeetings withpoliticiansandgovernment officialsand worked Saskatchewan withthe to applythePST to insurance premiums intheir2017 budget last spring.Advocis launchedaradio andsocial Advocis hasbeenworking hard onthisissue since theGovernment ofSaskatchewan announced theirintentions of applyingthePST to life andhealthinsurance. who have beenactively working to convince bothgovernment andthepublicaboutadverse consequences agriculture, life andhealthinsurance premiums.” This isamajorvictory for Advocis members andtheirclients, the insurance industry to determine thebest way to refund individualsandbusinesses that have paidPST on insurance premiums, retroactive to August 2017. 1, Premier Moedirected hisMinister ofFinance to “work with (PST) exemption for individualandgroup life andhealthinsurance premiums, aswell ascrop, livestock andhail On February 26, 2018, Premier Scott Moeannounced that hisgovernment willreinstate theProvincial Tax Sales Saskatchewan PST
components. Allcontent willbeincorporated online. 2019, along withafullassessment auditoftheexam There willbeupdates andablueprint redesign in The CHSunderwent asubstantial content review. CHS Designation Program tool to supportcandidates writingthefinal exam. completed, alongwithanew exam preparation Enhancements to thestudy guideswere also and refreshed to reflect recent legislative changes. The core courses oftheprogram were updated CLU® Designation Program certification. launched in2018 to supportcandidates seeking case studies andcomprehensive practice exams were the inclusionofnew content areas. New mandatory
2019 ANNUAL REPORT THE WAY FORWARD 11
advisors, were both piloted in 2018. Further Further in 2018. both piloted were advisors, support are group build-outs of study in 2019. anticipated ethics II are and Making Choices Making Choices hold as to chapters to provided seminars theory combines seminars The events. chapter case study based on application and practical assist candidates in the CLU designation designation in the CLU candidates assist learning group along with advanced program, support CLU-designated to intended discussion
• securities markets and products. This partnership partnership This and products. securities markets numerous to access members Advocis provides of securities, portfolio in the areas courses and banking. management discussions. Programs Partner for increases as pressure that understands Advocis to help advice competent to provide financial advisors for the demand financial issues, complex solve clients also rises. programs educational advanced the emerging meet designed to are Programs Partner and niche educational specializations refined need for programs. with the Canadian collaborated Advocis In 2018, the knowledge extend to (CSI) Securities Institute of the area into members of Advocis and expertise
focused on ensuring financial focused
CLU study groups and Advanced Learning Learning and Advanced groups study CLU to program group A study sessions. The Practice Development Series, a 12-module, Series, a 12-module, Development Practice The targeting program and mentored facilitated support the development to advisors newer of built on the value practice of a sustainable financial advice. fully are Chapters groups. CFP study with groups study facilitate to supported and guides resources key chapter or via two national video webinars video webinars national or via two chapter November. in late offered plans continue to meet changing needs. meet to plans continue update panels: (1) technical/tax four It featured (2) living benefits — round-up, — industry — of illness (3) the burden making the case, and owners business for strategies key behavioral from lessons and (4) executives, financial decision making. — impacting finance the country across from 2000 advisors Close to their local at event this premiere attended Forward Thinking – Take your practice to practice your – Take Thinking Forward level the next The Advocis Update 2018 program program 2018 Update Advocis The
• • • •
to advisors. In 2018, chapters facilitated a number facilitated chapters In 2018, advisors. to programs: of key Education recognizes the value of having Advocis Advocis of having the value recognizes Education programs educational facilitated deliver chapters Chapter-Facilitated Programs Chapter-Facilitated CONTINUING EDUCATION CONTINUING on the path for ongoing professional development, including other designations, certificate programs and and programs certificate including other designations, development, ongoing professional for on the path while practices, about compliance knowledgeable will become And they courses. education continuing standards. professional and meeting of conduct code a professional adhering to Candidates in the program will develop essential practice-management skills for building and maintaining building skills for practice-management essential will develop program in the Candidates their increase as they and appropriately effectively advise clients will learn to They practice. a successful start will They goals. their financial achieve to help clients solutions finding the best for knowledge technical In 2018, Advocis launched the Professional Financial Advisor designation program. Designed to meet the meet to Designed program. designation Financial Advisor Professional launched the Advocis In 2018, compliance knowledge, on practical focus program’s the PFA™ demands of an advisor’s practice, everyday the start. from right head start, a successful get advisors will help newer development and practice and ethics, Program Development Program Professional Financial Advisor Financial Advisor Professional 12
2019 ANNUAL REPORT THE WAY FORWARD AND MARKETING COMMUNICATIONS Way Forward Strategic Plan strategyand communications around our In 2018, Advocis implemented amarketing for 2018-2022. 2019 ANNUAL REPORT THE WAY FORWARD 13
) was built internally and podcasts are are and podcasts built internally ) was – NEW – – OLD – www.financialadviceforall.com allows advisors and consumers of all ages to listen at their convenience to industry experts discussing the latest discussing experts industry to their convenience at listen of all ages to and consumers advisors allows finance. in personal recorded and produced in-house. and produced recorded The podcast financial literacy. for information and bite-sized tools of easy-to-use a range contains website The In honor of Financial Literacy Month (November), we launched a new, consumer-focused website and podcast and podcast website consumer-focused launched a new, we (November), Month Literacy In honor of Financial ( site All. This for called Financial Advice Financial Advice for All for Advice Financial 14 2019 ANNUAL REPORT THE WAY FORWARD Oct-Nov of2017. in year-over-year course enrollments compared to The overall results for theCLU campaignshowed anincrease and Advocis socialmedia. industry trade publications (print/online), e-News Brief, Advocis emails(monthly) The 2018 CLU national awareness campaignran from Sept-Dec 2018 inForum, Promotion oftheCLU designation
2019 ANNUAL REPORT THE WAY FORWARD 15
(Digital version) Click/Tap to view “Future Advisor” Spot “Future view to Click/Tap (Digital version) Animation Teaser” “PFA view to Click/Tap (Digital version) Advocis website, to be launched early 2019. to website, Advocis Brand ReFresh Brand look and feel. of Advocis’ a refresh for laid the groundwork 2018 videos corporate new collateral, new developing spent was year The and a new Marketing Communications performed a lead generation email campaign to campaign to email generation a lead performed Communications Marketing to all out went email first The Launch Program. Advanced the PFA promote number of leads a significant generating and non-members, members Advocis a 6-week over interest) their of registering the action (individuals who took campaign period. above-average in an leads resulted targeting campaign directly email A second of those who clicked- (percentage 61% of approximately rate conversion for expectations exceeding Program), the PFA for register to through targets. enrolment
designation Advanced Launch Advanced designation Promotion of Professional Financial Advisor (PFA) (PFA) Advisor Financial of Professional Promotion 16 2019 ANNUAL REPORT THE WAY FORWARD services, hasbeeneditor ofFORUM since 2014. and overall business management strategies. DeanneGage, anaward-winning journalist specializinginfinancial affecting clients, taxandestate planning,insurance andinvestment solutions,superior communications advice financial advisors serve theirclients more effectively. Inthat vein, FORUM provides articleson retirement issues FORUM isoneoftheoldest continuously publishedmagazinesinCanada. The magazine’s mandate isto help FORUM 2018 Mediareleases Global News, Investment Executive, andBNNBloomberg. that covered Advocis news were: The GlobeandMail,Insurance &Investment Journal,Advisor’s Edge, were 5784 mentions ofAdvocis inindustry andconsumer media,bothonlineandinprint. Someoftheoutlets TFAAC chair AlJonesspeakingto top publications aboutindustry andconsumer-facing issues. In total, there Advocis continued to increase itsmediapresence in2018, withAdvocis president andCEO Greg Pollock and Media coverage Feb. 26, 2018 Advocis laudsnew premier ofSaskatchewan for immediately repealing unfair tax. Sept. 13,2018 Advocis welcomes today’s statement from The Honourable Vic Fedeli, Ontario Minister ofFinance. November 7, 2018 Financial Advice for All,available thisFinLitmonth andevery month to follow. Nov. 10, 2018 Majority ofAlbertansbelieve financialadvisors needprofessional regulation. Nov. 15,2018 Advocis Welcomes Fall Economic Statement from Minister Fedeli. Nov. 23,2018 Majority ofManitobans believe financialadvisors needprofessional regulation.
2019 ANNUAL REPORT THE WAY FORWARD 17
iafe.ca. iafe.ca. 2018 showed a notable increase in chapter participation. in chapter a notable increase showed 2018 Chapter. Muskoka the Simcoe to awarded was the trophy year, This Rep participation at the local chapter level. The Trophy is awarded at the Annual the Annual at awarded is Trophy The level. the local chapter at participation Rep in June each year. Meeting General Institute Reps and Institute designees, are encouraged to compete for the deHaerne the deHaerne for compete to encouraged designees, are and Institute Reps Institute based on the chapters to awarded are points on an annual basis. Each year, Trophy as Institute as well and graduates, enrollments and CHS course CLU of new increase The Institute reintroduced the deHaerne Trophy in 2014 as part of its efforts to establish part of its efforts as in 2014 the deHaerne Trophy reintroduced Institute The alongside local designees. Chapters, among Institute a sense of community deHaerne Trophy – symbolizing “integrity and knowledge.” The deHaerne Trophy was awarded annually annually awarded was deHaerne Trophy The and knowledge.” “integrity – symbolizing deHaerne Trophy of the furtherance to contribution outstanding made the most that the local association to studies. and CLU LUAC his lifetime. as the – known LUAC to a trophy deHaerne presented Mr. President, as National during his year In 1947, in 1942 and was a member of the Association for 38 years, remaining active as an agent until his death his death until as an agent active remaining 38 years, for a member of the Association and was in 1942 the Association honour that the highest of LUAC, Director Honorary elected he was age 83. In 1973, at throughout continued in education in 1944, and his interest designation his CLU He attained bestowed. deHaerne Trophy Advocis) Canada, now of Association Underwriters (the Life LUAC joined first CLU, deHaerne, Fernand to the value of the designation. the value to at website Institute on The honoured are CLUs Longstanding Canada, playing an important part in the history of the financial advisor profession in this country. In 2018, The The In 2018, country. in this financial advisor profession of the part in the history an important playing Canada, whom nine of or more, 25 years for designation CLU held the 185 individuals who have over recognized Institute and a testament of the CLU a part of the living history individuals are These or more. 50 years held it for have Recognition of Longstanding CLUs of Longstanding Recognition in designation and estate-planning wealth-transfer has been the premier designation the CLU 1924, Since Full details regarding the J. G. Taylor Award and its recipients can be found at at be found can and its recipients Award Taylor G. the J. regarding details Full annually to select Institute designation holders in recognition of their outstanding work in the industry and and in the industry work outstanding of their in recognition holders designation Institute select annually to large. at community CLU. and Susan Creasy, R.F.P. CH.F.C., CLU, Brian Mallard, are recipients Award G. Taylor J. 2018 The among The Institute’s designation holders. Named in honour of the Education Chair who spearheaded the spearheaded the Chair who of the Education Named in honour holders. designation Institute’s among The is awarded Award G. Taylor the J. in 1924-25, Association on behalf of the designation CLU of the introduction J. Award G. Taylor community sense of stronger to build a an effort in created was award G. Taylor the J. in 2013, Introduced 18 2019 ANNUAL REPORT THE WAY FORWARD Leslie W. Dunstall The Institute CHS Awards andWinners John A.Tory Award Award Award David Talbot, CHS CHS Award James Sullivan, CFP, CLU Dunstall Award inPrince Edward Island Nicole Ewing, CLU Dunstall Award inOntario Angela LeBrun, CFP, CLU Dunstall Award inManitoba CFP,Mehul Gandhi, CLU Dunstall Award inBritishColumbia Charles Park, CPA, CMA,CLU Dunstall Award inAlberta Vaughn Hoskins,CLU, CPA, CA Tory Award
failing any oftheCHSexaminations. to theCHSgraduate whoachieves the highest average for allcourse subjects without The Certified HealthInsurance Specialist (CHS) Program Award is awarded annually The CHSProgram Award executive vice-president, was amemberoftheAdvocis staff from 1919 to 1960. the highest examination marksfor allCLU course subjects. Leslie W. Dunstall, apast The Dunstall Award isawarded to thecandidate ineachprovince whoachieves The Leslie W. Dunstall Silver Medalfor CLU Studies any oftheCLU examinations. CLU graduate whoachieves thehighest average for allcourse subjects withoutfailing the late John.A.Tory, CLU. The medal,first presented in1952, is awarded annually to the The Tory Award was originallydonated by JamesM.Tory, CLU, inmemoryofhisfather, The JohnA.Tory GoldMedalfor CLU Studies
2018 WINNERS
CE Accreditation Services
2018 was another record year for paid CE units (a combination of regular and corporate partner applications). The Institute Accreditation Services has maintained a two-day business day turnaround throughout most of the year and continues to grow, with new providers added every month.
Five-Year Strategic Plan
The Institute continues to focus on its strategic plan (2018-2022). The plan places emphasis on increasing the number of Institute designation holders and positioning our designations as pathways to success by showcasing the value of CLU and CHS designations. Over the five years, The Institute will take special care to build community among designation holders, bringing further value to Institute designations.
MISSION & VISION STATEMENTS
TO PROVIDE PROFESSIONAL AND FINANCIAL SERVICES PRACTITIONERS WITH RELEVANT QUALITY EDUCATION TO BETTER SERVE THEIR CLIENTS.
TO BE A LEADING PROVIDER OF EDUCATION, DESIGNATIONS AND STANDARDS FOR PROFESSIONAL FINANCIAL SERVICES PRACTITIONERS.
NON SOLIS NOBIS, NOT FOR OURSELVES ALONE.
19 20 2019 ANNUAL REPORT THE WAY FORWARD opportunity for chapters to come together to The Chapter Leadership Conference isanannual Chapter Leadership Conference activities development development, connection andsuccess, including: activities that supportlocalmemberneedsfor years ofpractice guidechapter operations through Chapter boards consisting ofvolunteer leaders with literacy initiatives andfoster chapter community. advisors andplanners, leadadvocacy andfinancial support theprofessionalism andeducation of member volunteers work throughout theyear to Across thecountry, 40Advocis chapters ledby SUPPORTING THEADVISOR OFTHEFUTURE ADVOCIS CHAPTERS excellence, including: advocacy. They showcased many strategies for shared best practices inmembership, programs and days, chapter leaders strengthened relationships and Through active working group sessions over three network that enhances value for members. ideas for advancing avibrant, effective andsustainable on “Chapters oftheFuture” discussed innovative Delegates ofthe2018 Chapter Leadership Conference building community. excellence insupportingmembersuccess and collaborate ongoalsandshare strategies for • • •
financial literacy ambassadors community leadership, particularlyas collaboration andmentorship, aswell as virtual initiatives that promote fellowship, Community buildingthrough face-to-face and industry andinprovincial and federal advocacy strengthening thevoice ofadvisors withinthe Advocacy awareness andengagement, designation achievement and business Education initiatives that advance professionalism,
sessions advisors for members, including: In 2018, Advocis chapters hosted almost 400events together. to members, anddevelop strategies to forge forward discover new ways to remain relevant andeffective opportunity to discuss key prioritiesfor thefuture, assuming leadership roles, theconference was agreat As anessential foundation for volunteer executives communities to alignstrategic andoperational requirements. with Advocis’ national Chapter Leadership Council sustainability ofindividualchapters andconsult Chapter Presidents oversee thewell-being and • • • • • • • • • • • Political panelsandmeet-the-candidatee Ethics andriskmanagement sessions practitioner andto theadvisoroffuture on widerange oftopics relevant to today’s PD summits,breakfasts andfull-day programs working ondesignations Chapter study groups to supportmembers support thepractice development ofnewer Learning modulesandmentored activities to Advanced learningandbest practice seminars Facilitating financialliteracy initiatives in develop andsucceed intheirfirst five years practice development to helpnewer advisors Creating opportunitiesfor mentorship and members working towards designations Offering helpful study groups that support access technology collaborations, speaker tours andremote professional development days viachapter Expanding memberaccess to quality Fellowship andcommunity events
2019 ANNUAL REPORT THE WAY FORWARD 21
Junior Achievement also participated in in also participated Junior Achievement Alberta, and Edmonton, in PD days chapter advisors educate to British Columbia, Victoria, needs and opportunities on financial literacy Canada Atlantic across chapters Advocis Who “Advisors initiative, joint a new formed members Advocis organize to with intent Care,” literacy financial deliver to the region across schools in Newfoundland, at sessions and Brunswick New Scotia, Nova 2019 Island in Edward Prince local member supported chapters Advocis Financial Advocis of the national awareness campaign in November, Month Literacy All for Financial Advice the new promoting series and podcast website • •
formation of a financial literacy network, network, of a financial literacy formation schools, partner with local to continues officials and government leaders business financial literacy full-day provide to youth for symposiums to members rally regularly chapters Advocis programs Junior Achievement for volunteer In 2018, Canada. in local schools across Advocis Kingston, which facilitated the the which facilitated Kingston, Advocis • • their members and communities. The next presentation of of presentation next The and communities. their members implementation following will be in June 2020, the award in 2019. of the program iteration of the next focus of chapter operations and the overall association goals. goals. association and the overall operations of chapter focus to encourage desire continuing a reflected But it has always to ongoing service exceptional for chapters and recognize Through the years, the award has seen many iterations as its as its iterations has seen many the award the years, Through with the pace keep to evolved have and metrics categories Advocis congratulates both the Thompson Okanagan and Vancouver Island chapters as joint recipients recipients as joint Island chapters and Vancouver Okanagan both the Thompson congratulates Advocis Award. Pole Totem of the 2017-2018 First initiated in 1916, the Totem Pole Award has been awarded annually to the chapter(s) that provides the the provides that the chapter(s) to annually has been awarded Award Pole in 1916, the Totem initiated First strategic the Association’s reflect with guidelines that in accordance members to service outstanding most and advocacy. community development, professional priorities in membership, Totem Pole Award: Celebrating Chapter Excellence for over 100 Years 100 over for Excellence Chapter Celebrating Award: Pole Totem
Among activities in 2018: Among activities advance financial literacy and financial health literacy financial advance communities. across the financial well-being of Canadians and their and their Canadians well-being of the financial uniquely positioned are chapters Advocis families. to help and engage financial leaders mobilize to Commission of Canada), Advocis has committed to to committed has Advocis of Canada), Commission of strengthening goals supporting the Committee’s As a member of the National Steering Committee Committee Steering of the National As a member of the Financial (a task force Literacy on Financial Advancing Financial Literacy Financial Advancing 22 2019 ANNUAL REPORT THE WAY FORWARD ADVOCIS BROKERSERVICES They alsowork very well with ourbrokers, Advocis the Advocis Protective Association. program andprovide apractical relationship with This makes themwell suited to managetheAPA in anumberofjurisdictions inCanada andabroad. insurance company andaveteran ofadvisorprograms for ourprogram. Zurich isamature Canadian experienced professionals, whichisvery reassuring continue to train andenhance theirteams with exceptionally supportive oftheprogram. They Zurich’s underwritingandclaimsteams were successful. program’s insurer andexpert claimsmanagerwas previous year to Zurich Insurance Company asthe ADVOCIS PROTECTIVE ASSOCIATION The brokerage willcontinue to add to itsroster of to thebusiness. product linesandotherretail clients willadd resiliency Omissions Insurance programs for advisors, butadded customers. The focus willalways bethemainErrors & enhanced service levels to current andfuture achieve multi-level revenue growth andoffer With thedevelopment ofabetter toolbox, ABScan becoming amore sophisticated solutionsprovider. Under thenew leadership, ABSisembarkingon team administrator. and we alsopromoted astaff memberandhired anew a veteran insurance professional to leadthebusiness, improved business focus. We were successful inhiring changes andan with various staffing a challenging2018 Services weathered Advocis Broker The changeinthe Association. Protective year for theAdvocis 2018 was astable
Liberty MutualCanada thisyear. monies from theearlyyears oftheprogram from negotiation, APA secured arelease ofcertain surplus 2019. Additionally, through careful analysis and The board plansto complete athorough review in investment strategy hasbeenmaintained in2018. the APA continues to bewell funded.The original maintaining the$100,000 perclaimdeductible layer, Through prudent investment management and APA grow itsportfolio inthenearfuture. Zurich willbecome increasingly involved inhelping rates remained stable for thesecond year. addition to theclaimsmanagement process. Program the expert in-houseZurich claimteam are apositive Broker Services. While claimscounts were low in2018, in theagency. resulted from goodgrowth andexpense management overall financialhealth. This financialperformance another year-end profit, contributing to Advocis’ With allthechangesagency faced, itstill recorded payment approach amore streamlined service in2019. will allow theteam to offer clients preferring this of anenhanced premium finance arrangement. This products. Another key milestone was thedevelopment broker andbetter positionedto offer more insurance functions oftheoperation. ABSisnow afull-service enhance allaspects oftheretail andaccounting system that willbeinstalled inearly2019. This will operating system andselected anew client management base, ABSperformed anexhaustive analysis for anew To better serve thecurrent andfuture corporate client to itsexpanding client base. it to offer better retail insurance solutionsandservices insurance company suppliers eachyear, allowing association. positively contribute to theoverall success ofthe increase inactual certificate holders. It continues to Overall, theAPA experienced anotheryear ofmarginal
2019 ANNUAL REPORT THE WAY FORWARD 23
Overall, the APA experienced another year of marginal another year experienced the APA Overall, to continues It holders. certificate actual in increase of the success the overall to contribute positively association. In 2007, GAMA and Advocis initiated a reciprocal a reciprocal initiated GAMA and Advocis In 2007, all Advocis whereby arrangement, membership members are in the Manager category members and affiliate Canada and GAMA of both Advocis in GAMA International. members throughout in all areas of growth another year It was high of a record reached membership Notably, 2018. at successful was renewal As well, end. year’s at 995 the efforts part to large thanks in was This a 92.37%. in GAMA representatives board, of the GAMA Canada that organizations from and support chapters Advocis engaged industry They GAMA membership. encourage training, education, quality and provided leaders opportunities. support and networking
RESOURCES to members to RESOURCES build to members opportunities for Provide professionals with peer RELATIONSHIPS standards achieving for members RECOGNIZE and management, in distribution of excellence LEADERSHIP industry through growth Promote Offer world-class education and training and training education world-class Offer
• • • • was a success, thanks to Canada’s LAMP reception sponsors. reception LAMP Canada’s thanks to a success, was GAMA International hosted its annual Leadership and Management Program (LAMP) conference in Nashville, in Nashville, conference (LAMP) Program and Management its annual Leadership hosted GAMA International 20 from teams management representing 2,200 attendees, over attracted event 14. The 11 to March TN, from reception LAMP Canadian The attended. companies various from In all, 146 Canadians worldwide. countries 2018 Lamp Conference 2018 opportunities
GAMA International’s mission is to: mission GAMA International’s management in the financial services industry and industry in the financial services management needs. development their professional promoting GAMA International Canada is the only association only association is the Canada GAMA International opportunities for networking providing to dedicated GAMA INTERNATIONAL CANADA INTERNATIONAL GAMA 24 2019 ANNUAL REPORT THE WAY FORWARD in agency-building, production andfielddevelopment. AGENCY BUILDERAWARD (ABA) WINNERS Award (AAA) andtheNational Management Award (NMA). They are awarded annuallyinthree categories: theAgency BuilderAward (ABA), theAgency Achievement In 2018, 213 GAMAmembers received oneormultipleGAMACanada International management awards. Awards 2018 GAMAINTERNATIONAL CANADA MANAGEMENT AWARDS The 2018 GAMAInternational CanadaManagementAwards recognize thehighest Mathieu Jones Kimberley A.Jensen Jordan N.Ingraham CH.F.C., RHU Darren L.Howe John Hirst Nubia C.Gomez Ronald James Gilson Adrian K.Fung Angela Fu Gregory Fox Joe Ferreyro Beverly G.Ellis Mark E.Dickson Peter DeVito Juan G.DeGuzman Peter B. Gillespie Gerard Feliciano David E.Feldberg Jeffrey T. Currie William N.Clunas Daniel Li-Wen Chuang Esther Po Yin Chu Sarah Decker Pavan K.Chowdry Perminder Chohan Bradley P. Chesney Zhong Chen Roshan Charles Herman Chan Chanchal Chakrabarti Jessica Buley Jamie M.Benn Perry D. Badham Stacy S.Arseneault J.Sally Arkell-Boles EPC recognize theachievements ofleaders inthefinancialservices industry leadership achievements inCanada’s financialservices distribution industry.
● CFP, CLU CHS CFP, CHS CFP ● ● CFP, CHS
● CFP, CLU, CHS CLU, CH.F.C., CHS CHS CFP, CLU, CHS CFP, CHS CLU, CHS ●
CLU, CHS ● CFP, FMA, CFP, CLU CHS ● ●
GAMA INTERNATIONAL CANADA’S CFP, CHS CHS CLU
CHS
CLU, CHS
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2018 ManagementAwards Djebran ChalilMehdawi Maria Cristina Mendoza Gemma Mendoza Minetta McDonald Dennis P. Mavrin Jayson G.Mallari Craig AllanMacTavish EasonLuong Sam Xu (Leo) Liu Adam CLind David Y. Lim Philip Lawrence Nina Wing Kam Lau-Choy Barbara Kwasnik TonyKwan Karl J. Krokosinski Wayne M.Kiryk CH.F.C. Brian R.Kilback Alim Z.Kassam Rohini Kapoor Robin J. Rankine Jerome B. Pusung Anne-Sylvie Purcell Gregory D. Powell Jason D. Poulton Matthew Pomeroy Paul R.Pinel Craig W. Pelletier Ioannis (John) Panago Stephanie Paille Sudeep Oommen Steven Ollson Geoffrey MOllson Shaundra Nancy Oelsner Dale W. Milne Katina Michelis
The Agency BuilderAward (ABA)
CLU, CH.F.C. ●
CFP ● CFP, CLU, CHS ● CSA RHU CFP, CLU, CFP
RHU ● ABA GoldAward Winners CFP, CLU, CH.F.C. ● CFP
CLU CLU, CHS CFP, CHS,EPC CLU, CHS CHS CLU, CHS ● CFP CHS
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CHS
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recognizes outstanding achievement Nicolas F. Zabaneh Sonia Zy Wu Shanshan Wu Scott Woodman Kevin Wong Ryan C.Wieczor Jonathan JasonWerner Keith R.Vincent Deborah G.Veska Jesse Van Dalfsen CH.F.C. Glen WMUngar CHS,TEP Jennifer A.Tweddle Jeff K. Tse Eddy C.K.Tong Terrance Thompson Greg N.Taylor Vishal Taneja Peter A.Stewart Sean S.Sparks Shawn M.Smith Joshua M.W. Simpson Bhagwant S.Sidhu Rajesh Sharma Wesley Scott Jason E.Schnitzler Sonny M.Sangemino Darlynnda D. Ross Darren A.Rosenberger Alfred E.Roissl Adriana Lydia Rogic Jarrett Robertson Bruce A.Rayment
CFP
● ● CHS CLU, CHS CLU, CHS CFP
● CFP, EPC CFP, CLU, CFP, CLU, CHS CHS ● CFP, CLU ● ●
CHS CLU, CHS CHS
● CFP ● CFP, CLU,
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CFP
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2019 ANNUAL REPORT THE WAY FORWARD 25 honours honours
epresents the very the very epresents r
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CFP CFP
CFP CFP ● ●
AAA Gold Award Winners Award Gold AAA
CFP CFP ● CLU, CHS CLU, ● CHS CHS ● CFP, CHS CFP,
CFP, CLU CFP, CFP, CLU CFP, CFP, CLU CFP,
● CHS CHS CFP, CLU, CLU, CFP, CFP, CLU, CLU, CFP, ● CFP, EPC CFP,
CHS CHS CHS CHS ● CFP, CLU, CHS, EPC CLU, CFP, CFP, CLU, CHS, EPC CLU, CFP, CFP CFP ●
Alfred E. Roissl E. Roissl Alfred A. Rosenberger Darren M. Sangemino Sonny Jason E. Schnitzler S. Sidhu Bhagwant Simpson Joshua M.W. M. Smith Shawn Sean S. Sparks Blanche Tse Tse Jeff K. Tucker Brett Glen WM Ungar CH.F.C. Unraw D. Bradley Dalfsen Van Jesse G. Veska Deborah R. Vincent Keith Wong Kevin Woodman Scott Wu Sonia Zy Zabaneh F. Nicolas Darren A. Rosenberger A. Rosenberger Darren M. Sangemino Sonny S. Sidhu Bhagwant Simpson Joshua M.W. Smith M. Shawn Sean S. Sparks Tse Jeff K Blanche Tse Tucker Brett Glen WM Ungar CH.F.C. Dalfsen Van Jesse Veska G. Deborah R. Vincent Keith Wong Kevin Woodman Scott Wu Sonia Zy A. Rayment Bruce Roberts Mark W.
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CHS CHS CFP, CLU, CLU, CFP, CHS CHS ●
CFP, CLU, CFP, The National Management Award (NMA) Award Management National The CLU, CHS CLU, CHS CHS ● CLU, CHS CLU, CFP, CHS, CFP, CFP, CHS, CFP, CFP, CHS CFP,
CFP, CLU, CLU, CFP, CFP, CLU, CFP, ● CFP CFP ● CFP, FMA, FCSI CFP, CFP, FMA, FCSI CFP, ● The Agency Achievement Award (AAA) Award Achievement Agency The CFP, EPC CFP, ●
● ● CLU, CH.F.C CLU, CLU, CH.F.C. CLU, Learn more at more Learn ● ● gamacanada.com ● ●
Dennis P. Mavrin Mavrin Dennis P. Alfred E. Roissl E. Roissl Alfred Lin Chu-Chun Adeline CHS Allan MacTavish Craig G. Mallari Jayson David Y. Lim Y. David Powell D. Gregory EPC Rankine J. Robin CH.F.C. A. Rayment Bruce Robertson Jarrett John B. McCallum McCallum John B. Izumi Miki McGruer CHS CH.F.C., Milne Dale W. M. Ollson Geoffrey Panago Ioannis (John) Payer Jarnael J. Pomeroy Matthew Powell D. Gregory EPC Powell J. Adam Rankine J. Robin Karl J. Krokosinski Krokosinski J. Karl Kubin Kris B. Kwan Tony Kwasnik Barbara Lavigne Darsey Philip Lawrence Lim Y. David CH.F.C. Kwasnik Barbara Lavigne Darsey Philip Lawrence C. Liu Michael Y. Allan MacTavish Craig G. Mallari Jayson Milne Dale W. Panago Ioannis (John) Pomeroy Matthew CH.F.C. CH.F.C.
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CLU, CHS CLU, CLU, CHS CLU, CFP ●
CFP, CHS CFP, CFP, CHS CFP, ● ● ●
CFP, CLU CFP, CFP, CLU CFP, ● ●
● CLU, CHS CLU, CLU, CH.F.C., CH.F.C., CLU, ● CFP, CLU, CFP, CFP, CLU, CLU, CFP, CFP CFP, CLU, CH.F.C., CH.F.C., CLU, CFP, CHS, EPC CFP, CLU, CHS, CLU, CFP, CFP, CLU, CHS CLU, CFP, CFP, CLU, CHS CLU, CFP, ● CSA CSA CFP, CLU, CHS, CLU, CFP, CFP, CHS CFP, CFP, CHS CFP, ● CFP, CLU, CHS CLU, CFP, CFP, CLU, CHS CLU, CFP, CFP CFP ● ●
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CH.F.C. Brian N. Gebbie Gillespie B. Peter Girard D. Ted Nubia C. Gomez L. Howe Darren RHU Jones Mathieu Kapoor Rohini Brian R. Kilback Perminder Chohan Perminder Decker Sarah Donald M. Der. CH.F.C. Mark E. Dickson Dube W. Bruce E. Feldberg David Joe Ferreyro Gaymer Thomas Stacy S. Arseneault S. Arseneault Stacy Jamie M. Benn Calderwood Darin D. Chanchal Chakrabarti Herman Chan Chesney P. Bradley Ted D. Girard Girard D. Ted Nubia C. Gomez RHU Kapoor Rohini Brian R. Kilback Chesney P. Bradley Chohan Perminder Decker Sarah Donald M Der CH.F.C. Mark E. Dickson Feldberg E. David Joe Ferreyro Gillespie B. Peter Stacy S. Arseneault S. Arseneault Stacy Jamie M. Benn Chanchal Chakrabarti Herman Chan AGENCY ACHIEVEMENT AWARD (AAA) WINNERS (AAA) AWARD ACHIEVEMENT AGENCY members. Canada among GAMA International excellence pinnacle of management NATIONAL MANAGEMENT AWARD (NMA) WINNERS (NMA) AWARD MANAGEMENT NATIONAL in production. particularly increases management, in agency achievement 26 2019 ANNUAL REPORT THE WAY FORWARD which contributed to theprofitability oftheschool. costs static. The agreement withtheBanff Centre went far incurtailing food andbeverage price increases, The schoolcontinues to enjoy goodsponsorsupportthat contributes bothto thebottom lineandto keeping All three socialevents (reception, softballtournament andBBQ) were well attended andreceived. a wonderful jobhelpingeducate ourattendees onbest practices. and insight. AlJones,ChairoftheAdvocis board, detailed Advocis’ current andfuture plans.Healsodid Alberta Insurance Commission’s ChiefOperating Officer, updated delegates onAlberta-basedinitiatives Table, shared stories abouthisbusiness struggles inaway that allcould relate to. Anthonet Maraierie, the ways to communicate better withour clients. BrianHeckert, the2015-2016 president oftheMillionDollarRound who canmake taxes fun.Otherspeakers addressed practice management, compliance, socialmediaand The faculty includedJamieGolombek,who, asusual,showed everyone why heistheonlyperson onearth ceremonies Robert McCullagh didaspectacular jobkeeping everything ontrack. about how shewas able to useice climbingandpubliceducation to helpherovercome herpast. Master of The openingspeaker was Margo Talbot. She detailed herstruggles withdrugabuseanddepression andspoke compared to 2016; however, registration increased from 2017. at theBanff CentreBanff itselfcausedtheSchool andin to experience a significant registration downturn This was anothersuccessful year ofexpert faculty presenting anexcellent agenda.Ahotel room shortage School Banff the industry’s most influential advisors. attendees intheirregions. They provide anopportunity to meet, learnfrom andshare ideaswithsomeof Each ofthethree schools(Okanagan, and Banff Atlantic) runssessions andsocialactivities tailored for the professionalism andpractice. These schoolsare uniquebecausethey are designedby advisors for advisors. as superbopportunitiesfor learningandnetworking. They are aplace where you canenhance your expertise, In 2018, the Advocis national advisorschoolsmarked their63rd anniversary. The Advocis schoolsserve ADVOCIS SCHOOLS for making thisevent possible. (committee memberat large) andTeresa Alstad (administrator) (sponsorship andnewest committee member),Kevin Lavigne Steven Bakouris andBobWhite (faculty) Andrew Meyer next year. Thanks to Wendy Tansowny (logistics), IanWhiting, down from 2017, butthecommittee willwork to reverse that for who earnedat least 14CEcredits for theevent. Revenues were lineup delivered exceptional presentations to over 100attendees, 2018 was anothersuccessful year at EduVacation. Adiverse speaker Okanagan School The speakers andspecialevents willcontinue meet ourhigh standards. We are very excited that planningfor the2019 Schoolis 65th Banff well underway.
2019 ANNUAL REPORT THE WAY FORWARD 27
Advocis involvement with Cystic Fibrosis began in 1985 with a Santa Sock Fibrosis with Cystic involvement Advocis In 2018, Advocis chapters raised $89,394.55 for Cystic Fibrosis Canada. Fibrosis Cystic for $89,394.55 raised chapters Advocis In 2018, Canada, Fibrosis of Cystic supporter has been a longstanding Advocis partnership. of our national year marking the 33rd with 2018
Cystic Fibrosis Canada has invested more than $258 million in leading research, innovation and care. and care. innovation than $258 million in leading research, more has invested Canada Fibrosis Cystic world. in the rates median survival one of the highest have fibrosis with cystic Canadians As a result, As an internationally recognized leader in funding innovation and clinical care, they invest more in life-saving in life-saving more invest they and clinical care, leader in funding innovation recognized As an internationally in Canada. agency other non-governmental than any and care CF research Since 1985, Advocis chapters have raised more than $5.4 million for Cystic Fibrosis Canada. Fibrosis Cystic million for than $5.4 more raised have chapters 1985, Advocis Since in 1960 and is one established corporation charitable not-for-profit is a national Canada Fibrosis Cystic (CF). fibrosis cystic for a cure finding to committed charitable organizations three top of the world’s Since that time, Advocis chapters across Canada continue to host a range of events to raise funds and awareness, funds and awareness, raise to of events a range host to continue Canada across chapters Advocis time, that Since Luncheons. Boy and Poor including golf tournaments donated by stores and malls, with all proceeds going to Cystic Fibrosis. The chapter shared their idea with the shared chapter The Fibrosis. Cystic to going and malls, with all proceeds stores by donated other chapters. with the support of several nationally and the campaign blossomed of Directors Board then-LUAC campaign by Nova Scotia members. They partnered with Zellers to raffle tickets for a chance to win gift certificates certificates to win gift for a chance tickets raffle to with Zellers partnered They members. Scotia Nova campaign by ADVOCIS AND CYSTIC FIBROSIS CANADA FIBROSIS AND CYSTIC ADVOCIS to make the event a success from an organizational perspective and to deliver quality content to our delegates. our delegates. to content quality deliver and to perspective an organizational from a success the event make to will propel an increase in attendance. The school has already surpassed our sponsorship goals with strong goals with strong our sponsorship surpassed school has already The in attendance. an increase will propel have We supporters. these wonderful to value show to on opportunities focused are support. We industry ways look for to chair and continue chair and sponsorship with a new level the committee at had a transition conflict, the committee has chosen to move back to PEI for the next two years, at the newly renovated renovated at the newly years, two for the next to PEI back to move has chosen committee the conflict, a stunning undergone 2004, has recently to 1997 school from which hosted resort, The Resort. Mill River 25 years the past School over “home” of the Atlantic the traditional hope this change to We transformation. topics included insurance and investment planning, collateral professionals, home-office support and support and home-office professionals, planning, collateral investment and insurance included topics be in to It continues Canada. across from attendees 80 school had over 2018 The inspiration. motivational to a scheduling Due and 2020. for 2019 booked of speakers has a full slate health and already financial great to the beautiful Fox Harb’r Resort in Wallace Nova Scotia in late August. As usual, the school provided four four provided As usual, the school August. in late Scotia Nova in Wallace Harb’r Resort beautiful Fox the to Speaker recreation. of time for plenty leaving Tuesday), and Monday (Sunday, each day of speakers hours The Advocis Atlantic School is a three-day event, packed with industry-proven information and enjoyable and enjoyable information industry-proven with packed event, School is a three-day Atlantic Advocis The 1997, been held since it had PEI, where from school moved 2018 The Canada. Atlantic unique to activities Atlantic School Atlantic MANAGEMENT DISCUSSION & ANALYSIS
The following is the management discussion and analysis of the financial condition and results for The Financial Advisors Association of Canada (TFAAC).
The audited consolidated financial statements of TFAAC show current year expenses exceeding revenues by $737K, which includes a $261K unrealized loss on investments and total assets of $17M.
The Advocis Protective Association (APA), with continued success, has revenues exceeding expenses by $408K and a 7% increase in certificates. The surplus also includes the second release of funds from the program to APA. As sponsor of the APA errors & omissions program, the APA continues to be well capitalized and holds sufficient financial resources to meet forecasted obligations.
Advocis Broker Services Inc. (ABS), a for-profit wholly-owned subsidiary of TFAAC, reported a profit from operations of $60K. The success is a combination of increased revenue and expense management as the brokerage continues to mature and grow.
The Institute, TFAAC’s standards and designations arm, moved the sales of education courses to Advocis in 2018. The move allowed the division to focus on the designation standards of current and new designation programs, as well as growing the CE Accreditation program. The loss of $3M includes one-time expenses of $137K for the transfer of prepaid course development costs to Advocis, as well as a $4M support to Advocis for current and new education programs and advocacy efforts in the form of a loan forgiveness.
The Advocis fund supports advocacy initiatives, education, the local chapter network and general operations. While overall membership remained flat compared to 2017, growing membership remains a priority. The PFA program kicked off in December 2018 with an initial enrollment of 350 individuals.
Although launched in 2018, the financial impact of this new program will be better reflected in the 2019 financials. Operating expenses increased from 2017 in support of various ongoing advocacy initiatives, new and updated education programs, increased human resources required to build future revenue growth and various infrastructure updates in supporting the professionalism of financial advisors.
The chapter-local activity fund is the financial position of the 40 local chapters across Canada, delivering quality education and networking programs in their local communities. In 2018 local chapters contributed $87K to TFAAC’s overall consolidated result.
GAMA, the only association in Canada for leaders who build the financial services industry, contributed $54K. GAMA continues to strengthen their financial position and reduce their fund deficit.
2018 was a year of successes, challenges and capital investment to ensure the association meets the needs of professional advisors and planners in Canada now and in the future. 28
Summary Consolidated Financial Statements
The Financial Advisors Association of Canada
December 31, 2018
29 The Financial Advisors Association of Canada
Contents
Page Independent Auditor’s Report 1 Summary Consolidated Statement of Financial Position 2 Summary Consolidated Statement of Revenue and Expenses 3 - 4 Summary Consolidated Statement of Changes in Fund Balances 5 Notes to Summary Consolidated Financial Statements 6
30
Grant Thornton LLP 11th Floor Independent auditor’s report 200 King Street West, Box 11 Toronto, ON M5H 3T4
T +1 416 366 0100 F +1 416 360 4949
To the Members of The Financial Advisors Association of Canada
Opinion The summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at December 31, 2018, the summary consolidated statements of revenue and expenses and changes in fund balances for the year then ended, and related notes, are derived from the audited consolidated financial statements of The Financial Advisors Association of Canada for the year ended December 31, 2018.
In our opinion, the accompanying summary consolidated financial statements are a fair summary of the consolidated financial statements, in accordance with the basis described in Note 1 to the summary audited financial statements.
Summary Consolidated Financial Statements The summary consolidated financial statements do not contain all the disclosure required by Canadian accounting standards for not-for-profit organizations. Reading the summary consolidated financial statements and the auditor’s report thereon, therefore, is not a substitute for reading The Financial Advisors Association of Canada’s audited consolidated financial statements and the auditor’s report thereon.
The Audited Consolidated Financial Statements and Our Report Thereon We expressed an unmodified audit opinion on the consolidated financial statement of The Financial Advisors Association of Canada in our report dated April 24, 2019.
Management’s Responsibility for the Summary Consolidated Financial Statements Management is responsible for the preparation of the summary consolidated financial statements in accordance with the basis described in Note 1 to the summary consolidated financial statements.
Auditor’s responsibility Our responsibility is to express an opinion on whether the summary consolidated financial statements are a fair summary of the audited consolidated financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, “Engagements to Report on Summary Financial Statements”.
31
Toronto, Canada Chartered Professional Accountants April 24, 2019 Licensed Public Accountants
Audit | Tax | Advisory © Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd 1
The Financial Advisors Association of Canada Summary Consolidated Statement of Financial Position (in thousands of dollars) As at December 31 2018 2017 $ $ Assets Current Cash 1,283 3,189 Accounts receivable 3,286 1,937 Inventory 13 28 Prepaid expenses 487 567
5,069 5,721
Long-term accounts receivable - 6 Loan to Advocis Broker Services Inc. 403 403 Investments 4,234 4,408 Cash surrender value of life insurance 569 544 Pooled funds held in trust 4,877 6,808 Course development costs 477 309 Property and equipment 1,162 209
16,791 18,408
Liabilities Current Accounts payable and accrued liabilities 1,582 1,943 Deferred revenue 2,591 2,364 Obligations under capital lease 41 27 Lease inducements 41 6
4,255 4,340
Obligations under capital lease 71 71 Lease inducements 363 - Investment in Advocis Broker Services Inc. 567 627 Pooled funds payable 5,800 6,907 Deferred benefit liabilities 2,269 2,352
13,325 14,297 Fund balances Advocis Advocacy, Professional Services, National Chapter Activity and AdServe (3,998) (6,113) Schools 197 230 Chapters - Local Activity 2,437 2,350 Century Initiative 4,138 4,262 Advocis Protective Association 1,077 669 The Institute 187 3,399 GAMA International Canada (5) (59) Advocis Broker Services Inc. (567) (627)
3,466 4,111
16,791 18,408
32
See accompanying notes to the summary consolidated financial statements. 2
The Financial Advisors Association of Canada Summary Consolidated Statement of Revenue and Expenses (in thousands of dollars) Year ended December 31 Advocis Advocis Advocacy, Education, National Chapter Chapters - Advocis GAMA Advocis Activity and Local Century Protective International Broker Consolidation AdServe Schools Activity Initiative Association The Institute Canada Services Inc. debit (credit) 2018 2017 $ $ $ $ $ $ $ $ $ $ $ Revenue Membership 4,937 - 560 (1) - 1,497 169 - - 7,162 7,348 Programs 2,381 280 1,394 - - 228 3 - 486 3,800 4,377 Errors and omissions administration - - - - 857 - - - - 857 380 Other income 242 1 14 145 - - 1 - - 403 599
7,560 281 1,968 144 857 1,725 173 - 486 12,222 12,704
Expenses Membership 324 - - - - - 48 - (319) 53 51 Programs 1,369 226 1,125 - 8 109 15 - (126) 2,726 3,155 Administration and governance 8,702 88 755 25 352 237 14 - (41) 10,132 9,609 Shared services (751) - - - 89 454 42 - - (166) (155)
9,644 314 1,880 25 449 800 119 - (486) 12,745 12,660
Excess (deficiency) of revenue over expenses before other items (2,084) (33) 88 119 408 925 54 - - (523) 44
Other items Net realized and unrealized losses on investments (30) - - (244) - - - - - (274) (9) Gain (loss) on transfer of assets 137 - - - - (137) - - - - - Loan forgiveness 4,000 - - - - (4,000) - - - - - Gain on investment in Advocis Broker Services Inc. ------60 - 60 77
Excess (deficiency) of revenue over expenses 2,023 (33) 88 (125) 408 (3,212) 54 60 - (737) 112
See accompanying notes to the summary consolidated financial statements. 3
33
The Financial Advisors Association of Canada Summary Consolidated Statement of Revenue and Expenses (in thousands of dollars) Year ended December 31 Advocis Advocis Advocacy, Education, National Chapter Chapters - Advocis GAMA Advocis Activity and Local Century Protective International Broker Consolidation AdServe Schools Activity Initiative Association The Institute Canada Services Inc. debit (credit) 2017 $ $ $ $ $ $ $ $ $ $ Revenue Membership 5,160 - 537 9 - 1,464 178 - - 7,348 Programs 1,228 297 1,480 - - 1,801 5 - 434 4,377 Errors and omissions administration - - - - 380 - - - - 380 Other income 249 2 11 336 - - 1 - - 599
6,637 299 2,028 345 380 3,265 184 - 434 12,704
Expenses Membership 294 - - - - - 49 - (292) 51 Programs 1,176 198 1,175 - - 704 17 - (115) 3,155 Administration and governance 7,908 74 742 140 182 568 22 - (27) 9,609 Shared services (1,322) - - - 92 1,027 48 - - (155)
8,056 272 1,917 140 274 2,299 136 - (434) 12,660
Excess (deficiency) of revenue over expenses before other items (1,419) 27 111 205 106 966 48 - - 44
Other items Net realized and unrealized gains (losses) on investments 13 - - (22) - - - - - (9) Loan forgiveness 1,006 - - - - (1,006) - - - - Gain on investment in Advocis Broker Services Inc. ------77 - 77
Excess (deficiency) of revenue over expenses (400) 27 111 183 106 (40) 48 77 - 112
See accompanying notes to the summary consolidated financial statements. 4
34
The Financial Advisors Association of Canada Summary Consolidated Statement of Changes in Fund Balances (in thousands of dollars) Year ended December 31 Advocis Advocis Advocacy, Education, National Chapters - Advocis Advocis Chapter Activity Local Century Protective GAMA International Broker and AdServe Schools Activity Initiative Association The Institute Canada Services Inc. Invested Invested in Deferred in property Advocis General benefit and (Internally (Internally (Internally (Internally Broker (Unrestricted) remeasurement equipment restricted) restricted) restricted) (Unrestricted) (Unrestricted) (Unrestricted) restricted) Services Inc. 2018 2017 $ $ $ $ $ $ $ $ $ $ $ $ $
Fund balance, beginning of year (2,466) (3,758) 111 230 2,350 4,262 669 3,399 (129) 70 (627) 4,111 4,031
Excess (deficiency) of revenue over expenses 2,167 - (144) (33) 88 (125) 408 (3,212) 53 1 60 (737) 112
Net additions to property and equipment (1,098) - 1,098 ------
Payment of obligations under capital lease (36) - 36 ------
Additions on obligations under capital lease 51 - (51) ------
Pension remeasurement- and other items - 92 ------92 (32)
Interfund transfers - - - - (1) 1 ------
Fund balance, end of year (1,382) (3,666) 1,050 197 2,437 4,138 1,077 187 (76) 71 (567) 3,466 4,111
See accompanying notes to the summary consolidated financial statements. 5
35
The Financial Advisors Association of Canada Notes to Summary Consolidated Financial Statements (in thousands of dollars) December 31, 2018
1. Criteria for presentation of summary consolidated financial statements
The information selected by management for presentation in the Summary Consolidated Financial Statements has been identified as being the most pertinent and useful financial data for circulation to the members of The Financial Advisors Association of Canada (TFAAC).
2. Basis of presentation
These consolidated financial statements include the accounts of TFAAC and its 100% owned subsidiaries: Advocis Protective Association, The Institute (also known as The Institute of Chartered Life Underwriters of Canada) and GAMA International Canada. Advocis Broker Services Inc. (ABS), a wholly-owned for-profit subsidiary, is accounted for using the equity method whereby the initial investment is recorded at cost and subsequently adjusted to reflect TFAAC’s pro-rata share of post- acquisition earnings and capital transactions of ABS.
The accounts of TFAAC have been further segregated into the following significant operating segments: Advocis Advocacy, Education, National Chapter Activity and AdServe; Schools; TFAAC’s 40 Chapters (Chapters – Local Activity) and Century Initiative.
36
6 2019 ANNUAL REPORT THE WAY FORWARD 37
strong financial foundation financial
Advocis value the significant the significant value Advocis theby CI Fund.provided support members. members. Board The at team and leadership regulatory regime serves serves regime regulatory of interest the best and our Canadians CI has committed an additional CI has committed support future to $500,000 our will ensure that efforts $1 million to critical Advocis initiatives initiatives Advocis critical million to $1 3+ past the years andover the positive. extremely were outcomes established benchmarks with a 4-year compound compound benchmarks with a 4-year established has committed CI Fund The of 4.4%. return now and in the future. The CI Board of Stewards is pleased with the investment results achieved by our investment our investment by achieved results is pleased with the investment of Stewards CI Board The and in the future. now a $3.8 million. Despite was 31, 2018 December as of balance investment Clark & Lunn. Their Connor advisor, has been at performance 2018, in challenging 4th quarter adequate resources to effectively represent the interests of financial advisors and planners in the face of real of face in the planners and of financial advisors the interests represent effectively to resources adequate Advocis their and above over membership, five-year an additional to commit CI members the industry. to threats is well-capitalized the Association ensure used to are membership this premium from Fees fees. membership CENTURY INITIATIVE CENTURY andfoundation financial has a strong Advocis ensures program (CI) Initiative in 2006, the Century Introduced 38 2019 ANNUAL REPORT THE WAY FORWARD EFFECTIVE JUNE18,2018 CENTURY INITIATIVE MEMBERS Frank A.Creaghan, CLU Peter F. Creaghan, CLU Paul H.Craft, CLU Hal D. Couillard, CFP, CLU, CH.F.C. Salvatore N.Corea, CFP Robert W. Clark,CFP, CLU, CH.F.C. H.Clark,CLUGary Graham M.Carter, CLU James A.Brownrigg, CFP, CLU, CH.F.C. CHS Raymond Bourgeois, CFP, CLU, CH.F.C., Teresa R.BlackHughes,CFP, R.F.P., Kristan K.Birchard, CLU, CH.F.C., TEP Bradley W. Bergh, CFP David N.Beavis Zoltan Barzso Patrick J. Barry, CFP, CLU, CH.F.C. Joel Attis, CFP Bill R.W. Andrew, CLU TEP Kevin D. Algar, J.D, CIMA,CFP, CLU, Robert W. Adams, CLU Roderick W. Abbott, CFP, CLU, CH.F.C. Gregory D. Abbott, CFP, CLU, CH.F.C. Platinum Members Terry G.Zive, CLU, CH.F.C., CHS Michael Vukets James Virtue, CFP, CLU, CA Rod M.Tyler, CFP, CLU, R.F.P. John J. Talerico, CFP, CLU, CH.F.C. Peter J. Sorrell, CFP, CLU, CH.F.C. Dan L.Schindle David CFP, R.Sagan, CLU, CH.F.C. Lee Raine, CFP, CLU, CH.F.C. John E.McKay Elliott B. Levine, CFP Gregory F. Hilderman,CFP W. Grant Fairley, CLU Bruce W. Etherington, CFP, CLU, CH.F.C. Joseph Dickstein, CLU Brian J. Dickinson James A.Burton Double Platinum Members CLU, CI Wayne H.Levine Roger J. Latta, CFP, TEP Wayne E.Lasher Mary Lambros, EPC,CDFA Peter G.Lamb, CLU, TEP, EPC,CSA Candace F. Kwinter, CFP Karl J. Krokosinski Jeffrey J. Kraemer, CFP, CLU, CH.F.C. David I.Hull,CLU, CH.F.C. Thomas I.Hull,CLU T. Geoffrey Hull Dennis J. Hop, CFP, CLU, CH.F.C. David A.Holm,CFP, CLU, CH.F.C. Simon Hiebert,CLU Brian A.Henley, CFP, CLU, CH.F.C. Jon S.Hanser, CLU Rich T. Groom, RHU Murray A.Greenberg Robert R.J. Gould John C.Goode Richard K.Giuliani,CFP, CLU, CH.F.C. Clay E.Gillespie, CFP, CIM Duane D. Gibb, CFP Andrew K.Gellatly, CMP Bernhard W. Geiss, CFP, CLU, CHS, John R.L.Garrett David J. Forest Robert S.Fleischacker, CFP, CLU, John T. Firstbrook CHS Howard JamesFergusson, CFP, CLU, Vern R.Fauth, CFP CH.F.C. Christopher H.W. Facey, CFP, CLU, Darrell G.Ert,B. COMM, CLU, FEA Dennis M.Erker, CLU Dale A.Ens,CFP, CLU, CH.F.C., CHS Kevin J. Dunphy, CFP, CLU Michael P. Dibrina Raymond DiRinaldo, CFP, CLU, CH.F.C. James H.Dehoney Bruce D. Cumming CHS T. AlecCrossgrove, CFP, CLU, CH.F.C., CFP Richard M.Cremasco, CLU, CH.F.C., TEP, FEA CH.F.C., CHS Richard E.McKenster, CFP, CLU, Randolph B. McGlynn,CLU Diane L.McCurdy, CFP Robert A.McCullagh, CFP, CLU, Martin J. McConnell, CFP, CLU, CH.F.C. Curtis M.McCone Richard S.McCaw, CFP, CLU, CH.F.C. Brian B. McArthur, CFP, CLU, CH.F.C. Robert A.Mariani,CLU Brian N.Mallard, CLU, CH.F.C., R.F.P. Monette S.Malewski Robert P. MacKenzie, CFP David W. MacFadyen, CFP, CLU, CH.F.C. CHS Eric D. Lidemark,CFP, CLU, CH.F.C., Paul Tompkins, CLU Robert J. Taylor, CFP, CLU, CH.F.C. M.StratychukGarry TEP Susan St. Amand,CFP, CLU, CH.F.C., Gregory A.Smyth, CLU, CH.F.C. Donald L.Smith,CLU, FEA,TEP Warren A.Smith,CFP George B. Sigurdson, CLU Michael G.Sheffar, CFP, CLU, CH.F.C. Joseph Sheehan,CFP, CLU, CH.F.C. Adam Shapiro, CFP, CLU Jack J. Shaffer, CFP, CLU, CH.F.C. Jeffrey Shaddick Mark J. CFP Sampson, Joel H.Rose, CLU, CFP James E.Rogers, CFP, CLU, CH.F.C. Randall B. Reynolds, CFP, CLU, CH.F.C. Albert Rempel Richard D. Propp, CFP Charles A.Pielsticker PascalBarry Joseph M.Pal, CFP, CLU, CH.F.C. Robert W. Owens, CFP, CLU, CH.F.C. John M.Nicola, CFP, CLU, CH.F.C. Keith D. Newhook Floyd M.Murphy, CFP, CLU, CH.F.C. CHS Izumi MikiMcGruer, CFP, CLU, CH.F.C., Thomas P. McQuillan,CFP, CLU, CHS Roger McMillan, BA, CLU, CH.F.C. CH.F.C., CHS CH.F.C., CHS, 2019 ANNUAL REPORT THE WAY FORWARD 39 CH.F.C., CHS CH.F.C., David C. Juvet, CFP, CLU, CH.F.C., CHS CH.F.C., CLU, CFP, C. Juvet, David CH.F.C. CLU, CFP, C. Karst, Grant Kechnie M. Jeffrey G. Keeffe Robert Knudsen, CFP T. Kerry CH.F.C. CLU, CFP, John Kok, CH.F.C. CLU, CFP, Kroeker, P. Gordon Paul Goldstein, CLU, CH.F.C. CLU, Goldstein, Paul CH.F.C. CLU, CFP, Rick L. Green, CLU CFP, John C. Guderyan, CLU, CFP, Hancock, Jeffery Bruce CPCA CLU, C. Harris, CFP, D. Scott CH.F.C. CLU, CFP, M. Harvey, Gwen Hauk, CHS J. Paul M. Haunn Tim CHS CLU, Hawley, D. William EPC, CEA CHS, E. Hayward, Gordon CHS Healy, D. Robert Healy Stephen John S. Hedden A. Hodsman, CFP Ward CHS CLU, CFP, Angela M. Houle, CH.F.C. CLU, CFP, G. Houle, Robert CHS CLU, CFP, M. Howard, Betty-Anne CH.F.C. CLU, CFP, Philip Howe, CH.F.C. CLU, CFP, Alison A. Jenner, Jindal Vikram CH.F.C. CLU, CFP, Jobe, D. Peter CLU Ian M. Johnson, CFP, EPC, CHS A. Johnson, CFP, Brent A. Jones, CHS, EPC Timothy CLU Al Jones, CFP, Ted G. Ecclestone G. Ecclestone Ted CFP Edmond, J. Paul CLU Etherington, Brian P. CLU C. Evans, Richard CH.F.C. CLU, Neil Feigelsohn, CH.F.C. CLU, CFP, Franklin, W. Robert CHS CLU, CFP, Fredrickson, T. David Diane A. Gagne Michael A. Gaian CLU Gedir, L. Jerome CLU I. Geller, Lawrence CLU CFP, Genier, Danielle J. CH.F.C. CLU, Gillman, CFP, Russell Gleed, CHS Derrick W. John A. Gleeson, CLU Glista F. Gregory CH.F.C., CHS CH.F.C., CH.F.C., CHS CH.F.C., Robert J. Crowder, CLU Crowder, J. Robert CLU, CFP, Deneen A. Cunningham, EPC, CH.F.C., CLU, CFP, Czorny, Caron CHS, FLMI, ICD.D.,CEA CHS CLU, CFP, Michael A. Davis, CH.F.C. CLU, Dean, CFP, John J. CFP CLU, M. Dempster, Robert Philippe Desjardins AVA Desjardins, Pierre Dobel, CLU R. Richard L. Doria Laura CH.F.C. CLU, M. Durant, Ross David N. Chalmers, CFP, CLU, CH.F.C., CH.F.C., CLU, CFP, Chalmers, N. David RFP CH.F.C. CLU, CFP, Bo Chew, R. A. Ciccolini Frank Clark J. Roland CLU CFP, Colman, W. Leonard TEP CH.F.C., CLU, Couture, Michael J. CH.F.C. CLU, CFP, Cowan, J. Robert CH.F.C. CLU, Cox, D. Bradford CH.F.C. CLU, CFP, Craig, Robert Susan M. Creasy CFP Crosson, D. Ken RHU Bugeja Denis P. Allan M. Bulloch CH.F.C. CLU, CFP, Judy M. Byle-Jones, CH.F.C. CLU, CFP, Brian Callery, W. CFP A. Calver, Ray CLU Cameron, J. P. Gregory Campbell Alexander CLU CFP, Campbell, Warren CSA CHS, RFC, CLU, Canavan, J. Leslie CH.F.C. CLU, CFP, Caponi, Dennis F. CLU CFP, Carey, Michael Edward EPC CFP, Cecutti, Michael F. Raymond Bourgeois, CFP, CLU, CLU, CFP, Bourgeois, Raymond CH.F.C. CLU, L. Bowden, Cynthia CH.F.C. CLU, CFP, John A. Bowden, M. Bracken Russell FEA CH.F.C., CLU, CFP, N. Brown, Keith CH.F.C. CLU, E. Brown, Paul CA CLU, CFP, Brown, Peter CLU Brown, Jack B. CH.F.C., CLU, CFP, Buckley, J. Peter Jaymie A. Bongard A. Bongard Jaymie CH.F.C., CLU, CFP, R. Bourbonniere, Paul CHS Pierre Baliki, CFP, CLU, CH.F.C. CLU, Baliki, CFP, Pierre Eric Barclay E. Bauml, CFP Robert Belec Philip J. N. Belton Roger CH.F.C. CFP, CLU, R. Bennett, Peter Blais, CLU Jocelyne Jeffrey L. Appotive, CFP, CLU, CH.F.C. CLU, CFP, L. Appotive, Jeffrey CH.F.C. CLU, CFP, A. Arsenault, Gerard CH.F.C., CLU, CFP, Arthrell, B. W. Marc CHS CH.F.C. CLU, CFP, Glenn Ayrton, A. Baldwin, CFP Wade Jay S. Wintraub, CLU, CH.F.C. CLU, S. Wintraub, Jay Gold Members CH.F.C. CLU, CFP, Aberg, P. Kenneth CHS Alstad, Tod W. Robert G. Kearns G. Kearns Robert A. K. Kurtz Edward CLU Lubbers, W. Rick J. CLU, M. McEachern, CFP, Robert CH.F.C. CLU R. Wilson, Darrell Double Gold Members CH.F.C. CLU, Dickinson, CFP, R. David CH.F.C. CLU, CFP, Dyer, J. William CH.F.C. CLU, Heiberg, J. Lorna CLU Noah G. Jones, CFP, Peter A. Wouters, CFP, CLU, CH.F.C., CH.F.C., CLU, CFP, A. Wouters, Peter CHS CH.F.C. CLU, CFP, Wusyk, D. Gordon CHS,GBA, CLU, CFP, Zavitz, J. Theresa EPC CH.F.C. CLU, Garry M. Zlotnik, CFP, Edward J. Topolniski, CLU Topolniski, J. Edward CFP N. Udy, David CLU A. Wildman, Libby H. Williamson Paul G. Windrem Terry TEP Julian N. Wise, 40 2019 ANNUAL REPORT THE WAY FORWARD Murray D. Neilson Robert J. Neil,CLU Gerry H.Myers, CFP, CLU, CH.F.C. Patrick B. Murphy, CFP, CLU Mary E.Murphy, CFP Paul M.Mulvihill,CFP Keith J. Muchan,CLU Lee Mosley, CLU William F. Moroney Timothy C.Mitchell, CFP, CLU, CH.F.C. Allan H.Minaker, CFP, CLU, CH.F.C. James A.Millar, CLU, CH.F.C. Paul Metcalfe, CLU Valerie Menard Edward T. McQuillan,CFP, CLU, CHS CHS Robert C.McNary, CFP, CLU, CH.F.C., EPC Brian A.McMillan,CFP, CLU, CH.F.C., David McGruer, CFP Kelvin A.McGillivray, CFP, CLU, CH.F.C. Jacquelynne E.McFarlane, CFP, CLU, Michael P. McClenahan,REBC,GBA Jack A.F. McAuley, CFP, CLU, CH.F.C. Michael R.Matthew Gerard E.Matte, CFP, CLU, CH.F.C. Paul K.R.Marchand H.Mandel Gary Meiz M.Majdoub, CLU, CH.F.C. Hugh N.MacDonald,CA,CFP, CLU Jeffrey A.MacBurnie, CFP Jonathan K.Luesby, CFP, CIM,FCSI Harland C.Lockhart Douglas G.Lochhead, CFP Bruce Lindsay, CFP, CLU, CH.F.C. Peter E.Liden,CFP, CLU, CH.F.C. Leon P. Lewis, CLU Jonathan W. Lewis Mark J. Levine, MMPA, CA Brian L.Leipert, CFP, CLU, CH.F.C. TEP Lorraine S.Lavery, CLU, CH.F.C., CEB, Pam C.Lavers Rejean M.Laverdiere, CLU Mark R.Landers, CFP, CHS Allain R.Labelle, CFP, CLU, CHS,TEP Rodney P. Kurylo, CFP, CLU CH.F.C., CEA David Stewart, TEP Darin A.Speight Tom I.Sorge, CFP, CLU, CH.F.C., TEP David C.Somerville, CFP Daryl J. Smith,CFP, CLU, CH.F.C. Kent D. Smith,CLU Kelly R.Smith,CFP, CLU, CH.F.C. Roger E.Sinclair, CFP Walter Simone, CFP, CLU, CH.F.C., CHS Paul B. Shaw Peter M.Seligman Scott L.Segger, CLU, CH.F.C. Arthur A.Schooley, CFP, CLU, CH.F.C. Bert Schertzing Fred C.Ryall, CHS Alan K.Ryall, CFP, CLU, CH.F.C., CHS A.Rusu,CLUGary Joseph J. Ruddell,CLU, CH.F.C. Mimi (Micheline) A.Rogers, CFP, CLU, Murray Robins, CLU Robert L.Rizzuto Sterling Rempel, CFP, CLU, CH.F.C. David J. Reckin, CFP, CLU, CH.F.C. Donald C.S.Rea, CFP, CLU, CH.F.C. Stephen J. Pustai Richard J. Potvin Timothy B. Potter, CLU, CHS Edward L.Postrozny, CFP, CLU, CH.F.C. William M.Poole, CFP Kirk Polson, CFP Greg Pollock, CFP TEP Sandra S.Pollack, CFP, CLU, CH.F.C., Edward W. Polci, CLU Derrick J. Peterson Rene Robert Pereux, CFP, CLU, CH.F.C. Bruce D. Peckover, CLU, CH.F.C. Brent C.Peacock, CHS Mike W. Palynchuk, CFP, R.F.P. Greg Pallone Dean E.Owen, CLU, CH.F.C. John P. Orviss, CFP, CLU, CH.F.C. FEA Patrick S.O’Connor, CFP, CLU, CH.F.C, Craig R.Noren, CFP, CLU, CH.F.C. Michael F. Noc,CFP, CLU, CH.F.C., CIM Sharon I.Noble, CFP CH.F.C., CHS,CEA CH.F.C. Robert J. A.Wildman, CFP, CLU, Clifford A. Wiegers, CFP, CLU, CH.F.C. Vincent S.Wiegers, CFP, CLU, CH.F.C. Ronald J. White, CFP Edmund H.Warburton, CLU, TEP TEP Jennifer A.Tweddle, CFP, CLU, CHS, Jane L.Trentini, CFP, CLU Wayne Townsend, CFP, CLU, CH.F.C. Abe E.Toews, CFP, CLU, CH.F.C., CHS Philip H.Tippetts-Aylmer, CFP Roger J. Thorpe, CFP, RHU, REBC David R.Temple, CLU Robert J. Taylor, CFP, CLU, CH.F.C. Aurora L.Tancock, CFP CHS Ronald C.Sylvester, CLU, CH.F.C., EPC, Catherine Stovel, CHS,EPC,CEA David M.Stinton, CFP, CLU, CH.F.C. Mark A.Zlotnik,CLU Howard G.Young, CFP Kirk R.Wrinn, CFP Mark A.Woofter, CFP, CLU, CH.F.C. Mari-Jayne Woodyatt, CLU, CH.F.C. Lynn B. Wintraub, CFP Michele Wilson, CFP, CLU, CH.F.C. Kevin R.Williams, CFP, CLU, RHU 2019 ANNUAL REPORT THE WAY FORWARD 41
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Mem Member Large at
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Past Chair Past President Past President Vice First Vice Chair Vice
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Jim Virtue, CLU, CA CLU, Virtue, Jim David McGruerDavid Robert Bauml, CFP Bauml, Robert James Wingrove, Jonathan Schjott, CFP, CLU, CHS CLU, CFP, Schjott, Jonathan Joe White Joe Mildred Davis, CFP, CLU, CHS,TEP CLU, CFP, Davis, Mildred Blair Smith, CFP, CLU, CH CLU, CFP, Smith, Blair Michael Todd Hynes Robert Caissie Kevin Williams Jason McMahon, Kris Birc , Gratton Linda Joseph Ruddell, CLU, CH.F.C. CLU, Ruddell, Joseph TEP Stewart, David Dean Owen Anthony Bosch, Bosch, Anthony Kelly Smith Kelly Curtis Findlay, CFP, FLMI CFP, Findlay, Curtis MBA, CHS CFP, Pahlavani, Ali , McCullagh Rob David David Kris , Brown Paul Joe Dickstein CHS CLU, CFP, Shawn Bellefeuille, Ted Girard, CFP, CHS CFP, Ted Girard, Mike Skube John Dean, CFP, CLU, CH.F.C. CLU, CFP, Dean, John Terry Zive, CLU, CH.F.C., CHS CH.F.C., CLU, Zive, Terry Ted Polci CLU Amand, CFP, St. Susan Bob Owens, CHS CH.F.C. CLU, CFP, McCullagh, Robert Kris Birchard
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2019 ANNUAL REPORT THE WAY FORWARD 43
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Advocis Broker Services (ABS) Chair
Best Practices Committee Chair Chair Schools Committee Board Editorial Advisory FORUM Chair
Atlantic Chair
Banff Chair
Okanagan Chair
44 2019 ANNUAL REPORT THE WAY FORWARD ADVOCIS CORPORATE PARTNERSHIP PROGRAM one organization over another. While Advocis recognizes itspartners andsponsors, theprogram isnotintended to endorse There are three levels to choosefrom: individually tailored to address acompany’s specificbusiness needsandpriorities. partner organizations by leveraging existing connections. Ourcorporate partnership program isflexible. Itcanbe Our program provides opportunitiesto foster long-term relationships withcompanies. This offers greater value to Advocis partners withcompanies whoshare ourbeliefin: as well asthosethat supportandsupply the sector. The Advocis corporate partnership program isavailable to companies inthefinancialservices sector, financial advice industry asawhole. advisors andplanners. This buildsstronger, more trusted relationships withconsumers andpositively impacts the Through your partnership, we are constantly promoting andadvancing thevalue andprofessionalism offinancial sponsors supportanddevelop more oftheiradvisors onthepath to professionalism. education programs, aswell asotherproducts andservices. At thesametime, theprogram helpspartners and in 2018. Financialsupportfrom ourpartners helpsusoffer ourmembers certification, designation and continuing Advocis values ourrelationships withtheorganizations that participated inourcorporate partnership program Corporate affiliates 3. Corporate 2. 1. • • • National corporate sponsors National corporate partners The needto advocate onbehalfoffinancialadvisors andtheirclients Competency-based education, and The importance ofadvisorprofessionalism
Together, we’re making a difference. We’re proud to have you in our corner.
CORPORATE PARTNERS
CORPORATE SPONSORS
We couldn’t do all we do for financial advisors in the best interests of their clients without you. Your investment in Advocis helps us build a strong community of professional financial advisors across Canada … helps us make sure advisors get the continuing education they need to succeed … helps us make sure Canadians have trusted-expert advice to help them make the best decisions for their financial interests … helps shape the future of our industry. A big “Thank You” to all our 2018 corporate partners and sponsors.
For information on the Corporate Partnership Program or to become a corporate partner or sponsor, please contact Celia Ciotola at [email protected] 46 2019 ANNUAL REPORT THE WAY FORWARD CONTACT US x and Marketing Julie Martini,Vice-President, PublicAffairs x and Membership Barbara Riddell,Vice-President ofEducation x Vice President, Finance &Administration Linda Illidge, CPA, CMA x Vice President, Legal andRegulatory Affairs Ed Skwarek, LL.B., LL.M. x Chief Operating Officer, The CLU Institute President andChiefExecutive Officer, Advocis Greg Pollock, M.Ed., LL.M.,C.Dir., CFP Executive Management be [email protected] and last [email protected]. For example, “John Smith”would To reach any Advocis staff member by email,usetheirfirst initial advocis.ca Fax: 416-444-8031 Telephone: 416-444-5251; 1-800-563-5822 Toronto, ONM5V2Z2 10 Lower SpadinaAve, Suite 600 9864 9831 9834 9837 9811
James Ryu,SeniorDirector x The Institute Shirley Taylor, Corporate Secretary/Director x Information Technology John Jun,Director x and GAMAInternational Canada Celia Ciotola, Director, Business Development Directors x Member andStudent Services Nelly Fanous, Director x Legal &Regulatory Affairs 9820 9842 9857 9882 9849