PPI Solutions Inc. is pleased to announce a strategic alliance agreement with IPG Insurance Inc. of Ottawa. The agreement offers IPG’s advisors access to the extensive resources of PPI Solutions.
PPI Solutions, in conjunction with PPI, has and is developing a suite of advisor tools- The PPI Solutions ToolKit. Each unique tool assists them to build an effective, compliant and efficient practice. In addition, PPI Solutions and PPI are working with several insurance companies to develop speciality products paired with PPI’s unique marketing support software (the PPI Solutions Tool Kit) that will only be available to PPI Solutions advisors. The life licensed advisors doing business with Independent Planning Group will have full access to both the proprietary PPI Solutions Tool Kit and the dynamic suite of products only at PPI Solutions.
“We are very excited about our new strategic alliance with PPI Solutions. We’ve long recognized PPI as a leader in the insurance industry with impressive sales and marketing support that’s helping thousands of advisors across Canada grow their businesses.” says Allan Bulloch, president of IPG Insurance Inc.
PPI, through its’ marketing arms, PPI Advisory and PPI Solutions, is Canada’s pre-eminent insurance distributor supporting advisors working in both the high net worth and mid markets, (respectively). Both companies are strong industry leaders with thirty plus year track records in comprehensively supporting advisors to make their practices more successful.
“Ottawa was identified as a city PPI Solutions wanted to expand into and this strategic alliance allows us to fulfill that goal. For over 8 years now we’ve worked with Allan Bulloch and the team he’s put together in Ottawa and this truly was a natural fit for our PPI Solutions Ottawa planned expansion” commented Jim Virtue, President of PPI Solutions.
IPG Insurance Inc. is the insurance arm of Independent Planning Group Inc. one of the largest independent mutual fund dealers in Canada. Since 1990, Independent Planning Group has offered independent financial and insurance advisors innovative technology, support and compliance to operate and grow their businesses their own way. “In addition to the extensive offering from our dealership, technology firm, and mutual fund company our new alliance with PPI Solutions offers, further enhances our value position with the addition of PPI Solutions unique technology tools, service and support,” quoted Vince Valenti, founder and President of Independent Planning Group.
To view a brief demonstration of the PPI Toolkit, please click here.
Thursday, March 24, 2011
Saturday, March 5, 2011
A Threat to Independence - Financial Advisors must get Back to Basics
With the recent acquisition of DundeeWealth Inc. by the Bank of Nova Scotia, the top 5 banks in Canada now control two thirds of the mutual fund assets under management and about one half of the licensed representatives that distribute mutual funds in Canada.
It won’t be long until the disadvantages of an oligopoly will be upon all product manufacturers, advisors and investors. As you may remember, an oligopoly is a market situation in which control over the supply of a commodity, product or service is held by a small number of producers each of whom is able to influence prices and thus directly affect the position of competitors. As the banks continue to make strategic acquisitions and further their expansion into the insurance sector, it seems that the days of true independence may be numbered.
Independence is both a blessing and a curse
The financial advisory community in Canada is made up of thousands of proprietorships as our industry has had a relative easy access to entry (ie: easy to get licensed and become an advisor). As a result, the large majority of these proprietorships are managed and operated by the financial advisor and in some cases will have an administrative assistant to help with managing client accounts. Many of these proprietorships will begin to or have begun to suffer from the lack of a business and marketing plan. Their practices will begin to see erosion of assets as the major banks continue to flex their brand and marketing muscle and introduce the same products and services that the proprietorships presently offer.
Ease of entry and the lack of business discipline have resulted in a poor reputation for financial advisors. The very term itself, “financial advisor” implies that these individuals are capable of offering financial guidance but not all advisors are able to do so. Some have been motivated by the variable high commission structure that product suppliers are willing to pay.
Existing branch offices of the independent channel are also challenged. Typically, the largest producer will be the branch manager and will house or support several smaller producing advisors. The branch manager producer is usually so busy managing his/her own practice that the junior advisors are left to fend for themselves. These branches offer the junior advisors access to the branch administrator to process new business and perform some compliance. Otherwise, no other operational or marketing support is available.
What Can We Do About This? – Get Back to Basics
Independent financial advisors must make financial planning the main value proposition for their clients. Proper financial planning means using a process that will set advisors apart from their bank competitors by ensuring that they are able to answer the important questions that most clients have in the back of their minds such as:
• Will I have enough money saved for a comfortable retirement?
• Will my family be properly looked after if a sudden critical illness or death should arise?
• Is my estate properly organized to ensure that my beneficiaries will get the most value of my life savings and belongings?
• Am I taking advantage of all tax strategies that a person of my risk tolerance should have?
Just as important as the initial financial plan is the annual review process with each client to ensure they are sticking to the goals and the strategies of the plan. I think you will agree that the bank branches are not performing this critical process.
Consider Working with other Advisors
Do you know of other advisors that are trust worthy and hard-working who can add value to your client value proposition? If you are predominately an investment advisor, would it make sense for you to search out advisors that specialize in estate planning, tax planning and other complimentary services that can be offered to the group of clients?
As expenses continue to grow for advisors, joining forces to add more client services and the opportunity to share in office overhead expenses can be a real win for all parties concerned.
Get the Message Out to your Clients and Prospects
You might be able to build a better mouse trap but the world must be able to learn about it. Put yourself in a prospect’s shoes for a moment and think about how you can educate your prospects and clients on the services you offer and how you differentiate yourself. This could be done without having to spend a lot of money such as developing a newsletter, some marketing literature or brochures.
Work with companies and people that support your independence
You’re not alone. Many of your suppliers in the investment and insurance fields are just as concerned as you are about the threat to independence and want to help you. Think about which companies support your independence and support them as well.
Vince Valenti is the president of Independent Planning Group Inc, an independent mutual fund dealership that is licensed across the country. He is also the president of Brigata Capital Management Inc, a Canadian mutual fund company.
It won’t be long until the disadvantages of an oligopoly will be upon all product manufacturers, advisors and investors. As you may remember, an oligopoly is a market situation in which control over the supply of a commodity, product or service is held by a small number of producers each of whom is able to influence prices and thus directly affect the position of competitors. As the banks continue to make strategic acquisitions and further their expansion into the insurance sector, it seems that the days of true independence may be numbered.
Independence is both a blessing and a curse
The financial advisory community in Canada is made up of thousands of proprietorships as our industry has had a relative easy access to entry (ie: easy to get licensed and become an advisor). As a result, the large majority of these proprietorships are managed and operated by the financial advisor and in some cases will have an administrative assistant to help with managing client accounts. Many of these proprietorships will begin to or have begun to suffer from the lack of a business and marketing plan. Their practices will begin to see erosion of assets as the major banks continue to flex their brand and marketing muscle and introduce the same products and services that the proprietorships presently offer.
Ease of entry and the lack of business discipline have resulted in a poor reputation for financial advisors. The very term itself, “financial advisor” implies that these individuals are capable of offering financial guidance but not all advisors are able to do so. Some have been motivated by the variable high commission structure that product suppliers are willing to pay.
Existing branch offices of the independent channel are also challenged. Typically, the largest producer will be the branch manager and will house or support several smaller producing advisors. The branch manager producer is usually so busy managing his/her own practice that the junior advisors are left to fend for themselves. These branches offer the junior advisors access to the branch administrator to process new business and perform some compliance. Otherwise, no other operational or marketing support is available.
What Can We Do About This? – Get Back to Basics
Independent financial advisors must make financial planning the main value proposition for their clients. Proper financial planning means using a process that will set advisors apart from their bank competitors by ensuring that they are able to answer the important questions that most clients have in the back of their minds such as:
• Will I have enough money saved for a comfortable retirement?
• Will my family be properly looked after if a sudden critical illness or death should arise?
• Is my estate properly organized to ensure that my beneficiaries will get the most value of my life savings and belongings?
• Am I taking advantage of all tax strategies that a person of my risk tolerance should have?
Just as important as the initial financial plan is the annual review process with each client to ensure they are sticking to the goals and the strategies of the plan. I think you will agree that the bank branches are not performing this critical process.
Consider Working with other Advisors
Do you know of other advisors that are trust worthy and hard-working who can add value to your client value proposition? If you are predominately an investment advisor, would it make sense for you to search out advisors that specialize in estate planning, tax planning and other complimentary services that can be offered to the group of clients?
As expenses continue to grow for advisors, joining forces to add more client services and the opportunity to share in office overhead expenses can be a real win for all parties concerned.
Get the Message Out to your Clients and Prospects
You might be able to build a better mouse trap but the world must be able to learn about it. Put yourself in a prospect’s shoes for a moment and think about how you can educate your prospects and clients on the services you offer and how you differentiate yourself. This could be done without having to spend a lot of money such as developing a newsletter, some marketing literature or brochures.
Work with companies and people that support your independence
You’re not alone. Many of your suppliers in the investment and insurance fields are just as concerned as you are about the threat to independence and want to help you. Think about which companies support your independence and support them as well.
Vince Valenti is the president of Independent Planning Group Inc, an independent mutual fund dealership that is licensed across the country. He is also the president of Brigata Capital Management Inc, a Canadian mutual fund company.
Subscribe to:
Posts (Atom)