If you are a typical Canadian then you likely have not considered Long Term Care Insurance. Don't beat yourself up too much on this as it could quite likely be because no one has taken the time to inform you about this valuable insurance protection. However take note, I believe that Long Term Care Insurance is going to become the most sought after insurance need as statistics indicate that we have increased our life expectancy and with that comes other major issues.
What are my Odds of needing Long Term Care?
There's greater than a 70% chance you'll need some sort of long term care after age 65.
Won't my Government and Employer Health Benefits help me?
No, even if you have group benefits and with the excellent provincial health coverage we enjoy, neither are comprehensive enough and chances are that you and your loved ones will end up footing most of the bill.
At IPG Insurance we're working hard to inform more Canadians of this unaddressed need. To help support our advisors we are pleased to announce that one of the most qualified Long Term Care Specialists in Canada has aligned her practice with IPG Insurance. Wendy Black with over 20 years experience in Long Term Coverage is willing to shore up our advisors successful practice by teaming with our advisors, meeting with their clients and educating them on Long Term Care Insurance. If you'd like to connect with Wendy, please contact me at abulloch@joinipg.com
In the meantime, I encourage you to check out our website for more valuable information on long term care insurance: who needs it and how much and when is it necessary. Please visit www.ipginsuranceinc.com product info-long term care.
Thank you,
Allan Bulloch
Tuesday, January 31, 2012
Sunday, January 29, 2012
James Campbell joins Brigata Capital Management
James brings many years of industry experience to his role as Vice-President of Operations. He holds numerous professional designations, such as; Certified Financial Planner (CFP), Canadian Investment Manager (CIM) and a Masters of Business Administration (MBA). James has been an active volunteer in our community and has been involved with the Canadian Securities Institute and Algonquin College on various committees.
James can be contacted at:
35 Antares Drives
Ottawa, Ontario, K2E 8B1
Tel: (613) 288-0572
Email: jcampbell@brigatafunds.com
Wednesday, January 25, 2012
What is an Independent Financial Advisor?
Independent Financial Advisors are professionals who offer independent advice on financial matters to their clients and recommend suitable financial products and services from a wide range of suppliers.
The Canadian financial services industry has many types of individuals that call themselves financial advisors but depending on the services they offer and the organizations they represent, many cannot call themselves truly independent.
A truly independent financial advisor is an individual that is not bound or motivated by quotas, minimum desk production and other production targets that may result in exotic trips and prizes for the advisor or conversely, immediate dismissal if targets are not reached. As well, an independent financial advisor must have access to a very broad shelf of products and services so that they can easily “shop the market” for the best possible option for their clients.
Some financial service organizations aggressively recruit their own sales force of advisors to promote only the organization’s limited product shelf. Having access to 3rd party products and services is not allowed and discouraged. These organizations typically encourage their sales force to promote the company’s most profitable products and tie incentives to reaching specific targets. It is comparable to walking into a Loblaws Superstore to see that thousands of 3rd party products have been removed from their shelves and only No Name products are offered. While No Name may offer good value, they may not always be the best choice!
Do Professional Designations Matter?
Yes, professional designations such as the Certified Financial Planner (CFP) do matter and demonstrates that the advisor has the knowledge to create and monitor a financial plan. However, the fewer product and service options that a CFP has means that their client may not receive the best features and pricing to the solutions recommended.
The Perfect Independent Financial Advisor
In my opinion, the perfect independent financial advisor would be an advisor that holds a professional designation such as CFP and demands that all new clients receive a written financial plan. The perfect advisor would hold more than one industry license such as a life insurance license, mutual fund license or securities license. Multiple licenses would allow them to shop the investment and insurance market for the best possible options to meet the client’s needs.
As an example, if a written financial plan presents a need for the client to obtain life insurance, disability insurance and set-up a monthly investment plan to save for retirement or a rainy day, then these products must be “shopped around” by the advisor to ensure that the most comprehensive and cost effective insurance is purchased and the best money managers are selected based on risk tolerance and other objectives. Rarely would any one company have the best solution available for each distinct product offering.
The perfect independent financial advisor would have access to a large variety of money managers, insurance companies, banks and other financial institutions such as investment counselors. Depending on the size of an investment plan, my perfect independent financial advisor would work with other 3rd parties as my “quarter-back” to find alternatives for my specific needs.
The perfect independent financial advisor would be associated with suppliers, investment dealers and brokers that would respect their independence and allow the independent financial advisor to own their book. Many organizations do not permit an advisor to own their client base and must leave their clients behind if they leave the organization. These individuals are purely “renting” client relationships rather than having a long term ownership stake in the well being of their clients. I think you would agree that an owner takes a greater pride in their work than a renter would.
Lastly, my perfect independent financial advisor would provide me with an engagement letter or document to help me understand any fees, commissions or charges that I would be faced with. With transparency in any relationship comes trust and I would rather work with my advisor knowing that all avenues and options have been explored rather than question their integrity and have doubts that my financial future is not properly safeguarded.
In my past 20 plus years as the president of Independent Planning Group Inc., we have developed an environment where financial advisors can be truly independent and offer unbiased advice. We have promoted the benefits of comprehensive financial planning to all of our independent associates and encourage them to offer this important service to their clients.
The Canadian financial services industry has many types of individuals that call themselves financial advisors but depending on the services they offer and the organizations they represent, many cannot call themselves truly independent.
A truly independent financial advisor is an individual that is not bound or motivated by quotas, minimum desk production and other production targets that may result in exotic trips and prizes for the advisor or conversely, immediate dismissal if targets are not reached. As well, an independent financial advisor must have access to a very broad shelf of products and services so that they can easily “shop the market” for the best possible option for their clients.
Some financial service organizations aggressively recruit their own sales force of advisors to promote only the organization’s limited product shelf. Having access to 3rd party products and services is not allowed and discouraged. These organizations typically encourage their sales force to promote the company’s most profitable products and tie incentives to reaching specific targets. It is comparable to walking into a Loblaws Superstore to see that thousands of 3rd party products have been removed from their shelves and only No Name products are offered. While No Name may offer good value, they may not always be the best choice!
Do Professional Designations Matter?
Yes, professional designations such as the Certified Financial Planner (CFP) do matter and demonstrates that the advisor has the knowledge to create and monitor a financial plan. However, the fewer product and service options that a CFP has means that their client may not receive the best features and pricing to the solutions recommended.
The Perfect Independent Financial Advisor
In my opinion, the perfect independent financial advisor would be an advisor that holds a professional designation such as CFP and demands that all new clients receive a written financial plan. The perfect advisor would hold more than one industry license such as a life insurance license, mutual fund license or securities license. Multiple licenses would allow them to shop the investment and insurance market for the best possible options to meet the client’s needs.
As an example, if a written financial plan presents a need for the client to obtain life insurance, disability insurance and set-up a monthly investment plan to save for retirement or a rainy day, then these products must be “shopped around” by the advisor to ensure that the most comprehensive and cost effective insurance is purchased and the best money managers are selected based on risk tolerance and other objectives. Rarely would any one company have the best solution available for each distinct product offering.
The perfect independent financial advisor would have access to a large variety of money managers, insurance companies, banks and other financial institutions such as investment counselors. Depending on the size of an investment plan, my perfect independent financial advisor would work with other 3rd parties as my “quarter-back” to find alternatives for my specific needs.
The perfect independent financial advisor would be associated with suppliers, investment dealers and brokers that would respect their independence and allow the independent financial advisor to own their book. Many organizations do not permit an advisor to own their client base and must leave their clients behind if they leave the organization. These individuals are purely “renting” client relationships rather than having a long term ownership stake in the well being of their clients. I think you would agree that an owner takes a greater pride in their work than a renter would.
Lastly, my perfect independent financial advisor would provide me with an engagement letter or document to help me understand any fees, commissions or charges that I would be faced with. With transparency in any relationship comes trust and I would rather work with my advisor knowing that all avenues and options have been explored rather than question their integrity and have doubts that my financial future is not properly safeguarded.
In my past 20 plus years as the president of Independent Planning Group Inc., we have developed an environment where financial advisors can be truly independent and offer unbiased advice. We have promoted the benefits of comprehensive financial planning to all of our independent associates and encourage them to offer this important service to their clients.
Friday, January 13, 2012
IPG Insurance Launches Online Travel and Health Insurance for its Advisors
As the vast majority of Canadians turn to the internet for research before buying a product and service, we wanted to offer our advisors the ability to take advantage of the immense potential the internet offers.
To quote a Google Canada spokesperson, "we're at the stage where if you're a business, whether it's an independent advisor or any kind of business, a website now is like your calling card. Businesses won't be found if they aren't where customers are looking for them." Their research shows that 86% of Canadian consumers will research product and services online before they buy.
I cannot recall the last time I personally used a phone book instead of just looking through the internet to find "stuff". We want to use the IPG Insurance website as an effective way to bring in new business and to also become a lead generator for our advisors. While the internet will not replace advice giving, you can impart knowledge and experience through the internet.
As you browse through our new website you'll see that we've teamed up with Manulife's Cover-Me, Follow-Me and Travel Insurance client orientated website. In 2011 Manulife's Cover-Me.com client orientated website was awarded the 2011 International Business Award of Best Insurance Website in the world. Cover-Me was recognized for its consumer-friendly quote and application process, knowledge center and client-referral program. You also no doubt have noticed the extensive TV advertisement Manulife does for this product line up.
With the introduction of IPG Insurance website, clients that use our website to purchase these products, Manulife will pay compensation to IPG Insurance. It is our intent when compensation is paid to us, we'll browse our VO client data to identify if the client is one of our advisors and proceed to pass on the commission to that advisor.
In addition IPG Insurance's website has a request for quote section. While as you will see, this will not get the consumer a quote, it will send us their request. When we receive their request to quote, we'll once again review VO to look for any matching advisor, but if none is found we plan to distribute these leads to interested advisors so that they may respond in a timely manner and hopefully turn this lead into a client of theirs.
For more information, please visit www.ipginsuranceinc.com
Allan M. Bulloch
President of IPG Insurance
To quote a Google Canada spokesperson, "we're at the stage where if you're a business, whether it's an independent advisor or any kind of business, a website now is like your calling card. Businesses won't be found if they aren't where customers are looking for them." Their research shows that 86% of Canadian consumers will research product and services online before they buy.
I cannot recall the last time I personally used a phone book instead of just looking through the internet to find "stuff". We want to use the IPG Insurance website as an effective way to bring in new business and to also become a lead generator for our advisors. While the internet will not replace advice giving, you can impart knowledge and experience through the internet.
As you browse through our new website you'll see that we've teamed up with Manulife's Cover-Me, Follow-Me and Travel Insurance client orientated website. In 2011 Manulife's Cover-Me.com client orientated website was awarded the 2011 International Business Award of Best Insurance Website in the world. Cover-Me was recognized for its consumer-friendly quote and application process, knowledge center and client-referral program. You also no doubt have noticed the extensive TV advertisement Manulife does for this product line up.
With the introduction of IPG Insurance website, clients that use our website to purchase these products, Manulife will pay compensation to IPG Insurance. It is our intent when compensation is paid to us, we'll browse our VO client data to identify if the client is one of our advisors and proceed to pass on the commission to that advisor.
In addition IPG Insurance's website has a request for quote section. While as you will see, this will not get the consumer a quote, it will send us their request. When we receive their request to quote, we'll once again review VO to look for any matching advisor, but if none is found we plan to distribute these leads to interested advisors so that they may respond in a timely manner and hopefully turn this lead into a client of theirs.
For more information, please visit www.ipginsuranceinc.com
Allan M. Bulloch
President of IPG Insurance
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