*We are taking a break from our podcasts. Financial Practice Made Perfect will return in the future*
Financial Practice Made Perfect is IFB’s biweekly podcast. In each episode, we examine a topic in the financial services industry and how it impacts independent financial advisors. We speak with experts in the industry to gain insight into how current trends and issues impact the business of an advisor, and how advisors can strengthen their practices. Listen to our podcasts below, or on SoundCloud. You can also subscribe to Financial Practice Made Perfect on iTunes so you’ll never miss a new episode.
Episode 33: The 3 Key Items for E&O Insurance
In our latest episode of Financial Practice Made Perfect we are joined by Roberta Tasson, partner at The Magnes Group (the broker for IFB’s E&O program). Roberta speaks to us about the three key items for advisors to think about when shopping for an E&O policy. Advisors should look at: who is covered, what is covered, and which insurer is providing the coverage.
Episode 32: The CEA Designation
Our latest episode of Financial Practice Made Perfect is on the Certified Executor Advisor (CEA) designation. Mark O’Farrell, President of the Canadian institute of Certified Executor Advisors (CICEA) gives us the breakdown of the CEA program, why you would want to obtain the CEA designation, and why it matters to independent advisors, specifically what makes it special for IFB members.
Episode 31: Simplified Issue Life Insurance
In this episode of Financial Practice Made Perfect we are joined by Brian Popp, Vice-President of sales for western Canada for Canada Protection Plan (CPP). We find out what No Medical and Simplified Issue Life Insurance is, the different coverage that CPP offers, and examples of questions that will determine if someone qualifies for coverage or not.
Episode 30: The Future Ready Financial Advisor
We are joined by Grant Hicks, a well-known author, speaker, coach, and President of Advisor Practice Management – a financial advisor training company. In this episode of Financial Practice Made Perfect, we explore the best practices for practice management, the challenges that advisors face today and in the future, and how to grow your practice in the face of all these changes.
Episode 29: Group Benefits Plan
In our latest episode of Financial Practice Made Perfect, we talked to David Roberts, Regional Sales Lead for Group Medical Services (GMS) in Alberta and Northwest Territories. David gives us more insight into the Canadian benefits industry, the advantages to having a group benefits plan, and why its critical for advisors to understand the dynamics of the decision making process within each group.
Episode 28: E&O Insurance – More than just compliance
With E&O renewal underway, we called on Roberta Tasson, partner at the Magnes Group and Broker for IFB’s individual and corporate E&O programs. In this episode of Financial Practice Made Perfect, we discuss why it is crucial for advisors to have E&O insurance, what to consider before purchasing an E&O policy, and what regulators expect of you.
Epsiode 27: Changes Coming to IFB
In this episode of Financial Practice Made Perfect we are joined by IFB’s President and Chairman, Scott Findlay. Scott talks about the recent changes to IFB’s Board of Directors and the benefits of these changes, the revised value proposition, and future priorities of IFB.
Episode 26: Preparing for Retirement
In this episode we talked to Best-selling Author, Strategist, and Mentor George Hartman. George discusses the steps to retirement, succession and transition planning among Canadian advisors, and how to be financially and emotionally ready for when the time comes.
Episode 25: For the Independent Advisor
In this episode of Financial Practice Made Perfect we speak with IFB’s Director of Policy & Regulatory Affairs, Susan Allemang. We discuss the challenges facing Independent Advisors, the importance of running a compliant practice, and keeping up with regulatory trends.
Episode 24: Private Investments
In this episode of Financial Practice Made Perfect we are joined by Cora Pettipas, President of NEMA – the national exempt market association. Cora speaks on ‘what’ an exempt market is, how investors currently have access to private investment, and the trends happening in private investment that could change the landscape of the future.
Episode 23: Advice to Insurance Advisors Part II
We continue our conversation with Max Mahardi, Business Development Manager with Ontario Blue Cross on the number of insurance advisors who are product pushing, overlooking the importance of living benefits, and why Canadians are ignoring this.
Episode 22: Advice to Insurance Advisors Part I
Max Mahardi, Business Development Manager with Ontario Blue Cross talks to us about the age gap when selling life insurance, finding a solution to a client problem, rather than product pushing, and his advice to insurance advisors.
Episode 21: Travel Insurance
In this episode of Financial Practice Made Perfect we spoke to David Roberts, Regional Sales Manager for Group Medical Services in Alberta and the Northwest Territories. We discuss travel insurance; why you need it, what it is, and how claims are paid.
Episode 20: CRM2
With the launch of CRM2 in 2016, there has been talk about the impact on the advisor – client relationship and the changes it will bring to the industry. In this podcast we are joined by Chris Ambridge, president of Transcend Private Client and Chief Investment Officer of Provisus Wealth Management to discuss CRM2 and the effects it could have on you.
Episode 19: Special Risk Markets
In this episode of Financial Practice Made Perfect we spoke to Sophie Strezos-Egnatis, Vice President of business development with Hunter McCorquodale. We discuss the demographic and market changes within the insurance industry, what insurance companies are doing to adjust their underwriting practices, and how all of this can affect advisors.
Episode 18: RESP’s
In this episode of Financial Practice Made Perfect, we spoke to Karine Mackenzie, executive agency director with Heritage Education Funds on RESP’s. We explore the types of RESP’s, the differences between a group plan and an individual plan, and if there are any fees associated with this type of investment.
Episode 17: The Ethical Advisor
Rod Burylo, a leader in business development and an independent management consultant specializing in ethics and compliance joined us in our latest podcast. During our discussion with Rod, we begin to understand why ethics is a lot more than just rules, the two types of trust that an advisor can pursue, and the important choices that an advisor has to make when managing their clients.
Episode 16: The Importance of E&O Renewal Part II
We continue our discussion with George Georgiadis, Assistant Vice President of Axis Reinsurance on the importance of renewing your E&O insurance on time. We will also touch on the steps Axis Reinsurance will be taking in respect to certificate renewals.
Episode 15: The Importance of E&O Renewal Part I
George Georgiadis, Assistant Vice President of Axis Reinsurance spoke with us in our latest podcast about the importance of renewing your individual E&O insurance on time. George touched on a number of topics; from the requirements of the provincial regulators, to the concerns such as gaps in your coverage and how to keep your license in good standing.
Episode 14: Successful Financing Part II
We continue our conversation with Julia Haggerty, Regional Manager of CWB Maxium Financial. In this episode, we talk about the nuts and bolts of financing , and what the process is for obtaining a loan; either to buy a block of business, or for other business purposes.
Episode 13: Successful Financing Part I
We spoke to Julia Haggerty, regional manager of CWB Maxium Financial’s new financial advisor division about helping financial advisors scale down their practice. We discuss creative financing solutions which meet the unique financing needs of advisors, and the hot topic of succession planning in the industry.
Episode 12: What does a solid continuity plan look like?
In our last podcast, we spoke with Roland Chan, founder and CEO of Find Bob on the difference between succession planning and business continuity planning. We continue our conversation in this episode, and find out what a solid continuity plan should include, as well as discuss other succession planning topics.
Episode 11: Succession Planning vs. Business Continuity Planning
In this episode of Financial Practice Made Perfect, we spoke to Roland Chan, founder and CEO of the web based platform “Find BoB”. During our interview, we discussed transition and succession within the financial industry, and what the difference is between a succession plan and a business continuity plan.
Episode 10: E&O Insurance Part II
In our last podcast, we spoke with Roberta Tasson, Partner at the Magnes Group about some common questions advisors have about Errors and Omissions Insurance. We’ll pick up on that conversation in this episode, and look protecting yourself against claims and network security breaches.
Episode 9: E&O Insurance Part I
We’re going through our busiest time of the year here at IFB as our members are renewing their Errors and Omissions insurance. Whether you’re part of our group E&O plan or have your coverage elsewhere, there are always questions surrounding E&O coverage, and we called on Roberta Tasson, partner at the Magnes Group, for answers.
Episode 8: Deposit Products Part II
We pick up our conversation with Brian Evans, a deposit broker and chair of the board of directors for the Registered Deposit Brokers Association, and Gord Mooney, Chief Operating Officer for the General Bank of Canada, and explore the risk and payoffs of deposit products for consumers.
Episode 7: Deposit Products Part I
In this episode of the podcast, we explore deposit products, and what financial advisors need order to utilize them. Our guests on the show are Brian Evans, a deposit broker and chair of the board of directors for the Registered Deposit Brokers Association, and Gord Mooney, Chief Operating Officer for the General Bank of Canada.
Episode 6: Syndicated Mortgages
Independent financial advisors always have to be on the lookout for investment opportunities, so they can offer the best diversified options in the portfolios of their clients. If you’ve considered adding real estate to some of your clients’ portfolios, syndicated mortgages offer an opportunity to monetize real estate in a passive manner.
Episode 5: ERP Coverage
Just as professional liability coverage is essential for financial advisors throughout the course of their careers, extended reporting period coverage is essential for advisors when they decide to leave the business. To get a better understanding about ERP coverage – or tail coverage – we spoke with Roberta Tasson, partner at the Magnes Group, and asked her to explain just what ERP coverage actually is.
Episode 4: Staying Motivated
We talk to Dan Hostick, a business coach and president of Hostick Consulting Services Incorporated, about how financial advisors can set goals for their practice and stay motivated in the face of setbacks.
Episode 3: Know Your Strengths
As a financial advisor, playing up your strong suits can help you maintain good relationships with your clients and generate new business. We spoke with Dan Hostick, president of Hostick Consulting Services Incorporated, about how advisors can determine their strengths, and his 4-step process for analyzing and expanding the potential of a financial practice.
Episode 2: Legal Expense Insurance
Many independent financial advisors run their own businesses, and even though that can come with a sense of self-sufficiency, it also comes with a myriad of rules and regulations that you have to abide by. The complex legal frameworks surrounding independent business operations can pave the way for unexpected legal challenges. And that’s where legal expense insurance comes in.
Episode 1: Business Transitions
For advisors who are sole proprietors, the decision to incorporate a business will inevitably have an impact on how their practice operates. And when it comes time to transition or sell a book of business some advisors find themselves unprepared. For some clarity in these areas, we spoke with Doug Hyland, principal at ROCG, an organization that specializes in business transitions.