Special Report - Importance of Performance Reviews

An Article contributed by Kim Stanley of Advocis

Introduction to Advocis

The CCIPA and The Financial Advisors Association of Canada, Advocis, are pleased to announce that they have partnered to offer Advocis’ Life Licensing Qualification Program (LLQP) to CCIPA members or new advisors being recruited by members. A discount of $100 will be applied to each course registration.

Advocis is Canada’s leading voluntary member association for financial advisors and planners. With over 10,000 members Canada-wide, Advocis offers its members a variety of continuing education courses, designations, opportunities for networking and mentoring, and many other products and services. The Association works with regulators, legislators and other industry bodies to ensure that the voice and concerns of financial advisors and planners is heard.

The LLQP is the first step in an advisor’s career. The course, which prepares an individual for the provincial licensing exam, boasts an impressive 89% pass rate among students. Individuals who take Advocis’ course and pass the provincial exam are extended one year of ‘Introductory’ membership in the Association. For this first year, membership fees are waived, and new advisors receive a congratulatory certificate recognizing their success. Certificates are presented at a local chapter meeting (i.e. Toronto, Mississauga, Whitby).

The financial services industry is complex and advisors require a great deal of practical and technical knowledge to properly serve clients. Advocis offers industry-leading designations that equip advisors with the expertise and knowledge they need to grow and succeed.

The Association’s Registered Health Underwriter (RHU) is actually Canada’s only living benefits designation. It consists of two courses – disability and critical illness, and long-term care insurance. The RHU can be obtained in less than a year and is offered to both members ($395/course + GST and texts) and non-members ($595/course + GST and texts).

In cooperation with the Financial Planners Standards Council, Advocis offers the CFP designation to both members ($410/course + GST and texts) and non-members ($475/course + GST and texts). The four courses comprising the CFP are the first courses toward obtaining the prestigious Chartered Life Underwriter (CLU) designation.

The CLU is Canada’s premier wealth and estate planning designation. The CLU complements the CFP competencies to give an individual the knowledge and confidence to provide his or her clients with wealth transfer and estate planning advice.

In addition to the four CFP courses, there are three additional courses required to obtain a CLU: advanced taxation, insurance law, and applied estate planning. This designation is available to members only at a cost of $560/course + GST and texts.

Our studies have found that designated advisors (CFP, CLU) earn, on average, $70,000 a year more than non-designated advisors. Anyone who measures success by real, tangible results will agree that obtaining such a designation is more than worth the initial investment.

The Association also offers an on-line Best Practices Manual for members. This wonderful resource contains hundreds of pages of templates, forms and practice management tools necessary for building and maintaining a compliant, efficient practice.

There are many benefits to being an Advocis member. Advocis strives to be the professional association of choice for all financial advisors and planners.

To obtain more information, please visit www.advocis.ca or call 416 444-5251.

Get ready for the following upcoming events:

Advocis Symposium – November 26, 2009
Hyatt Regency Hotel, Toronto
The Symposium will feature a full day of discussion and presentations regarding the future of financial services distribution in Canada. “Early bird” pricing to November 3 is $200 + GST for members, and $250 + GST for non-members. Regular tickets are $250 + GST for members, and $295 + GST for non-members. For more information, go to www.advocis.ca.

The Time is Now – January 15, 2010
Metro Toronto Convention Centre – Bassett Theatre
An inspirational and motivational day with eight industry-leading speakers providing valuable insights on practice management, investment planning and the value of insurance. “Early bird” pricing – available from October 1 to November 27 – is $175 + GST for members, and $225 + GST for non-members. Regular tickets to January 14 will be $235 + GST for members, and $290 + GST for non-members. For more information, go to www.advocis.ca/timeisnow.

~ Kim Stanley, B.A., CFP, CLU, CH.F.C.
Senior Director, Sales & Distribution
The Financial Advisors Association of Canada, Advocis