Jan 2, 2015 | News
By Eddie Vukovic – Digital Communications Manager – The Institute
It’s a new year –and with a new year, comes New Year’s resolutions. Most of us make plans to be healthier, drink less or read more but what about on a professional level? How many of us make professional New Year’s resolutions?
As you reflect on your results for 2014, using the beginning of a new year is a great excuse to make some professional resolutions.
Here are 7 New Year’s Resolutions you can use to make yourself a better broker:
1 Practice Your Sales Conversations
As experienced brokers you probably don’t think it is necessary to practice your sales conversations in front of the mirror or in a role-playing situation, right? Well, not according to John F Carroll – CEO of Insurance Splash.
He says that unless you’ve closed 100% of your sales, a great way to improve your technique is to go over the conversations where you didn’t get the sale and try different talk-paths that could have led to a successful sale. While you won’t get that sale back, the next time that objection, attitude, or conversation comes back around you’ll be equipped (and practiced) to handle it.
2 Use Social Media
This doesn’t mean posting more selfies on Instagram or making sports related status updates on Facebook. The world of social media can be a noisy one and sometimes it’s actually better if you post less but generate more engagement with your clients and potential clients.
Be creative, conversational and at times, controversial. Ask questions of people and find out what it is they need from a broker and be there to answer their questions. Remember, the social media environment is a replication of the real environment. Good feedback can go a long, long way.
3 Interact With Every Customer
There’s a saying that the best client is the one we never hear from… until the cancellation notice shows up. Try to call all of your clients, not just the ones that can be problematic. Come up with a process that involves reaching out to each of them throughout the entire year. Tie it to policy renewals, birthdays, or policy anniversary dates. Sure, it can be time consuming and requires additional effort but it also keeps them more informed and shows the value that only you can provide them.
4 Stop Delaying the Call-back
How often do you find you’ve reached the end of the day and have two or three calls to return? While it’s always easier deal with it in the next day, it may actually be better for your broker /client relationship to commit to answering those queries the same day – it’ll save you the frustration of doing it in the morning and will go a long way to keeping your clients feel valued.
5 Attend More Networking Events
Online social networking is big, a look at the LinkedIn membership numbers can quantify that, but it will never replace offline social networking in the insurance world.
While attending an event can eat into your day or night life, an industry breakfast or lunch, is a great way to rub shoulders with other people in the industry.
Volunteering for a charity or participating in other community events are also ways you can network with other local business owners and community members.
6 Talk Less, Listen More
As a broker you’re in the business of selling— and many sales gurus swear that by listening, rather than talking, means you’ll almost always have the opportunity to sell more, or provide better customer service because you’re focused on what the client truly needs rather than just trying to sell your product.
7 Get Some Online Reviews
What do you do when you’re looking to buy a major appliance? Do you believe everything the salesperson is telling you or do you put your faith in peer reviews from sites like productreview.com.? Most people put more stock in a peer review than an industry professional, so take advantage of it.
There are myriad business /service review sites around and websites like Google and Yelp are also getting much better at spotting fake ones—so you’re going to have to get real customers to write them for you. If you provide a valuable service, most people will be happy to provide for you.
Jan 1, 2015 | News
From all of us at ILScorp, we wish you a happy, healthy and prosperous 2015! Thank you for your support over the past year, and we look forward to working with you in 2015.
The ILScorp offices will be closed today and will re-open on Friday, Jan. 2 at 8 a.m. PST.
Happy New Year!
Dec 24, 2014 | News
To our Customers, Business Associates, and Friends: All of us at ILScorp wish you peace and happiness this Holiday Season.
Our thoughts turn gratefully to those who have made our progress possible, and in the spirit we say, simply but sincerely… Thank YOU and may your New Year be pleasant and prosperous!
The ILScorp offices will close at Noon (PST) on Wednesday, Dec. 24 and will re-open on Monday, Dec. 29 at 8 a.m. PST.
We hope that you can enjoy the holidays with loved ones, wherever you are celebrating!
Happy Holidays!
It’s Party Time!
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Nov 20, 2014 | News
Source: Financial Planning Standards Council – www.fpsc.ca
Research shows that Canadians with financial plans feel they are saving more, living well, and experiencing higher levels of overall contentment in their lives. The Value of Financial Planning, a three-year longitudinal study which included close to 15,000 Canadians, was commissioned by FPSC® and the Financial Planning Foundation.
The study revealed that, regardless of net worth, Canadians who engage in comprehensive financial planning report significantly higher levels of financial and emotional well-being than those who do no planning or only limited planning. Those with comprehensive plans felt more on track with their financial goals and retirement plans, felt they had improved their ability to save in the past five years, felt more confident that they could deal with financial challenges in life and felt better able to indulge in their discretionary spending goals.
Financial planning is a process that sets you on a course toward achievement of your life goals through the proper management of your financial affairs. Financial planning is more than budgeting and cutting back. The right financial plan balances what you need and want today with the personal goals you have for the future.
A comprehensive (or integrated) financial plan looks at the big picture to consider all relevant aspects of your life, including budgeting, investing, tax, retirement, estate planning and debt or risk management. A professional financial planner will take into account various aspects of your financial situation, identifying and analyzing the interrelationships across sometimes conflicting objectives to help you meet your goals.
The CFP® mark stands for Certified Financial Planner® professional, long recognized as the gold standard in financial planning in Canada. The CFP designation ensures excellence in financial planning through extensive education, a rigorous standardized national examination process, comprehensive continuing education requirements and accountability to FPSC for a code of ethics, practice standards and the rules and regulations of a professional body.
With a focus on all aspects of your finances, a financial planner impacts your financial well-being and your ability to meet life goals, today and in the future. Yet in most Canadian provinces, there is no legislated standard in place for those who offer financial planning services. With the exception of Quebec, people who call themselves financial planners are not required to obtain any credentials whatsoever.
The CFP designation provides assurance that the design of your financial future rests with an appropriately qualified professionals who will put clients’ interests ahead of their own.
Look for the distinctive CFP certification marks after a financial planner’s name. An individual may only use CFP, the words Certified Financial Planner or 
in Canada with the authorization of Financial Planning Standards Council.
FPSC Accredited Continuing Education Courses for Certified Financial Planner Professionals and FPSC Level 1™ Certificants
Nov 17, 2014 | News
Source: Financial Planning Standards Council – FPSC – www.fpsc.ca
10 Questions to Ask Your Financial Planner
Financial planners can help you plan for retirement, find the best way to finance a new home, save for your child’s education or simply help put your finances in order. Whatever your needs, working with an appropriately qualified financial planner is a crucial step in helping you meet short-term and long- term goals that will help ensure your future financial well-being.
Finding the right planner is extremely important because your choice will almost certainly affect the security of your financial future. The following questions will help you interview and evaluate financial planners to find a competent, qualified professional with whom you feel comfortable and whose business style suits your needs.
Don’t be afraid to ask these and any other questions you feel need a full and open answer. Any professional will welcome them. Select the question to find out more about it.
1. What are your qualifications?
Many people offering financial services call themselves financial planners. However, financial planning is a detailed, comprehensive process requiring hands-on experience and a strong technical understanding of topics such as personal tax planning, insurance, investments, retirement planning and estate planning – and how a recommendation in one area can affect the others.
In addition, with the exception of Quebec, there is no legislated standard in place in Canada for individuals who call themselves financial planners to obtain any credentials whatsoever. Be sure that your planner is appropriately trained, certified and held accountable to professional oversight – as Certified Financial Planner® professionals are today.
- Ask the planner about his/her qualifications to offer financial advice and if, in fact, s/he is a qualified planner
- Ask what training s/he has successfully completed
- Ask what steps s/he takes to keep up with changes and developments in the financial planning field
- Ask whether s/he holds any professional credentials including the CFP® credential, which is recognized internationally as the mark of the competent, ethical, professional financial planner
2. What experience do you have?
Experience is an important consideration in choosing any professional. Ask how long the planner has been in practice, the number and types of firms with which s/he has been associated, and how their work experience relates to their current practice. Inquire about what experience the planner has in dealing with people in similar situations to yours and whether s/he has any specialized training. Choose a financial planner who has at least three years’ experience advising individuals on their financial needs. Note: After completing the rigorous education requirements and successfully completing two comprehensive examinations, candidates must demonstrate that they have a minimum of three years’ qualifying work experience before they can apply for CFP certification.
3. What services do you offer?
The services a financial planner offers will vary and depend on their credentials, registration, areas of expertise and the organization for which s/he works. Some planners offer financial planning advice on a range of topics but do not sell financial products. Others may provide advice only in specific areas such as estate planning or taxation. Those who sell financial products such as insurance, stocks, bonds and mutual funds, or who give investment advice, must be registered with provincial regulatory authorities and may have specialized designations in these areas of expertise.
4. What’s your approach to financial planning?
The types of services a financial planner provides vary from organization to organization. Some planners prefer to develop financial plans encompassing all of a client’s financial goals. Be sure to work with a planner who considers your overall financial goals, values and attitudes even if they specialize in a specific area such as taxation, estate planning, insurance or investments. As an example, an investment specialist’s portfolio recommendations should consider your investment objectives and risk tolerance, but as well your cash flow needs, tax situation, risk management and estate goals. Ask whether the individual deals primarily with clients with specific net worth, levels of income or investable assets, and whether the planner will help you implement the plan s/he develops or refer you to others who will do so.
5. Will you be the only person working with me?
It is quite common for a financial planner to work with others in their organization to develop and implement financial planning recommendations. You may want to meet everyone who will be working with you. Financial planners often work with other professionals, including the ones you already use, such as your lawyer and accountant.
6. How will I pay for your services?
Your planner should disclose in writing how s/he will be paid for the services they provide. Understand how your potential planner will be compensated and choose whatever model works best for you. Planners can be paid in several ways:
- From the cost of the product: Some planners receive their compensation directly from the product manufacturer when you purchase a product through the planner. For example, their compensation is part of the management fee of the fund. In this case no money is exchanged between the client and the planner. Rather, the cost to the client is embedded in the cost of the mutual fund.
- Percentage of assets under management: Some planners will charge a fee as a percentage of the assets they are managing or administering on your behalf.
- Fee-for-service: Some planners charge an hourly or set fee for the service they provide.
7. How much do you typically charge?
While the amount you pay the planner will depend on your particular needs, the financial planner should be able to provide you with an estimate of possible costs based on the work to be performed. Such costs would include the planner’s hourly rates or flat fees or the percentage s/he would receive as commission on products you may purchase as part of the financial planning recommendations.
8. Who, besides me, benefits from your recommendations?
>Ask the planner – regardless of fee structure – if they have a written professional obligation to put your interests ahead of their own. For example, CFP® professionals must annually attest to a code of ethics that clearly states your interests will always come first.
9. Are you regulated by any organization?
Financial planners who sell financial products such as securities and insurance or who provide investment advice must be regulated by provincial regulatory authorities. They may also subscribe to a code of ethics through a professional association. Others who are members of the accounting and legal professions are usually members of professional bodies that govern their fields. Planners who hold the CFP credential are subject to internationally recognized professional standards of competence, ethics and practice that are set and enforced in Canada by Financial Planning Standards Council (FPSC®).
It is a fair question to ask if a prospective financial planner has ever been the subject of disciplinary action by any regulatory body or industry association. You can verify the answer by contacting the relevant organization. Ask the financial planner whether s/he subscribes to a professional code of ethics such as the FPSC Code of Ethics for CFP professionals. Find a Certified Financial Planner® professional
10. Can I have it in writing?
Ask the planner to provide you with a written agreement that details the services that will be provided. Keep this document in your files for future reference.
FPSC Accredited Continuing Education Courses for Certified Financial Planner Professionals and FPSC Level 1™ Certificants
