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What’s the latest on benefits, retirement advisor fee disclosure?

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Dave Patriarche:

Just to be clear, the CGIB group benefits scale commission was “based” on the old Crown scale, but adapted to reflect what advisors were “really” charging, as the old scale was being used by a very few advisors. If you want to test what you pay (or charge), the calculator is open for use to anyone.

Tuesday, October 20 at 4:15 pm | Reply

Chris Pryce:

G19 and discussions with other CGIB advisors was the catalyst for our decision to disclose our compensation to our clients a few years back. This is done in our annual renewal document. Typically, we convert commissions into a flat scale to make it easier to calculate and understand.

Since doing this, we have never had a client challenge us on commissions. Fortunately, we are “over-servicing” our clients by providing them with a number of value-added services that few are offering. On top of that, we employ two analysts that do remarkable work, that I trust our clients have come to appreciate.

The alternative solution is likely to move to a standardized commission paid to ALL ADVISORS, similar to that used in the property/casualty business. Oddly enough, their brokers are compensated with fees double and triple what is being charged by even the most conservative group benefits advisory practice.

Tuesday, October 20 at 10:42 pm | Reply

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