HOW WE ARE PAID FOR LIFE, GROUP & FINANCIAL SERVICES PRODUCTS
In arranging Life and Group Insurance as well as other Financial Services products, we represent you, our client. Our primary focus is to ensure you receive the right advice and product recommendations irrespective of the level of commission we may receive from a particular company for selling their products. In the end, we believe that a happy client who refers us to their family and friends is more valuable than the level of commission we may initially receive from selling that client a particular product.
As a result of our work together, should you decide to purchase a product through us, we will be remunerated by way of sales commissions, trailer commissions, and/or commission-linked bonus directly from the company and/or Managing General Agency that we represent or recommend. If you hold a Fee-Based, Self-Directed investment account with us, instead of a trailer fee providing this ongoing commission to us, you will pay a monthly fee, as a percentage of your assets, for managing your money and providing advice.
Arrangements vary widely from company to company and product to product. Our commitment to you is that we will inform you of all fees, charges, and commissions as relevant to your particular business with us. We will endeavor, in all cases, to provide the best possible products at the lowest possible costs to you, our valued client.
We may be eligible for additional compensation such as bonuses and/or prizes, which may vary widely from company to company and year to year depending on factors such as volume, persistency, or mix of business that we have placed with a specific company or product provider. This is a normal part doing business with various providers, however, we in no way allow this to affect the advice we provide or product we recommend. Again, our commitment is a client first approach to financial advice.
At present, all of our Life and Group Insurance is run through one of two Managing General Agencies, Financial Horizons or PPI, with the exception of Assumption Life, Blue Cross, Wawanesa Life Insurance, Western Life Assurance, Great West Life, and FaithLife Financial with whom we have a separate contracts. When it comes to providing investments, all products are sold through our dealer with the exception of Assumption Life and Great West Life for their segregated fund and guaranteed products. Lastly, we use Tugo and Travel Underwriters for our Travel Insurance providers.
In the end, we work for you, our client. In order to provide the highest level of service possible, we MUST factor in the cost to you for the advice and products we recommend. The advice we provide may not always include the cheapest products available, however, we want you to know that we ALWAYS factor cost into our recommendations and we will ensure that you will own the best products FOR YOU.
This list is intended to comply with the disclosure requirements of Regulation 347/04 of the Insurance Act.
Last updated November 2016
Erb and Erb Financial Services