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  • Should your clients consider CI insurance? | Small Biz Advisor
    insurance policy A critical illness plan at the group level will have a pre existing clause of 24 months This means that any medical condition that was pre existing that occurred 24 months before implementation of the policy will not be covered if claimed within 24 months of the employee s coverage being implemented Critical illness insurance premiums are determined the same way as the other pooled benefits such as life and long term disability premiums The two factors are age of the employees and the claims of the insurer s book of business Currently the benefit has the same taxability status as extended health and dental Should the employer pay the premiums it is not a taxable benefit in the hands of the employee like life and long term disability premiums However January 1 2013 it will be a taxable benefit if paid for by the employer Read New motion impacts accident and CI plans Some carriers will even offer a critical illness benefit the spouse and children similar to a dependant life benefit What s the big deal A benefits plan that has both long term disability and critical illness coverage will allow the employee to collect two benefits Should an individual go on claim due to a cancer diagnosis or heart attack and be off of work for six months they will first receive their critical illness payout typically the coverage is for 25 000 30 days after diagnosis Then after they have qualified for the 119 day waiting period they can claim on their long term disability policy The just mentioned scenario also brings to light one of the great advantages of critical illness coverage With the advancement in medical sciences employees are returning to work sooner and so LTD payments are reduced This saves employers

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/should-your-clients-consider-ci-insurance-1776 (2016-04-26)
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  • Six issues on the minds of your small business clients | Small Biz Advisor
    more concerned with increasing revenue or gaining access to capital What is the most popular type of retirement plan small businesses offer to their employees When are owners most likely to rely on their benefits advisor Explore these subjects and

    Original URL path: http://www.smallbizadvisor.ca/partner-education/six-issues-on-the-minds-of-your-small-business-clients-1136?Print (2016-04-26)
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  • Simple and effective – Plan for life™, the new face of retirement planning. | Small Biz Advisor
    will be taken care of and will have the tools and information they need to make the right choices Regardless of the size of the program Plan for life is designed to provide members with the confidence they need to make these important decisions For instance members learn about the advantages of a group plan payroll deductions investment selection and more We help them understand that information and then they have the decision making tools to make appropriate investment and contribution choices Plan sponsors like it because members end up making appropriate choices and appreciate the value of their program What investment choices are available to members The plan sponsor is responsible for choosing the investment roster in their program this is usually done with the assistance of their advisor One of the most popular options is our Avenue Portfolios which is a 15 box matrix based on five time horizons and three investor profiles The individual portfolios are comprised of the funds that have been pre selected for the plan so communication is simplified Once members determine their investor profile which they get from completing the questionnaire and they know their retirement age it s just a matter of ticking the right box From a member perspective they like the Avenue Portfolios because the whole process is transparent they see what the underlying funds are and can easily associate a cost with the investments Plan members who prefer to choose their own funds can build their own diversified portfolios from a selection of à la carte funds How are you using technology to get your message across Technology is a great driver in motivating members but it must not be seen as the only solution We believe in a high tech high touch approach that marries technology to personal

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/simple-and-effective-%e2%80%93-plan-for-life%e2%84%a2-the-new-face-of-retirement-planning-762?Print (2016-04-26)
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  • “OK PAL TELL ME SOMETHING I DON’T ALREADY KNOW!” | Small Biz Advisor
    And it s a win for advisors as well Retirement is front and centre today in light of the baby boomer bubble moving forward It s also a largely untapped market for small and medium sized businesses And about 98 of Canadian businesses are considered small to medium sized having fewer than 100 employees1 Small companies are very approachable and yet only a small percentage of advisors sell group retirement plans there So what s that magical value proposition that earns you the right to play in this space After more than 30 years in this business I can say it all goes back to basics I m probably telling you something you already know but it still rings true In all honesty the biggest win or door opener is having a relationship with a business owner That relationship gives you an opportunity to do your 3 minute elevator speech What to say to help this owner and or management team decide to implement a group retirement plan The cost of a group life and health plan is sky rocketing and at times seems out of control A solution could be to review the monies allocated to health benefits and direct them to a more stable group retirement plan What do you bring to the table as an advisor Think like a business owner It may be a cliche to mention walking in another person s shoes but itâ s a cliche for a reason it works Try to see the needs of their business as if they were your own Small and medium sized businesses face challenges unlike big corporations do There s less money to go around but there s more closeness There are fewer people employed but the job still needs to get done The job market

    Original URL path: http://www.smallbizadvisor.ca/partner-education/ok-pal-tell-me-something-i-dont-already-know-694?Print (2016-04-26)
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  • Small Biz Advisor
    his stories and tips in order to help brokers and advisors and he s passionate about group retirement savings solutions Visit Group Guy s news section regularly and learn what he s been up to And don t be shy if there s a topic you d like Group Guy to cover just let us know Check out the most recent articles OK PAL TELL ME SOMETHING I DON T

    Original URL path: http://www.smallbizadvisor.ca/microsite/group-guy/ (2016-04-26)
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  • “A.S.A.P.” | Small Biz Advisor
    A P A is for Administration This is the number one thing that will make or break any existing or newly implemented plan How many times have you lost a plan because of administrative issues Zero in on the number one challenge for any plan sponsor the day to day administration of a group retirement plan this can help you improve your relationship with the plan sponsor Get to know the account manager and use their expertise toward your business partnership Once you have the administration figured out you have to review the Service S on a go forward basis What are the expectations of the plan sponsor and plan administrator Confirm what your overall service offering is and make sure you are on the same page As advisors and brokers you face multiple challenges in maintaining Active Communication stands for the second A in A S A P The alternative to active communication is passive communication Posters web tools financial newsletters etc are all examples of the passive communication They are not very successful in generating large plan participation You have to entice encourage and engage plan participants not only during the enrolment sessions but before and after There are also increasing multi generational challenges as well as language challenges in providing ongoing active communication At the end of the day you are dealing with a mass audience of one The 30 year old is looking at withdrawing for home ownership while the 60 year old wants RRIF calculations It pays to customize your active communication to suit the demographics of the company The last letter in our acronym P stands for Performance Performance will be a major issue for a small number of plan participants the investment savvy types We ve all have been preached to It s

    Original URL path: http://www.smallbizadvisor.ca/partner-education/a-s-a-p-696?Print (2016-04-26)
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  • Employ your spouse to save tax | Small Biz Advisor
    wage of 18 She was paid by cash or set off Before bringing on family Some advisors include family in succession plans while others rely on relatives for administrative help when work piles up But mixing blood with money can be disastrous if not managed properly While hiring family usually means having staff committed to seeing you succeed you can t always be objective about their performance To see if adding another dimension to your relationship will work implement a firm trial period You ll want to draw up a written contract specifying roles responsibilities and pay And make sure to ask How will we objectively measure your performance after you ve completed your trial period Why are you fully qualified for the position Will you book meeting time with me when you need to go over something He explained to the judge that since he and his wife had only one bank account and it was a joint account there was no sense of paying her by cheque which she would deposit in their joint account Instead any amounts that she withdrew from the bank account or purchased with the debit card or credit card were set off against the wages she earned His wife testified it was her job to call people who had recently immigrated to Canada to see if they were looking for a vehicle She also checked Craigslist and would refer potential purchasers to the dealership where her husband worked She estimated that some days she made four to six calls while other days she made no calls She also sent birthday cards to her husband s customers The judge found the testimony self serving and unbelievable especially since it contradicted earlier evidence about what her duties were Further the judge found the lack of

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/employ-your-spouse-to-save-tax-3182?Print (2016-04-26)
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  • Modular flex or Flex Choice: good options | Small Biz Advisor
    employers would be able to consider a flexible benefits structure Enter Modular Flex or Flex Choice A modular flex plan will provide employees with an option to choose between a few benefit options referred to as gold top of the line plan silver middle of the road and bronze basic package plans Typically the plan coverage in the gold option contains almost all of the top tier components of the plan sponsor s benefits plan and plan sponsor will usually require employees to optionally buy up to this plan through monthly payroll deductions Employees sleep better a night knowing their gold medal plan will look after almost all of their benefits requirements A silver medal plan would compare to a typical plan or standard program and would cover the basic needs of an organization s average employee There could be an employee contribution to this program but it would be nominal in comparison to the gold plan The bronze medal plan would just cover the major or catastrophic items and employees would be subject to higher coinsurance or deductibles Because this plan would typically come at a lower cost an employer may free up some benefit dollars to contribute to

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/modular-flex-or-flex-choice-good-options-3070?Print (2016-04-26)
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