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  • Tools & Resources: Earn CE credits on the Advisor Portal | Small Biz Advisor
    will be able to access free authoritative information that will help you satisfy your professional accreditation requirements Download PDF version The first programs available on the site will focus on group business including an introduction to group savings and retirement and its business building potential and an overview of the Joint Forum of Financial Market Regulators Guidelines for Capital Accumulation Plans Later we will be adding courses on retail topics

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/tools-resources-earn-ce-credits-on-the-advisor-portal-2647?Print (2016-04-26)
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  • Reduce Healthcare Fraud | Small Biz Advisor
    Joel Alleyne I don t care if you are Air Canada or a small manufacturer in Mississauga and your plant gets hit with these costs it s a lot of money LBC International senior forensic accountant and CHCAA past chair Daniel Tourangeau says fraud is limited only by the ingenuity of the perpetrators Plan members may misrepresent dependants share drug cards with non members or shop for doctors who will prescribe narcotics that can be resold on the street Fraud committed by medical service providers can include Billing for services or products devices not dispensed Practitioners treating outside their scope of practice Kickbacks or referral payments Providing services that are not medically necessary Tourangeau says many schemes also involve collusion that benefits both the plan member and the practitioner For example licensed practitioners prepare false receipts for a fee If questioned the practitioners promise to pretend to have treated the customer PLAN ADVISORS CAN PLAY A CRUCIAL ROLE IN THE BATTLE TO ELIMINATE HEALTHCARE FRAUD THAT S BECAUSE EXPERTS AGREE PLAN DESIGN IS THE SINGLE MOST IMPORTANT ELEMENT THAT MAKES A GROUP INSURANCE PLAN VULNERABLE TO POSSIBLE FRAUD WHAT S THE SOLUTION Plan advisors can play a crucial role in the battle to eliminate healthcare fraud That s because experts agree plan design is the single most important element that makes a group insurance plan vulnerable to possible fraud For example plan designs that include co pays and deductibles provide incentives for employees to agree only to medically necessary procedures In addition annual and lifetime caps on certain benefits can control both plan costs and healthcare fraud Fraud detection is also a high priority for insurance companies Forensic accountants and trained investigators use data mining software to identify red flags and unusual claims patterns says Golou Naderi a consultant with

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/reduce-healthcare-fraud-1834 (2016-04-26)
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  • Tips from the SME trenches | Small Biz Advisor
    Canadian communities and owners must use smart strategies to stay competitive Share these two articles adapted from the second edition of Advisor for Business magazine so clients can understand why good data collection is the first step toward controlling workplace absenteeism costs and learn from a Calgary based oilfield service company which found the perfect group savings and retirement plan Workplace absenteeism Good data collection is the first step toward

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/tips-from-the-sme-trenches-2170 (2016-04-26)
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  • Tools & resources – Spring 2013 | Small Biz Advisor
    have several important choices to make One of the most critical is the plan type To help you give them the informed advice they need Standard Life enhanced the GS R Solutions page of the Advisor Portal First we ve introduced a new tab that makes it easy to compare the features available with Standard Life s choice of programs Express Custom GS R Plans the Pooled Registration Pension Plan PRPP and our latest offering Pension in a Box A chart makes it clear at a glance what you can offer your clients with each option so you can tailor your recommendations to their priorities Download PDF version We ve also added a button that connects you to a new tool a quick questionnaire called What s Your Client s Pensionality Based on your answers to just a few queries we can suggest the most appropriate option for a specific client Then you can link to the appropriate tab or product page for more information Of course Standard Life s network of managers of business development MBDs is always available to help and to meet with your clients if you would like These two additions are simple effective ways to

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/tools-resources-spring-2013-2125 (2016-04-26)
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  • Competitively Safe | Small Biz Advisor
    OF EMPLOYEES 49 full time employees in Canada LOCATION Calgary Industrial Park Houston Texas YEARS IN BUSINESS 45 INDUSTRY Oil and gas supplier service manufacturer of down hole tools and inflatable tools BENEFITS Group Retirement Savings Plan fully paid medical and drug plan unlimited dental life insurance critical illness insurance long term and short term disability insurance LAUNDRY LIST The broker listened to Shi s feedback and conducted a diligent audit of available group programs that fit the requirements in this case a competitively priced program that would be rolled out with high service She was presented with a variety of pension and RRSP options from several carriers TAM s management group wanted to implement a program that would set the company apart from its rivals Her broker recommended Standard Life s group retirement offering and arranged for the carrier to meet his client The carrier s representative with a deep understanding of the fund offerings explained the products service commitment and next steps A group RRSP was priced out in which employees would contribute 6 of their regular wages while TAM would match 25 of those contributions The plan suited Shi s market playing mentality after all TAM s comprehensive offerings already included 100 paid medical and drug benefits unlimited dental life insurance set to three times an employee s regular wages critical illness coverage and short term and long term disability insurance As a smaller employer in a highly competitive industry tam needed to offer something beyond salary to attract and retain employees Next the carrier s representative met with TAM employees to introduce them to the plan guide them through enrolment and lead them through the go live During the TAM implementation educational seminars were set up to assist employees with tasks such as completing forms and

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/competitively-safe-2117 (2016-04-26)
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  • Making connections | Small Biz Advisor
    referral until he has been working with a client for at least six months You need to have some history with clients before they re going to be willing to refer you he says Our major sources of referrals would be long term existing clients who have a good idea of how we operate HONE THE ASK The next step in getting a referral whether from an existing client or a new contact is to ask for it Sounds like a no brainer doesn t it But even Reid admits that he doesn t always ask Our referrals tend to come from a small group of about 10 to 20 of clients who know us and respect us and will pass on information to others quite willingly he says Others might do it if prompted But we probably don t use our referral network as well as we could we might increase the number if we asked more often Smith agrees Over the next year he plans to figure out just how many of his leads are being generated by personal contacts by tracking and analyzing them We re in the process of setting that up right now he says We want to know all of our sources of business Once you ve identified possible referral sources you can increase your chance of getting a referral by asking for it in a way that is most likely to garner a positive response says Hughes Avoid putting the onus on your potential advocate to do all the work by asking questions such as do you know anyone who might need my services Instead educate yourself about how that person can help you Get more info about them their contacts their situation who they know what they re looking for and who they re interested in says Hughes That gives you the opportunity to zero in on what you want by saying for instance You mentioned that you had lunch with John Henderson last week from XYZ company I d really love to meet him and talk to him about what I do Is there any way you could introduce me It pays to think outside the box advises Reid While your clients may not be willing to refer you to a competitor after all their group benefit plan is one of the ways they can attract talent they may pass your name on to a supplier And your own suppliers and individual clients might well provide leads If we re picking up an individual client we know where they work through the application says Smith And we ll ask if they have an existing retirement plan with their employer and if not whether there have been any discussions about it We re in a perfect position to prospect right there Informal occasions can provide networking opportunities as well allowing you to get to know someone face to face by sharing a drink or swapping stories The most positive way to do

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/making-connections-2112 (2016-04-26)
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  • Business Insights – Spring 2013 | Small Biz Advisor
    solution designed to give more Canadians access to a pension plan especially those working for smaller companies and those who are self employed In an important step toward implementation the Office of the Superintendent of Financial Institutions Canada OSFI posted documents outlining the legislative framework for the PRPP on its website at www osfi bsif gc ca on Dec 11 2012 Any organization that wants to offer and administer the PRPP must apply for a licence from OSFI and then register the PRPP with OSFI and the Canada Revenue Agency CONTRIBUTION AND BENEFITS LIMITS FOR 2013 2012 2013 DEFINED CONTRIBUTION PENSION PLAN MAXIMUM CONTRIBUTION 23 820 24 270 DEFERRED PROFIT SHARING PLAN MAXIMUM CONTRIBUTION 11 910 12 135 DEFINED BENEFIT PENSION PLAN MAXIMUM BENEFIT PER YEAR OF CREDITED SERVICE 2 646 67 2 696 67 REGISTERED RETIREMENT SAVINGS PLAN MAXIMUM CONTRIBUTION 22 970 23 820 TAX FREE SAVINGS ACCOUNT MAXIMUM CONTRIBUTION 5 000 5 500 CPP QPP AND OAS MAXIMUMS FOR 2013 2012 2013 CANADA PENSION PLAN CPP AND QUEBEC PENSION PLAN QPP YEARLY MAXIMUM PENSIONABLE EARNINGS YMPE 50 100 51 100 CPP QPP MAXIMUM MONTHLY PAYMENT AMOUNT FOR SOMEONE WHO RETIRES AT AGE 65 986 67 1 012 50 OLD AGE SECURITY OAS MAXIMUM MONTHLY PAYMENT AMOUNT AS OF JANUARY 540 12 546 07 PENSION REFORM IN B C ALBERTA AND N S British Columbia and Alberta have been working toward significant pension reform In British Columbia the legislation is Bill 38 Pension Benefits Standards Act In Alberta it s Bill 10 Employment Pension Plans Act Both are expected to come into effect later in 2013 Importantly the two bills harmonize British Columbia s and Alberta s pension rules a clear benefit for companies operating across those provincial borders Meanwhile Nova Scotia has passed Bill 96 Pension Benefits Act

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/business-insights-spring-2013-2110 (2016-04-26)
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  • Slicing and dicing the pie | Small Biz Advisor
    2 3 4 Then it s the old 80 20 rule spend 80 of your time with the 20 of clients that produce the most revenue And that can be said for any line of business really says Murray I WOULD WANT TO KNOW WHEN THEY LOSE A CLIENT DO THEY HAVE ANY IDEA WHY Cara Winfield advisor and client relationship manager at Hynek Financial Group in Oakville Ont organized the implementation of a segmentation strategy at her firm The process took three to four months in total but she feels that was time well spent because segmentation is very necessary to retain clients and grow business By creating a process that allows an advisor to use technology to systematically follow up with clients we can manage our time more effectively and foster a better relationship with the clients we want to do more business with she explains That said there were hurdles to overcome Winfield acknowledges it was tough to get advisors to invest the hours necessary to identify which clients belonged in each segment Then they had to agree to change how they interacted with those clients something that was most challenging for those used to a more transactional way of working Winfield was undeterred To someone who sees no value in segmentation she emphasizes I would want to know when they lose a client do they have any idea why When was the last time they connected with the client Too often we are able to gain a client because another advisor sold the case and hasn t followed up since Ted Jackson also of Pace Consulting Benefits Pensions Ltd is a Toronto based senior group insurance broker With group insurance you can go to a lot of places and get a similar product so you have to differentiate yourself by servicing the relationship he explains He says the level of service a client requires can t necessarily be determined by the size of the organization Some bigger companies have large HR departments that take care of training and disseminating information to employees tasks advisors often take on for smaller companies But some bigger companies need that support and some smaller companies don t Whatever approach you take to segmentation the key is to stick with the program It s easier said than done of course I think too many advisors get that question from that low end or C or D client and even if they want to spend that same level of time or effort or service on that client the reality is that you can t says Murray It distracts you If you do that then you will probably not accomplish what the goal is which is to produce the most revenue from that top 20 5 Steps to Segmentation 1 DEFINE VALUE What does value mean to your practice It may be your clients ability to provide referrals to cross business lines or to increase their portfolios with you Decide which types of

    Original URL path: http://www.smallbizadvisor.ca/advisor-for-business/slicing-and-dicing-the-pie-1831 (2016-04-26)
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