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Elevate your business with industry best practices and needs-based selling
Keeping your business aligned with industry best practices is vital for your success. It not only supports the fair treatment of clients – it also helps you meet certain market conduct requirements and Equitable’s expectations for needs-based selling.
The Financial Services Regulatory Authority of Ontario (FSRA) has a program that checks how well advisors follow the Insurance Act and its conduct rules. FSRA looks at how well advisors follow industry best practices and fair treatment of clients guidance (see CLHIA’s guidance document, “The Approach”). Their focus is on key areas such as giving sound advice, managing conflicts of interest, and putting clients’ needs first. FSRA selects advisors’ client files and looks for documentation that indicates needs-based selling.
In December 2024, FSRA released its latest Market Conduct Supervision Report. It highlights the need for advisors to follow certain rules and industry best practices. The report found five key areas where improvement is needed:
1. Missing notes from client meetings and calls
2. Inadequate advisor disclosure
3. Missing sales illustrations for different product options
4. Missing insurance needs analysis
5. Missing policy delivery receipts
By following industry best practices and keeping thorough records, you show your commitment to providing clients with the solutions they need. For example, taking notes during client meetings helps you track all discussions that support your recommendations. Having an insurance needs analysis shows you are providing clients with suitable advice to buy the solutions that best meet their needs.
Resources: Equitable® has resources that can help improve your business practices and help you treat clients fairly. We encourage you to check these out:
1. PPT: “Ensuring a Compliant, Needs-based Insurance Sale”. The steps to follow in needs-based selling and the records to keep.
Get CE credits! We offer the above as a self-study course that qualifies for 1 Continuing Education (CE) credit. Access it here: https://equitable-life-education.teachable.com/. (Use your contracted email to log in).
2. Client File Reference: The records to keep when selling investments, life insurance, or critical illness insurance, including key documents insurers and regulators look for during compliance audits.
3. Investor Profile Questionnaires: These will help you document your sales recommendations for:
● Universal Life (UL) sales: 1190.pdf, and
● Pivotal Select (Segregated Fund) sales: 1165.pdf
Questions? Contact your Equitable wholesaler. They are ready to support your success! -
Term vs permanent life insurance: helping clients choose the best solution for them
Most people understand why life insurance matters. What they’re often unsure about is which type of coverage is right for them. As an advisor, you’re in a unique position to do more than present options, you can help clients feel confident they’re making an informed choice.
Start with the client, not the product
Before discussing insurance solutions, you can start by asking three important questions:
1. What do you need to protect today?
2. What are you trying to achieve for the future?
3. What is your budget?
By asking these questions you will get a better understanding of which solution fits the client’s needs.
Matching the solution to the client
Term life insurance may be ideal for clients who have budget considerations and need coverage for:
• Helping to replace income
• Helping cover a mortgage or other debts
• Business protection
• A specific period of time (10 – 30 years)
If a client wants lifetime coverage but can’t afford it right now, term insurance is a good option. It gives them affordable coverage today that they can later choose to convert to permanent insurance when their income increases.1
Permanent life insurance (whole life and universal life) is an option for clients looking for lifelong coverage and added long-term value. It’s a good option for clients who want to:
• Build an inheritance
• Preserve their estate
• Build tax advantaged cash value growth
Permanent life insurance is also an excellent way for parents or grandparents to help give children or grandchildren some lasting financial security. It secures lifetime protection at a lower cost when the child is young and healthy. It also offers the potential for cash value growth that they can access if needed.
Helping clients make confident choices
By focusing on what the client needs now—and what they might need later—you can help them pick life insurance that fits their changing life and financial goals. Share this client‑friendly piece that outlines some of the things that clients should consider to make an informed decision:
Which life insurance solution is right for you?
Reminder: Clients’ needs can change; it’s a good idea to review their coverage regularly.
For any questions, contact your Equitable wholesaler.
1See contract for details on conversion limitations and eligibility. - PAR whole life Highlights
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Can’t meet in person? EZcomplete is an EZ way to meet online
Instead of canceling your meeting, why not meet online instead? Our EZcomplete® application makes it easy to process your non-face-to-face applications and do business with Equitable Life.
EZcomplete is available on Pivotal Select™ segregated funds and all life products – Term, Whole Life, CI and Universal Life – and allows for the signing process to change from in-person to non face-to-face at the end of the application, despite how it was started. This gives you and your clients the option to easily and efficiently connect remotely.
How does it work?
EZcomplete gives you the option to conduct your non face-to-face business easily and quickly, enabling your clients to provide their signature remotely on their own device. You simply need to enter their email address and provide them with a secret passcode to securely access the documents to review and sign.
There is no limit on the face amounts or product options and the time to settle is reduced when using the application. It is a flexible, intuitive tool to use, and helps keep business on track now that many clients and advisors are opting for more social distance.
For Life Advisors, please refer to the New Business and Underwriting page on Equinet for details about non-face-to-face delivery. -
Clients could win $8,000 with an Equitable Life FHSA!
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The Equitable Life® First Home Savings Account (FHSA) is available!
Offered on Pivotal Select™ Investment Class (75/75) and Pivotal Select Estate Class (75/100), this is a great opportunity to help clients achieve their dream of home ownership.
Clients who open a FHSA between September 11 and December 31, 2023, have a chance to win $8,000 towards their 2024 FHSA contribution. And the advisor wins $2,000!
Help make a client’s dream of homeownership a reality, starting today!
To open a FHSA for clients, log into EZcomplete, our highly rated online application tool. It is easy to use, convenient, and fast.
For more information on FHSA, including an FAQ and client materials, visit EquiNet or contact your Regional Investment Sales Manager.
® and ™ denotes a trademark of The Equitable Life Insurance Company of Canada.Equitable Life FHSA Contest: No purchase necessary. Contest period September 11 to December 31, 2023. Enter by making a deposit to an Equitable Life FHSA during the contest period or by submitting a no-purchase entry. One prize for a total value of $8,000 CAD to be drawn on January 16, 2024, will be awarded. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner will receive a $2,000 CAD prize. For example, if an Equitable Life client is a winner of the $8,000 prize, the client’s servicing advisor wins a $2,000 prize. Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible Entries received during the Contest Period. For full contest rules, including no-purchase method of entry, see full contest rules.
Posted September 11, 2023
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Clients could win $5,000 in Equitable’s New Year’s Resolution, New Year’s Contribution Contest!
Equitable® wants to help clients achieve their financial goals in 2024.If they win, you win! The draw will be held March 20, 2024.
Clients could win $5,000 and you could win $1,000 in Equitable’s New Year’s Resolution, New Year’s Contribution Contest.
How it works:
The client makes a contribution between January 1 and February 29, 2024 to one or more of these accounts:
Equitable is dedicated to offering clients the products, the services, and the choices that best suit their needs. We provide multiple sales charge options, three distinct guarantee classes, and a diverse selection of investment funds.
Speak to your Regional Investment Sales Manager to learn more.
Posted: December 14, 2023
® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
Equitable’s New Year’s Resolution, New Year’s Contribution Contest: No purchase necessary. Contest period January 1, 2024, to February 29, 2024. Enter by making a deposit to an Equitable FHSA, TFSA or RRSP during the contest period or by submitting a no-purchase entry. One prize for a total value of $5,000 CAD to be drawn on March 8, 2024, will be awarded. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $5,000 prize, the client’s servicing advisor wins a $1,000 prize. Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible Entries received during the Contest Period. For full contest rules, including no-purchase method of entry, see the full contest rules. - Deposits using online banking