Meet advisors who are exploring efficient non-traditional ways to network, grow a client list, and supercharge their business. Kira Vermond investigates
Advocis’s Symposium 2025 brought financial services leaders together to chart a course toward title protection and regulatory harmonization, Kelsey Rolfe reports
MCMAHON
David Bardsley and Bosco Tong share technology procurement strategies for financial advisors
Congratulations to Ralf Soeder who has been inducted into the Sun Life Hall of Fame.
Sun Life is pleased to congratulate Ralf Soeder for his induction into our Hall of Fame, our highest honour recognizing outstanding personal success.
Ralf Soeder embodies Sun Life’s standards of excellence through his passion for supporting Clients, the industry and those around him. A 31-year industry veteran who joined us in 1994, Ralf partners with the team at WSC Financial Solutions Inc. in Oakville, Ontario to help Clients reach their holistic financial goals. He’s respected throughout Sun Life for his ability to drive innovation, engage with colleagues and champion new initiatives.
Ralf is a longstanding member of Advocis and a keen advocate for lifelong learning. He encourages colleagues to build their industry knowledge and earn professional designations that broaden their ability to meet Clients’ needs.
Always one to give back, Ralf volunteers for several local organizations and has been involved with international missions to bring clean water and education to communities around the world.
In honour of his induction, Sun Life will make donations in Ralf’s name to Sleeping Children Around the World and the RCO Charitable Fund.
Ralf Soeder CFP® CHS™ CLU®
Advisor, Sun Life
Managing Partner, WSC Financial Solutions Inc.
WSC Financial Solutions Inc. 1235 North Service Road West, Suite 102
Oakville, ON L6M 2W2
905-827-9811 wsc.financial.solutions@sunlife.com
For 120 years, advocacy has been core to Advocis’s mission. Here are some ways the organization has promoted positive change, prevented negative change, and brought Canadians’ and members’ priorities forward to government and regulators.
• Presented a detailed brief to the Royal Commission on Life Insurance, with many recommendations incorporated into the Life Insurance Act passed in 1910.
• Worked with provincial governments to remove the “residence clause” from provincial insurance licensing laws. This clause precluded agents from practising out of province.
• Established the Joint Committee with the Canadian Life and Health Insurance Association (CLHIA), working together to administer the Ontario Licensing Act and develop the Principles of Life Agency Operation.
• Made a joint submission with CLHIA that convinced the federal government to broaden a compulsory savings feature in the Income Tax Act to include new life insurance policies, as well as existing ones.
• Argued against nationalization of life insurance companies, promoted by some politicians, producing educational materials that shifted public opinion.
• Partnered with the Superintendents to incorporate positive aspects the organization had contributed to the Ontario Insurance Act into the Uniform Provincial Life Insurance Act
• Pointed out that a (later dropped) bill’s changes to government annuities wouldn’t help people of moderate means provide for their retirement — the purpose of the Government Annuities Act
• Pushed for an amendment to the Income Tax Act that removed the impact of double taxation by allowing the deduction of estate taxes and succession duties from pension and death benefit income.
• Pressed provincial departments of insurance to establish written examinations for life agents, with B.C. leading the way in 1963.
1966–1985
• Prepared briefs and appeared before the minister of finance and Commons committees addressing the Royal Commission on Taxation to communicate the impact on Canadians.
• Recommended the Superintendents adopt group insurance rules to protect against discrimination based on health, in opposition to some insurance companies.
• Created the Action Committee Taxation (ACT) to battle federal government proposals to tax various components of life insurance, including policy gains on death.
By obtaining the CLU® designation, you have demonstrated exceptional commitment to your career and clients, and have elevated your practice to a level that distinguishes you among your peers.
Peter Royster
Craig Janzen
Ann Mac
Glenda Smith
Dawn Harris
Alma Williams
Sean Carey
Jeffrey Severson
David Gervais
Andrew Winsor
Sylvie Leger
Richard Van Dyke
Andrew Fowler
Bhawandeep Singh
Justin McKie
William McRorie
Casey Doner
Hannah McEdwards
Josh Olfert
Grace Lee
Simranjit Saini
Valerie Chan
Rafael Chavez-Alcorta
Christian Chopp
Siera Lombardo
Cameron Andrusiak
Fang Yi Duan
Alec Lui
Camille Cook
Vanessa Barcelon
Harsimran Braich
Lisa Kubicek
Jenna Sharp
Kristie Travell
Manvinder Virk
Amrithal Bachra
Vanessa Johnson
Richard Brodhagen
Vrisha Motwani
Bhashage Arora
Kraig Klassen
Rolf Issler
Sameh Kalalian
Chien-Jung(Peter) Huang
Gavin Conrad
Cassim Jivraj
Simranjot Arora
Daniel Burger
Zachariah Panampunna
Alexander Liut
Codie Russell
Mitchell Silber
The Institute congratulates 2024 John A. Tory Award Winner
Valerie Chan
For attaining the top mark in Canada.
The Institute specially recognizes the 2024 Dunstall Prize Winners for attaining top marks in their respective provinces:
AB - Glenda Smith
BC - Valerie Chan
MB - Codie Russell
NB - Alma Williams
NL - Andrew Winsor
ON - Amrithal Bachra
PEI - William McRorie
SK - Cameron Andrusiak
“I feel it propelled me about 15 years,” says Kuk, who has gained 150 to 170 clients this way and significantly boosted his revenue.
Kuk isn’t the only Canadian advisor to use unconventional networking to attract new clients. Some argue this approach isn’t even groundbreaking when compared to other industries such as B2B sales, real estate, and e-commerce.
Take Laurent Munier, a professional financial advisor and partner at Safe Pacific Financial Inc. in Vancouver, who has been in the business since 2011. His firm, which serves Canadian incorporated business owners who own real estate, has used online marketing from the start, despite naysayers.
“A lot of people in our industry said, ‘That kind of stuff doesn’t work. Your ideal client is not online,’” he remembers. “Well, it’s great they said that because the entire time, we were getting clients online — with very little competition!”
Today, Safe Pacific’s YouTube channel boasts 350 videos, with new content added each week. Ask Munier for a rough ballpark on views, and he quickly pulls up detailed analytical data. In just 28 days, the channel racked up more than 70,000 views, with 3,800 hours of watch time.
Munier now handles marketing full time, overseeing scripts, studio recordings, editing, and content distribution across Facebook, Instagram, LinkedIn, and the company website. Meanwhile, other advisors at the firm focus on client management.
Make no mistake: digital networking is not only for young clients. Nearly everyone is tech-savvy now. That said, if targeting young people is the goal, it pays to know where they hang out online.
That’s what Kayla Caruana, a senior financial consultant at Karen Erickson & Kayla Caruana – IG Private Wealth Management
the less capacity we have, and the more complicated it becomes to harmonize with others,” he said.
Harmonization was a hot topic as U.S. tariffs have incentivized federal and provincial politicians to reduce interprovincial trade barriers. Janet Sinclair, chief executive officer of the Insurance Council of BC, said there’s a desire among provincial insurance regulators to find “as much commonality as possible” in terms of licensing requirements.
“Often, the challenge is enough support at the government level to make the legislative changes needed. I’m encouraged that there’s a lot of interest, certainly in B.C., to make that happen. I’m hopeful that through that we’re able to get common pieces of legislation,” she said.
On the securities side, the Canadian Investment Regulatory Organization (CIRO) is on the cusp of beginning its final piece
of harmonization work, said Andrew Kriegler, the organization’s president and chief executive officer. The final phase will cover requirements common to investment and mutual fund dealers but with significant differences that could have a material impact on stakeholders. These include rules around continuing education, client complaints, financial solvency, and client asset use.
He also noted that as of April 1, securities regulators in provinces including Quebec, Ontario, Alberta, Nova Scotia, and New Brunswick delegated registration for mutual fund advisors and firm registration to CIRO. Kriegler said he’s hopeful that within a year the organization will have taken over registration for the entire country, which would give advisors a “one-stop shop” to become registered across Canada.
Kriegler said CIRO is also making progress on addressing the “truly unlevel playing field” of advisor incorporation. After issuing a consultation paper in early 2024 with three potential paths forward, CIRO heard the greatest enthusiasm for its proposed
incorporated approved person model, which would modify the rules to permit advisors to use a personal corporation to be compensated for non-registrable activities conducted in the name of their dealer and for other licensed financial services activities.
While insurance acts generally allow financial services activities to be carried out by a legal entity, securities acts say they must be carried out by a person, so there are “big challenges” to address to implement the approach, Kriegler said. CIRO is now working with the Canadian Securities Administrators and engaging tax authorities across the country. “I’m optimistic we’ll get a solution out of this, but I can’t give a timeline.”
Insurance regulation has lagged securities regulation for years, but provincial regulators are starting to catch up, with regulators focusing in on advisors’ compensation structures, deferred sales charges (DSCs), and total cost reporting for segregated funds, as well as the role of managing general agents in ensuring employees and agents comply with regulation, among other issues.
Stephen Frank, president and chief executive officer of the Canadian Life and Health Insurance Association (CLHIA), said he expects life insurance distribution will eventually look “a lot more like the securities distribution world than we’ve traditionally looked.”
He said CLHIA is making the case to regulators that while the outcomes around compensation should be similar in the insurance and securities spaces, insurance is inherently different
because it’s sold rather than bought. “When you look at banning or restricting certain types of compensation, it may make sense in the mutual fund context but no sense at all in insurance.” He said CLHIA favours a principles-based approach to regulation, rather than the more prescriptive approach that binds mutual fund–licensed advisors.
Phil Marsillo, president and chief executive officer of IDC WIN, said he’s been “thrilled” with regulators’ willingness to hear out the industry on its complexities. He cited the banning of DSCs and debate around chargebacks for seg funds.
“It’s a cash flow issue for advisors,” he said. Marsillo noted the products themselves are superficially similar to mutual funds but
BY DOUG CARROLL
Donors with the personal inclination and financial resources can make the most of generous relief built into our tax system through planned charitable giving.
Start by deciding who is donating, as that determines how the tax system treats the donation. An individual donor can claim a credit against taxes due at the lowest bracket rate on the first $200 of annual donations, with a higher or top bracket rate on amounts beyond that. Alternatively, a shareholder could cause a corporation to pay a dividend and use the net-of-tax amount for a personal donation, or the corporation itself could donate, in which case the donation becomes a deduction when calculating the corporation’s net income. Both individual and corporate donations may offset up to 75% of net income, with a fiveyear carryforward allowed for unused amounts.
When a charity is a beneficiary through a will, the tax credit may be claimed in the estate year when the donation is made, in any preceding estate year, in the year of death, or in the year preceding death. It is generally most valuable in the year of death and the preceding year, when the maximum net income offset increases to 100% from 75%.
When a charity is likely to be the main or sole estate beneficiary, a charitable remainder trust may be a better option because it allows the donor to use the credit personally rather than leaving it effectively unused in the estate. In this case, as the eventual beneficiary at the donor’s death, the charity issues a donation receipt now for the net present value of the subject property. For example, a widowed professor who plans to give everything to her university anyway might donate her home on the edge of campus by charitable remainder trust now but continue to
live in it for life while using the credit to reduce her annual taxes.
Though Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) may roll over to a spouse or financially dependent child, they are otherwise included in finalyear income. If a charity is named as beneficiary — on the plan or as directed by the will — this both bypasses probate tax (where applicable) and donates the gross value. At a minimum, this offsets that income inclusion, and any excess credit can reduce other income in the final year or preceding year.
Like RRSPs and RRIFs, Tax-Free Savings Accounts (TFSAs) are paid out on a person’s death, but there is no income inclusion. If there is no spouse for continued tax sheltering, a charity might be named as TFSA beneficiary — again, on the plan or as directed by the will. The charity receives the gross value, also bypassing any probate tax.
When a charity is an insurance beneficiary, it will issue a donation receipt for the amount it receives on the insured person’s death, which can reduce tax in the final year or preceding year. As a variation, one could allocate the tax-sheltered account of a permanent policy to the charity, while preserving the face value for its original purpose.
Alternatively, a charity could be the owner of a policy on the donor’s life. The donor would either pay the premiums to the insurer with the charity’s acknowledgment or donate that amount to the charity to make the payments. Either way, the charity will issue donation receipts each year for those amounts.
If a donor has an existing policy that is no longer needed for its original pur-
pose, it could be transferred to the charity. While this would be a taxable disposition, the charity will issue a donation receipt for the policy’s cash value, with the whole endeavour designed to achieve a net beneficial tax result. Usually, the policy will have sufficient cash to sustain it, but if there is a concern in future that the policy may lapse, premiums can be topped up by the charity (or by the donor, in which case the charity will issue a donation receipt).
If a donor sells marketable securities from a non-registered account to make a donation, the resulting cash will be reduced by the tax on any capital gain. However, if the securities are donated in-kind to a charity’s brokerage account, the charity will issue a donation receipt for the full fair market value. This has two advantages: the charity receives a larger donation and the donor gets a larger donation receipt.
It’s even better when a corporation donates this way, as it is allowed to record the entire capital gain as a credit to its capital dividend account (CDA). Thus, the corporation can claim a deduction equal to the full fair market value of the securities and also use the CDA credit to pay a tax-free dividend to shareholders up to the value of the capital gain.
If a donor does not have a specific charity in mind, a donation can go to a charitable foundation in any of the ways described. The foundation will then distribute the funds to operating charities. Some foundations allow donors to have continuing input on when and where future distributions go through a donoradvised fund.
DOUG CARROLL, JD, LLM (Tax), CFP, TEP, is a tax and estate specialist with Aviso Wealth. He can be reached at doug@douglascarroll.ca.
BY JAY McMAHON
As I wrap up my tenure as president of GAMA Canada, I’ve taken some time to reflect on my decade on that board of directors, as well as my time in the industry and my leadership journey. I’d like to share some career perspectives informed by the incredible path I’ve been so privileged to have taken.
In financial services, career growth often comes down to experience, expertise, and perhaps most importantly, opportunity. While there has been much focus on worklife balance, I’ve built my career by taking a different approach: saying yes to almost every opportunity that presented itself, even when it required more time, extra effort, or stepping outside my comfort zone. I believe work-life balance is different for everyone and a state of mind more than anything.
Saying yes more often than not led me to management roles, board positions, speaking engagements, and a strong network that continues to create new opportunities. If you’re looking to accelerate your career, consider how embracing the power of yes can open doors for you.
Every career has defining moments, and one of mine was saying yes to moving into management. Many people hesitate to take that step because it often means more responsibility, longer hours, and the challenge of leading others. But leadership is also a fast track to growth. Leadership doesn’t always have to be formal, either. Mentoring others, volunteering, and showing up to events you care about all build your experience and profile.
By stepping into leadership, I gained skills in decision-making, problemsolving, and strategic thinking — skills that opened doors to bigger opportunities down the road. If you’re given the chance to take on a leadership role, even informally,
say yes. It will stretch you and prepare you for the next level of your career.
Some of the most important career moves happen outside your day-to-day job. When I worked to be invited to join volunteer boards (including those of GAMA Canada, Advocis, the Ottawa Senators Community Foundation, and other charitable organizations) and participated in sports coaching, I didn’t overanalyze whether I had the time — I said yes.
These roles gave me exposure to different aspects of different industries, connected me with high-level professionals, and positioned me as a leader beyond my own company. If you have the chance to serve on a board, volunteer for an industry committee, or get involved in an association, take it. These roles enhance your credibility and expand your network in ways that can fast-track your career.
Another major benefit of saying yes is that it can extend your influence beyond your immediate circle. Because I was involved in industry organizations and held leadership roles, I was asked to speak at events — first within my company and then on a national and eventually international level.
Each speaking opportunity built on the last. The more I said yes, the more people recognized me as a thought leader, and the more invitations I received. It all started with being willing to lead a session, share insights, and contribute to discussions. If you’re offered a chance to present, chair a meeting, or participate in a panel, say yes. You never know where it might lead.
Not every opportunity comes in the form of a promotion or big event. Some of the most impactful moments come from small yeses — saying yes to grabbing a coffee with a colleague, attending an afterhours networking event, or taking a lunch meeting instead of eating at your desk.
Throughout my career, these informal connections have led to mentorship, career progress, and business partnerships. Financial services is a relationship-driven industry, and the more you engage with others, the more opportunities will come your way.
Some argue that saying yes too often can lead to burnout, but I believe strategic yeses can create more opportunities for career fulfillment and flexibility in the long run. The key is to say yes to things that align with your growth, your learning, and your ability to build meaningful connections.
If you’re early in your management career in financial services, challenge yourself to say yes more often — to leadership, to industry involvement, to speaking, to networking. You’ll be surprised at how quickly those yeses compound into bigger opportunities, greater influence, and a career that moves forward faster than you ever expected.
And if you ask me to connect for a coffee, virtual meeting, or something fun — there’s a good chance I’ll say yes.
JAY McMAHON, vice-president of sales with PPI, came into the industry as a second career and has held progressive management roles throughout his tenure in financial services. He prides himself on advisor and leadership development and looks to give back to an industry he is passionate about.
Advocis Calgary has identified succession planning education and support as a critical gap that needs to be addressed for independent financial advisor practices. And the chapter’s first in-person event in a year — “Are you leaving money on the table? Why every financial advisor MUST have a succession plan” — completely sold out, confirming demand for these conversations. As financial advisors near retirement and the career path for new entrants has shifted, it is more important than ever to have a robust succession plan and attract, develop, and retain new advisors within our profession. This event featured speaker John Liston, Certified Exit Planning Advisor (CEPA), and hosted an MGA panel and an advisor panel, with tips and tales from the trenches.
Advocis members play an integral role in helping to shape how our industry evolves — by both ensuring we remain the strongest voice for financial advisors in Canada and actively engaging in local chapter communities through continuing education, mentorship, and more. Throughout the year, Advocis chapters look for opportunities to thank members for their long-standing membership in our association and support for their chapter community.
Hugh Dodd, CFP, member for 40 years; Advocis Durham Region sponsorship chair Ron Fennell, CFP, CLU, CH.F.C., member for 50 years; with chapter president Stacy Brooks.
Financial math is easy: it’s math. It’s all the other things — life, emotions, behaviours, and goals — that can get in the way. So, how do advisors add value to clients beyond the numbers? That was the question underlying a well-attended full-day program organized by Advocis Kingston. Robert Gignac brough a wealth of experience to two presentations — “Stop playing chess in a PokerStars world” and “A client look at advisor value” — in which he discussed how strategies are only good as long as the game doesn’t change. Jim Lyons’ “Addressing the advisor value squeeze” presentation talked about how to leverage artificial intelligence (AI) to switch from product selling to guiding clients through their financial journey. In addition, Peter Wouters spoke about why advisors should focus less on sales processes and more on clients’ behaviours, concerns, and goals.
Advocis Durham Region recognized two chapter members, Hugh Dodd and Ron Fennell, for their incredible longstanding support of Advocis and peer members.
At its annual charity luncheon, Advocis Edmonton recognized Jason Watt from Business Career College for his long-standing membership and chapter leadership, including years of service on the chapter board and past facilitation of the chapter’s annual updates.
Richard William “Bill” Andrew
Advocis sends our deepest condolences to the family and friends of Bill Andrew, a respected leader and cherished member of our community whose career spanned 60 years. He was an association member from 1956 to 2020, Calgary chapter president in 1964–65, and Life Underwriters Association of Canada (now Advocis) president in 1985. His belief in “giving while living” benefited numerous charitable causes and earned him the Queen Elizabeth II Platinum Jubilee Medal in 2022. Bill’s contributions to Advocis and the broader financial services industry will be remembered with gratitude and admiration.
Thomas P. McQuillan
Advocis mourns the passing of Thomas P. McQuillan, CFP, CHS, a dedicated member since 1957, founder of The McQuillan Group, and a member of Advocis Toronto. Throughout his decades of service, Tom exemplified professionalism, integrity, and an unwavering commitment to the financial services industry. His leadership and expertise left a lasting impact on colleagues and clients alike. We extend our heartfelt condolences to his family, his friends, and all those who had the privilege of knowing him. His contributions and legacy will not be forgotten.
Paula Ondrasek
Liping He
Bhawandeep Singh
Reid Chessell
Surya Bezawada
Jenish Kanabar
Puja Suri-Lof
Sean Baker
On achieving the 2024 CHS Award for the highest mark in the Advocis CHS education program.
Sylvia Dadshani
Andrew Diba
Andrew Barrons
Doug Johnston
Canada stands at a pivotal moment. Economic uncertainty, global tensions, and rapid technological advancements are making financial decision-making more complex than ever. Families worry about affording a home, retirees question whether their savings will last, and business owners struggle with rising costs. Canadians need trusted financial advice now more than ever.
BY KELLY GORMAN
Financial advisors and planners serve as the calm in the storm, translating complexity into actionable strategies and guiding clients toward financial security. Beyond individual client interactions, advisors have the power to influence policy, regulation, and industry standards to create a stronger, more resilient financial landscape. Advocis must lead this charge — not just for its members, but for all Canadians who rely on the expertise of financial professionals.
We acknowledge that, in the past, some members have questioned how resources were allocated and whether their voices were truly heard. We recognize those concerns and are committed to doing better.
Advocis will be providing more frequent, accessible updates through quarterly CEO announcements or livestream fireside chats so members know exactly how each dollar supports advocacy, education, and our broader mission.
Internally, we will strengthen oversight, informing the Board Chair of all major initiatives and budget decisions. We will also open up more channels for honest dialogue, such as inviting chapter leaders and members to ask questions and offer insights on major strategic initiatives at Advocis.
We want to assure members that, moving forward, they won’t be left guessing where their membership fees go.
Advocacy remains at the core of Advocis’s mission. We continue to engage with provincial and federal policymakers to push forward key regulatory issues, particularly title protection. In an era of economic instability, consumers need assurance that they are receiving qualified financial advice, not just marketing spin.
Ontario has led the way with Financial Services Regulatory Authority's (FSRA’s) title protection framework, and we are actively working with other provinces — including
Manitoba, New Brunswick, Saskatchewan, and Newfoundland and Labrador — to bring national consistency. Advocis is committed to unifying these efforts and ensuring that title protection includes rigorous educational standards, meaningful oversight, and clear enforcement mechanisms.
Beyond title protection, we believe it’s time to bring insurance regulation to the next level so advisors and consumers benefit from greater consistency and clarity. A crucial step is the creation of a unified insurance registry, which would provide a single, transparent source for verifying credentials and reinforce consumer protection. What distinguishes Advocis is our capacity to bring these threads together because we are the largest voluntary association of financial advisors in the country. Our scope allows us to deliver rigorous professional development, foster expansive networking opportunities, and offer a powerful advocacy platform — all under one roof. When we approach policymakers and industry partners, we do so with a collective spirit, amplifying every voice in the room to make a meaningful, positive impact on the future of our profession.
This is a defining moment for our profession, as well as for Canada. Regulatory changes, economic pressures, and evolving client needs demand that we adapt, advocate, and lead. By uniting under a shared vision, we can:
• Implement reforms that instill consumer confidence in financial advisors and planners
• Strengthen industry-wide standards to ensure fair and enforceable regulations
• Foster collaboration across provinces and regulatory bodies to drive consistency
• Support and mentor each other to grow the next generation of financial professionals
Progress does not happen by accident — it requires action. Every advisor, planner, and stakeholder has a role to play in shaping the future of Advocis and the profession itself.
Together, we will elevate standards, strengthen our industry, and secure financial futures for Canadians from coast to coast. Let’s get to work.
KELLY GORMAN, CPA, CA, ICD.D., is chief executive officer of Advocis.