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Advisor Disclosure Best Practices - Training Material

Release Date: 06/06/2017
Staff Reference: Justin Glinski

Advisor Disclosure Best Practices:

When a consumer is considering the purchase of a life or health insurance product, it is important that they have good information about the product, how it meets their needs, the company offering the product, and the advisor and the advisor’s business relationships.

This training module focuses on disclosure about the advisor which should be given in writing to the client prior to the sales transaction. The objective, in all cases, is to provide consumers with good and meaningful disclosure. The suggested wording for each disclosure requirement is intended for illustration purposes and to provide a good starting point. Each advisor can, of course, tailor it to suit their own situation while still meeting the minimum disclosure requirements.

Regardless of what disclosure is made and how it is made, advisors should have documentation in their client files that provides evidence that the appropriate disclosure has been made.

Adherence to these disclosure practices supports the principles for managing conflicts of interest adopted by the Canadian Council of Insurance Regulators (CCIR).