What's Watt - Fall 2013
By Bob Watt, EPC - President & CEO
Welcome to this first edition of the “Watt’s What" column in the Business Career College email newsletter sent to our clients and other interested readers. First, let me tell you a little about the author and where the title comes from. This segment is written by Bob Watt, President, CEO and founder of Business Career College. Bob has a little over 31 years of experience in the insurance and financial services industry, having spent time as an insurance and mutual funds sales rep, specializing in dealing with families and working small businesses to provide employee benefits. Bob’s career spans stints as an agent, administrator, manager, agency owner and for the last 16 years as an educator. His travels take him across Canada and he has been blessed to establish many long term relationships and connections with people from all aspects of involvement in the financial services industry. Those contacts and the habit of following industry events and trends on a daily basis will serve as fodder for this column.
As a first point that may be of interest, insurance councils and commissions across the land under the umbrella of the Canadian Insurance Self-Regulatory Organizations (CISRO) are making some changes to the Life License Qualification Program (LLQP) process with an implementation goal of September 2015. When the LLQP was introduced in 2003, the provinces and territories that opted in included all provinces except for Quebec. In an effort to keep LLQP current, the regulators have been struggling to with ways to maintain the credibility of the program and to ensure that it meets the needs of the Canadian insurance industry. The end result is that Quebec which stayed out of the LLQP program are now going to come into the fold, allowing the industry to end up with a truly harmonized LLQP. In the end we should something that will be easier to keep current and perhaps even a simpler and less daunting exam for entrants to the insurance profession.
We continue to see the trend towards “bigger is better,” perhaps a myth, but it is happening. Many of the large national MGAs are swallowing up or merging with mid-size companies. We will see fewer organizations on the marketing side just as we have seen many of the insurers disappear over the years. It seems to be part of evolution and our industry, just like any other, has to go through these changes. Let’s hope that these changes do not ruin our industry and don’t result in the old traditional insurance agent becoming a dinosaur.
People on the move – The only move of significance that we can report at this is that our long-time friend and successful insurance veteran, Jim Ruta, has left the world of the self-employed and has joined Life-Assist. The good news is that Jim will still be as active as ever, travelling around the world helping insurance and financial advisors achieve success and build their practices. Luckily, Jim will continue his regular contributions to Investment Executive with “Ruta’s Rules” video segments. If you haven’t done so, check it out and you will find lots of interesting facts and perhaps even learn a few strategies and ideas that will help you in your business.