A key appointment at the association is raising the eyebrows of some members concerned about the prominent position of a bank exec.
Is the independent insurance agent a thing of the past?
Advocis elected its board of directors in June at the annual general meeting held in Vancouver. Caron Czorny, whose day job is Vice President of Business Development for BMO Life Insurance, was appointed chair while Wade Baldwin, the winner of The Univeris Award For Outstanding Advisor in the Insurance Channel at the inaugural Wealth Professional Awards, was appointed vice-chair.
The chatter according to recent comments left at “For Advisors Only,” a website for industry discussion, is that Czorny’s appointment reflects the association’s move away from its advisor roots towards a more corporate stance suggesting the big insurance carriers and banks are dictating the direction of the insurance industry in Canada.
“Advocis functions as a voice for the industry, not for advisors,” says Naoshad Pochkhanawala, a Toronto advisor with Amiko Benefits, a firm dedicated to group benefits. “What advisors need is an association, for both independent and captive agents, advisors need to have their voice heard. Right now advisors in Advocis are essentially members. Most of the funding is driven corporately. Even if it’s through advisor revenue, it’s still driven corporately because the Sun Life’s and the London Life’s want you to be an Advocis member.”
Pochkhanawala’s other concern centering around the lack of a coherent voice from advisors is that it allows the insurers and banks to focus the current changes in the industry almost entirely on actions taken by agents and MGA’s rather than taking a holistic approach to insurance advice that would align the interests of the company with those of the client.
“Frankly as a 'younger' agent I see no opportunities to work towards or influence any form of macroscopic change and I certainly don't believe that participating in an organization like ADVOCIS would afford me that ability or privilege,” Pochkhanawala wrote in For Advisors Only.
That’s not to say he’s totally lost hope. Just yesterday the advisor was in touch with the powers that be. A dialogue appears to be in the works.
“I received a call from Advocis's President & CEO, Greg Pollock,” said Pochkhanawala. He very kindly invited me to lunch to discuss both what Advocis has been doing as well as ways it may better serve or communicate with advisors.”
While it’s just a start it appears Pollock recognizes advisors like Pochkhanawala might have a point.
Advocis elected its board of directors in June at the annual general meeting held in Vancouver. Caron Czorny, whose day job is Vice President of Business Development for BMO Life Insurance, was appointed chair while Wade Baldwin, the winner of The Univeris Award For Outstanding Advisor in the Insurance Channel at the inaugural Wealth Professional Awards, was appointed vice-chair.
The chatter according to recent comments left at “For Advisors Only,” a website for industry discussion, is that Czorny’s appointment reflects the association’s move away from its advisor roots towards a more corporate stance suggesting the big insurance carriers and banks are dictating the direction of the insurance industry in Canada.
“Advocis functions as a voice for the industry, not for advisors,” says Naoshad Pochkhanawala, a Toronto advisor with Amiko Benefits, a firm dedicated to group benefits. “What advisors need is an association, for both independent and captive agents, advisors need to have their voice heard. Right now advisors in Advocis are essentially members. Most of the funding is driven corporately. Even if it’s through advisor revenue, it’s still driven corporately because the Sun Life’s and the London Life’s want you to be an Advocis member.”
Pochkhanawala’s other concern centering around the lack of a coherent voice from advisors is that it allows the insurers and banks to focus the current changes in the industry almost entirely on actions taken by agents and MGA’s rather than taking a holistic approach to insurance advice that would align the interests of the company with those of the client.
“Frankly as a 'younger' agent I see no opportunities to work towards or influence any form of macroscopic change and I certainly don't believe that participating in an organization like ADVOCIS would afford me that ability or privilege,” Pochkhanawala wrote in For Advisors Only.
That’s not to say he’s totally lost hope. Just yesterday the advisor was in touch with the powers that be. A dialogue appears to be in the works.
“I received a call from Advocis's President & CEO, Greg Pollock,” said Pochkhanawala. He very kindly invited me to lunch to discuss both what Advocis has been doing as well as ways it may better serve or communicate with advisors.”
While it’s just a start it appears Pollock recognizes advisors like Pochkhanawala might have a point.
