2011 State of the Union Address - as presented at the 2011 Advocis Vancouver Annual General Meeting

After posting a small profit in 2009 we slid back with a loss in 2010.  Revenue was slightly down but it was the increased costs of services that pulled us down.  We continue to have a solid financial base with total assets of $196k and equity of $160k.  I have a few copies here and copies are available through our treasurer or our support office.

We have spent most of 2011 trying to contain the expenses that resulted in the loss in 2010.  We have changed venues for some events and monitored all revenue and expenses more closely.  While the final numbers will not be ready for a few months I have been assured from our treasurer,  Leslie Carpenter,  that 2011 will be on plan.

In 2011, the Vancouver chapter became a member of the Century Initiative.  The Century Initiative was created by Advocis in 2005 to provide a strong financial base for the organization to fight potential threats to our industry and advisors’ independence.  Many members in Vancouver and Advocis chapters across the country have become members of the initiative.  Over the next five years the chapter will allocate $12,500 to the Century Initiative stewards.  This is important to you as members of Advocis, as professionals in the financial services industry and as Canadian consumers.

If you are not a Century Initiative member I strongly encourage you to investigate it further and decide for yourself.

Our membership is strong with 980 active paying and 234 active nonpaying members for a total of 1214 members.  Our Under 5 After 5 events for new advisors were new to our chapter in 2011.  Our goal is to increase membership, so how do we measure the success of these events? I measure success by every single additional person that is exposed to Advocis, our members and what we do.  And with that, these events have been a tremendous success.  Our organization is constantly seeking new members and every one of us can help; either through promotion to your colleagues, peers or becoming one of our ambassadors or membership committee members.  It’s not a hard task when everyone is working together.

We continued to have a full range of events this year, Breakfast Seminars, PD day, Planning School (from the responses the best one in many years), two Update 2011 events, Protect your Practice session, and an advisor building course.  As a chapter we provide the most robust set of events and continue to be a role model for other chapters in the country.  The seasons pass for 2012 events (starting April 2012) will be available soon.

We had another successful golf tournament at UBC golf course – it was another glorious day this year and thanks to all those that participated the donation to Cystic Fibrosis was $15,000.  Mark your calendars; the 2012 tournament is on Thursday, July 19.

As Advocis is an organization that constantly advocates on behalf of its’ members and everyone in the financial services industry I thought it would be important to highlight a few of Advocis’ efforts in 2011.

National Pension and Retirement Income Reform

Advocis wants to provide our unique perspective on pension and retirement income issues as they arise. In August Advocis provided a submission to Finance Canada, Tax Policy Branch regarding the tax rules for pooled registered pension plans

Federal Bill C28

Fighting internet and wireless spam act – Advocis' position is that the proposed act unduly restricts legitimate business activity – in September, Advocis responded to draft regulations by CRTC and Industry Canada

Advisor Incorporation with Respect to Securities and Mutual Funds

Advocis is taking a leadership role in the establishment of a consistent and permanent solution allowing advisors to incorporate (important for those who have clients in provinces across the country) – in July Advocis met with representatives of the ministry of finance and the Ontario securities commission to secure Ontario’s support

Financial Institution of in Branch Selling

Among other reasons Advocis wants to ensure that financial advice is being provided by qualified licensed advisors – a submission to the Department of Finance was made in March with regards to bank’s website

Regulatory Review of MGA’s

The BC Insurance Council is taking a leadership role in this manner and Advocis wants to ensure that it educates all provinces about the MGA channel.  Among various letters written a response to the CCIR was submitted in April

Thank you to everyone for letting me be your President for the last two years.  I have enjoyed my time as President and know that these experiences will help me through the rest of my career.

Respectfully,

Warren Campbell
Past President