Let’s face it, most of us get our financial advice from the entity that cashes our cheques and stores our cash, the bank!
What most people do not know is that the bank cannot offer any life-insurance based products. It’s illegal. You have heard of RBC, but RBC Insurance is not allowed offer any of its products at the RBC Retail Banks. Why is this? Well the government of Canada has regulated this so that the Banks and Insurance companies don’t influence and depend on each other too much. Remember the crash of 2008? Well in the USA they did not have such a law, and when JP Morgan (the bank) started to collapse, so did AIG (the insurance company). Because the banks and insurance companies carry most of the wealth, the government of Canada protects us by not allowing the banks to sell life insurance products at your bank. That way, they also can’t say, hey if you open up a mortgage with us, we will give you a deal on this life insurance product.
So the point I am trying to make is, you can’t get the whole ‘financial picture’ at your bank. They can’t offer any life insurance investments, which are generally much safer as they have guarantees associated with them, and can grow tax-sheltered (for now). And life insurance is the foundation of every sound financial plan. As much as we all love to believe that we are immortal and will live forever, this just isn’t the case. Death, disability or illness in a family is one of the main reasons that a family will experience financial difficulties, and lose their home or their business.
So who can offer you life insurance products? Only a financial advisor who is “Life-licensed” with the Insurance Council of your associated province. As a Life-licensed advisor, we much maintain a certain number of education credits in order to keep our license active and we are heavily regulated in BC by the Insurance Council of BC.
So if you want to get the ‘big picture’ on creating a sound financial plan for your family, book a free consultation with one of our advisors, or attend one of our seminars. We want to create a life-long relationship with you and guide you from now until retirement, and the best part is…we come to you! We will help you nail down a plan that makes sure your family’s financial future is bright!