By Patrick Bouchard, PAA, Insurance broker and RCCAQ chair

By Patrick Bouchard, Insurance broker/RCCAQ chairThis event placed the advisory role at the forefront of the discussions. The panel in which I took part sought to identify the winning conditions enabling us to strengthen the defence of independent advisors and their interests. More specifically, we had to reflect on this question: is it better to be a member of a professional association or a guild?

Flavio Vani of the Professional Association of Financial Services Advisors (APCSF) shared his preference for a professional guild-like structure, such as that of the RCCAQ. The APCSF will thus have to undertake a transformation.

Greg Pollock of ADVOCIS (Financial Advisors Association of Canada) did not dwell on the insurance sector. Instead, he expressed hope that life insurance advisors in Quebec would join his association, which represents their colleagues in the rest of Canada.

Mario Grégoire of the Council of Financial Services Professionals (CDPSF) also seemed to opt for the association model, noting in addition that in connection with the Bill 188 review, the CDPSF was lobbying for the Chamber of Financial Security (CSF) to be maintained. For further info please consult the following article (in French): 

For my part, I pointed out that as a guild-like organization, the RCCAQ seeks to make the voice of brokerage firms heard while demonstrating the importance of our advisory role and providing consumers with better protection. In 2013, during the tax harmonization process, the RCCAQ aimed to clarify the specific features of the industry in Quebec. By focusing on the fact that most brokerage firms are small and medium-sized businesses (and not financial institutions), we obtained a grace period—which ended up saving us $40 million! The mobilization of our members made all the difference.

In connection with the Bill 188 review, we continue to defend the interests of our members and to denounce unacceptable situations, such as:. 

• Replacement insurance
  According to l’Autorité des marches financiers (AMF) data when a consumers take out replacement insurance with an auto dealership, they end up paying 60% more on average than they would pay using a broker. The RCCAQ issued public protests in this regard on a number of occasions and also filed a complaint with the AMF denouncing certain car dealer’s illegal practices.
• Online insurance sales
  A internet insurance sale should be validated by a certified representative. The Internet is a means of communication that meets the needs of some consumers. Given the complexity of insurance products and services, however, many people don't know if they took out the coverage that's best for them.

All these are prime opportunities to make the voice of brokerage firms heard. As you know, our lobbying efforts are ongoing and we're stepping up our influence as well, thanks to our regional tour and our collective mobilization.