AdvocisNews
ASSOCIATION UPDATES AND EVENTS
NOTICE OF ANNUAL
GENERAL MEETING
OF MEMBERS
The Annual General Meeting
(“AGM”) of Members of The
Financial Advisors Association
of Canada carrying on business
as Advocis (“the Association”) will
be held in such meeting space as
may be determined, at the Ottawa
Conference & Event Centre on
Wednesday June 28, 2017 at 3 p.m.
local time for the following
purposes:
Al G. Brown
• To approve the minutes of the
2016 Annual General Meeting
IN MEMORIAM
• To receive the audited financial
statements for the financial
year ended December 31, 2016
and the Auditor’s report
A
• To appoint the Auditor for the
next fiscal period
• To elect Directors
• Any other business
THE AGM of Members of The
Institute will be held in such meeting
space as may be determined, at the
Ottawa Conference & Event Centre
on Wednesday June 28, 2017,
immediately following the conclusion
of the Advocis AGM for the
following purposes:
• To approve the minutes of the 2016
Annual General Meeting
• To receive the audited financial
statements for the financial year
ended December 31, 2016 and
the Auditor’s report
• To appoint the Auditor for the
next fiscal year
• Any other business
28 FORUM APRIL 2017
Al G. Brown, 1920–2017
dvocis would like to express its deepest
condolences to the family of Al G.
Brown, a long-time member of the association and well-respected member of our
industry. Al started his firm, Al G. Brown
& Associates, in 1943. He joined Advocis,
then the Life Underwriters Association of
Canada, in 1944, and received his CLU designation in 1947. Al was the beloved husband of the late Shirley Brown, and loving
father and father-in-law of Golda Brown
and Harry Krakowsky, and David William
and Helen Brown. He was a devoted grandfather of Anna-Rachel and Marshall, Yonah
and Jana, Sarah and Steven, and Pnina. And
he was a devoted great-grandfather of
Shirley and Rose Ruth.
Golda and David are partners at Al G.
Brown & Associates, while Sarah joined
the firm a few years ago as an executive
marketing assistant, making the firm span
three generations.
“Dad loved the insurance industry,”
David said. “He appreciated the fact that
an advisor can be independent and in control of the time allocated to clients, industry, and family. He balanced devotion to
family, his religion, and his clients. The
outpouring of comments from his clients
and industry friends and peers has brought
much comfort to our family.”
David noted that Al was especially
proud of earning the National Quality
Award every year since its inception. “He
felt that this award that relates to persistency and maintaining relationships with
clients was more important than any salesbased award,” he said.
Golda called her dad an amazing mentor who taught through love and example.
“We were blessed to be in our family business where dad gave us autonomy and a
safety net,” she said.
Al will be greatly missed by his family,
friends, and his fellow members at Advocis.
IN MEMORIAM
Stanley Clinton Minor, 1933–2017
A
dvocis was saddened to hear about
the passing of our long-time member
Stanley Clinton Minor, who was known to
clients and friends as Clint, and who
belonged to our Greater Niagara chapter.
Clint joined the association in 1964 and
remained a proud member for 53 years.
He very much enjoyed his career as a life
insurance agent, and all his clients became
his friends. This is a testament to his good
nature and genuine care for the people he
served. For 60 years he was a charter member of the Wainfleet Lions Club, which
raises funds for Lions International.
Clint is survived by his loving wife of
60 years, Gay (née Rogers), and his son and
best friend, Scott (Carol). He was a loving
father to Abbie and Luke, and is also survived by his sister, Pat Gibson, nephews,
Brett and Steven Gibson, sister-in-law,
Virginia, and brother-in-law, George
Wallrich, and their children, Sara and
George. He was predeceased by his dad
and mom, Stanley and Hazel Minor and
his sister, June Hall (Guy). Advocis sends
its sincere condolences to Clint’s family.
BEST PRACTICES Q & A
ADVISOR
SUCCESSOR —
UNKNOWN ENTITY
QUESTION: I was approached by a junior advisor who is
interested in purchasing my practice. Although I haven’t
publicly announced that I’m selling, my own retirement isn’t
too far off, and I haven’t built a succession plan, either. While
I’m a bit caught off guard by this offer, I think the timing could
actually work out. However, I don’t know this person well,
and I’m concerned about whether or not he will be a good
fit for my clients. How should I proceed?
ANSWER: First of all, please know that in terms of not having
a succession plan, you’re not alone. Studies indicate that only
between 13 to 20 per cent of advisors have formal succession
plans in place. Those advisors who claim they are in the
process of putting formal plans together increases that number, but the percentage with a written succession plan still
falls below 40 per cent. Surprisingly, half of advisors surveyed
in both Canada and the U.S. do not have a named successor.
In terms of planning for your own eventual departure,
you can take several steps to begin the process. First, you
should review the strategic mission of your practice, assess
its financial picture, and discuss succession options with the
advisor who has shown interest. Discussing options is
important because succession planning is not a one-sizefits-all event. It is a process of finding the right exit strategy
when you’re ready to hand over your business to someone
else. This will have important financial, legal, tax, and organizational implications for you and your business.
The best way to encourage a successful transition is with
a warm hand-off. In that sense, you could try working in partnership with the junior advisor for a period, to make sure he
would be a suitable fit for your clients and your practice.
Remember, the ultimate judge of your succession plan’s efficacy will be your client base. The percentage of your clients
who stay with the new advisor will rest on several deciding
factors, including whether they receive proper communication, if they experience consistent service, and if they are comfortable with the transition process and also the new advisor.
For more information on working with your successor,
please visit the discussion on Succession Planning in the
Business Essentials section of the Best Practices Manual,
available exclusively to Advocis members online at
www.advocis.ca.
FOR ADVISORS
BY ADVISORS
2017 ADVOCIS SCHOOLS
COME BE A PART OF THIS
YEAR’S ADVOCIS SCHOOLS.
Premier learning and networking
opportunities in the most
beautiful locations in Canada
Hear from exclusive speakers to
gain real-world knowledge
Pick up tips to expand your business
and grow your professional network
Socialize and network with peers in
a relaxed and inviting atmosphere
Enjoy a scenic getaway with
a professional purpose
Okanagan School: July 17-19, 2017
Atlantic School: August 20-22, 2017
Banff School: August 20-24, 2017
Kelowna, BC
Georgetown, PEI
Banff, AB
Join us at the 2017 Advocis Schools!
Register at: www.advocis.ca/ALC/schools.aspx