Achievex Group Benefits Solutions was founded to support life insurance brokers in their ability to offer Group Benefits to their clients.
Here are some of the items we think you should consider before making this important decision:
No single insurance company can have the best product for every situation. In acting in the best interests for your client, an independent advisor should be examining what is available in the industry to ensure you present the best product or options to meet their individual needs. This creates a potential conflict of interest, if that MGA is favouring a certain supplier company and are only offering that company’s product, even if it may not be in the best interests of your client.
Achievex promotes each of its suppliers in a fair and unbiased manner and places the client’s needs before any supplier company preference. We hold MGA contracts with all of the leading suppliers enabling the independent advisor to offer a wide selection of insurance options and financial service products to best suit the client’s needs.
Supplier companies require a minimum volume to satisfy and maintain an MGA contract. Many MGAs are not reaching those production levels to maintain the supplier company’s contracts. This threatens the ability of the MGA to offer that supplier in the future, should the company decide to enforce the production requirement.
Achievex is partnered with BRIDGEFORCE thus ensuring our ability to maintain MGA contracts with the most sought-after carriers of insurance and investment products.
Many MGAs do not have direct contracts with all the suppliers they represent. Instead, they do this through an AGA relationship, becoming a ‘sub-branch’ of another MGA. This creates further distance between the independent advisor and the life company, which can lead to a slower processing time for the independent advisor’s business as the applications move between the various offices, creating further distance between the independent advisor, the marketing and administration teams of the insurance provider.
Achievex has direct MGA contracts with all the insurance companies we represent.
Most MGA’s use the insurance carrier wholesalers to offer product and concepts training. They also rely on the broker to qualify for the life insurance carriers rewards programs to incentivise their advisors.
Achievex is one of the only MGA’s offering weekly seminars covering all elements of running a successful advisors practice using proprietary developed material. Achievex also offer all of the benefit of the BRIDGEFORCE training, including CE accredited seminars and the BRIDGEFORCE UNIVERSITY.
Achievex offers ongoing rewards and recognition programs as well as a MGA conference and educational retreats for our advisors.
Does your MGA offer you access to qualified experienced principals and administrative staff or will you be expected to deal with internal marketing consultants or the wholesalers’ from the life insurance companies’?
The Principals of Achievex remain dedicated to assisting our advisors on all cases when needed. The management and staff prioritise all activities that assist our advisors in finding the appropriate structure and solution for their clients’ needs. Our team all practice an open doors policy ensuring our advisors always feel welcome to visit us and engage us in discussion.
The larger insurance companies are selective in choosing their distribution partners and MGAs. They want MGAs who provide the services they require, with the size and infrastructure that ensures their service standards and stability into the future as well as meet their compliance and regulatory requirments. Many MGAs do not qualify to represent the leading insurance companies as they do not meet these requirements.
Achievex offers the products of Canada’s top insurance and insurance and investment companies.
Does your current MGA have a comprehensive online presence so that you can get forms, applications or marketing material 24 hours a day? Can you request suppliers, quotes, register for seminars or use financial calculators online without having to contact your MGA? Does your MGA have a proprietary agency database for pending and in-force cases to ensure all cases are followed up in an efficient manner? Does your MGA have a wealth of internal research and comparisons to save you time as an independent advisor in finding the most appropriate product?
Achievex Financial Services Inc. has invested heavily in technology, with a comprehensive back office database. Our independent advisors have access to all of the BRIDGEOFRCE online resources as well as Wealthserv and Repvision, our administration system to track business, create reports, monitor their production, and track their outstanding requirements for ALL their insurance and segregated fund business with ALL our suppliers. All paperwork is electronically scanned and automatically followed up according to our service standards by the independent advisor’s New Business Case Coordinator.
A quality MGA should pay their agent in a fair and competitive way. We monitor and track our entire independent advisor’s production to ensure that they are fairy remunerated at all times as they grow with us.
Achievex Financial monitors and tracks our entire independent advisor’s production to ensure that they are fairy remunerated at all times as they grow with us.
Achievex Financial Services Inc. promotes and services high-quality insurance and financial products. Our priorities are servicing, educating and growing the independent advisor. We will consistently strive to strengthen our relationship with you.
© 2023 Achievex Financial Services Inc.