CHOOSING AN MGA

How many product suppliers does the MGA represent?
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 Financial Services Inc. 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.

Is your Current MGA reaching the production requirements for its MGA contract(s)?
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 Financial Services Inc. is partnered with WCS thus ensuring our ability to maintain MGA contracts with the most sought-after carriers of insurance and investment products.

Does your MGA deal direct with Supplier Companies or have they made Sub-Office, or AGA arrangements to access the 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 Financial Services Inc. has direct MGA contracts with all the insurance companies we represent.

Does your MGA offer industry leading suppliers or smaller niche players?
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. Many MGAs do not qualify to represent the leading insurance companies as they do not meet these requirements.

Achievex Financial Services Inc. offers the products of Canada’s top insurance and insurance and investment companies.

Has your MGA embraced and invested in technology?
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 our WealthServ system to track business, create reports, monitor their production, and track their outstanding requirements for ALL their 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. The Broker Connection website contains a wealth of information to help independent advisors do business and access information 24 hours a day.

Does your MGA have a competitive payout grid?
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 Services Inc. monitors and tracks our entire independent advisor’s production to ensure that they are fairy remunerated at all times as they grow with us.

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