Engagement Notice for Travel and Health Insurance

Engagement Agreement for

Insurance Advice on Travel Insurance & Domestic Canadian Health Insurance

To any and all current or potential clients:

Advisor:    David Tompkins OF TFG Global Insurance Solutions Ltd.   (aka “Advisor”)                       

Address:       #216-2438 Marine Drive                                                   

City:              West Vancouver                                           Province:     BC                    Postal Code:   V7V 1L2    Canada

The advisor is an independent insurance advisor and will at all times be guided by the client’s needs and the best interests of the client.

The advisor is a member of Advocis, the Financial Advisors Association of Canada, which is the largest voluntary association for financial advisors in the country.  The advisor is governed by the Advocis Code of Conduct and by the laws and requirements of the Province of BC.

1.     Parties to this Agreement: The advisor, to be known as TFG Global Insurance Solutions Ltd., offers his/her services to the above-named client to act as his/her advisor, and to provide insurance advice upon reviewing the client’s insurance requests

2.     Overview of Engagement: Under the terms of this engagement, the advisor may provide advice in the areas outlined below.

q  Domestic Canadian Health Insurance

q  Travel Insurance

 If applicable; the specific services to be provided under each of these services are outlined in more detail in Appendix A of this agreement.

This insurance transaction is purely a product transaction and the client is encouraged to seek professional advice elsewhere if they feel it is required.

The client understands that the calculations, projections, advice, and recommendations provided will be based on the information submitted by the client and on assumptions, which are in accordance with the Canadian Financial Planning Practice Standards.  The client understands that these will be projections only and that actual results may vary depending on a number of factors and future events.

3.     Terms of Continuous Service: Insurance planning is an ongoing process and, after completion of the work covered by this agreement, will require implementation, ongoing monitoring, and regular review. The client understands that in order to achieve his/her personal goals and objectives, it is important that the advice and recommendations be implemented. Failure to do so could result in the client not being able to achieve the stated goals and objectives.

4.     Responsibilities: The success of the advisor-client relationship will be dependent upon each party fulfilling his/her responsibilities and being accountable to one another. The following defines these aspects of the relationship.

The Client’s responsibilities are to:

·         Provide the advisor with the initial information required to complete the work identified under the terms of this agreement where possible.

·         Keep the advisor apprised of any relevant information concerning the client’s personal financial affairs that may have an impact on the client’s insurance needs

·         Make decisions and act on advice rendered, or seek alternative advice from the advisor that will enable the client to achieve the client’s insurance objectives.

The Advisor’s responsibilities are to:

·         Advise the client when information is required to complete the work identified under the terms of this agreement and what information is required to maintain the ongoing planning activities.

·         At all times exercise reasonable professional judgment and act in the client’s best interests.

·         Complete the specific services only as outlined in #2 – Overview of Engagement

5.     Implementation Process and Disclosure: During the term of this agreement, the advisor will provide services to co-ordinate the implementation of the insurance. In implementing any insurance action plan steps, at the client’s discretion, the client may acquire insurance products through the advisor as permitted by the advisor’s licence. 

6.     Termination and Variation: Either the client or advisor may terminate this agreement at any time by giving at least one month's written notice by ordinary mail to the other party at his/her last known mailing address. Termination will not relieve the client of any outstanding obligations or fees payable until paid in full.

7.     Engagements for Additional Services: This agreement covers the specific services identified under the “Overview of Engagement.” At any time the client may engage the advisor under separate agreement for additional services, the terms of which will be defined in a separate agreement for these additional services.

8.     Third-party Professionals: During the process of providing financial advice it may, from time to time, be prudent to consult with other third-party professionals such as a lawyer or accountant. In the event that such a consultation is beneficial, the client will be advised and requested to approve any such consultation. At that time, the client shall confirm that he/she is responsible for any professional fees incurred. No such consultations will take place without the client’s express consent.  For B.C. only: Where a referral fee or other compensation is paid to a third party who is NOT licensed the client shall be advised of the payment by the non-insurance licensed advisor prior to the completion of any transactions.

9.     Confidentiality: During the course of the relationship, it will be necessary for the client to provide a variety of very personal financial information. The quality of the work undertaken on behalf of the client requires this personal information be accurate and complete. The advisor commits that all information will be held in strictest confidence and that no information shall be divulged about the client’s personal situation to any outside organization or government agency without the client’s prior consent, unless as may be required by law. It is further understood that due to the Personal Information Protection and Electronic Documents Act (PIPEDA), the client directly authorize the advisor to maintain information of a personal and private nature that could reasonably be considered pertinent or necessary in the provision of financial advice until requested by the client in writing to destroy such information.

Disclosure:

10.  Conflict of Interest: During the advisor-client relationship there may be occasions where a conflict of interest may occur. The advisor commits to disclosing any such conflicts if and when they occur, whether they are actual or perceived conflicts of interest.  At the time of signing this Agreement the advisor notifies the client that the there are NO conflicts may exist or may be perceived to exist to the best of TFG Global’s knowledge. 

11.  a.   The advisor represents the following insurers/insurance suppliers in Canada: Great West Life, Manulife, Transamerica, Standard Life, Equitable, RBC Insurance, Sun Life, Pacific Blue Cross/BC Life, Travel Underwriters, Lloyds of London, AIG, Standard Life, Canada Life, IAP, Encon, ETFS and TIC.

b.     NOTE THAT A FULL LIST OF THE SERVICES OFFERED BY TFG GLOBAL ARE NOTED VIA WEB SITE AT: WWW.TFGGLOBAL.COM. Please view web site and review in the future as list of services subject to change without notice. 

c.     In the past 12 calendar months, the majority of the insurance or financial services products IN Canada that I have sold were issued by the following companies: Manulife, RBC Insurance, Transamerica, Travel Underwriters and Great West Life. This can change without notice. A list of the Canadian insurers we represent is available on our web site.

12.    No insurance company holds an ownership interest in my business. 

13.  There are no outstanding financial relationships, such as loans or other significant forms of indebtedness, other than agency relationships, in existence with between TFG Global and a Canadian insurance company.

Licensing:

14.  Acknowledgements: The client acknowledges that the advisor has disclosed the following material facts.

Insurance Licensing – The advisor is licensed by (name of regulator and province) BC, Yukon, Alberta & Ontario for the sale of life, disability, and related insurance products. This licensing also covers the sale of segregated funds.

Professional Memberships – The advisor is a Charted Life Underwriter and currently a member in good standing of The Financial Advisors Association of Canada (Advocis).

Professional Liability Insurance – The advisor maintains professional liability insurance coverage in the amount of $___5 Million__ through ___Advocis Protective Association. 

15.  Client Redress: If, at any time during the professional relationship, the client has any complaints or disputes that cannot be resolved directly with the advisor, the client understands that there are a number of options to be heard and seek resolution. The advisor agrees to make the client aware of what the complaint process is and whom to contact.

16.  Advisor Compensation

Advisor Compensation Disclosure: TFG Global Insurance Solutions Ltd. is compensated through commissions, placement fees, and/or brokerage fees. These revenues will be received as a result of the placement of insurance products as part of the implementation of the insurance plan requested or applied for by the client. TFG Global Insurance Solutions Ltd. may receive a renewal (or service) commission if you keep that policy in force.

See the following statements:

In addition to the afore-mentioned compensation, TFG Global or its employees may be eligible to receive a bonus from a product or service provider or through the Financial Management (BC) Inc., which is the primary Managing General Agency that we place insurance business through. The agent will advise the client where a product recommendation is made which could ultimately result in a bonus being paid. BONUSES are paid on top of the standard commission provided by the insurer. It is a normal part of the total compensation.

In addition the afore-mentioned compensation, the advisor may be eligible to receive an overhead allowance from a product or service provider.  This allowance may be provided to help defray some of the costs of carrying on business, as independent advisors are responsible for the full cost of their business operations.

For Lloyds AD&D and Special Risk cases only, TFG Global Insurance Solutions Ltd. may charge a broker/administration fee which will be payable by the client in addition to any commission that might be payable to our firm.

In addition the afore-mentioned compensation, the advisor may be eligible to qualify for a company-sponsored educational conference as a result of the insurance sale.

More information

Should you require additional information about my qualifications or the nature of my business

relationships, I would be pleased to assist you.

Signed

TFG Global Insurance Solutions Ltd.

EXPAT FINANCIAL & Design is a registered trademark of TFG Global Insurance Solutions Ltd.