Foresters Financial has announced an end to their sales-based travel incentive conferences for its independent insurance advisors in Canada.
The 2018 Elite Producers' Conference already scheduled for 2018 will be its last and will be redesigned into new education and development style events.
"This decision gives us the ability to best support our clients and agents as the industry continues to evolve. It's also an exciting opportunity to redesign how we deliver advisor education and development events," stated Robert Baboth, Foresters’ vice president Canadian Sales, North America Life Insurance and Annuity Division in a press release issue June 3.
The latest to follow CLHIA recommendations
With this move, Foresters Financial becomes the latest player to announce an end to their sales based travel conferences. The decision comes after Great West/Canada Life, Manulife, RBC Insurance, Desjardins Insurance and Empire Life all announced, in the past couple of months, an end to their conferences over the next few years.
Foresters Financial cites CLHIA recommendations from their report on insurance sales in Canada. The CLHIA report says travel incentives could contribute to a "perception of a conflict of interest."
In a statement, Foresters says it is “currently exploring new initiatives that align with CLHIA recommendations and industry best practices. The organization has begun consultations with key stakeholders to identify options that offer educational and networking opportunities of value to advisors.”