The Insurance and Investment Journal has learned that Manulife will end sales-volume based incentive conferences for advisors from 2018 and is reviewing other advisor rewards and recognitions.
These incentive conferences will end in 2018 once the current eligibility period ends.
In a statement to The Insurance and Investment Journal, Beverley MacLean, director of Media Relations, Manulife said, “We are reviewing our approach to a number of current practices, including advisor rewards and recognition. We plan to follow through on programs where we have already entered the eligibility period, and will host our last recognition conferences in 2018.”
Manulife expects to continue its educational Elite Forum Insurance Conference and Investment Forum conferences after 2018 but hints changes are being considered.
Follows GWL decision
This development comes in the wake of the decision announced March 14 by Great-West Life and Canada Life to cut similar sales-volume based incentive conferences.
Both decisions follow a recent report by the Canadian Life and Health Insurance Association (CLHIA) on insurance distribution in Canada. The report said travel incentives could contribute to a “perception of a conflict of interest.”