Ratcliffe Wealth & Risk Management » Uncategorized

Kicking off CE credit for the year!

Tony Ratcliffe — Thu, 02 Feb 2012 12:46:08 +0000

Continuing education (CE) credits are required by different organizations, particularly in relation to maintaining professional designations. The Institute for Advanced Financial Education (The Institute) is no exception for the Chartered Life Underwriter (CLU) and Certified Health Insurance Specialist (CHS) designations I hold. The annual requirement is 30 hours of credit approved by The Institute. My first three hours were obtained attending a ‘Protect Your Practice’ best practices seminar put on the Advocis, The Financial Advisors Association of Canada. It also included the Ethics credit needed each year.

In March, I will complete the online portion of another seminar I attended in the fall. Since I did not need the credits for 2011, taking it in March will give me an additional 6 hours for 2012 for The Institute and count toward my licensing requirements. What else do I need? For licensing, we do 15 hours approved for the life insurance license and 15 hours for accident and sickness. Often, a session counts toward both. For my Certified Fraud Examiner (CFE) designation, I require 20 hours, including 10 hours that are directly fraud related.

The requirements add up, so it is important to get started early and not leave it until the last moment. Learning is an ongoing activity. What CE credit do you have to do?

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This is the blog of Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, operating in Edmonton, Alberta, Canada. Tony is an independent Life and Accident & Sickness Insurance Agent and Broker. Blog entries are an expression of the author’s personal opinions, and the insurance companies represented will not be held liable in any way for the opinions expressed herein.

A company that cares

Tony Ratcliffe — Wed, 28 Apr 2010 02:55:01 +0000

I called a company with a question about the product I purchased. Left message on voice mail. A short time later, a woman calls back and identifies herself. I said, “it is your signature on the box!” She replies, “that’s why I wanted to call back right away.” Thanks, Julie, that service solidified me as a customer!

This woman knows what it takes to represent her product and keep in touch with the consumers. I predict a quick increase from small company to large supplier.

Disability solutions for self-employed, unemployed, low earners, students, retired

Tony Ratcliffe — Tue, 16 Mar 2010 11:37:55 +0000

As one of the ‘living benefits’ in insurance, we often speak of income replacement in the event of disability. We look to coverage through group benefits at work, and the benefits of a personal policy cannot be underestimated. However, there are people whom would typically be missed by such coverage. The newly self-employed, unemployed, those with low earnings, students, and the retired may not be eligible for traditional disability plans, yet they still could benefit from payments in the event of disability.

There is at least one solution that I like to discuss with clients. It provides accident and/or illness coverage (there are more qualification factors for illness) and will provide a level of benefit for those otherwise without disability insurance. While greater amounts are available to those with higher incomes and full-time employment, I position the basic coverage as being there to cover the rent, mortgage, or other living costs (usually $1,000 available). There are, of course, conditions and limitations that must be reviewed, but it is worth having the discussion with an insurance broker if you hadn’t thought of this or thought there was nothing available to meet your circumstances. For the accident only (not illness) coverage, there are few questions and medical underwriting is not required. I hope this gives you something else to consider for your financial protection planning.

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New Employment Insurance for Self-employed, Deadline

Tony Ratcliffe — Mon, 15 Mar 2010 21:50:57 +0000

If you are self-employed, you may be aware of new Employment Insurance special benefits: maternity, parental, sickness, and compassionate care. An important date to keep in mind is April 1, 2010. If you register by this date, you will be able to make a claim starting January 2011. If you register after this date, you must wait 12 months. Details can be obtained from Service Canada. Here’s a link to information.

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RRSP, Tax-free Savings Account, or not

Tony Ratcliffe — Sat, 20 Feb 2010 15:26:17 +0000

You are likely aware that March 1, 2010, is the deadline for contributions to an RRSP account to get a deduction from your 2009 income tax. You may also be aware of the Tax-free Savings Account that was introduced last year. Should you use one, both, or neither?

The answer depends on your personal circumstances and plans for the future. Make sure you understand each of the programs, and consider how each would fit into your financial plan. If you do not have a recently updated plan, please talk to me or your trusted advisor.

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Learn from blogs with reflective responses

Tony Ratcliffe — Wed, 17 Feb 2010 15:10:54 +0000

My shared passions of insurance and education clearly met yesterday morning. The plan was to write a blog entry about various components of disability insurance, along with another one adding to what I have written about travel insurance. With a shift of focus, though, the subject of informal learning became first and forefront.

Blogs can certainly be a form of informal learning. (As you may know, one of my proposed research interests relates to informal learning in the workplace.) However, in many cases I question the learning that actually occurs. If I write a blog entry about insurance, it causes me to draw on my past knowledge and anything new that I might research and add. You’ve heard the adage, “those who teach learn twice,” so I benefit from the activity. But how about the reader? If it is quickly perused, something may be learned and retained. More likely, it is quickly forgotten unless a connection is made. When a reader actually engages in the blog with a reply, there is more likelihood of learning occurring. That is what I want to address, as far too often blog entries go without comments to the author and to other readers.

I’m looking deeper than the brief reply, thinking of the well thought out responses that often lead to further conversations rather than just a series of comments or nothing at all. I’m specifically referring to the use of reflective writing. This was something I emphasized with my students in a program where one of the overall learning outcomes was to write with critical reflection. I liked to refer to the work of Dr Jenny Moon. Found recently on one of her web pages on reflective writing (link no longer active), “Reflection lies somewhere around the notion of learning and thinking. We reflect in order to learn something, or we learn as a result of reflecting.” Dr Moon is now with The Centre for Excellence in Media Practice at Bournemouth University.

When one is able to reflect on something that is written, the more critically the better, chances are that increased learning will stem from it. I am particularly interested in informal learning within the workplace and in professional development. When we consider the use of blogs and wikis as a source of recording and sharing, the thought of others reflecting on what is written, and responding, supports the value of using technology in informal workplace learning.

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How do you feel about virtual meetings with your advisor?

Tony Ratcliffe — Thu, 11 Feb 2010 16:52:39 +0000

I was trained to use the telephone to make appointments for face-to-face meetings where relationships are developed and business is conducted. But that is not always how the potential, or current, client wants it to occur. With work, family, and other commitments, time is precious. I’m seriously rethinking my approach.

As insurance and financial advisors, we have an obligation to know our clients and to make recommendations appropriate to their circumstances. This may involve several meetings of a financial planning nature. Some clients do their homework and have needed information prepared, while others reluctantly follow along. Others don’t want this at all. They have a purchase in mind and want to get down to business. This likely leads to comparisons, information, and an ultimate decision. It may be quick or it may still extend over a period of time. It is actually rare for me to sell during a first meeting, as there is usually some research to be completed.

A lot of this can be done over the phone, or by desktop video conference, such as Skype, Windows Live, or ooVoo. If this is what the client wants, to save time and for ease of scheduling, why not! It will still differentiate me from a web-based sale where there is no interaction. I have an obligation and need to obtain information to respond appropriately, but I can do much of this online or on the phone. Details can be gathered, illustrations are easily prepared, and technology allows it to be delivered in a number of ways, including face-to-face if more desirable at that time. Of course, for most business, we will still need to meet in person to finalize, but that time is greatly reduced. I remain as the advisor when needed online, on the phone, and in-person. Just keep in mind my fiduciary obligation to ensure clients are aware of ways I can assist with other products or services that may be relevant to their circumstances.

So, virtual coffees while speaking with your life and disability insurance agent? Would that be your preference? I can’t say I dislike the idea, and virtual education IS one of my passions.

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Insurance and RRSPs

Tony Ratcliffe — Fri, 05 Feb 2010 19:33:54 +0000

Just to let you know, I decided to return to my business earlier than expected. While my focus is on life, disability, travel, and other health related products, I can certainly help with RRSP and Tax-Free Savings Account needs. As we approach the RRSP deadline, I anticipate meeting with current and new clients to assist with their planning.

An experience not to pass up

Tony Ratcliffe — Thu, 26 Nov 2009 14:12:10 +0000

As indicated in my website announcement, I will be “Away at the Games.” This is an opportunity I cannot pass up, working with Contemporary Security Canada at the Vancouver 2010 Olympic and Paralympic Winter Games until the end of March. My attention will be focused in this area, so updates to Reflections on Wealth are not likely. I will post photos to my Flickr account and may post to my distance and e-learning related blog, Tony Ratcliffe, MDE. Looking forward to keeping in touch,

Tony

In case you hear the rumours…

Tony Ratcliffe — Sun, 16 Aug 2009 15:35:32 +0000

Well, perhaps not really a rumour, as I’ve often talked about having two passions! From this website and blog, you definitely know me as being in the insurance industry. You may also know that I love to talk about distance learning, both as a lifelong learner and as an educator. It may come as no surprise that I am pursing both, and I am motivated to obtain a PhD. Please allow me to share.

My start in financial services certainly began with investments. One client in particular refers to me as her “money guy.” However, particularly since becoming an independent advisor, my focus has shifted to Life Insurance and Living Benefits, and I readily promote myself as an insurance agent and broker. As you have likely learned from my blog, the Living Benefits provide income and asset protection while you are living. You have certainly heard of the Disability Income component, but there is also Critical Illness, Long-Term Care, Health & Dental, and Travel Insurance to consider. My dedication to these areas has included completion of the Registered Health Underwriter (RHU) designation. I also recently completed the 6th of 7 courses in the Chartered Life Underwriter (CLU) program. This goes well beyond industry requirements for continuing education, and I urge you to support advisors whom are dedicated to lifelong learning in the industry.

In 2002, I completed the Master of Distance Education, and I’ve had the pleasure of teaching both in a traditional college program and online for a university. I believe very strongly in the advantages and opportunities available within distance learning, particularly with what has become known as e-learning. Pursuing advanced studies at the doctoral level has been on my mind for some time, and I am now excited to be exploring PhD programs in areas such as e-learning research and learning technologies. There are programs that incorporate courses and research, while others offer research alone (taking additional training as required to bridge gaps). It is the latter that I am really focused on, allowing much flexibility as I continue serving past and new clients, and providing an international opportunity that I will talk about later.

An important consideration for a research degree is the need to have a solid research proposal going in. That is the stage at which I am at, building on interests, experience, and some observations from my master’s thesis work. Generalizing, I am interested in e-learning for corporate training, professional development, and certification. Behavioural issues are important, such as motivation to engage in e-learning and concern about the propensity to cheat (don’t forget, I’m also a Certified Fraud Examiner (CFE), so dishonesty is a natural topic to pursue). While research will be broader, I have commenced enquiries within the insurance industry to determine perceived needs.

So, yes, it is fact not fiction, I am following my heart and combining the love for my business together with my my passion for learning. I truly believe that the combination will make me a stronger player in the life and disability insurance industry as an educator and researcher.

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.