How Yogesh Bansal is compensated, the scope of the financial planning services provided, and how your personal information is collected, used and protected.
Dear Client,
Thank you for considering my services. My practice specializes in helping Canadian families, business owners and incorporated professionals with all areas of their financial planning needs, resulting in achievement of their goals and objectives through a client-centered approach, whereby my knowledge of planning tools is utilized.
I am a Certified Financial Planner (CFP®) and work full-time as a financial planner. I also hold the designation of CPA, CGA (Chartered Professional Accountant), which helps me implement crucial tax planning, retirement planning and estate planning strategies in building and implementing your plan. The scope of my planning services includes the following:
I have unbiased access to the major financial product supplier companies in Canada. I am licensed to operate in British Columbia, Alberta, Manitoba, Ontario, Nova Scotia, New Brunswick and PEI. I represent several insurers, but I place the majority of my insurance business with Manulife, Equitable Life, Canada Life, Industrial Alliance, Canada Protection Plan (CPP), RBC Insurance, Empire Life, just to name a few. Should the need arise, I can obtain access and may suggest products from other companies that may better fit your financial needs.
No insurer holds an ownership interest in my business. I don't hold a significant interest in any insurance company. For more information on my qualifications or my business relationships, I will provide you with details upon your request — you have the right to ask for this information prior to using my services. In addition to life insurance, I also hold a mutual funds license.
I work based on your goals, needs and priorities as they relate to your business, your family, and you. As such, I have a fiduciary duty with my clients that puts their best interests ahead of my own and any financial company that I represent. There are six steps as part of my financial planning process:
I charge no fee for these services; however, I am compensated in two ways:
First — if, as a result of our discussion and analysis, you agree that there is a need for one of the product solutions that I can offer, I am going to ask you to place your business with me. I will be paid a commission and possibly incentives by the company that provides the product you purchase. I may be eligible for additional compensation (cash or non-monetary incentives such as travel) based on other factors, such as the volume of business placed over a period of time.
Second — whether or not a need is uncovered at this time, if in your judgment you find that my services were valuable to you, I may ask you to introduce me to some of your friends and acquaintances who you believe would likewise benefit from my services. If your name is referred to me by other people, the referrer may receive a gift or a fee from me to express my gratitude for their support. The growth of my practice relies entirely on the referrals provided by my satisfied clients, and this enables my focus to be devoted to client services rather than marketing efforts.
My services are not a substitute for a participant's own business judgment. These services also do not include, and should not be relied on, for matters relating to:
In order for me to provide appropriate recommendations and solutions, I need to rely on information made available to me by you on a timely basis. You agree to provide me with requested information and documents, as required and pertinent to the matters we discuss. You also agree to advise me of any material changes to your personal circumstances that may impact the recommendations that I make (e.g. marriage, separation, divorce, birth of a child, inheritance, loss of job, etc.).
I take the potential of a conflict of interest very seriously. I will notify you if there is a conflict of interest of which I become aware regarding my recommendations to you. My overall recommendation will take into consideration, and will be based on, my analysis of your financial security needs. I will not use my position, or my other licenses, or influence, as a requirement to have a business relationship or do business with me.
In connection with this engagement, certain non-public and confidential information may be furnished to me. I agree not to disclose or keep a permanent record of any such information to any person except as required for the performance and implementation of the services agreed to, or where disclosure is required by law, or where written consent has been obtained from you. Please note that if both spouses are my clients, the information may be shared between the same family, unless specifically instructed otherwise.
My commitment to protecting your privacy: I comply with the federal Personal Information and Electronic Documents Act (PIPEDA) and applicable provincial privacy laws. I maintain the highest standards of confidentiality to ensure the protection of your personal information (PI). I also adhere to the Canadian Anti-Spam Legislation and Regulations (CASL) and will only communicate electronically with your consent.
Accountability: I am responsible for the PI that I receive from you. I will safeguard that information in whatever form it is held.
How I collect, use, share, disclose and retain your information: I collect all personal, corporate, financial and related information with your consent, and use and retain it solely for the purposes of providing advice and to ensure that any products or services you purchase through me are provided quickly and correctly. I confidentially convey your PI to insurers or investment companies through wholesale organizations known as brokerages, or Managing General Agencies ("MGAs"), CF Canada Financial Group Inc., who are contracted to provide sales support, as well as any third-party service providers that the MGA may engage to assist in the provision of that sales support. I only collect and keep information that helps me formulate advice, including personal, financial and health information. With your consent, I may share this information with others to get you help in areas outside of my areas of expertise. I am required to retain much of the information I collect for regulatory reasons, including demonstrating that the recommendations I make are suitable and address your identified needs.
Consent: I use your PI to identify products, concepts and services to address needs you have identified. By engaging my services, you agree:
Accuracy of information: In order to make appropriate recommendations, I must receive accurate information. You may review the PI I retain about you upon request. I will attempt to update the PI I hold in my records to determine whether the recommendations I made are still appropriate in light of changes in your circumstances. I also rely on you to provide regular updates to me.
What I will NOT do with your information: I do not sell your PI to anyone, nor do I share your PI with organizations outside of my relationship with you that would use it to contact you about their own products or services.
I strive to protect your PI: All employees, associated advisors, wholesale organizations and suppliers that are granted access to client records are required by law and regulation to keep this information protected and confidential, and to use the information only for the purposes identified. Information that is no longer required for the intended original purpose will be destroyed. I've also established physical and systems safeguards, along with proper processes, to protect client information from unauthorized access or use.
You may withdraw your consent at any time (subject to legal or contractual obligations and on providing me with reasonable notice) by contacting me. Withdrawing your consent may prevent me from providing you with requested products or services and may end our business relationship. I may occasionally use your PI to advise you of products or services that may interest you or fit your personal circumstances — if you would rather not receive this type of communication, please advise me at any time.
Your right to complain: You have the right to complain confidentially to me, to the insurer, and to the Privacy Commissioner of Canada if need be.
Client's consent: Until advised otherwise, you have my consent to collect, use, share, disclose and retain my PI as described above.
I consent to receiving electronic communications from the advisor about my insurance needs and coverage, and information about products and services that might benefit me. I understand that I may withdraw my consent at any time in writing to the advisor named below.
Our privacy officer is Yogesh Bansal, Unit 107, 7565 132 Street, Surrey, BC V3W 1K5. Ph. 604-715-7542.
If you have any questions about this disclosure statement, reach out any time: