Insurable Interest Canadian Insurance Blog

Speaking about the status of the Consolidated Audit Trail’s transaction database on Thursday, Financial Industry Regulatory Authority CEO Robert Cook said, “Mission accomplished.” Cook also signaled that paring back the amount of information collected via CAT may be warranted. “If you go back and think about what was the purpose of CAT — coming out of the flash crash, the SEC wasn’t in a position to reconstruct what happened; it didn’t have the data available,” Cook said during comments at the Securities Traders Association’s annual Market Structure conference, held in Washington. “Fast forward to today, we have an integrated consolidated audit trail that allows for surveillance of all listed products in [over the counter] trading; it allows for market reconstruction, it allows for policy informing/policy analysis,” Cook explained. CAT is the SEC-mandated central repository of trades, quotes and orders for all U.S. exchange-listed and over-the-counter equity securities and U.S. exchange-listed options contracts across all U.S. markets and trading venues. Investors’ personal identifiable information, or PII, became available via the CAT on March 17. While there are “tons of problems that people raise with CAT,” Cook explained, “overall, the transactional database has been very successful in meeting those goals.” As for...

This means there’s an opportunity for us to share what the benefits are to leveraging these types of tools, including having more security than storing cash at home, growth opportunities (even low-interest accounts earn some money), and modern conveniences (debit cards mean clients don’t have to carry cash everywhere). As financial advisors, we know that taking advantage of opportunities offered by the financial system will help clients make their money work harder for them, now and in the future. 4. Explain how credit scores work, and why they matter. A person’s credit score impacts the price of some of the most significant purchases they will make in life, like cars or homes. Hispanic Americans are the least likely of all those queried in the Motley Fool survey to know their credit score: Only 55% said they did, compared to 70% of all other respondents. Furthermore, through guiding my clients, I’ve found that many of them don’t know how their credit score is established. Clarify with your clients that their score is determined by a combination of factors like payment history, length of credit history, and current and old debt. Discussing credit scores with clients is also an opportunity to educate...

What You Need to Know High returns are great. Dream vacations are great. What happens when your clients can no longer live safely on their own? We are a society attuned to success — traditionally trained to plan for achievements, milestones and all the splendors life has to offer. Financial advice flows generously about savings, investments, buying homes, and preparing for dream vacations. The narrative predominantly fixates on accumulation and enjoyment. However, there’s a side of the journey we’ve been tiptoeing around for far too long: the unknown. As we collectively move beyond the aftershocks of the COVID-19 pandemic, there’s an awakening realization about the need to integrate long-term care planning into our financial narratives. The Problem At its core, long-term care insurance ensures coverage for personal and custodial care for those struggling with daily tasks due to chronic illnesses, disabilities, or other conditions. It’s not merely about nursing homes or assisted living facilities; it’s about providing care in familiar environments, maybe even at home. Its essence lies in granting peace of mind to both the insured and their families, safeguarding against unforeseen, often substantial expenses. You might ask why. Why is it essential to talk to your clients about what seems...