The advisor of record must hold a valid life insurance license in the province or territory where the group Client’s authorized decision-maker is located (typically the location of the Client’s head office). For Quebec Clients, the advisor must also hold a “Group Insurance Plans”, “Group Annuity Plans” or “Group Insurance of Persons” certificate issued by the l’Autorité des marchés financiers (AMF), as the case may be.
In accordance with Quebec's regulation respecting the pursuit of activities as a representative, advisors offering group annuity products or services to a Client (plan sponsor) must provide a mandate setting out in writing the nature and scope of the products and services being offered to the Client. This obligation includes a product suitability assessment by way of a needs analysis. Recommendation(s) must be provided to the Client based on the advisor's assessment in relation to this Client's needs.
The following documents and information must be provided to the Client prior to the submission of the Sun Life Essentials™ application and retained in the Client file:
- Mandate,
- Needs analysis (product comparison), and
- Recommendation(s)
Note: Procedures and templates related to the ‘mandate' are available on AdvisorHub for Sun Life advisors.