IBAC sets sights on brokerage ownership issue

With the Bank Act issue officially retired as of early this year (for another five years, at least), the Insurance Brokers Association of Canada (IBAC) is now setting its sights on what brokers do when they choose to retire.

Specifically, IBAC’s new president, Danny Craig, told delegates at the association’s 2007 annual general meeting in Whistler, B.C., that brokerage ownership was one among several challenges brokers face in a post-Bank Act world — challenges that include perpetuation, education, competition and technology.

“Before ever selling our business to a company, or even to other brokers, we must take a serious look at the legacy we leave behind for our way of business and life,” Craig said. “That being said, we must respect the rights of individual brokers to make decisions in the best interests of their own businesses.

“[But] I would ask you all to ponder these questions: ‘Is it really in your long-term interest to sell your livelihood? Are there other options? What compelling strategies exist to reinforce the existing strength of our distribution channel?’

“Think carefully about your future. The great Yogi Berra once said: ‘If you don’t know where you are going, you might end someplace else.'”