Change in Policy - Fee Payment
Oct 02, 2018
In the past year, we have experienced a surge of interest in the PPP®, especially given the introduction of the "Morneau tax measures". Our staff has been working hard with advisors to onboard these plans and we are very grateful to all of you who offer the INTEGRIS PPP®to your clients.
While we are receiving many requests for PPP®setups, we are finding that the time delays between the client's go-ahead to set up the PPP®and the filing of the plan (and payment of annual fees) are too long. When no money is expended, clients do not always see the process of gathering key documents as a priority and their files often become delinquent leading to critical timelines being missed. This also results in delayed compensation for advisors like yourself. Therefore, effective immediately, we will be requiring payment of first year PPP®fees at the start of the onboarding process. This enhanced administrative policy will:
- Allow us to prioritize cases as they come in. Payment of the first-year fees shows strong commitment on the part of the client to move forward with implementation, and
- Create an incentive for clients and their advisors to gather the required supporting documents and quickly move their PPP®s to registration with CRA.
From a practical point of view, the only change you will see is that as soon as you tell us that a client has decided to move forward with a PPP®, you will notify our sales team (email@example.com) and you will receive an "Appointment Letter and First Year Fee" PDF document by email that should be shared with the client. Upon payment of this First-Year fee (which can be done via credit card or Interac e-payment), our Onboarding team will assemble the necessary legal documentation and complete the set-up process.
We thank you for your understanding and cooperation regarding the above items and look forward to continuing to serve your clients.
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