Insurance And Financial Planning
Sales contests
The advisor cannot directly or indirectly participate in contests or promotions involving benefits that could encourage them to recommend or execute a sale that does not suit a client’s situation and needs. For example, a promotion or contest focused on selling specific products is assumed to be an incentive in which the advisor cannot participate.
Although sales contests are not prohibited, the advisor must always maintain their professional independence and remember that the client’s best interests must always come first. They must be able to demonstrate this.
An advisor may have the direct costs of their attendance at a conference or seminar paid for by a legal person or third party if the primary purpose of this conference or seminar is to provide relevant training on activities related to the distribution of financial products and services.
Non-pecuniary benefits
An advisor may accept non-pecuniary promotional benefits of modest value if these benefits are not significant enough, either through their value or frequency, to influence the execution of their advisor duties to their client’s detriment.