Good news! As of February 11, 2022, pension fund audits are no longer required for Defined Contribution Pension Plans in Ontario. You can find the official regulatory change here.
We note that this applies somewhat retroactively, so for example a DC pension plan with a December 31, 2021 year-end that would have filed their audit by June 30, 2022, falls under these new rules and doesn’t need to get an audit done. DC plans will simply need to file a copy of the unaudited pension fund financial statements going forward.
Note that FSRA can still order an audit be performed in exceptional circumstances – presumably if they’ve lost faith in the pension plan administrator/custodian/recordkeeper – so everyone still needs to be doing a good job even if not audited!
Also, Statements of Investment Policies and Procedures (SIPPs) are no longer required for member-directed DC pension plans in Ontario.
Just 6 months ago, in April of 2021, Benefit Advisors Network expanded its membership across the border with our first two Canadian firms. The addition of Owen & Associates and The Leslie Group has been a pivotal step towards facilitating the opportunities and connections our North American members need to collectively provide seamless international service to their customers.
This Summer, our team set up a call with Owen & Associates to hear more about their approach to the Employee Benefits industry and the journey that led them to join BAN Canada as one of its founding members. Michael Owen, the owner and CEO of Owen & Associates, and Steven Owen, who stepped into the President role in June of 2021 were more than happy to answer all of our questions.
Background
Owen & Associates (O&A) is a consulting and brokerage firm based out of Toronto, Canada; with additional locations in Collingwood, Ontario, and Kelowna, British Columbia. Established on a referral basis, their business sees a 98% client retention rate. They continue to service 400+ national clients with 20,000+ insured lives.
Their business model places clients and their needs at the center of all that they do. They strive to meet the unique demands of each business by providing both individual and group solutions for their customers.
On the home page of their website, you’ll see the tagline “Local Service. Global Perspective.”, Our conversation with Michael and Steven clearly highlighted how they embody that statement as a company.
A Unique Approach with First-Class Service
Many Canadian benefits companies are not designed to handle small groups with big brand needs – that’s where O&A comes in to fill the gap in the market. Their focus does not reside on the number of insured lives, but rather on addressing all aspects of their client’s needs. Quality of service continues to remain at its absolute forefront in all operations.
Historically, many of the companies they’ve served have been start-ups based in California’s Bay Area. Recognizing that some of these businesses may be two-life groups forever, they also know that occasionally they turn into 500, 1,000, or 2,000-life groups. Companies such as Yahoo, Square, Spotify, and Yelp have grown at incredible rates while supported by O&A as their partner.
Steven notes that in “the environment we work with, every client has the potential to be a unicorn”. O&A supports the up-front investment they make, by delivering first-class scalable services. This approach has allowed them to hold onto those fast-growing start-ups that scale up to become large companies and has led to their team receiving countless referrals.
O&A approaches business with a holistic technique, to act as a single point of contact for group benefits, group retirement, and third-party administration services. Through this method, their goal is to simplify the client relationship and streamline potential cross-functional enhancements and communication opportunities.
As they were working with global clients, Michael and Steven recognized two reoccurring factors. First, for many clients, Canada represents a smaller population and marketplace. Second, as companies trended toward centralization of HR and administrative functions with international providers, there was a need for Canadian expertise and support.
Administrative responsibilities can create significant financial liabilities if not performed in a timely and accurate fashion and they were identifying gaps in the services provided by carriers. Michael and Steven developed a special service where the O&A team acts as an extension of their client’s HR teams and handles the benefits administration in Canada. They advocate on behalf of their employees and are the dedicated point of contact for all things benefits related in Canada. This reduces the administrative function for the employer and allows them to build stronger relationships with their clients and directly with their employees.
The company now sits at just under 30 full-time employees working with clients across North America, Europe, East Asia, and Australia.
Once they joined Benefit Advisors Network, O&A wasted no time in making connections. They have had the opportunity to work with several U.S. members such as Alera Group Northeast in Hartford, CT; Benico Ltd. in Huntley, IL; Clark & Lavey Benefit Solutions in Merrimack, NH; GCG Financial in Deerfield, IL; and Genesys Enterprises in Atlanta, GA to support their Canadian operations.
The Owen and Associates Legacy
Michael (Mike) Owen started his career with Standard Life as one of the first Toronto hires given the challenge of establishing Standard Life as a viable group life and health carrier with consulting firms and brokerages. Later on, through his involvement in international business at Standard Life, it became clear to Mike that clients were underserved in the Canadian market, and that this was a niche he was interested in pursuing.
In his career, Mike has held various senior roles at Standard Life, WF Corroon, and Liberty Health, through which he helped establish their businesses in the Toronto marketplace. As a result of his experience in these areas “It was clear that the clients were underserved by both the carriers and on the consulting side of the business. Service was a key element that was missing and this was what led me to establish Owen and Associates – a firm whose vision was to put clients first, find solutions for their issues, and does so regardless of size.” Michael and Steven both believe that this was and remains the key to their success to this day.
“Our broker and consulting partners include the major houses, international networks, many of whom we have worked with since the mid-eighties. We continue to expand our business services, knowledge of the global market, and clients’ needs. We relish the challenge and the excitement of dealing with global companies and solving their issues.”
Prioritizing Relationships & Prioritizing People
Mike has always seen people as one of their business’s greatest long-term investments. Specifically, in regard to the strategic opportunity found in forming relationships with their southern neighbors in the United States. “We always believed that the United States is the greatest exporter of business globally”
Those relationships, paired with a strong service delivery, led to more opportunities and now O&A works through various international networks and their international relationships span 25+ years.
O&A has created client rapport that often results in recurring or longstanding relationships and opportunities. They’ve been serving their client Aligntech since 2002 when they were starting out with just 2 employees. Though just one of their client contacts, they have been led to 9 new engagements over the past 5 years, even as she moved through various employers to assist with global expansions.
All of this to summarize we have seen an average year over year fully organic growth of approximately 15% which has held consistent through the pandemic. Most of all, these longstanding relationships are a testament to the value and strength of our services
We are so delighted to expand the BAN network by partnering with our first set of Canadian members and giving that edge to each of our partners so that we can provide better coverage to our clientele.
Start collaborating today and utilize their expertise! Reach out to Maria Stephens or Steven Owen to connect with our Canadian members today.
For information on Owen & Associates, please contact:
CLEVELAND, OH and TORONTO, CANADA(7/27/21) – Benefit Advisors Network (BAN), the premiere international network of independent employee benefits firms, has named Joe Nunes, co-founder and Executive Chairman of Actuarial Solutions Inc., as well as Jason Vary, President of Actuarial Solutions Inc., to serve as actuarial co-directors and subject matter experts for BAN Canada. Nunes and Vary will continue their work with Actuarial Solutions.
As co-directors, they will each be responsible for providing BAN members with easy access to expertise around all aspects of the design and funding of retirement plans and retiree health plans.
With more than three decades of experience, Nunes has practiced in the area of pensions and retiree health plans. Nunes has a wide range of experience including pension plan valuations, converting plans from defined benefit to defined contribution, and plan wind-ups. He has also supported the negotiation of changes to benefit levels and ancillary benefits and has significant experience in the governance of defined contribution programs. In addition, Nunes provides clients with expert independent advice on mergers and acquisitions, as well as matters before arbitrators and the courts. Nunes is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries.
Vary has practiced in defined benefit pension and retiree health plans for more than twenty years. He has experience with a wide variety of plan designs including single-employer, multi-employer, jointly-sponsored, private sector, government, unionized, non-unionized, as well as registered and non-registered executive plans. He is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries, as well as an active volunteer for the International Actuarial Association, and the Financial Services Regulatory Authority of Ontario. Vary is a well-respected figurehead within the market, presenting seminars and lectures at a variety of industry conferences.
“Joe and Jason’s depth and breadth of experience in the actuarial market is second to none, meaning, they each understand the nuanced details that are so critical in today’s benefits landscape,” says Perry Braun, Executive Director, Benefit Advisors Network. “Our members are fortunate to have both of them, and the entire firm, at their disposal, giving them an edge over the competition.”
“Joe, Jason, and their team at Actuarial Solutions have and will continue to provide education and instill confidence into BAN members around the detailed world of pensions as it relates to Canada,” says Maria Stephans, National Account Executive, Benefit Advisors Network. “Having industry expertise in this space is crucial for our members to be leaders for their clients.”
Continues Braun, “Joe and Jason’s role as actuarial co-directors are so important in today’s market. The valuation of pensions continues to increase in complexity while plan sponsors are looking more and more to their insurance brokers and independent consultants for administrative support and cost management.”
In April, BAN launched in the Canadian market, with Owen & Associates and The Leslie Group becoming the first two members based in Canada. BAN intentionally limits membership to top-tier firms only. The organizational philosophy of collaboration while providing world-class resources, such as preferred pricing arrangements and direct access to underwriters, has helped its members continue to grow, thrive, and succeed.
About BAN
Founded in 2002, BAN is an exclusive, premier, international network of independent, employee benefits brokerage and consulting companies. BAN delivers industry-leading tools, technology, and expertise to member firms so that they can deliver optimum results to their employee benefits customers. BAN intentionally limits membership because of the highly collaborative interactions. For more information, visit the company’s website at www.benefitadvisorsnetwork.com.
On the Heels of the Canadian Launch, Two HR and HCM Subject Matter Experts Named to BAN Canada
TORONTO, CANADA – Benefit Advisors Network (BAN), the premiere international network of independent employee benefits firms, has named two veteran subject matter experts to serve as Human Capital Management (HCM) and Human Resource (HR) experts for BAN Canada.
HRPrimed CEO and Chief HR Consultant, Darcy Michaud, will serve as Human Capital Management Director for BAN Canada, working with agencies and their clients when they require Canadian HR expertise. Michaud will also provide his expertise via blogs, newsletter content, and conference and webinar presentations.
With 25 years of experience and a Certified Human Resources Leader (CHRL), Michaud spent the majority of his career as a senior administrator in the public sector, also serving on multiple municipal and provincial boards before moving to the private sector 10 years ago. He served as the Senior Advisor and Consultant for one of the largest HR consulting firms in Canada, before launching HRprimed in 2016. He is an expert in HR and employment legislation in every jurisdiction in Canada, with a specialty in employment law, compliance, and human rights matters.
We are excited to welcome Darcy as our Canadian HR expert and thrilled Bobbi will be increasing her existing role with BAN to now provide additional HCM resources to the Canadian market.”
— Perry Braun, Executive Director, BAN
BAN’s current Director of Human Capital Management Services, Bobbi Kloss, will expand her role, serving as an additional HCM and HR expert on the U.S. side. With more than 20 years of Human Resource Generalist and executive-level Human Capital Management experience, Bobbi oversees all HR-related functions for BAN internal practices and has a deep understanding of the increasingly complex and diverse HR industry. Bobbi also provides her expertise to BAN’s employee benefit brokerage members as well as their employer clients, initiating proactive, strategic compliance practices which help limit their exposure to potential liabilities. She is a nationally recognized expert, regularly quoted and used as a resource for a variety of publications, including SHRM, HR Executive, BenefitsPro, and NAHU.
“We are excited to welcome Darcy as our Canadian HR expert and thrilled Bobbi will be increasing her existing role with BAN to now provide additional HCM resources to the Canadian market,” says Perry Braun, Executive Director, Benefit Advisors Network. “Darcy and Bobbi represent the “best of the best” HCM and HR experts in the U.S. and Canadian markets and we are pleased we are able to offer their skills and expertise to our members and their employer clients.”
“We recognize the HR and benefits industries have become extremely complex with many components,” continues Braun. “This is why we continually strive to provide key experts, like Darcy and Bobbi, who possess the skills, training, and intuition to help business not just “get by,” but thrive long-term.”
In April, BAN launched in the Canadian market, with Owen & Associates and The Leslie Group becoming the first two members based in Canada. BAN intentionally limits membership to top-tier firms only. The organizational philosophy of collaboration while providing world-class resources, such as preferred pricing arrangements and direct access to underwriters, has helped its members continue to grow, thrive, and succeed.
About BAN Founded in 2002, BAN is an exclusive, premier, international network of independent, employee benefits brokerage and consulting companies. BAN delivers industry-leading tools, technology, and expertise to member firms so that they can deliver optimum results to their employee benefits customers. BAN intentionally limits membership because of the highly collaborative interactions. For more information, visit the company’s website at www.benefitadvisorsnetwork.com.
Two Prestigious Canadian Firms Named Founding Members
CLEVELAND, OH and TORONTO, CANADA(4/14/21) – Benefit Advisors Network (BAN), the premiere international network of independent employee benefit firms, is pleased to announce that it has launched in Canada, with Owen & Associates and The Leslie Group becoming the first two firms accepted as members of BAN Canada.
“We are excited to open up our network to the ’best of the best’ employee benefit advisors in Canada and thrilled to have two of the country’s most highly-regarded benefits firms as our founding members,” says Perry Braun, Executive Director, Benefit Advisors Network.
“We see expansion into Canada as an opportunity to provide our neighbors to the north with access to cutting-edge technologies, internationally-recognized experts, and exclusive partnerships that save both time and money while allowing them to strategically grow their businesses,” Braun continues. “Demand for BAN to expand into Canada has been high, particularly given the need for firms to be able to work internationally, so I am confident launching our Canadian brand represents a win-win for both our current members and our new alliances in Canada.”
Both Owen & Associates and The Leslie Group pride themselves on being strategic and innovative problem-solvers, partnering with clients around the globe to develop highly customized, affordable, and flexible solutions for their employee benefit programs.
“With a large percent of our clients based internationally, including a significant portion in California’s Silicon Valley, we see membership in BAN as an opportunity to collaborate with like-minded firms across Canada and the U.S.,” says Michael Owen, President, Owen & Associates. “Affiliation with BAN represents a real value-add for us as well as our partners firms and our rapidly growing client base.”
“Having worked with BAN members over the past decade and been the Canadian resource officially since 2018, we have successfully supported BAN members in their business growth. Collaboration has been effective in winning against the Aon’s and Mercers by having not just another office in another country, but a best-in-practice partner,” continues Owen.
Owen adds, “In performing our due diligence, we found that BAN stood out among other benefits associations. It is widely regarded as the premier organization in the field. Membership will continue to benefit our partners and our clients.”
The Leslie Group also evaluated other large international organizations and chose BAN for similar reasons. “We believe the business planning tools and client resources BAN offers will enhance our firm’s continued growth and enhance the value proposition for our clients. We appreciate the high-quality resources that BAN membership adds to the arsenal of customer solutions that we already provide to our clients, regardless of their physical location,” says Shawn Leslie, President and CEO of The Leslie Group.
“There is a big push for the globalization of employee benefits, with over 40% of our clients having operations or the head office outside of Canada. We are finding mid- sized and large, international companies want one employee benefit organization to handle their benefits for their entire enterprise across the globe. To this point, we have already had the opportunity to utilize the BAN model in a recent joint sales presentation. This strategic partnership made a significant difference, as we were able to meet all of this organization’s benefits requirement for all their locations in both Canada and the U.S., helping us to be awarded their benefit contract. We were chosen over two large international employee benefit consulting firms due to the combined resources we were able to offer,” continues Leslie.
BAN intentionally limits membership to top-tier firms only. The organizational philosophy of collaboration while providing world-class resources, such as preferred pricing arrangements and direct access to underwriters, has helped its members continue to grow despite a sluggish economy as a result of the pandemic. The addition of Owen & Associates and The Leslie Group further supports BAN’s network, where member agencies work as peers to pool their experience, industry knowledge, and data in order to streamline and maximize their growth.
About BAN
Founded in 2002, BAN is an exclusive, premier, international network of independent, employee benefits brokerage and consulting companies. BAN delivers industry-leading tools, technology, and expertise to member firms so that they can deliver optimum results to their employee benefits customers. BAN intentionally limits membership because of the highly collaborative interactions. For more information, visit the Company’s website at www.benefitadvisorsnetwork.com
About The Leslie Group
The Leslie Group is Canada’s fastest-growing independent employee benefits consulting firm with clients located across Canada. The firm has full access to the group benefits marketplace with significant leverage to negotiate effectively with all prospective insurance companies. They work with clients to manage both their existing group insurance benefits and group retirement programs and provide in-house education and communication services. The Leslie Group can implement new or enhanced group benefits programs with competitive and sustainable pricing as well as plan designs that are competitive within clients’ benchmark standards, meeting the needs of both the employer and its employees. The Leslie Group is headquartered in Toronto with satellite offices across Canada. To learn more visit www.lesliegroup.com.
About Owen & Associates Established more than 40 years ago, Owen & Associates has a presence in not only in North America but also the global marketplace. Owen & Associates is a leading consulting and brokerage firm that helps global companies establish and manage comprehensive employee benefit solutions for their Canadian businesses. The firm was established with a vision of combining industry expertise with a client-centered approach to deliver outstanding service and unique solutions to our clients. The single-source approach to group, retirement, third party administration, and global access coupled with best-in-practice partners has resulted in significant growth year-over-year, a key differentiator separating Owen & Associates from the competition. We also provide the expertise and resources needed for outstanding technical support, another key differentiator. Our firm supports our clients in every province and territory in Canada. For more information, please visit https://owenandassoc.com/.
