For most Canadians, today is tax deadline day. For Sun Life’s 1,250-odd independent advisors, it is also the deadline for choosing which of the firm’s two career tracks they want to take.

The decision comes as Sun Life swallows rival Clarica Insurance. The merger is expected to close by the end of May.

Advisors face a choice between the captive sales force model developed by Clarica, euphemistically titled the “Independent Career Agent” model; and, a more independent “wholesale” model. The choice comes down to a trade-off between business freedom and the level of in-house support.

Under the ICA model, advisors would have access to Clarica and Sun Life products, and a limited selection of third-party products. Under the wholesale model, advisors wouldn’t be restricted on products. However, that greater independence carries the price of less support from the firm in areas such as technology and marketing.

Advisors who elect to go the independent route will do business through Sun Life subsidiary IQON Financial.

The unvoiced third option, of course, is to leave the combined Sun Life-Clarica organization entirely. A mass exodus is not expected, although there has been considerable complaining from Sun Life advisors about being forced into the decision

On April 24, Clarica reported earnings of $111 million for the first quarter, up 23%. Bob Astley, president and CEO, said, “I am particularly gratified by our performance in the first quarter of 2002. We continue to improve our customer services standards and maintain sales momentum across our business in the face of competing demands related to the proposed transaction with Sun Life Financial Services of Canada Inc.”

One firm that does expect to see more business coming its way as a result of the merger turmoil is Toronto’s Equinox Financial Corp. Equinox president, Kevin Wark, says that he has had numerous conversations with advisors that have been upset by the forced choice. He expects his firm to win some more advisors as a result, including a four-person team, expected to defect today.

The prospect of surrendering some of their freedom has particularly rankled Sun Life advisors. Wark reports that preliminary results of its ongoing advisor satisfaction survey shows that advisors value their freedom pretty highly.

He reports that its research suggests that, if anything, advisors are seeking more freedom. For example, they’d like greater latitude to customize reward and recognition programs, so that rewards can be tailored to better fit the individual advisor and help build their businesses. Equinox is also hearing that advisors want more help with professional development and business-succession planning.