Sun Life Assurance Co. of Canada today signed a letter of intent to form a strategic marketing and distribution alliance with Hub Financial Inc., the Canadian operating subsidiary of Hub International Ltd.
Although the alliance is conditional upon the completion of a definitive agreement, implementation is scheduled for October 1.
Hub Financial, a insurance brokerage, based in Toronto, will provide IQON advisors, part of Sun Life Financial’s Canadian wholesale distribution channel of wealth and insurance-focused advisors, with sales and support services and access to multiple carriers for third-party life, health and disability insurance and segregated fund products. In addition, Hub Financial will be a preferred distributor of Sun Life Financial branded life insurance products.
Barry Triller, Sun Life Financial’s executive vice president, Retail Operations for Canada, says “this marketing agreement is consistent with key business goals and demonstrates our commitment to the cost-effective development of our wholesale distribution channel. This alliance will provide a major benefit to our IQON advisors.”
Advisors are expected to benefit from:
- an integrated compensation systems that include wealth and insurance products offered by Sun Life Financial and third parties;
- a single source to track pending business;
- access to multiple carriers through a single source; and
- access to Hub’s Web-based technology and tools.
Paul Brown, chairman and CEO, Hub Financial Inc., says “Hub Financial’s extensive market representation, solid support structure and industry-leading Web platform are a natural fit for Sun Life Financial’s wholesale distribution channel.”