1. The Times, They Are A-Changin’ IFB London, Dec. 06, 2017
Rick Forchuk, MBA, CFP, CLU, CH.F.C.
Distribution Consultant

2. Agenda
Introductions: Ted Wernham, Nancy Allan and Rick Forchuk
Overview of our topics
What’s your value proposition? Not lowest price, we hope!
Let’s look at price (Rick)
Let’s look at what your practice can be (Ted)
Break for 15 minutes
One market you may have overlooked – Millennials (Rick)
The Culture of your practice, and next steps (Ted)
12:00 noon - adjourn

3. “if you want to get something done, ask a busy person”
President and CEO, Wernham Wealth
Management
University of Western Ontario graduate
Host of Retirement Ready Radio, AM 980
Four terms as London City Counsellor
Life & Qualifying Member, MDRT
Member: Retail Advisory Council, Empire
Life
Member: President’s Club, HUB Financial
Ted Wernham, CFSB. EPC
Published author, “Journeys to Success”
“if you want to get something done, ask a busy person”
- old saying

4. “If you believe that the most important thing you have to offer
your client is the lowest price, you are doing the client a
disservice, yourself a disservice, and your profession a
disservice.”
In what universe does “cheapest” equal “best?”
And remember … if you can look it up … they can look it up!

5. Group insurance coverage in Canada is so similar from
Group insurance: insurers must go beyond pricing to distinguish themselves
by Hubert Roy Nov. 21, 2017  
Group insurance coverage in Canada is so similar from
one insurer to another that there is only pricing that distinguishes them.
Big Data will change things, says Anil Sanwal, Vice president,
Group Products, Global Group Reinsurance Division at
RGA International Re

6. February 17, 2017, Boeing plant in North Charleston, SC
“Let’s Make America great again!”
“ … and these fine aircraft are built
right here in America …

7. Wrong … not built in America … assembled in America
Cabin Lighting from Germany
Landing gear, electrical, doors from France
Horizontal Stabilizers are from Italy
Entire Fuselage is from Italy
Cargo Access Doors from Sweden
Engines from the UK
Movable trailing wing edges from Canada
Interiors, lavatories, galleys from Japan

8. Most of the parts and almost a third of the cost of the entire plane comes from outside the U.S.
The foreign companies that made these parts don’t pay their workers low wages
When you add in the value of health and pension benefits, most of these workers get a better deal than
Boeing’s workers
These nations also provide young people with better education, and technical training than the U.S.
All but the U.S. offer universally-available health care
To pay for all this, these companies impose higher tax rates on corporations and wealthy people
than the U.S.
Their health, safety, environmental, and labour regulations are stricter than the U.S.

9. Cheapest does not mean Best
So why is so much of the Dreamliner coming from these high-wage, high-tax, high-cost places?
Because the parts made by workers in these places are better, last longer, and are more reliable than
parts made anywhere else
THE LESSON: Americans need to invest more in the education and skills of Americans, in on-the-job training,
in a healtcare system that reaches more of them. The reward is higher wages and more productivity. To build
economic walls doesn’t work.
Cheapest does not mean Best

10. “if you want to get something done, ask a busy person”
President and CEO, Wernham Wealth
Management
University of Western Ontario graduate
Host of Retirement Ready Radio, AM 980
Four terms as London City Counsellor
Life & Qualifying Member, MDRT
Member: Retail Advisory Council, Empire
Life
Member: President’s Club, HUB Financial
Ted Wernham, CFSB. EPC
Published author, “Journeys to Success”
“if you want to get something done, ask a busy person”
- old saying