Advisor disclosure

Building trust through transparency

At Garrett Agencies, transparency and trust are the foundation of our client relationships. Our advisor disclosure outlines important information about our licensing, affiliations, compensation, and commitment to confidentiality.

This living document ensures you have a clear understanding of how we operate and the principles guiding our recommendations. By reviewing this disclosure, you can feel confident in partnering with us for your insurance and financial planning needs.

Licences and jurisdictions

Garrett Agencies Ltd. is licensed as an insurance agency to offer life, and accident and sickness, insurance in the following jurisdictions:

Organization affiliations

Garrett Agencies Ltd. is currently affiliated with the following organizations:

Insurers we represent

Garrett Agencies Ltd. currently represents the following insurers:

Products Garrett Agencies is licensed to offer

Garrett Agencies Ltd. is currently licensed to offer the following products/solutions:

Relationship with the insurers we represent

No insurer holds an ownership in Garrett Agencies Ltd. Likewise, Garrett Agencies Ltd. does not hold any interest in any insurance company.

Compensation

Garrett Agencies Ltd. advisors are compensated by a sales commission on policies at the time of sale, and may also receive a renewal (or service) commission on policies that remain active/in force. Commissions are paid to Garrett Agencies Ltd. by the company that provides the product you purchased. Commission rates vary by insurer and product.

We may also receive overrides through our MGA, and volume-based bonuses from some insurers. By firm policy, they never affect what we recommend.

For the Engineers Canada insurance plans, Manulife pays our compensation. Members pay the same premium as applying directly, with no extra cost for our advice.

Conflict of interest

The way advisors are paid can create potential conflicts of interest. Commissions vary by insurer and product, and we may also receive overrides through our MGA and volume-based bonuses from some insurers, so an advisor could in principle earn more by recommending one product or insurer over another.

We manage conflicts of interest by putting your interests first: we recommend what fits your situation, whichever insurer offers it, and we tell you how we’re paid. Some insurers pay us incentives based on volume, but by firm policy, they never affect what we recommend.

If a specific conflict of interest arises that could affect a recommendation we make to you, we'll tell you about it before the transaction.

Confidentiality

During the course of the relationship, it will be necessary for the client to provide a variety of very personal health and financial information. The quality of the work undertaken on behalf of the client requires this personal information to be accurate and complete. Garrett Agencies Ltd. commits that all information will be held in strictest confidence and that no information shall be divulged about the client’s personal situation to any outside organization or government agency without the client’s prior consent, unless as may be required by law.

It is further understood that in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA), the client directly authorizes and instructs Garrett Agencies Ltd. to maintain information of a personal and private nature that could reasonably be considered pertinent or necessary in the provision of advice until such time as requested by the client in writing to destroy such information, unless we are required to keep it to meet our legal or regulatory obligations.

Disclosure

This disclosure is linked in every email we send, so new clients receive it when we begin working together, before we make a recommendation.

Errors and omissions insurance

Garrett Agencies Ltd. maintains errors and omissions insurance that meets or exceeds regulatory requirements.

Complaints

If you have a complaint about our advice or service, please contact our Privacy and Compliance Officer, Kyle Garrett, at compliance@garrett.ca. We'll acknowledge your complaint within 5 business days and give you a written response within 30 days.

If you're not satisfied with our response, you can:

More information

If you need more information about Garrett Agencies Ltd., the qualifications of its advisors, or business relationships, please contact our Privacy and Compliance Officer, Kyle Garrett, at compliance@garrett.ca and we will be happy to assist further.