By Staff | September 7, 2006 | Last updated on September 7, 2006
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(September 7, 2006) Vancouver’s Jim Rogers has moved up the chain on the Million Dollar Round Table’s executive committee. Rogers became first vice-president of the international body of top insurance professionals on September 1.

Rogers will eventually succeed the newly-named president of the executive committee, Philip E. Harriman of Yarmouth, Maine. The presidency is passed in succession at the end of a 12-month tenure.

“I am honoured and humbled to accept your nomination as MDRT president,” Harriman said. “MDRT has motivated me to be the best I can be both personally and professionally and I am looking forward to serving you as MDRT president the best I can.”

Rogers is chair of Rogers Group Financial and also served as chair of CAIFA, now Advocis, in 2000 and 2001.

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BMO launches income generator

(September 7, 2006) The Bank of Montreal has introduced a guaranteed investment designed to provide a steady income stream to the retired investor. The BMO Income Generator can be set up to provide monthly income in the form of either a combination of interest and return of capital, or interest alone.

The investor can also select the amount of each distribution as well as the date it is paid out. The product has a five-year term, allowing investors to reassess their income needs when necessary.

The BMO Income Generator is available for non-registered accounts only, and requires a minimum investment of $10,000. The interest rate is customized to each customer’s needs, taking into account the amount of initial principal invested, monthly income received and current market interest rates.

“Breaking retirement income down into monthly payments is a practical way for pre-retirees and retirees to conceptualize how they’re going to fund their lifestyle in retirement,” says Julie Sheen, Vice President, BMO Term Investments. “While some investors are looking to supplement their various sources of income, others could be figuring out what they want to do with a lump sum of money from an inheritance, downsizing their home or selling a business.”

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RBC unveils monthly yield PPNs

(September 7, 2006) RBC Financial Group has announced the launch of two new series of principal-protected notes: the RBC IA Leon Frazer Yield Deposit Notes, Series 7 and 8.

Return on the notes is linked to a portfolio of Canadian equities, Canadian income trusts, and, potentially, bonds. Allocation within the portfolio will be subject to a dynamic rebalancing strategy. The equity portion is managed by Leon Frazer & Associates, with similar investment objectives to the IA Canadian Conservative Equity Fund, which Leon Frazer also manages.

The Series 7 note will deliver monthly distributions matching the dividends and distributions from the equity and trust portfolio. Series 8 notes provide monthly payments in the form of return of capital, also equal to the distributions received on the equity and income trust investments.

The notes are available until October 13, 2006 and mature on October 18, 2013.

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Manulife chooses new fund administrator

(September 7, 2006) Manulife Financial has selected RBC Dexia Investor Services as fund administrator for a portfolio of $26 billion, including those under its individual wealth-management line of business and its group savings and retirement solutions unit.

“In addition to helping us enhance our reporting capabilities, we are looking to RBC Dexia Investor Services to assist us with reducing operating costs as well as supporting our future growth in the Canadian marketplace,” said Roy Firth, executive vice-president, Canadian individual wealth management, Manulife Financial.

RBC Dexia Investor Services offers global custody, fund and pension administration, securities lending, shareholder services, analytics and other related services.

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Ethical beefs up sustainability department

(September 7, 2006) Ethical Funds’ Sustainability Department, led by Robert Walker, has appointed Jennifer Coulson as manager, sustainability. Jennifer McCaffrey has also been promoted to senior sustainability analyst.

In her new role, Coulson has major responsibilities in the Vancouver-based company’s shareholder action program and will assume a primary role as author of a series of white papers on sustainability.

In addition, Ethical announced the hiring of Jamie Bonham as sustainability analyst. He is a former senior researcher at Canadian Business for Social Responsibility.

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The staff of have been covering news for financial advisors since 1998.