Sentinel joins forces with Regency Advisory to form new MGA

first_img Related news Keywords Managing General Agencies,  Group benefits plans Regency Advisory, which was founded in 2006 by independent financial advisors Darwin Forbes and Ian DeCorby, provides employee benefit programs for corporate clients. “By joining forces to create an independent benefits MGA, we’ll be able to expand this offering to hundreds of advisors as well as their clients,” says Forbes, CEO of Regency and executive benefits advisor, in a statement. The new MGA will brand its group insurance offerings under the banner “Sentinel Benefits Powered by Regency Advisory Corp.” Sentinel has almost 300 independent advisors. In September 2016, Calgary-based holding company Connect Financial Services acquired Sentinel and indicated that it had plans to expand Sentinel aggressively. “This is a good news story for Sentinel, the independent advisors and their corporate and group clients across Canada,” says Fred Wing, chief operating officer at Connect Financial Services and CEO of Sentinel, in a statement. Merlin Chouinard, former president of Independent Financial Brokers of Canada, owned Sentinel before selling it to Connect Financial Services. He remains as Sentinel’s president. Photo copyright: yanlev/123RF Sentinel Financial Group and benefits consulting firm Regency Advisory Corp., both based in Saskatoon, announced on Wednesday that they have entered into an alliance to form Sentinel Regency Group Benefits Corp., a new managing general agency (MGA) focused on group benefits. Share this article and your comments with peers on social media Two MGAs acquired by Financial Horizons Group Hub acquires Calgary-based brokerage Megan Harman Facebook LinkedIn Twitter Empire Life becomes minority shareholder in Ontario MGAlast_img read more

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SMC Stymied by Student Debt Law

first_imgHomeFeaturedSMC Stymied by Student Debt Law Jan. 01, 2020 at 6:01 amFeaturedNewsSMC Stymied by Student Debt LawGuest Author1 year agodebtfinancesmc Marco Pallotti and Tatiana LouderSMC Corsair / SMDP Staff WritersBad student debt has doubled over the last for years at Santa Monica College but officials are left with fewer options for collecting following the passage of the Education Debt Collection Practices Act in October.The act applies to students at community colleges and universities throughout California“Student bad debt happens when a student signs up for classes and hits the postpone button,” said SMC Vice President of Business and Administration Chris Bonvenuto at the Sept. 3 SMC Board of Trustees Meeting.The most recent increase in debt, from 2017-2018 to 2018-2019, is $382,362.“The important thing to remember is that for this entire period the District budgeted for approximately $800,000 in student bad debt,” said Bonvenuto in an email. “In 2018-2019 the amount budgeted was increased by [approximately] 1.3 million to match the new reality of the student bad debt amount.”This “new reality” may be a harsher one for schools collecting debt. The Educational Debt Collection Practices Act, formerly AB1313, makes it illegal to withhold a transcript from a student in order to collect fees, mistreat a transcript request due to outstanding fees, or use a transcript as a means of debt collection from a student.Prior to this law, signed by Governor Newsom on Oct. 4, holding transcripts to collect fees was one of the primary means of collection.    As the new law will make it more difficult to collect bad debt from students, Benvenuto plans to carve out more of the yearly budget specifically to cover the debt. “Normally we budget $700,000 dollars for bad debt in that area. Two years ago, that number spiked to about 1.7 million,” continued Benvenuto at the Board meeting.  “This year, I’m proposing to increase the budget to 2 million dollars. No longer can I assume that number will drop to 700,000 again.” That 2 million dollar figure represents about 1.1 percent of the school district’s budget.Benvenuto said the future collection of debt is currently under discussion.“We’re trying to keep in mind the needs of the students, while being fiscally responsible,” he said. Benvenuto also added that to his knowledge, SMC is the only school in the area that allows students the option to postpone payment.Benvenuto said “that, too, is currently under discussion.”The next SMC Board of Trustees meeting is Jan. 21, 2020 at 7 p.m. in the Board Room in Business 117.Tags :debtfinancesmcshare on Facebookshare on Twitteradd a commentCurious City – HAPPY CRAZY NEW YEAR!New rules of the roadYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall7 hours agoNewsCouncil picks new City ManagerBrennon Dixson17 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter17 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor17 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press17 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press17 hours agolast_img read more

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