A Challenge for New Clients: How to Choose a Trusted Advisor

If you’re in business for yourself, you have a unique opportunity to build wealth in an asset class that others don’t have: equity in a business enterprise that some day may be sold for millions of dollars. In addition, that business can spin off income for family members that can provide significant tax advantages, done well. Understanding how to realize on this asset requires the help of a trusted financial advisory team. Who should be on that team and how do you find them? This is a challenge your next new business clients may wrestle with. Here are some tips on how you can open discussions to help them:

No doubt about it:  leadership is challenging these days.  Whether you are raising a child, coaching someone else’s child, directing a team to reach a common goal, or leading your clients towards their financial goals and objectives, the skills you need to navigate change – a leader’s, primary role – are themselves changing.  Your business and career growth, in fact, may depend on your ability to embrace new leadership requirements.

It was the go-to savings vehicle for generations of Canadians, and a gateway to more sophisticated investing for millions. But with Canada Savings Bonds (CSBs) off the table as of November 1, advisors should guide clients to another option that will occupy the same space in their hearts — and finances. There are five key reasons the TFSA should be an even better choice for Canadian savers.

Amidst calls by the federal government to improve “tax fairness,” a report by the Canadian Taxpayers Federation (CTF) shows that while a mere three per cent of all tax filers earn $150,000 or more, they contribute over one-third of all federal income taxes collected.

With proposed changes looming to the eligibility for the Lifetime Capital Gains Exemption (LCGE), which becomes the Capital Gains Deduction on the personal tax return, tax and financial advisors are well advised to review the rules and have discussions with their clients on whether any year end planning opportunities should be pursued.

“Everything happens to everybody sooner or later, if there is time enough.” —George Bernard Shaw

It’s undeniable that the financial advisory and insurance industries will face dramatic changes in the upcoming weeks, months and years. Two distinguished speakers at this year’s Distinguished Advisor Conference (DAC) in Kelowna, November 5 – 8, will challenge you to think about two key issues:  people matter in a contentious world and the prescriptive sales process just doesn’t work anymore.