A Holistic Disruption Requires a Holistic Approach

A holistic disruption requires a holistic approach and it’s time for the tax and financial advisory community to collaborate more, not less, to help their clients face the real possibility of recession and increased financial pain in 2023. “It is our role to be sure our clients are prepared for both opportunities and threats,” says Evelyn Jacks, President of Knowledge Bureau and the first keynote speaker at DAC Acuity 2022 in Niagara Falls this past week.

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“Throughout the pandemic, many of us have suffered health-related setbacks; and financially speaking, we have all faced the reality of a holistic disruption the likes of which current generations have never seen,” says Evelyn.

In her session, Evelyn considered whether we are in fact in a Minsky Moment, which will lead to a financial crisis, and whether we have the trust, resilience, and capacity to weather through the current financial storm, and to secure financial peace of mind for all stakeholders:  clients, employees, partners and family. She added:

“The velocity of economic change your clients are facing in the current environment is dizzying. In the most recent economic report at the beginning of October, the key economic indicators aren’t reassuring. While on the one hand life is much more expensive for Canadians – the velocity of money is increasing with inflation.”

Policy makers are trying to slow down the velocity of money with high interest rates, but that is inflicting a new type of pain for many of your clients. They are stuck in the speed of change, not knowing how to manage their economic future and secure wealth against these two conflicting phenomena.

She offered 6 Key Questions to cover with clients in anticipation of the possibility of recession:

Is this the...

• Best time to harvest and claim capital losses?
• Best time to transfer assets to family members?
• Put inter-spousal loan into place?
• Tap into tax free dividends in Capital Dividend Account?
• Reduce instalment tax remittances?
• Recover overpaid taxes of prior years 2012-2022?

Stay tuned next week for more DAC insights from Tony Mahabir, CEO of Canfin Financial, where he drills down on the golden rules of ethics.

What the delegates are saying…

“As always, industry leading education that provides real knowledge to attendees rather than product pitch.”

Make a Great Decision!  Join us next year in Banff from November 11-14. 

The theme is: IMAGINE! Break Free To Embrace Transformative Change.

At DAC 2023 you’ll learn to:

• Transform and redefine your role as a Distinguished Professional.
• Gain mission critical knowledge and skills armed with insight about the most pressing issues advisors from the tax accounting, legal and wealth advisory industries are facing in working with their high net worth clients.
• Network with thought leaders from across Canada.
• And more!

Click here for more information on DAC2023

Evelyn Jacks is Founder and President of Knowledge Bureau, holds the RWM™, MFA ™, MFA-P™ and DFA-Tax Services Specialist designations and is the best-selling author of 55 books on tax filing, planning and family wealth management.  Follow her on twitter @evelynjacks.

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