FORUM Magazine - September 2021

SEPTEMBER 2021 • $5.50

The Magazine of Influence for Financial Advisors

Transformative

Advice

Incoming Advocis chair Robert Eby on regulation and post-pandemic planning

DONATING

LIFE

INSURANCE

Special Report

On Advisor Teams:

HYBRID WORKPLACES: THE FUTURE OF ADVISORY FIRMS REAL STRATEGIES FOR CREATING DIVERSE TEAMS HOW TO VIRTUALLY TRAIN NEW STAFF

Publication Mail Agreement # 40069004

FORUM VOLUME 51, 3

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SEPTEMBER 2021

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ISSN 1493-826X

FEATURES Transformative Advice

10

FORUM speaks to incoming chair Robert Eby about the future of advice post-pandemic, strategic plans, and regulation

14

Welcome Onboard

16

Making It Work

Bringing new staff into your business requires more of a plan when done virtually.

Kim Poulin and Patricia Giesbrecht explain how to get started

COLUMNS

6

29 TAX UPFRONT

EDITOR’S JOURNAL Financial literacy in the classroom

Will Bill C-208 smooth out succession planning?

BY DOUG CARROLL

7

OPENERS Title protection for advisors; new options now that deferred sales charges are gone; the power of podcasts

36 ADVOCIS NEWS Association updates, events, and memorial tributes

30 ESTATE DILEMMAS How Mak and Hertendy v. Gault affect family transfers

BY KEVIN WARK

Hybrid office environments are here to stay for advisory firms of the future. Tamar Satov explores how they will operate

31 CORPORATE INSURANCE The opportunities and pitfalls of donating life insurance

BY GLENN STEPHENS

42 THE FINAL WORD A second shot

BY GREG POLLOCK

32 LEADERSHIP & GROWTH The true impact of field leaders

BY PHILLIP ACKERS

33 GUEST COLUMN How advisors can make aging clients feel at home

BY GIOVANNA BONIFACE

Publication Mail Agreement # 40069004 Return Undeliverable Canadian Addresses to FORUM Magazine Circulation Department, 10 Lower Spadina Avenue, Suite 600, Toronto, Ontario M5V 2Z2

2 FORUM SEPTEMBER 2021

26

Diversity Rules

Sheila Avari explains why inclusion matters in today’s practice

COVER PHOTO LAURA ARSIE PHOTOGRAPHY; (ROBERT EBY) AISLYNN PALMER

DEPARTMENTS

COST OF BIOLOGICS ADDING UP? To help combat the rising cost of biologic drugs, Janssen Inc. is offering the Biologics Savings Partnership™.

TURN THE PAGE TO LEARN MORE.

BIOLOGICS SAVINGS STRATEGIES IN PRIVATE INSURANCE: EVALUATING “BIOSIMILAR FIRST” AND PLA STRATEGIES

Employing a “Biosimilar First” approach to manage the increasing spending on biologic* medicines is a strategy that may be employed by private insurance providers in Canada to manage the increasing spending on brand biologic medicines. An actuarial risk assessment, conducted by RSM Canada, however, found that the “Biosimilar First” approach may not be the most effective cost-saving strategy. A more recent approach, which combines the savings from biosimilar biologic drugs (also known as “biosimilars”) with negotiated prices on biologics that do not have biosimilar competition, has been found to generate significantly greater savings. An example of this approach is the Biologics Savings Partnership™ (BSP) concept introduced by Janssen Inc. in which its portfolio of biologic products is made available to insurers at biosimilar costs.

Over the past decades, employer-sponsored drug benefit plans have witnessed an increase in prescription drugs spending from $1.5 billion in 1990 to $12.3 billion in 2018.1 In recent years, spending has primarily been driven up by the increasing utilization of specialty drugs like biologics, increasing by approximately 10.8 per cent, annually, from 2009 to 2018, thus prompting payers to turn to cost-saving strategies to address the rising costs.2 In their assessment, RSM evaluated three strategies involving biosimilars that insurers and employers may try to use to save on drug costs: 1) Biosimilar First – For new patients, only the biosimilar is reimbursed; 2) BSP + Biosimilar First – Combines cost savings from Biosimilar First strategy with negotiated rebates with biologic manufacturers to level the cost between biologics and biosimilars; and 3) BSP + PLA – Cost for new and existing patients is discounted, as per the BSP strategy.

Janssen Inc. engaged RSM Canada to conduct an actuarial analysis of Janssen’s BSP offering versus a Biosimilar First strategy.

RSM used IQVIA private insurance claims data provided by Janssen Inc., which consisted of product-level claims costs and modelled retention rates to estimate the cost of biologics and biosimilars. Dispensing fees and confidential rebates were not considered. Drugs included in the analysis were restricted to the following major indications for which the drug products are authorized in Canada: inflammatory bowel disease (Crohn’s disease and ulcerative colitis), rheumatoid and psoriatic arthritis, and plaque psoriasis.

As part of the assessment, RSM conducted a risk-adjusted analysis based on a probabilistic model (Monte Carlo simulation) to calculate the cost savings that both Biosimilar First and BSP strategies can provide. This allows for a more direct consideration of the inherent uncertainties associated with the model. For the three years analyzed, the year over year total mean savings to private insurance plans under each scenario is shown in the graph on the next page.

YEAR 1 YEAR 1

$713 $713

$672 $672

$628 $628 $25 $25

$1,165 $1,165

$1,098 $1,098

$1,028 $1,028

$69 $69

$110 $110 YEAR 2 YEAR 2

Biosimilar First

BSP and Biosimilar First

BSP and PLA

Biosimilar First

BSP and Biosimilar First

BSP and PLA

YEAR 3 YEAR 3

Both strategies generate cost savings; however, the BSP strategy, in all scenarios and time horizons studied, provides significantly greater savings to private insurance plans.

Over a three-year timehorizons horizon,studied, savings Both strategies generate costcost savings; however, the BSP strategy, in all scenarios and time are estimated at $1.864B for the BSP strategy vs. $184M for the Biosimilar First strategy.

The savings provides significantly greater cost savings to private insurance plans. Over a three-year time horizon, savings associated withatthe BSP strategy are significantly more asfor it also allows for:First 1) Savings on The bothsavings biologics and are estimated $1.864B for the BSP strategy vs. $184M the Biosimilar strategy. biosimilars, and 2) Savings to be applied to both new and existing patients, whereas the savings of a Biosimilar associated with the BSP strategy are significantly more as it also allows for: 1) Savings on both biologics and First strategy are limited to new patients only. biosimilars, and 2) Savings to be applied to both new and existing patients, whereas the savings of a Biosimilar

First strategy are limited to new patients only.

This analysis also evaluated a scenario where all biologic manufacturers and insurers negotiated a product listing agreement (PLA) illustratea the magnitude a PLA strategy provide.

Savingsa in this scenario, This analysis alsoto evaluated scenario whereofallsavings biologicthat manufacturers andcould insurers negotiated product listing where all manufacturers negotiate biosimilar-level pricing, are estimated to be $3.048B over three years. agreement (PLA) to illustrate the magnitude of savings that a PLA strategy could provide. Savings in this scenario, where all manufacturers negotiate biosimilar-level pricing, are estimated to be $3.048B over three years.

As the use of biologics continues to increase, employers need to carefully consider alternative savings strategies, such as a combined biologic PLA and biosimilar strategy, whichconsider may generate significantly As the use of biologics continues to increase, employers need to carefully alternative savings more savings while providing employees more options and flexibility in their treatment decisions. strategies, such as a combined biologic PLA and biosimilar strategy, which may generate significantly more savings while providing employees more options and flexibility in their treatment decisions.

FOR MORE INFORMATION, FOR MORE INFORMATION, PLEASE VISIT PLEASE VISIT BIOLOGICSAVINGSPARTNERSHIP.COM BIOLOGICSAVINGSPARTNERSHIP.COM * For the purposes of this article, the term biologics will only be used to refer to “innovative” biologics (being a drug that contains a medicinal ingredient not previously authorized in a drug

by Health Canada) and “reference” biologics (being a biologic drug already authorized for sale in Canada, which is referenced by the biosimilar seeking an authorization for sale based on a demonstration to the biologic). * For the purposesof ofsimilarity this article, the reference term biologics will only be used to refer to “innovative” biologics (being a drug that contains a medicinal ingredient not previously authorized in a drug

by Health Canada) and “reference” (being a biologic drugHealth already authorizedTrends, for sale1975 in Canada, referenced byG. the biosimilar an authorization for sale based on References: 1. Canadian Institute forbiologics Health Information.

National Expenditure to 2019:which Data is tables – Series Available at: seeking https://www.cihi.ca/en/national-healtha demonstration of similarity to the reference biologic). expenditure-trends-1975-to-2019.

Accessed August 7, 2020. 2. 2019 TELUS Health Drug Data Trends & National Benchmarks.

References: 1. Canadian Institute for Health Information. National Health Expenditure Trends, 1975 to 2019: Data tables – Series G. Available at: https://www.cihi.ca/en/national-health© 2021 Janssen Inc. | All trademarks usedAccessed under license. expenditure-trends-1975-to-2019.

August 7, 2020. 2. 2019 TELUS Health Drug Data Trends & National Benchmarks.

All other third party trademarks are trademarks of their respective owners.

RSM Canada © 2021 Janssen Inc. | All trademarks used under license.

11 King St. W.,party Suitetrademarks 700, Box 27, Ontario, Canada M5H 4C7 All other third areToronto, trademarks of their respective owners.

W: www.rsmcanada.com RSM Canada 11 King St. W., Suite 700, Box 27, Toronto, Ontario, Canada M5H 4C7 W: www.rsmcanada.com

CP-173251E CP-173251E

BY DEANNE GAGE

Back to Personal Finance School

W

e made it to our second September in the pandemic.

My kids look forward to returning to in-person school, and I hope for a safe return.

Since they moved to virtual learning for four months last winter and spring, it allowed me a sneak peek at some of the new Ontario financial literacy curriculum.

Last year, I read about the planned curriculum for all grades, and on the surface, it’s impressive. Students will have lessons about earning, spending, saving, donating, credit, and debt. They’ll also learn about paying off a mortgage, calculating interest rates, exchange rates, setting financial goals, and so on.

I witnessed a lesson where my third grader learned how to estimate costs of various items and make change (say $5 minus $4.63). I was especially pleased to see the teacher show the class how to count back change the old-fashioned way. Still comes in handy when you don’t have a calculator and the cash register isn’t working.

My middle-school grader learned about budgeting and had an assignment where she had to research the prices of various types of food, and “buy” up to $100 worth of groceries. She came to me looking for flyers but I haven’t used them in years (the curriculum is a bit behind the times in that regard). Instead of flyers, I use Flipp, a helpful app for comparing prices as you shop.

But what did she and the other students take away from this lesson? Making purchases from the discount grocery store is the best move as it allows you to buy more for less.

Perhaps she will learn this in later grades, but there are situations where getting more for less does not make sense. My daughter noted no discussion on when it’s a better idea to buy a quality item versus something cheaper, or whether to stock up on a sale item or pass. These are conversations we have in our house. There was no 6 FORUM SEPTEMBER 2021

FORUM PUBLISHER: Peter Wilmshurst advocisforum@gmail.com EDITOR: Deanne Gage dgageforum@gmail.com COPY EDITOR AND PROOFREADER: Alex Mlynek ART DIRECTOR: Giselle Sabatini artdirector@forum-mag.ca ADVERTISING: Peter Wilmshurst advocisforum@gmail.com Tel: 416-766-4273 Fax: 416-760-8797

TFAAC BOARD OF DIRECTORS CHAIR Rob Eby, CFP, RRC VICE CHAIR Catherine Wood, CFP, CLU, CHS PAST CHAIR Abe Toews CFP, CLU, CH.F.C., CHS, ICD.D TREASURER Eric Lidemark, CFP, CLU, CH.F.C., CHS SECRETARY Stephen MacEachern, CFP, CLU, CH.F.C., CHS CHAIR, INSTITUTE John W. Hamilton, CLU, FEA, CPCA CHAIR, CLC Will Britton, CFP DIRECTOR AT LARGE Wendy Playfair, CFP, CLU, CHS DIRECTOR AT LARGE Arun Channon, BASc, MASc, CSP, CFP PUBLIC DIRECTOR Geoffrey Creighton, BA, LLB, C.DIR., CIC.C PUBLIC DIRECTOR Sara Gelgor, LLB, LLM, MBA, ICD.D

discussion about overall family values and priorities — for instance, some families may spend more on organic food but spend less in other areas to stay on budget.

In the next couple of years, my older daughter is slated to learn about exchange rates, international currencies, and credit cards. The curriculum even covers credit cards attached to rewards programs. But will there also be lessons on how these cards make money and how they actually encourage you to spend way more than you normally would? I’m not sure; it will be interesting to find out.

If you have clients with school-aged children, ask them what the kids have learned about finances from their schools. You have a part to play in keeping that conversation going and ensuring the next generation of clients have a more complete picture of how to make their money work.

WRITE TO US! We welcome your letters and feedback.

Share by emailing dgage@advocis.ca or contact me on Twitter @deannegage

PRESIDENT & CEO Greg Pollock, CFP FORUM is published four times annually by The Advocis Publishing Group, 10 Lower Spadina Avenue, Suite 600, Toronto, Ontario M5V 2Z2 TEL: 416-444-5251 or 1-800-563-5822 FAX: 416-444-8031 FORUM is mailed to all Association members, the subscription price being included in the annual membership fee. Address changes can be made through info@advocis.ca or by calling member services at 1-877-773-6765.

The opinions expressed in articles and advertising are those of the authors/advertisers and not necessarily those of FORUM or the Association.

Material of a technical or semi-technical nature may become invalid because of later changes in law or interpretation. The Association is not responsible for obsolescence of FORUM articles whose content should be checked by the reader before implementation.

Requests for permission to reprint articles are to be addressed in writing to the editor of FORUM. ™ Trademark of The Financial Advisors Association

of Canada carrying on business as Advocis.

FORUM EDITORIAL ADVISORY BOARD MICHAEL BERTON, CFP, RFP, CLU, CHS Assante Financial Management Ltd. LEONY DEGRAAF HASTINGS, CFP, EPC deGraaf Financial Strategies NICHOLAS LANDRY, CEBS, CHS, RCIS BFL Canada - CSI ROBERT MCEACHERN, CFP, CLU, CH.F.C. McEachern Financial IZUMI MIKI-MCGRUER, CFP, CLU, CH.F.C., CHS Freedom 55 Financial

PHOTO: DANIEL EHRENWORTH

EDITOR’S JOURNAL

OPENERS Fodder For the Water Cooler

ONTARIO ADVISORS MAY GET NEW TITLES

BY NEXT YEAR

PHOTO: ISTOCKPHOTO

T

he Financial Services Regulatory Authority of Ontario (FSRAO) is inching closer to having new titles and higher standards in place for many financial advisors sometime next year.

“I believe this is a significant step in the right direction in terms of protecting consumers and providing guidance in terms of who consumers should be seeking when it comes to financial advice and financing planning counsel,” says Greg Pollock, president and CEO of Advocis.

When all is in place, Ontario advisors will find they need to get FSRAO-approved credentials from approved credentialing bodies to use titles like financial advisor and financial planner.

FSRAO may allow those with MFDA and IIROC licences to qualify as part of the minimum standard for those wanting to call themselves financial advisors or financial planners. While the current standards provide basic knowledge around mutual funds and securities, they don’t really measure up to providing true financial advice and advisory planning, explains Pollock. “We understand that the Life Licence Qualification Program (LLQP) will not qualify as a minimum standard — and we would agree with that position,” he says. Advocis is looking to propose the Professional Financial Advisor (PFA) and Chartered Life Underwriter (CLU) designations as credentialing options for the two titles.

Jackie Sanz, a financial services compliance professional with global consulting firm Protiviti, says client-facing dealers fought against being held to the standard of fiduciaries and didn’t want to be held to the same standard as, for example, portfolio managers.

“I find it interesting that a number of dealers are vocal about the challenges they have implementing the reforms, particularly in the context of their original opposition to being held to the highest best interest standard,” Sanz says. “The regulators acquiesced in imposing a best interest or fiduciary standard and instead implemented these reforms to place client interests in the forefront. Some

may infer from their messaging that these dealers may have historically operated in a manner that didn’t always consider or place client best interests at the forefront at all times. This being a business based on trust, perception can be more impactful than fact.”

Firms that are subject to multiple regulators have already found it’s too much work to treat issues in a fragmented way and have often applied the highest standard across the board to simplify compliance activities, notes Sanz.

Sanz says titling is an important issue because investors perceive the title encompasses fiduciary standards, and as such, place a high degree of reliance on someone with “advisor” in their title. Investors presume these advisors are aptly qualified, regulated, and are required to and will always apply the highest possible standard (i.e., that of a fiduciary) in all their dealings and interactions.

“But the reality is that is just not always the case.”

Quebec is currently the only province that regulates financial planners. Like Ontario, Saskatchewan has passed title regulation, and most recently, New Brunswick has started to look into similar regulation. — Susan Yellin

NEW OPTIONS AVAILABLE NOW THAT DSCs ARE GONE

N

ow that Ontario has joined the rest of the country in doing away with deferred sales charges (DSCs), companies and advisors are looking at different ways to entice new investors into the fold.

IG Wealth Management did away with DSCs back in 2016 and has since put much of its energy into talking to clients, both young and old, about all aspects of financial planning, including buying a home, and saving for retirement and children’s educations.

But notably, IG brought in new financial planning software in the last year, an AI-driven program that uses client information on goals and objectives to determine a client’s next financial steps Continued on page 8 SEPTEMBER 2021 FORUM 7

OPENERS

“It’s all about having a conversation about choices and priorities,” says Van Tighem.

Advisors can add new business

Continued from page 7

to attain those aims, says Tom Van Tighem, senior vice-president, financial services, at IG Private Wealth Management.

The software then determines the percentage likelihood that a client will be able to meet those goals. Clients can access the program to discuss the scenarios with family and then come back to the advisor with their own suggestions.

Steve Meldrum, an insurance specialist at Swell Private Wealth in Medicine Hat, Alta., suggests advisors who previously had a narrow field of interest might now want to incorporate insurance and financial planning into their business as new ways to get compensation.

Or advisors can tailor their service to the size of the client’s account by using monthly flat fees or subscription fees —

like you’d pay for a Netflix subscription, suggests Meldrum.

“Sometimes this is better because if you have a small account you don’t get paid much residual,” Meldrum says. “You can tailor your services to the size of the client’s account so that you are being compensated and still give them the attention that they need.”

Meldrum also says newer advisors are ensuring clients get the same excellent care via virtual services as they would in person, and show they are willing to adopt and embrace new technologies and processes. — S.Y.

DID YOU KNOW? DO YOU FEEL IT’S OK TO ASK OTHERS ABOUT THEIR VACCINATION STATUS?

BREAKDOWN OF NUMBER AND PERCENTAGES OF WOMEN EXECUTIVE OFFICERS IN 2020

75%

From Angus Reid Institute

Diversity Disclosure Practices Report, Financial Services Sector 2020 from Osler

55%

Number of Women Executive Officers

49%

on a per-board basis

2.95

1.59

2.84

32%

29% 22%

20% 13% 5% Received at least one dose (n=1,565)

Total (n=2,040) Totally fine

Unwilling or unsure about vaccination (n=232)

Percentage of Women Executive Officers

21%

17% 19%

Vaccination Status Not OK, it’s personal

Depends on who it is

Financial Services Companies

TSX-listed Companies

S&P/TSX 60 Companies

THE FINANCIAL BENEFITS OF DIVERSITY Diversity Institute, Ted Rogers School of Management

If Canada made workplaces more accessible, it would add $16.8 billion to our GDP by 2030

Companies with racial and ethnic diversity are 35% more likely to have higher financial returns

Canada faces a labour shortage and immigrants will account for 80% of population growth

Investors that focus on companies who have a gender diversity strategy are rewarded with annual growth rates of 3.5 %

If women were enabled to fully participate in the economy, we would contribute $150 billion to our GDP by 2026

Companies with gender diversity are 15% more likely to have higher financial returns

8 FORUM SEPTEMBER 2021

BRANDING & SOCIAL MEDIA

BY ERIN BURY

care about; to bring in experts for interviews; and to further build a brand around your niche expertise.

2. FIND A NEW AUDIENCE (AND ENGAGE EXISTING CLIENTS)

THE POWER OF PODCASTS

P

odcasts have become a mainstream medium with millions of listeners. According to a 2020 report from Edison Research, 25% of adults in Canada are weekly podcast listeners, and overall, 15 million Canadians listen to podcasts. These listeners are largely affluent, educated Millennials who now account for the majority of our workforce and have the most purchasing power.

“Podcasts fit in really well into our busy lives. We can be driving to work and listening to a podcast, but we can’t be watching a Netflix show. We can be washing our dishes and listening to a podcast, but we can’t be reading an article,” says Fatima Zaidi, the founder of podcasting agency and tech platform Quill. “It’s the only medium where being actively engaged in another activity increases engagement rather than hurts it.”

As they’ve become more popular, financial advisors and personal finance experts have launched podcasts to grow their audiences, and at some point, you’ve likely wondered whether you should dip your toe into podcasting. Let’s examine three reasons why you may want to add podcasting to your marketing mix.

1. BUILD THOUGHT LEADERSHIP You’re constantly looking for new ways to become a go-to for financial advice. You might build thought leadership in a variety of ways currently, from writing blog posts to sending out email newsletters to hosting webinars, and podcasts are just another tool that can help you showcase your expertise. The benefit of a podcast is that it gives you the ability to share longer-form content in your voice, and to dive deeper into topics of interest. You can do this by approaching other podcasts to have you on as an interviewee, or by launching your own podcast.

Take David O’Leary, an advisor at Kind Wealth in Toronto. He launched a podcast called The Kind Wealth Club that focuses on his firm’s commitment to social impact investing. In his hour-long episodes he shares his own personal story, which helps to build affinity with potential clients, and he dives deeper into topics like personal finances in an emergency. Being on a podcast — whether your own or someone else’s — not only positions you as an expert, but it also allows you to go deeper on topics you

Podcasts are great for engaging your existing clients, but they’re also a fantastic way to find a new audience — whether you’re launching your own podcast; being interviewed on someone else’s podcast; or advertising on a podcast (or all three). Through the discovery tools on apps like Apple Podcasts, potential clients can find your show and easily subscribe to future episodes. You can also promote your podcasts, or episodes you’re featured on, via your other marketing channels, including social media, email, YouTube, and your website. For existing clients, this helps to showcase your expertise and educate them on topics of interest. For prospective clients, this helps them get to know you. Podcasts showcase your personality, and allow listeners to get a sense of who you really are. But make no mistake, they can also be excellent sales tools. “Podcasts have very high conversion rates,” said Quill’s Zaidi. “They’re a great tactic for sales lead generation, and a great way to build relationships with prospective companies or clients.

Podcasts are not just a great marketing tool, but should also be used to help support your sales funnel.”

3. AUGMENT YOUR PAID ADVERTISING MIX Launching a podcast is a lot of work and includes writing scripts, recording, editing, and promoting. For many advisors, it may be more feasible to start with advertising on other podcasts. For example, at my company Willful, we’ve placed ads on podcasts from personal finance experts, including the MoreMoney podcast, the MapleMoney podcast, and the Canadaland podcast. We’ve also focused on securing interviews on podcasts, including the Fintech Impact podcast, to share more about our story and the importance of estate planning. If you know that you don’t have the resources (time and/or money) to launch a podcast yourself, you can either hire an agency like Quill to outsource the work, or you can start small by advertising on a podcast and measuring the impact.

The bottom line is podcasts are here to stay. I’m a huge podcast fan, and I listen to at least an hour of episodes per day — and the stats show I’m not alone. As we begin to return to the office and spend more time commuting, it’s likely that podcasts will become even more ubiquitous — so don’t ignore them as a channel to increase your distribution and attract new clients.

ERIN BURY is the CEO at Willful.co, an online will platform that empowers advisors to help clients with estate planning. She has more than a decade of experience building brands.

SEPTEMBER 2021 FORUM 9

COVER STORY

10 FORUM SEPTEMBER 2021

π Transformative

Advice

π FORUM speaks to incoming chair Robert Eby about the future of advice post-pandemic, strategic plans, and regulation

PHOTO: LAURA ARSIE PHOTOGRAPHY

Y

ou could say financial planning is in Robert (Rob) Eby’s blood. Literally.

His grandfather George Eby was the first family member to delve in, starting in Winnipeg with what was then known as Investors Diversified Services based in Minneapolis, which later became IG in Canada, and spent 42 years with the company. His father, Peter, got his start at IG head office by working in the mailroom at age 18. Later, he worked in client services before becoming an advisor, and retired after 52 years of service. His sister, Charla, has been an associate consultant at IG Wealth Management for the past 27 years, first with their father, now with Eby. Eby’s foray into financial services didn’t quite follow tradition. First, he earned a post-secondary degree in computer science instead of business, commerce, or accounting. While Eby did join IG Wealth Management, he worked in head office focusing on technology tools for financial planners. Later, he left IG for Naviplan, a financial planning software company. He rolled out financial planning tools to many advisory firms and trained their staff as well, including those at IG. Finally, in 2006, he rejoined IG to work in his father’s advisory practice, eventually succeeding him when Peter retired.

Eby has his certified financial planner (CFP) and registered retirement consultant (RRC) designations.

Colleagues encouraged Eby to join Advocis to network, meet friends, and participate in industry advocacy efforts. He first volunteered as treasurer at the Winnipeg chapter, and became the chapter’s chair within a few years. From there, Eby joined the Chapter Leadership Council and was a regional representative for the prairies. After five years, he became the chair of the council for a two-year term. In 2015, he officially joined the Financial Advisors Association of Canada (TFAAC) board of directors, moving up the ranks over the past six years.

FORUM caught up with Eby to discuss the year ahead and how Advocis plans to move forward in a pandemic world.

FORUM: What are your goals as incoming chair this year?

Rob Eby: I want to emphasize the transformative role of advice — the power of the advisor. Advisors provide exceptional advice to their clients. We have the power to elevate the value of advice so it’s not taken for granted, as it has been in the past; professional advice is going to become more visible to potential clients.

SEPTEMBER 2021 FORUM 11

COVER STORY Throughout the pandemic, we have had the opportunity to transform our businesses, the way our companies work, and the way our clients interact with us. This has helped us show the value that we bring to the table beyond just products and transactions.

We’re really here to help people through various life stages, coaching them through difficulties and opportunities, and being empathetic to their needs.

On the advisor front, there’s an opportunity to transform how we deliver education and content to when advisors need it. It’s one thing to do a course and put the course book on the shelf and then refer back to it when you need to, but then find it’s not very relevant anymore. Imagine being able to have an education platform that’s relevant when you need it at any time. For example, you remember a tax module you studied years ago as part of a designation. If you need to refer back to it, you’d like to see the updated, current material. Having the designation is important, but being able to support that designation with meaningful content on demand is equally important.

I also think the regulatory world is going to evolve and change.

We’re ahead of the game with the level of advice we’re providing clients, but the regulators are still mostly focused on the transaction and product side. Advocis can play a role in helping to support regulators with understanding how to regulate financial advice in a meaningful fashion.

as well. How the industry has traditionally talked about money may be quite different in some other cultures.

Some cultures have different ideas on wealth creation. Wealth may be acquired in other ways besides what’s in their bank accounts. For example, family wealth may have been created by owning property and expanding the amount of property throughout all family members.

Some cultures are very risk-averse; they’re concerned about preserving and protecting that wealth for multiple generations.

And while things like life insurance are extremely important to discuss with these clients, as an industry, we might not have the right approach on how to best communicate. Instead, we’re just trying to fit everybody into the same holes, and there’s lots of opportunity to understand the different shapes their pegs are.

FORUM: Title protection is expected to be finally legislated next year. What does this mean for Advocis?

Rob: Title protection is just one piece of the whole professionalization conversation. There’s still lots of other hard work to do.

It’s not just about protecting the titles “financial advisor” and “financial planner.” We need to make sure that regulators, legislators — and consumers — know what it means to be a professional financial advisor. I see Advocis doing a lot of work in the next year to educate consumers on that what these titles mean, and why they are important, because there’s still going to be people out there using various other titles that may not meet the definition.

FORUM: What are your thoughts about the CRA’s new single self-regulatory association (SRO)?

Rob: A new single SRO presents some tremendous opportunities for modernization and change. Many of us and our dealers are digitally transforming our practices with new technologies that allow for a higher level of client engagement and advice. Much of the compliance and oversight is automated and proactively monitored, which allows us to focus less on transaction details and more on planning and advice. With know your product and clientfocused reforms, traditional products and solutions are evolving fast to meet client needs. Evolving products and solutions are blurring the lines of traditional SRO categories. Advocis has a great opportunity to represent our voice with the modernization of a new SRO.

FORUM: You’ve worn many different hats in financial services. Who or what ultimately inspired you to become an advisor?

Rob: It was very much part of my father’s succession plan. My dad didn’t want to see his business transitioned to a number of different people. He wanted continuity. We had gone back and forth several times. I wasn’t actively looking to come into the business and be an advisor, but I reached an age where it became important for me to own something of my own, and I wanted to help clients with their challenges.

We went through about a two-year transition where I was meeting with clients, and then we transitioned the business to me. At that time, my father then become my associate while I became the lead. And then two years later, he officially retired.

FORUM: Advocis has been working on its Strategic Plan for a few years now. Are there any updates on that initiative?

Rob: Part of our strategic planning is rethinking what it means to be a member. Many types of roles like assistants, people at head office, and compliance officers are part of my team. But they don’t fit well into the membership definition we have today. Companies are going to need help with some of the basic education and training when it comes to fundamental financial planning and technical skills. I think companies are going to look to Advocis as a solution to making sure their advisors have the baseline knowledge to provide professional financial advice.

Diversity, equity, and inclusion are also very important to us as an association. It’s all about removing barriers. I want to make sure that all people, regardless of their background, are welcomed and supported.

This point extends to a diverse group of investors and clients

FORUM: What are your thoughts on work arrangements post-pandemic: in-office, work at home, or a combo?

Rob: Today I was allowed to go back to the office for the first time in a long time. I didn’t have to go in because I have all the tools and resources at my fingertips, so I didn’t.

Ultimately, there may not be the same office environment to come back to. My office is 100% digital today. We use digital signatures. We have very little paper anymore. We’re now using videoconferencing software to talk to clients. I’m screen-sharing our financial planning assumptions and reports, and am not sitting across the table with a piece of paper anymore. I find online much more dynamic and interactive.

12 FORUM SEPTEMBER 2021

Want to discuss any articles that appear in FORUM? Write to me at dgageforum@gmail.com and we’ll keep the dialogue going.

Congratulations to

Rob Eby The new Chair of Advocis Rob and his family are passionate about giving Canadians exceptional financial advice. Collectively, they have an astonishing 140 years of experience with IG. We’re so very proud of Rob’s appointment as Advocis Chair.

PRACTICE MANAGEMENT

Special Report

On Advisor Teams

Bringing new staff into your business requires more of a plan when done virtually. Kim Poulin and Patricia Giesbrecht explain how to get started

Y

our business has transformed significantly over the last 18 months. You’ve accomplished what you may have thought was impossible. The biggest challenge continues to be running your business safely while also trying to run it efficiently in a changing environment. You’ve had to remain flexible, adaptable, available, and open-minded.

What about new team members? The fundamentals of onboarding have basically remained the same, but the process has become more challenging in the pandemic.

Click Boarding, an onboarding company, recently published a playbook, How Do “I” Onboard in Today’s World? They defined onboarding as “the process of introducing your employees to the expectations, skills, knowledge, and culture of your company. It’s 14 FORUM SEPTEMBER 2021

L&A FINANCIAL GROUP:

Onboarding Saadia

The virtual world was new to all of us. The challenges, for me, were not being immediately available to answer questions when not in the office. As a team, we completed the first two weeks of Saadia’s training in the office with a two-person office limit. Once the stay-at-home order started, the training went entirely virtual. Then, when we were allowed to have one person in the office, Saadia did virtual and the trainer came to the office. She met some team members in person and others virtually. Because Saadia was already well versed in the virtual world and she already knew much of the basics, the training went quickly. Developing a personal connection is harder so it was important that our team and Saadia listened and asked a lot of questions to get to know one another.

OUR TAKEAWAYS • Being fully organized and prepared is vital. You may not know what the set-up will be, (100% virtual, 50/50 virtual/in-person), depending on public health guidelines. Be prepared for any option by continually reviewing potential scenarios and their remedies.

• If in-person is feasible, make sure you have masks and hand sanitizer at the office and are able to physically distance. Ask them how they are doing and how you might ease any anxieties. Making your new hire comfortable is imperative.

PHOTO: ISTOCKPHOTO

Welcome Onboard

the pivotal moment that may make or break the employee’s experience and long-term potential.”

The stakes are high enough when you can see, interact, and train your hire in a “normal” way. So, how have advisors been effectively onboarding over the past 18 months?

We spoke to some advisor clients we supported through the hiring process. Here is what they said worked for them:

• Spending time talking to and learning about your new hire is important so you can give them a sense of the company culture.

Have lunch with your new hire. Order the meal to the office or your home offices and set aside time for a casual conversation, whether together or virtually.

GENERATIONS FINANCIAL SOLUTIONS:

Onboarding Abisola

For the first three weeks, Abisola and I were together in the office inperson. This was challenging because we had to follow health procedures — wear masks and maintain a six-foot distance. The remainder of training was completed virtually at our home offices. We have two monitors and do video calls to share our screens and see one another, which is more productive than over the phone. To start, we did an introductory video call where everyone came on and shared a little about themselves. We had flowers and a welcome card sent to Abisola’s home. We ordered lunch to each of our home offices and had a virtual social. Day one was mostly getting her set up. We had a training task list we worked through, and Abisola set up virtual meetings with each team member to review how she would be supporting them individually. When at home working, we would touch base daily in the first week and moved to weekly afterwards. Overall, the training we did virtually worked really well!

OUR TAKEAWAYS: • Follow an onboarding checklist that you have prepared well in advance to make sure everything is covered. Adjust it when required and keep it handy for future hires.

• Do training with each team member individually. This helps to encourage relationship building and a deeper understanding of the company culture.

• Personal touches in a virtual world can make a world of difference — flowers, a card, a lunch to show that you truly appreciate your new hire.

SEAN PEACH FINANCIAL SERVICES INC.:

Onboarding Jenny

All of our training was through video calls with Jenny. She has only been in the office a few times. We set up a three-month onboarding process, prioritizing each item by week. We spent one and a half hours every day addressing each item. Jenny met everyone separately as well.

She met me in person and with the rest of the team virtually. We set up daily check-ins to review progress and resolve any concerns. It’s harder to train online as it can be much more difficult to “read” someone and build trust. One way we encourage personal connections is by pulling a question from the Talking Cents card deck each week in our team meeting, which all respond to. You can really get to know people that way.

OUR TAKEAWAYS: • If you aren’t sure if the hire is understanding and absorbing all of the training, set up post training check-in meetings as an opportunity for the new hire to ask questions.

• If working closely with a head office, have them provide some of the training.

• Taking time to have some fun is beneficial for the entire team — not just the new hire. Your hire will acclimatize better and the team will become more comfortable.

COUTTS FINANCIAL SERVICES INC.:

Onboarding Abby

We met Abby over wine and oysters virtually before her start date as part of an event a supplier was holding for us. We sent flowers to her home on day one and took her out for lunch as soon as the patios opened again. Then she started coming into the office. The first month of training was 100% virtual, dropping down to 80% for the following two months, and now we are down to 20%. In the first two weeks, we had Abby join in on our client appointments. Not only was this convenient with Zoom, but being new to the industry, this really helped her to see what we do.

One person was responsible for the onboarding checklist but the whole team pitched in to teach, shadow, and explain their roles and our operations. There is time in each of these meetings for some social interaction.

We believe the hardest part of virtual onboarding for a new hire is not being able to see and hear the workflow process in person, even observing how their colleagues speak with clients on the phone.

OUR TAKEAWAYS: • Getting your new hire to listen in on client appointments is a great way to get them engaged and aware of how you communicate with clients so they can adopt a similar style.

• Have one person accountable for the onboarding process so the new hire has clear, consistent responses to questions and concerns.

• Make sure the entire team is engaged in onboarding to meet the new hire and participate in training in their area of responsibility.

Allow for some social time to get to know them better.

Even if face-to-face training is not possible and the training is entirely virtual, the same principles and ideas apply to be successful.

Regardless of how you choose to do your virtual onboarding, thorough preparation is essential, with all team members participating at some point, and including a strong focus on building personal connections.

KIM POULIN and PATRICIA GIESBRECHT are business coaches with The Personal Coach, providing customized coaching to financial advisors and their teams. To receive a PDF of this article, email dgageforum@gmail.com.

TRAINING POINTERS If you are looking for a checklist for training, consider the following basic topics and then tailor them according to your unique processes: ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔

Administration set up Business overview Compliance Brand/marketing materials Internal communication Workplace procedures Individuals tasks IT and software

We have also recently seen clients do onboarding booklets for new hires that have proven to be helpful. They can include an overview of all administrative tasks related to wealth management, insurance, etc. Written guidelines refine the learning process and enhance productivity.

—K.P. and P.G. SEPTEMBER 2021 FORUM 15

PRACTICE MANAGEMENT Special Report

On Advisor Teams

Making It Work Hybrid office environments are here to stay for advisory firms of the future. Tamar Satov explores how they will operate

16 FORUM SEPTEMBER 2021

Jennifer Kirby

ILLUSTRATION: ISTOCKPHOTO

W

hen Jennifer Kirby started her career in 1995, doing business meant going to the office. “Work was very traditional — come in, have lunch, leave, and fight traffic,” says Kirby, CFP, CLU, CHS, CEBS, co-founder and principal at Vital Partners, an employee benefits and insurance advisory firm in Calgary. As a result, she rarely worked from home over the years, even as technology evolved to make it possible. “I would feel guilty working from home. I guess I felt a little judged,” she admits.

Fast forward 25 years, and the COVID-19 pandemic forced Kirby’s small staff to set up shop from their respective homes, as did most non-essential workers around the world. Aside from quick drop-ins to pick up the mail, Kirby’s partner and two support staff have not been to their boutique midtown offices

Brent Allen

since March 2020. While Kirby preferred to come into the office most days because she valued the separation of work and home responsibilities, she says her team more than proved their efficiency at home.

This universal work-from-home experience has been transformative for many professionals. “Since people didn’t expect you to be at the office, it gave them the permission to explore new ways of working. It’s been very freeing,” Kirby says, adding that she was surprised by how much collaboration was possible through remote channels. “In our weekly meetings, we try to introduce an element of team building or fun with a Kahoot! quiz, or sharing what you’re grateful for, to allow for some personal discussion.”

As vaccination efforts bring an end to the pandemic into view, Kirby is looking ahead to how her practice will operate moving forward. While she thinks she will return to the office full time, the others will likely come in just once or twice a week, which is fine by her.

“It’s not realistic to expect people to come into an office every day if they are comfortable at home. It’s easier for us and easier for clients,” she says. “I think it will depend on each person’s goals and objectives. I’m going to let clients drive the bus in terms of what they need from me.”

Similar conversations are happening at firms large and small, with everyone wondering what the future will look like for advisory services. Will remote work or a hybrid model replace what has traditionally been a face-to-face industry?

Early indications are that the way things were done during the pandemic will create lasting change. For example, Manulife Financial Corp. CEO Roy Gori made news in April when he said the remote working environment throughout the pandemic has been “incredibly effective” for the firm, and it will continue to allow employees to work from home at least part of the time. In July, Sun Life Financial Inc. announced that post-pandemic it would give staff the flexibility to decide where to perform their work, and would not enforce a minimum or maximum number of days they must come into the office. And, according to a report on LinkedIn, Desjardins will allow staff and their managers to determine whether in-office, remote, or a hybrid option is best for each employee.

This falls in line with what Jennifer Reynolds, CEO of Toronto Finance International (TFI), is hearing from Canada’s finance sector leaders. “Most aren’t saying everybody must come back five

Jennifer Reynolds

days a week. It will be a hybrid model with some flexibility because people are demanding it,” she says. After all, leaders can no longer default to the pre-COVID mantra that financial services work requires face-to-face interaction and cannot be performed remotely. “We’ve been doing it for the past 18 months. We’ve proven financial institutions can continue to run successfully as people work from home,” says Reynolds.

A NEW ERA

The genie, as they say, is out of the bottle and it will be hard to convince those who have experienced the benefits of working from home (more sleep and time with family, less time in traffic, and reduced stress) to return to the confines of a full-time in-office environment. A Statistics Canada study found that 80% of employees who pivoted to at-home work during the pandemic would prefer to continue to perform at least half of their work hours from home, and nearly half of those respondents would opt to work from home most or all the time.

Financial advisors are no exception. IG Wealth Management, for example, surveyed its advisors about their preferences for postpandemic work and found most want a hybrid model where they work two to three days in the office and the rest at home. Fewer than 25% have indicated they want to return to the office five days a week. The firm plans to accommodate all these preferences.

Advisors who want to be in the office full time will have access to dedicated office space, while others will go to a shared model and be able to book a workspace or meeting room as needed.

“We’re investing in building more meeting rooms in the front of the house, and shared space in the back office,” says Brent Allen, CFP, FMA, senior vice-president of financial services for IG Wealth Management. “The look and feel of our offices will change over time to become more of a place for collaboration.”

But the right technology is required to make shared workspaces feasible, and IG Wealth Management had critically already done a lot of the heavy lifting to make a “work-from-anywhere” model effective for both advisors and clients well before the pandemic hit.

For example, they centralized their customer relationship management software and other data into a main hub two years ago and had begun the process of using integrated digital forms (Capco, DocuSign) to onboard clients, which they accelerated during the pandemic. More recently, they switched to soft phone Continued on page 20 SEPTEMBER 2021 FORUM 17

www.ppi.ca

LAUNCH YOUR PRACTICE INTO THE STRATOSPHERE Our world changed dramatically in the past year, from the way we work to the way we connect with one another. This forced all of us to reconsider how we want to live our lives and how we can best serve those who depend on us.

At PPI, these changes led us to think about how to elevate support for advisors. We believe that more than ever, it is critical that you have the best digital tools to serve your clients… across all markets, wherever you are, and however you want to work.

We’re excited to announce Stratosphere. Instead of a single application, it’s an ecosystem of leading proprietary tools for prospecting, analysis and presentations, complemented by exceptional third party offerings curated to help your business ascend to new heights.

Our goal is to empower you to choose the tools that work best for your practice and make them work together better with smart two-way connections, utilizing your brand, so they are more than the sum of their parts.

We support you with a team of digital sales enablement experts – from training to trouble-shooting – available to help you get started, and they’re just a phone call away to lend a hand. Talk to us today.

Unparalleled Resources. At Your Command.

Vancouver Burnaby Surrey Calgary

Edmonton Winnipeg Kitchener Mississauga

Toronto Ottawa Montréal Brossard

Québec City Halifax St. John’s

PRACTICE MANAGEMENT

Darryl Brown

Continued from page 17

lines and a virtual desktop system that allows advisors to take calls and securely access IG’s powerful Living Plan Portal from any device, wherever they may be.

In other words, they made it easy for advisors to provide a full slate of digital client services remotely — it wasn’t just about migrating in-person meetings onto Microsoft Teams or Zoom.

This digital-first focus helped boost the firm’s industry recruitment and overall new advisor retention rates to a 15-year high during the pandemic, says Allen, despite the fact that many workplaces have seen a drop in engagement over the same period. “Our digital story is getting out there and others are seeing value in what we built,” he says.

ARE CLIENTS OK WITH REMOTE? Advisors are nothing without their clients, so their preferences should also be considered. Obviously, clients’ willingness to forgo in-office meetings will depend, in part, on the quality of the alternatives provided. They seem to like IG Wealth Management’s digital offerings, with the firm’s surveys showing more than one-third of clients no longer want/need to meet in the office at all, preferring remote or in-home visits.

TD Bank Group, on the other hand, boldly asserted in June that according to its own survey data, more Canadians were eager to see their financial advisor in person than attend a concert, sporting event, or visit a buffet restaurant.

“Anyone feeling this? Anyone?” pondered Globe and Mail personal finance columnist Rob Carrick in a social media post on Twitter where he shared the TD news release. He was met with a bevvy of guffaws and raised eyebrows, with one follower who quipped: “Is this a poll of lonely financial advisors?” Others, however, defended the sentiment — saying that the relationship between advisor and client is often so close, with a history of shared life events such as marriages, births, and deaths, that it makes sense.

That has certainly been true for Kevin Williams, CFP, CLU, RHU, president of Kevin R. Williams Financial Services (Sun Life) in Moncton, N.B. After 37 years in the industry and more than 20 running his own firm, his relationships with clients run deep.

“One of my clients, I held their baby when he was four months old and 18 years later, I’m doing a draw for him to go to university.

I had a lady who invested $800,000 with us because I helped her negotiate a vehicle purchase. A woman I had done a death claim for a few years ago came in last week and said, ‘I need one of my Kevin hugs,’” says Williams. “People want to look you in the eye and see you have their interests at heart. You don’t get that through a computer.”

That doesn’t mean he eschews technology. While his storefront firm was allowed to remain open throughout the pandemic, travel restrictions meant there were some clients he could only service remotely. And his associate advisor, Shannon Tatlock, CFP, CLU (who is also his daughter), worked from home during the pandemic when she had no child care for her then three-year-old son, Jack. (For more on Tatlock’s pandemic experiences, see FORUM’s December 2020 cover story, “Double Duty” on page 10 of that issue.)

Williams even cites an example where he feels he was able to 20 FORUM SEPTEMBER 2021

provide better service to a client via Zoom than he would have been able to do in person. It was a joint meeting with an elderly client in her 90s who lives in Sussex, N.B., and her two daughters who live in P.E.I. and Nova Scotia. “They had questions about how much their mom could withdraw if she needed extra care. I was able to share my screen and talk to all of them at once,” he says.

“The girls sent me an email after thanking me for explaining it all to them with their mom on the call.”

But he still prefers to conduct those virtual meetings from the boardroom of his office, not from home or anywhere else, as he feels it’s more professional and there are fewer distractions. He also expects his support staff to come into the office every day, as they did throughout the pandemic, and would prefer Tatlock be there most days as well.

“If Shannon says, ‘I’ve got three Zoom calls today, I think I’ll do it from home,’ that’s fine. Just make sure you have a good professional space, that Jack’s not in the room with you, and watch what you have in the background,” he says.

For Darryl Brown, however, being a “regular guy in regular clothes” working out of a modest loft space in his Toronto home is part of the authentic experience his clients are looking for. The CFA, who has his own practice — You&Yours Financial — and is also director of portfolio strategies for Spring Financial Planning, was already working remote-only prior to the pandemic, and believes this set-up serves a particular niche of client. “The people we speak to are seeking out an alternative to a stuffy retail suitand-tie environment,” says Brown. “They want to feel like they’re talking to a real person.”

When pandemic lockdowns in Toronto kept his two-year-old daughter home from daycare, he occasionally had no option but to have her with him during online meetings. “Everyone is just so cool about it. I would apologize and say I was going to turn off my video and they’d say, ‘No, leave it on, we want to see her.’ It’s fun that clients are open to this way of receiving financial services,” he says.

DUELLING DEMOGRAPHICS In the end, all the hand-wringing and pitting remote against in-office models may boil down to generational and geographic divides.

For example, during the pandemic, non-client pension plan holders were showing up at Williams’ strip mall offices in the north end of Moncton, desperate to see an advisor in person rather than deal with a call centre, he says. But chances are that in a city like Toronto, individuals would have just as eagerly sought out a virtual meeting with an advisor to avoid the time suck of traffic and the cost of parking. Indeed, Brown also saw his business increase during the pandemic.

In terms of staffing, no one working at Williams’ firm lives more than a 15-minute drive away, while many advisors and staff at big city firms face hellish commutes to get to the office due to the high cost of real estate, even in the surrounding suburbs.

“Remote work is an antidote to the cost of living,” says Brown.

“Firms are going to have to figure this out or they’ll have a hard time sourcing labour.”

Then there’s the cost of commercial real estate, which is leading some advisors to embrace remote work. “COVID has changed expectations,” says Erin Meisner, RRC, CHS, EPC, PFA, an Ottawabased regional sales manager for Equitable Life, who provides product training and support to agencies and advisors in eastern and northern Ontario. She’s found that a number of her advisor clients have decided to do away with their offices entirely after successfully increasing their business while working from home.

“Some people in the past have equated success with having a fancy office. But the pandemic has challenged advisors to rethink that.”

For her part, Meisner would prefer to resume in-person training post-pandemic, but understands why it’s important to provide options. “Agencies will give advisors a choice as to how they get their content,” she says.

Kevin Williams

Erin Meisner

NEXT STEPS The million-dollar question now facing workplaces across the country is: How can we create a successful hybrid environment?

Any missteps run the risk of alienating employees, as Apple CEO Tim Cook found out the hard way in June, when he mandated that all staff come back to the office on Mondays, Tuesdays, and Thursdays starting in September. A group of employees swiftly sent a letter to Cook and the rest of the company’s executive leadership team, complaining that their wishes were not taken into consideration and formally requesting that the tech giant make decisions about work location “as autonomous for a team to decide as are hiring decisions.”

But getting this right is not only about the logistics of how many and which days a team member will come into the office, or who should make these decisions. It will also require proper support for managers who’ll need time to learn how to oversee a hybrid workforce.

“Organizations are going to have work really hard to make sure they foster teamwork and innovation, that their people are truly managed well and engaged, and that everyone has the same opportunities [for great assignments and promotions] to make a hybrid environment successful for all,” says TFI’s Reynolds, who anticipates firms will need at least a year to 18 months to train managers to adapt. “This will become a competitive differentiator, and those who do it well are going to get the best talent.”

That rings true to Jennifer Kirby, who has gleaned valuable insights about running her Calgary firm from the pandemic. “The lesson for me has been that you don’t have to treat every employee the same way. People may be in different life stages and have different objectives,” she says. “By having open communication and being flexible, it makes them more loyal to your organization — sometimes even more so than money.”

TAMAR SATOV is a Toronto-based business editor and writer.

To receive a PDF of this article, email dgageforum@gmail.com.

SEPTEMBER 2021 FORUM 21

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Policy year

Age

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99.9

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of life insurance claims.

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2

Remarkable experiences matter The work you do to build trust with a Client and help them achieve their goals is your differentiator. Delivering remarkable Client experiences is an additional layer that helps you stand out – a layer that gives the Client tangible evidence of how hard you work in their interest. And we’re here to help.

sunlife.ca/remarkable This estimate is based on recent volumes of life insurance applications that Sun Life has received.

Calculated as the dollar value life and wealth claims paid each year between 2016 and 2020.

3 Calculated as the result of Sun Life’s 0.097% decline rate on policy claims.

1 2

We help. You grow.

PRACTICE MANAGEMENT

Diversity Rules Sheila Avari explains why inclusion matters in today’s practice Special Report

On Advisor Teams

Taking authentic action to improve inclusion and diversity in the workplace isn’t easy, but it is quite possibly the most powerful business development strategy you will ever need.

26 FORUM SEPTEMBER 2021

Equity, Access, and Leadership (I.D.E.A.L.) in the workplace. And since many of you are the employer, leading small, mighty practices, would you consider yourself to be I.D.E.A.L.? And by association, would your clients consider you to be I.D.E.A.L.?

Based on insights from our 2021 I.D.E.A.L. Workplace study of 1,500 professionals — 21% representing the financial services industry: • 90% see a diverse workforce as a business growth opportunity; • 90% say inclusivity benefits everyone, not just people from diverse backgrounds; • 95% say an engaged workforce with a positive work culture leads to more business success.

In 2021, when your peers and prospects represent all cultures, races, abilities, genders, and generations, hiring, developing, and retaining equally diverse team members is more than just the right thing to do.

PHOTO: ISTOCKPHOTO

A

s an advisor who runs your own business, you pride yourself on hiring and retaining the very best to advise and protect clients. Well, the war for talent is real, as skilled professionals are becoming more discerning with how and where they work.

In my research, I’ve found more Canadian professionals want to work for an employer that is focused on Inclusion, Diversity,

IN THE COMMUNITY

Imagine leading a highly capable and qualified team (like you might do today). Now imagine one team member earned her degree in South Africa, one is a recent university graduate living with his parents while he saves for a home, one made a mid-career switch to financial services after working in retail for 12 years, one is five years from retirement, one is taking night school and has a teenager with cerebral palsy.

Teams like this create a competitive advantage that gets noticed by peers and prospects. They create a different kind of work culture, where everyone’s voice matters, where unique differences are celebrated, and where team members feel like they belong.

Our insights show 83% of financial professionals working at organizations that prioritize being I.D.E.A.L. say they are inspired by their direct manager and are more eager to come to work. If you have basic or reactive principles with no clear plan to advance your I.D.E.A.L. principles, the people you are paying are most likely disengaged and not delivering their highest performance.

If you or someone you know has any doubts, here’s why having an I.D.E.A.L. mindset makes business sense: A Desjardins practice owner outside of Toronto once told me a story that I call “every agent’s fear.” Her friend, a practice owner elsewhere in the province, had hired an agent who, over several years, brought in a sizable number of clients and helped to grow the business. The agent subsequently left the practice and guess what happened? Most clients followed him because he spoke their language and understood their cultural nuances.

I understand this first-hand. My parents tell me there was only one reason they opened the door to an insurance advisor and invited him in for coffee in 1977 Toronto. He had a familiar accent and a last name that placed him as being from my parents’ hometown. He remained our advisor for decades until he retired last year.

Back to “every agent’s fear.” You might wonder what could have been done to retain the clients? In my opinion, the better question is how could you have retained the agent?

There’s a myth that creating an I.D.E.A.L. action plan is complicated and expensive. Here are some recommendations you can put into practice to foster a more I.D.E.A.L. team culture — and they don’t cost anything. My best advice is that you and your team pick two or three actions to try this quarter.

Encourage mentoring and reverse mentoring: Informal conversations between new-in-career and more tenured colleagues should focus on knowledge exchange and not just knowledge transfer. You can learn institutional knowledge from team members with more experience. Similarly, new-in-career team members savvy with technology may be able to introduce more efficient ways of working using an app or other digital tool. They can also be your resident experts sharing first-hand insights on how to attract and service next-gen clients. ➤ Organize a friendly team challenge. For one month, challenge your team members to use bias-free language. For example, when a team member slips, they get a point; keep a tally where the team can see. After some time, tally up the points, and the team member with the lowest number of points wins a prize. ➤ Celebrate holidays or events. If your team members are comfortable with this (always ask them first), find simple ways to celebrate and learn about cultural holidays. For example, a team member may want to share a story about how they marked the celebration of Eid or Holi. ➤ Remove the taboo around abilities and disabilities. You can create a psychologically safe and physically accommodating workplace by speaking about abilities and disabilities openly and encouraging team members to get help, when needed.

IN HIRING

WITH CLIENTS

➤ Redefine what “hiring for fit” means. One of the easiest things to do is to hire someone just like you because you think they will “fit in” with the team. Instead of hiring people who “fit” into the current team culture, hire people who can “shape” the future of the team. ➤ Pay attention to your biases. For example, “Affinity Bias” is the tendency to warm up to people like ourselves. We favour those who have something in common with us. In fact, we can find something in common with almost anyone if we are willing to do the work and get to know them. ➤ Establish diverse interview panels to hear fresh perspectives and help more people feel like their voices matter and they are being heard. ➤ Challenge hiring practices. If there is an open entry-level role on your team, consider whether you need a university graduate to perform the job. If your team hires exclusively from certain schools, consider diversifying your search.

➤

➤ Organize an I.D.E.A.L. speaker panel: Invite diverse community leaders to share their points of view on an emerging topic of interest related to your client base or to a group you want to learn more about (e.g., the benefits of neurodiversity on teams). ➤ Identify team members with interest and potential to join community groups to help them increase exposure, build their network, and gain visibility with the community. ➤ Encourage team members to become allies by educating themselves on the lived experiences of others, practising active listening, advocating for underrepresented groups, interrupting bias or discrimination, and/or participating as an active member in community groups.

ON THE TEAM ➤

Use virtual backgrounds when on Zoom calls to respect privacy and remove indications of socioeconomic status that may contribute to unconscious bias. ➤ Celebrate the diversity of your team openly. This is infectious.

Your clients will see and feel your pride and want to share in this joy.

I like to tell my clients that becoming I.D.E.A.L. is the journey and the journey is the destination. We live in a country where we get to be excited about what makes us different. Organizations that take an employee-first approach by engaging their team members and committing to improving inclusion and diversity create a virtuous circle that attracts and retains the very best advisors and clients.

SHEILA AVARI is CEO and Chief ProvocateuHR of Fusion Consulting Group.

She helps high-performing leaders improve the employee experience and strengthen the employer brand. www.fusionconsultinggroup.com SEPTEMBER 2021 FORUM 27

Together, we’re making a difference.

We’re proud to have you in our corner.

C O R P O R AT E PA R T N E R S

C O R P O R AT E S P O N S O R S

We couldn’t do all we do for financial advisors in the best interests of their clients without you.

Your investment in Advocis helps us build a strong community of professional financial advisors across Canada … helps us make sure advisors get the continuing education they need to succeed … helps us make sure Canadians have trusted-expert advice to help them make the best decisions for their financial interests … helps shape the future of our industry. A big “thank-you” to all our 2021 corporate partners and sponsors.

For information on the Corporate Partnership Program or to become a corporate partner or sponsor, please contact Celia Ciotola at cciotola@advocis.ca

TAX UPFRONT

BY DOUG CARROLL

Family Business Transfers Will Bill C-208 smooth out succession planning?

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requently, founders of a family business want that business to remain in the family once they have moved on. This makes family-sense in terms of a wealth transfer, and it also makes business-sense as those who have grown up and supported the enterprise usually have the intimate knowledge and have developed skills to best realize upon and continue its success.

Unfortunately, under prevailing tax rules, parents as founders have a dilemma: keep it in the family but leave valuable tax benefits on the table, or transfer to outsiders to achieve the optimal tax result.

With royal assent of Bill C-208 this past June, the new tax law may have opened for more tax-efficient family business transfers. Whether and when this may indeed come to fruition depends on the next steps in the law’s implementation process, discussed further below. Let’s look at the problems, and how the new law seeks to address them.

dividend, but with some manoeuvring could be converted into a capital gain. For reference, the average combined federalprovincial individual top bracket is 26% for capital gains, compared to 37% and 46% for Canadian eligible and non-eligible dividends, respectively.

ITA Section 84.1 prevents this conversion when someone sells shares of their corporation to another corporation related to that person. This means that the sale of shares by a parent to a child’s corporation is treated as a dividend. Had the parent instead sold to an arm’s length purchaser, the preferable capital gains rate would have applied, and the parent could make use of the lifetime capital gains exemption, which in 2021 stands at $892,218 or $1 million for a qualified farming or fishing corporation.

Bill C-208 amends Section 84.1 to deem the purchaser corporation to be arm’s length if it is controlled by a child or grandchild, so long as the shares are held for at least 60 months.

OVER-REACHING ANTI-AVOIDANCE RULES

Problem 2 — Dealings among Siblings ITA Section 55 deals with “butterfly” reorganizations where a corporation’s assets are divided among shareholders’ holding companies. Subsequent actions may allow certain transfers to be treated as tax-free intercorporate dividends, but an anti-avoidance rule deems these to be taxable capital gains for unrelated parties. The definition of unrelated parties includes siblings.

This causes uncertainty for parents in dividing a business among their children’s respective corporations, the children being siblings of one another. They are related through a parent while the parent is living, but the above rule will treat them as unrelated if the parent is deceased. Illogically, the tax efficiency of a future reorganization hinges on a parent’s longevity.

Sometimes, anti-avoidance rules in the Income Tax Act (ITA) cast a net that extends beyond their intended targets.

In the present case, the concern is with a couple of provisions designed to prevent abusive corporate manoeuvres, but may suppress legitimate planning that would otherwise help sustain family businesses.

To the point, owners of incorporated Canadian businesses face serious impediments when selling their shares to a corporation controlled by other family members.

Problem 1 — Intergenerational Share Transfers A corporate surplus amount received by a shareholder is commonly treated as a

Bill C-208 amends Section 55 so that it no longer applies to siblings where the transaction involves shares of a qualified small business corporation, or family farm or fishing corporation.

TEMPERING EXPECTATIONS The Bill received royal assent on June 29, 2021, and a day later the Department of Finance issued a news release stating that the “government is committed to facilitating genuine intergenerational share transfers, while preventing tax avoidance that undermines the equity of Canada’s tax system. The government proposes to introduce legislation to clarify that these amendments would apply at the beginning of the next taxation year, starting on January 1, 2022.”

For consideration, Bill C-208 was passed into law with support from members of all parties, but notably was opposed by cabinet. As well, as a private member’s bill, it was not drafted by the Department of Finance. The text is brief and may be open to abuse, as intimated by the need “to clarify,” according to the news release. All this taken together, expect that forthcoming amendments may significantly amend the current text.

For advisors, this is a prime opportunity to engage with small business owners.

Succession can be a sensitive conversation to raise with founders; it can also be a difficult one for them to bring up with their families. Regardless what form the law ultimately takes, the spotlight has been cast on the issue by the legal wrangling, so make use of it to open up the succession dialogue.

DOUG CARROLL, JD, LLM (Tax), CFP, TEP, is a tax & estate specialist with Aviso Wealth.

He can be reached at doug@douglascarroll.ca.

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ESTATE DILEMMAS

BY KEVIN WARK

Recent Court Decisions How Mak and Hertendy v. Gault affect family transfers

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he recent Ontario case of Calmusky v. Calmusky caught many by surprise, as the Court applied the presumption of resulting trust to override a Registered Retirement Income Fund (RRIF) beneficiary designation. For readers not familiar with this decision, it involved estate litigation relating to one family member’s entitlement to the proceeds of the deceased father’s RRIF pursuant to a beneficiary designation.

The estate successfully argued that the presumption of resulting trust should govern ownership of the RRIF proceeds. This presumption applies where a gift is made to an adult person, placing the onus on that person to prove that a gift was intended. As a result of the application of the presumption in this case, the RRIF proceeds fell back into the estate to be distributed in accordance with the father’s will and became subject to probate fees.

Advocis and the Conference for Advanced Life Underwriting (CALU) have been working together with other professional organizations to reverse the impact of the Calmusky decision. A submission was made to the Ontario government requesting legislative amendments that would confirm the presumption of resulting trust does not apply to statutory designations.

So far, no action has been taken by the Ontario government and we continue to push for a legislative resolution.

In the meantime, a new Ontario court decision, The Estate of Mak v. Mak, offers strong judicial support for these advocacy efforts. In a very similar fact situation, the Court chose not to follow Calmusky on the basis that the presumption of resulting trust only applies to inter vivos gifts, and not to gifts pursuant to a beneficiary designation. In reaching its decision, the Court took note of legal commentary that was critical of the Calmusky decision, which indicated there is usually no need to determine the owner’s “intent” behind a statutory beneficiary designation. The

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Court agreed with these views, saying “the whole point of a beneficiary designation … is to specifically state what is to happen to an asset upon death.” It therefore concluded that this presumption did not apply to the RRIF beneficiary designation (and presumably to insurance designations).

The onus therefore fell on the other estate beneficiaries to establish that a gift of the RRIF proceeds was not intended, which they were unsuccessful in doing.

While the Mak decision is a positive development, it does not conclusively deal with this issue. As both the Calmusky and Mak decisions originate from the same court, an Ontario Court of Appeal decision or legislative changes are still required to confirm the presumption of resulting trust does not apply to adult beneficiary designations. As well, the Mak decision would not necessarily have any impact in other provinces such as British Columbia, Alberta, and Manitoba, where courts have accepted that this presumption does apply to statutory beneficiary designations. Therefore, professional advisors still need to document their client’s intentions about making a gift when designating an adult beneficiary (other than a spouse).

HERTENDY V. GAULT DECISION This court case involved a dispute between a mother and her adult daughter as to the effect of the transfer of a residential property to the daughter. The mother (Marian) claimed that she did not intend to make a gift of the property to her adult daughter (Beverley). Marian gave testimony that she did not understand or appreciate the legal effect of signing documents transferring her home to the daughter. She also argued that Beverley provided no consideration for the transfer, and therefore the presumption of resulting trust should apply, with the onus being on the daughter to prove that a gift was intended.

Beverley argued that the transfer was intended as an advancement of the bequest

to her under her mother’s will, and in any event, she provided consideration by agreeing to pay for certain home expenses such as property taxes (which in fact were subsequently paid by Beverley). She further argued that due to an ongoing dispute with her mother, Marian was now trying to “unravel the gift.”

The Court had to sift through conflicting and ambiguous evidence to determine whether the presumption of resulting trust should apply, and if it did, if there was sufficient evidence that Marian intended to gift the property to her daughter. The Court accepted that some element of consideration had been received on the transfer, with Beverley undertaking to pay household expenses while allowing her mother to continue to live in the house. As such, the presumption should not apply.

However, the Court also felt the overall evidence supported the daughter’s version of events, and that a gift had been intended by her mother. As a result, the Court held that the daughter was the legal owner of the home, with Marian only retaining a life interest in the property.

This case once again affirms the need for parents (with the help of their advisors) to carefully document the underlying rationale for the property transfer — such as bank accounts, investments, or real estate — into sole or joint ownership with their adult children. Communicating these intentions to other family members may also help avoid costly litigation and possible damage to family relationships, which unfortunately arose in this particular case.

KEVIN WARK, LLB, CLU, TEP, is the managing partner of Integrated Estate Solutions and tax advisor to CALU. He is the author of the bestselling consumer book, The Essential Canadian Guide to Estate Planning (2nd Edition). For a limited time Advocis members can get a signed version of this book for a special price of $20 plus HST, including delivery. Please contact kwark@integratedestate.ca for ordering details.

CORPORATE INSURANCE

BY GLENN STEPHENS

Donating Life Insurance What are the opportunities and pitfalls?

I

ncome tax incentives have made the donation of life insurance policies an attractive alternative to surrendering policies that are no longer required for their original purpose. Let’s consider the advantages of policy donations in addition to potential income tax and regulatory pitfalls of which charities and prospective donors should be aware.

Where a life insurance policy is donated to charity, the amount of the donation for receipting purposes will generally be equal to the policy’s fair market value. This would typically be determined by an independent actuary, who would consider a variety of factors, including the type of policy, its replacement value, and the life insured’s state of health. In most cases, a policy’s fair market value will exceed the amount that the policy owner would be entitled to receive on a surrender of the policy, and potentially provide the policy owner with significant incentive to donate rather than simply terminate the policy.

A donation is a disposition for income tax purposes, but is taxable only to the extent that the policy’s cash surrender value exceeds its adjusted cost basis (ACB). Any tax cost will generally be more than offset by the charitable tax credit.

However, there are some income tax and regulatory issues to consider. From an income tax perspective, some rules reduce the amount of a gift where the donor has owned the gifted property (including life insurance) for less than three years. They also apply where a gifted policy has been owned for less than 10 years, if one of the main reasons for acquiring the policy was to make a gift. The general effect of these rules will be to limit the amount of the donation to the policy’s ACB, which in the case of older policies, will be significantly less than fair market value.

In this regard, a question arises when a term policy is converted to a permanent policy then donated to charity. Does this constitute an acquisition of a new policy for the purposes of the three- and 10-year rules described earlier? If so, the value of the converted policy for donation purposes would be limited to its ACB. It is unclear how the Canada Revenue Agency would view the donation of a recently converted permanent policy, and the Conference for Advanced Life Underwriting (CALU) is seeking a technical interpretation. Presumably, this issue could be avoided by first gifting the term policy to the charity, with the charity subsequently converting the policy into a permanent policy. A cautious approach is recommended, and interested clients should consult qualified tax and actuarial advisors.

Regulatory concerns also need to be considered, in particular the “anti-trafficking” rules that exist in the Insurance Act of most provinces as a means of prohibiting the commercial trading of life insurance policies. While the donation of an insurance policy to charity would not normally be considered “trafficking,” it was nonetheless characterized as such by the B.C. Financial Institutions Commission in a June 2019 letter to a charitable organization that was actively soliciting the donation of insurance policies. The Commission stated that the activities of the charity were in breach of the B.C. anti-trafficking rules and that it should cease the solicitation of policy donations from B.C. residents.

The concerns raised by this letter were eased when the Commission issued a follow-up letter in May 2020, in which it stated that the solicitation of insurance policy donations by “bona fide” charities, and the donation of policies to such charities, is not generally prohibited.

Primarily in response to these regulatory concerns, the Canadian Association of Gift Planners (CAGP) has developed guidelines regarding the charitable donation of life insurance policies. A complementary set of guidelines has been created for charities, advisors, donors, and life insurers. One of the key objectives of these guidelines is to ensure that policy transfers to charities are not used as a means of circumventing provincial anti-trafficking rules. Many other issues are dealt with in these guidelines, which are readily accessible on the CAGP website.

While income tax and regulatory concerns do exist, significant incentives remain for the donation of in-force insurance policies. Advisors can play a key role in alerting clients to these advantages as well as any potential pitfalls, and in assisting charities in assessing the policies being put forward as potential gifts. In particular, advisors can help charities understand the rights and obligations within the insurance contracts, especially those involving future premium payments that may have to be funded by the charity.

A final reminder: the above discussion focuses on the transfer of policy ownership to charity, and there are many other ways outside the scope of this article that life insurance can benefit charitable organizations. For example, by retaining policy ownership and designating a charity as beneficiary, the policy owner will not receive a current tax credit. However, the proceeds themselves will be treated as a charitable gift when paid to the charity, resulting in significant income tax benefits to the donor’s estate.

GLENN STEPHENS, LLB, TEP, FEA, is the vice-president, planning services at PPI Advisory and can be reached at gstephens@ppi.ca.

HOW TO REACH US On Twitter: @advocis @deannegage On Facebook: facebook.com/advocis On LinkedIn: linkedin.com/company/advocis SEPTEMBER 2021 FORUM 31

LEADERSHIP & GROWTH

BY PHILLIP ACKERS

Belief and Execution The true impact of field leaders

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The world is changing around us, the regulatory environment is evolving, and client demographics and needs continue to shift. COVID has caused all of us to think about our own life, health, and wealth. more, nothing less. But the power of the message is muted.

BELIEF > ATTITUDE > BEHAVIOUR > ACTIVITY If you believed that your clients only wanted the kitchen table relationship, then your attitude could have been “my clients won’t want to meet virtually.” Your behaviour might have been to ignore or downplay any capabilities that were available. The activity that you demonstrated, perhaps, was to rely on old methods of engagement or to not engage at all. Many were pulled into it

when in fact this was a prime example of where leaders had the opportunity to make a difference.

Field leaders had three roles. They needed to believe. They needed to advocate for advisors. And then, they needed to help advisors believe and execute by: • Highlighting those advisors who had already embraced the technology; • Promoting the enhancements made by firms; and • Working with those who needed help.

But they needed to believe first.

As programs are developed, as training is created, as changes are anticipated, field leaders hold the key. We sometimes focus too much on trying to change advisor behaviour without fully considering the role that leaders can play. Before any training event or initiative launch, what is the role that you want the leader to play?

They are critical in helping advisors make a shift.

People in field leadership positions are, in fact, the change agents. They are the ones who have the day-by-day connections required to actually help make the adjustments.

Every time you see a leader create focus it is remarkable the impact that they have.

Results are generated and there is always a direct tie to the activities of the leader.

The world is changing around us, the regulatory environment is evolving, and client demographics and needs continue to shift. COVID has caused all of us to think about our own life, health, and wealth. The need for advice has never been greater.

Field leaders can help advisors embrace the changes, capitalize on the opportunities, and execute with purpose.

PHILLIP ACKERS, CPA, MBA, is AVP, learning and practice management at Sun Life. He can be reached at phillip.ackers@sunlife.com. GAMA International Canada provides professional development and networking opportunities for leaders in the financial services industry. For more information, visit www.gamacanada.com.

PHOTO: ISTOCKPHOTO

F

irms can control many aspects of an advisor’s offering, such as marketing and the availability of products. But much of it comes down to whether or not execution is happening at the ground level. Frontline advisors are, in many ways, the face of the organization.

They represent the brand and, in fact, in the eyes of their clients, define it. The question then is simple. How do you ensure that the brand delivered is the one that you want?

In reality, the true leverage point is the support, reinforcement, and day-to-day engagement of the field leaders. Sustainable change is driven through the alignment of leadership. This is where the difference can be made. Those who will succeed will be the ones that can execute. And field leadership can influence behaviour on a larger level.

The role of field leadership is paramount in driving the culture, in defining the brand, and in making change. And the impact of COVID, market disrupters, and demographic shifts have created an environment where culture, brand, and the ability to execute have never been more important.

An ability to pivot in this “new normal” is key. COVID shifted what we believed to be true. At one time, many felt strongly that clients would not want to engage virtually, but that has changed. Clients embraced it, as did advisors. Everyone realized that it was more efficient and that the conveniences created often outweighed the perceived value of sitting across the table.

Firms needed to step up by furthering virtual capabilities like e-signatures, but an advisor’s willingness to engage was key.

Beliefs needed to be changed, and this is where field leaders had the true opportunity to shine. You see, belief drives attitude, attitude drives behaviour, and behaviour drives activity. Belief drives the ability to respond with passion. Without it, you are simply delivering a message, nothing

GUEST COLUMN

BY GIOVANNA BONIFACE

Helping Hand How advisors can make aging clients feel at home

ILLUSTRATION: ISTOCKPHOTO

P

eople are living longer, and most can expect to live into their 60s and beyond, a first in our global history.

With a growth rate of 68%, by 2037 there will be 10.5 million seniors in Canada. Of the older adult demographic, the age group 75+ is growing at the fastest pace. This matters, as more advisors need to learn about how best to work with older age groups.

With aging comes gradual changes and decreases in a person’s physical and mental capacity. The aging path looks different for everyone.

Some older adults are in excellent health and manage their daily functioning on their own, while others become frail and need supports for day-to-day living. Aging is also associated with life transitions, including retirement from employment, moving to a new home, the death of friends, and loss of life partners. It is important to reflect on how your approach can consider changes that come with older age and contribute positively to the health and well-being of older clients.

COMMON CONDITIONS Hearing loss Did you know that more than half of Canadians aged 40 to 79 experience at least mild hearing loss? (Statistics Canada, 2019).

That increases to 93% in those aged 70 and older.

Here are some tips to adopt in your practice for those who may have hearing loss.

• Ensure you are sitting facing the individual so they can see/read your lips; • Speak clearly, at a natural pace; • Reduce background noise (turn off music, TV) or sit somewhere quiet; • Sit closer so the person can hear you and see your facial expressions; • Consider raising the volume of your voice, but don’t shout; and • Instead of repeating yourself, rephrase the sentence.

Vision loss More than two million Canadians live with a seeing disability.

Here are some tips to adopt in your practice for clients in this situation.

• Identify yourself, especially when entering a room; • Use large print; • Avoid using stylized or graphical fonts; • Choose easy-to-read fonts (e.g., Helvetica, Verdana, or Arial); • Add alternative text (alt-text) to graphics in documents; and • Use specific, concrete words for directions.

For example, say “right or left” instead of saying “over there.”

Reduced mobility A limitation in mobility is the third most common cause of disability, affecting almost two million Canadians who live in the community. Of these individuals, more than half use canes, walking sticks, or crutches, with the rest using walkers. As maintaining independent mobility is a common goal for adults as they age, ensuring your office space can accommodate those with walking aids is very important.

How can your practice help these affected clients?

• Ensure wide doorways and hallways.

• Provide adequate seating (e.g., lobby areas). This helps people with reduced mobility who may need to rest.

• Provide handholds. Climbing stairs is easier if handrails are present to provide balance and strength.

• Provide an alternative to stairs (e.g., elevator access or ramps).

DESIGNING AN INCLUSIVE OFFICE SPACE Updating an office space with universal design principles in mind will provide equal access and usability conditions.

Regardless of the client’s age, size, and ability, this is good design. What can you do to create an inclusive space? ✔ Select chairs that are adjustable, supportive, and comfortable. ✔ Consider desks and tables that have adjustable heights and fit multiple needs. ✔ Keep it minimal! Create open spaces. ✔ Use natural lighting when possible, and minimize fluorescent lights. ✔ Control noise — select flooring and ceiling tiles that absorb sound. ✔ Choose door handles that are levers instead of knobs. ✔ Use flat panel light switches. ✔ Select easy-to-read large print labels.

GIOVANNA BONIFACE, Reg. OT (BC), MRSc., B.Sc.OT, CCLCP, has been a licensed occupational therapist in British Columbia for more than 24 years. She is the current president of the Canadian Association of Occupational Therapists and the vice-president of corporate affairs of the Royal Architectural Institute of Canada. Giovanna can be reached at bonifacegiovanna@gmail.com.

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CHS DESIGNATES

By obtaining the CHS designation, you have demonstrated a significant commitment to your career and your clients.

ALBERTA Monique Atkins, CHS Angela Carter, CHS Anderson Chiu, CHS Christopher D’Mello, CHS, QAFP™ Mathew Fok Yew Min, CHS Mark Hua, CHS Leah Kehler Johnson, CHS Lianlong Li, CHS, PFP Lisa Lyttle, CFP, CHS Guada Nguyen, CHS Monica Orduz, CHS Tammy Prezanowski, CHS Brendan Roberts, CHS Harpinder Sidhu, CHS Stephanie Stewart, CFP, CLU, CHS Yi Wang, CHS

Jagdev Sidhu, CHS Nelson Tragura, CHS Danielle Udall, CHS

MANITOBA Zsanett Barna, CHS Kris Kubin, CHS Steve Newransky, CHS Andrew Omura, CLU, CHS, QAFP™ Adam Powell, CHS

NEW BRUNSWICK Erin Eagles, CHS Ross Ripley, CFP, CHS Matthew Young, CHS

BRITISH COLUMBIA Harshbir Bains, CHS Alana Paige Brettle, CHS Adam Crichton, CFP, CHS Nathan Dong, CFP, CHS Suzanne Durnan, CHS Tara Forshaw, CHS Isa Habash, CHS Khalil Hakimi, CHS Daniel Ping-Hsiao Hsu, CFP®,CLU,CHS,CIM Michael Hughston, CHS Robert Humeniuk, CFP, CLU, CHS Mathew Joseph, CHS, PFA David Larkins, CLU, CHS Min Li, CHS Huiqiang Peng, CHS

ONTARIO Sandy Alfonsi, CFP, CLU, CHS Pelinus Antony, CLU, CHS Dana Arous, CLU, CHS Leigh Aslanis, CHS Ziad Azzi, CFP, CLU, CHS Kyle Badham, CFP, CLU, CHS Joseph Bardaro, CLU, CHS Tejinderpal Bedi, CLU, CHS Sandra Best-Reeves, CLU, CHS John Bulhoes, CLU, CHS Andrew Burgess, CHS Sukhdeep Singh Chahal, CHS

Yinghui Chang, CLU, CHS Allan Colavecchia, CLU, CHS Gavin Coscarella, CHS David Cremasco, CLU, CHS Brandon Currie, CLU, CHS, RRC Zijing Dai, CLU, CHS Christopher de Ruiter, CLU, CHS Matthew Donohoe, CFP, CLU, CHS Juan (Coco) Du, CLU, CHS Juan (Joanne) Du, CLU, CHS Shannon Duncan, CHS Jie Fan, CLU, CHS Jennifer Fernandez, CLU, CHS Albert Frias, CLU, CHS Raquel Gallardo, CLU, CHS Jie Gao, CLU, CHS Tony Geraci, CHS Conor Gfroerer, CHS Nickolas Giovannetti, CLU, CHS Rahul Goel, CLU, CHS Sagun Goel, CHS Ivan Gonzalez, CHS Fang Gu, CLU, CHS Yisha Guo, CHS Reema Habash, CLU, CHS Ryan Hammar, CLU, CHS Riaz Haniff, CHS Sharyn Hillier, CHS Chan Hsiung, CLU, CHS Chong Huang, CLU, CHS Muhammad Hussain, CLU, CHS Nazia Iqbal, CLU, CHS David Jackman, CHS Kalaivany Jeganmohan, CLU, CHS Qin Jiang, CLU, CHS John Johnstone, CHS Thomas Juha, CHS Vinitha Kale, CHS Michael Khan, CLU, CHS

The Institute for Advanced Financial Education (The Institute) is the leading designation body in Canada for financial services practitioners in the specialty areas of Advanced Estate and Weatlh Transfer, and Living Benefits. The Institute provides a platform of standards and advanced knowledge through designation programs and accreditation services.

www.iafe.ca

Natalie Lacroix, CFP, CLU, CHS Shihao Lai, CLU, CHS Derrick Lindsay, CLU, CHS Hui Liu, CLU, CHS Nazim Makhani, CLU, CHS Vasanthakumaran Markandu, CLU, CHS Andrew McVarish, CHS Kevin Moniz, CHS Mary Morley, CHS Nicholas Moskun, CHS Sujit Nair, CLU, CHS Lam Nguyen, CLU, CHS Miyoung Park, CLU, CHS Tristen Qaderi, CLU, CHS Nalini Rajendram, CLU, CHS Michael Reckley, CLU, CHS Peter Royster, CHS

Oliver Ruivo, CFP®,CLU, CHS William Rychliwsky, CHS Victor Schuliakewich, CHS Arif Shaikh, CLU, CHS Abiramie Shanmuganathan, CLU, CHS Jorge Simoes, CFP, CLU, CHS Manmohan Singh, CLU, CHS Manjinder Singh, CLU, CHS Danny Siu, CLU, CHS Yuzhen Song, CLU, CHS Bingyan Song, CLU, CHS Prasoon Srivastava, CLU, CHS Stephen Ste. Croix, CLU, CHS Santhakumar Subramaniam, CHS Geethanjali Subramaniam, CHS Hoi-Ying (Eva) Tsang, CLU, CHS

Neil Valles, CLU, CHS Maria Vucenovic, CLU, CHS Ivan Pak Wing Wan, CLU, CHS Yuanji Wang, CLU, CHS Ye Wang, CLU, CHS Yuling Yin, CLU, CHS Grace Xi Hui Zang, CLU, CHS Vicky Daqun Zeng , CLU, CHS

SASKATCHEWAN Shawn Windrem, CHS, CFP, CLU

The Institute CHS

AWARD 2020 SPECIAL CONGRATULATIONS TO

SVETLANA PETLAHA CLU, CHS ON ACHIEVING THE 2020 CHS AWARD FOR THE HIGHEST MARK IN THE ADVOCIS CHS EDUCATION PROGRAM.

The Institute for Advanced Financial Education (The Institute), CLU® and CH.F.C.® are trademarks of The Financial Advisors Association of Canada (TFAAC). The Institute is a wholly owned subsidiary of Advocis®. Copyright © 2019 TFAAC. All rights reserved. Unauthorized reproduction of any images or content without permission is prohibited.

AdvocisNews ASSOCIATION UPDATES AND EVENTS

CHAPTER NEWS

Celebrating Our Volunteers

A

s part of our second virtual Chapter Leadership Conference, Advocis was once again pleased to recognize volunteers who went above and beyond for the association in their role as chapter leaders through our Chapter Awards of Excellence. FORUM caught up with the recipients to capture their reactions upon learning of their awards.

Congratulations to all!

Matthew Garland (Nova Scotia chapter)

“I was very shocked and happy when I heard the news. It’s not why I signed up to be a volunteer, but it was an honour to be recognized by Advocis.

It was not a solo effort, as the whole board in Nova Scotia was a big part of this. Thank you Advocis for the recognition and support.”

Melissa Harrell (Winnipeg chapter)

Pat Souliere (Edmonton chapter)

“I was honoured and humbled to receive this award! I would also like to acknowledge my board in Winnipeg and our collaborating boards — especially in North Central Saskatchewan — as they have put in a tremendous amount of effort and resilience this past year. I may have been steering the ship, but they were the ones who handled all of our rough seas.”

“I was taken aback when my name was announced! I joined the board to give back to the industry that has given me so much, and I feel humbled as there were so many others who should share in this award.”

David Nader (Windsor chapter)

Christie Coltman (Vancouver Island chapter)

“As an Advocis member and volunteer for more than five years, I was humbled and honoured to have been recognized.

As president for the Windsor chapter, I strongly believe that our greatest asset as an organization is our volunteers and the teams we have formed, and I would like to thank my executive board for their support as we continue to focus on helping our members grow in their careers.”

“Being the president of Vancouver Island Advocis has been one of the most rewarding experiences of my life.

I am truly passionate about supporting members, sponsors, and our community.

When I found out I received this award, my first thought was how every one of my board members deserves this award as much as I do. I share this with them and congratulate them for their efforts in 2020.”

36 FORUM SEPTEMBER 2021

Jaclyn Nemethy (Toronto chapter)

“I was honoured to be recognized as a key member for our Toronto chapter and the greater Advocis association.

As the president of Advocis Toronto, I am pleased to have the opportunity to give back to our advisor community by helping them grow their knowledge and their businesses.”

Todd Boyd (Sudbury chapter)

“With so many great volunteers in Ontario northeast, I didn’t even know that I was being considered! It was a pleasant surprise to find out. All I did was answer the call when asked to help and offer my best during a hard time.”

Recognizing our best and brightest!

Congratulations to Brent A. McKay, Sonia del Rosario, and Suzie Labbé who have been inducted into the Sun Life Hall of Fame

Sun Life is pleased to congratulate Brent A. McKay, Sonia del Rosario, and Suzie Labbé for their induction into our Hall of Fame, our highest honour recognizing outstanding success in sales or financial management.

Brent A. McKay is a perennial top performer and has been a Sun Life advisor for over 28 years. He runs a highly successful practice incorporating both insurance and wealth solutions, with offices in Simcoe and Delhi, Ontario.

A third-generation advisor, Brent has provided inspiration and mentorship in his district and across Canada through speaking engagements, workshops, sales congresses, and district and regional meetings.

In recognition of Brent’s achievement, Sun Life has made donations in his name to the Delhi Community Health Centre, The Gathering Food Centre, the Rotary Club of Norfolk Sunrise and the Norfolk General Hospital Volunteer Association.

Sonia del Rosario has been a Sun Life advisor in Ottawa for over 33 years, demonstrating leadership in both insurance and wealth advice. In 2006, Sonia became the first woman to earn Sun Life’s distinguished Order of Merit Blazer.

Sonia is known for her fundraising activities, her work with multiple advocacy groups and business

Brent A. McKay*BA CFP Sun Life advisor

McKay Insurance and Financial Services Inc. (519) 582-140 brent.mckay@sunlife.com 23 Peel Street Simcoe, ON N3Y 1S1 (519) 426-4595 237 Main Street Delhi, ON N4B 2M4

councils, and her promotion of women in business.

She is a strong supporter of the Filipino community at local, national and international levels.

In appreciation of Sonia’s accomplishment, Sun Life has made donations in her name to the Queensway Hospital Foundation and Women’s Cancer Research at the Ottawa Hospital Foundation.

Suzie Labbé, from Québec City, has honoured us with over 27 years of service at Sun Life. Her exceptional performance record includes qualification in nearly every recognition program and sales campaign to date.

In 2014, the Insurance & Investment Journal recognized Suzie as one of the 50 women of influence in Canada’s Life Insurance Industry. She is an active volunteer and holds membership with the Ordre de Saint-Lazare de Jérusalem and the Canadian Organ Donors Association.

Suzie is also the first advisor in Sun Life’s history to become a second-generation member of the Hall of Fame, following in the footsteps of her father, Claude Labbé.

In recognition of Suzie’s induction, Sun Life has made a donation in her name to the Maison du Coeur pour femmes.

Sonia del Rosario* Sun Life advisor

BSN

del Rosario Financial Services Inc (613) 783-3333 del.rosario.financial.services.inc@sunlife.com 838 Somerset Street West, Suite 20 Ottawa, ON K1R 6R7

*Mutual funds distributed by Sun Life Financial Investment Services (Canada) Inc. Sun Life Assurance Company of Canada is a member of the Sun Life group of companies. © Sun Life Assurance Company of Canada, 2021.

Suzie Labbé*

A.V.A., B.A.A., Pl. fin.

Financial Security Advisor, Group Insurance and Group Annuity Advisor and Financial Planner

Services financiers Suzie Labbé inc.

(418) 622-8985 suzie.labbe@sunlife.com 64ème rue Est, Québec, QC G1H 1X9

PFA DESIGNATES

By obtaining the PFA designation, you have demonstrated a significant commitment to your career and your clients.

ALBERTA Collin Andries Crystal Chaput Tom Ciezki Vaneesa Cline Katrina Conolly Alyssa Gillrie Michaelann Gorner Sheldon Hannah Richard Harcourt Cassidy Holyoak Biao Jiang Lara Knoblauch Damon Kustra Jonathan Lambert Joseph Lee-Owe Steele Nychka Robert Pettigrew Dominique Plettell Tiana Pllana Jaison Reinheimer Nancy Robb Natasha Simonowits Luke Sperber Natasha Thompson Amerigo Tinor Jacqueline West Sharlene Yabut

BRITISH COLUMBIA Trevor Abel Christopher Bartsch Michael Buytels Ava Gail Carnate Riaz Datoo

Jing Gao Darlene Garat Mathew Joseph Charissa Keech Ahmad Khaliqi Sylvie Leger Laurent Munier Rochelle Noren Lisa Reynolds Shulei Tong Robert Trasolini Sherry Watty Cai Xia Wei Kevin Zakus Jarrett Zavitz

MANITOBA Joel Leclerc

NEW BRUNSWICK Alicia Leblanc Melanie Lyons Alicea Richards Michael Svarc

NEWFOUNDLAND Kevin Bennett William Dooley Stephen MacDonald Gloria White

NOVA SCOTIA Stewart Fortune Blain King Erik Scott

ONTARIO Brittany Agius Kristian Alary Jennifer Anderson Miguel Belisle Joseph Betlehem Pankaj Bhatia Michael Brady Michael Bryce Treese Bullough-Akkanen Kris Carrier Lawrence Tsz Yeung Chan Doug Christopher Jennifer Cook Kenneth Crosson Andrei Dias Jacques Duplain Kristen Fazio Jim Fockens W Drew Gardiner Donald Goertzen Charanjeet Grewal Christopher Hardy Indra Harrinarine-Persad Tim Haunn Loraine Ishii Justin James Edward Jermakowicz Jennifer Jones Richard Kent

The Institute for Advanced Financial Education (The Institute) is the leading designation body in Canada for financial services practitioners in the specialty areas of Advanced Estate and Weatlh Transfer, and Living Benefits. The Institute provides a platform of standards and advanced knowledge through designation programs and accreditation services.

www.iafe.ca

Pieter Kiezebrink Michelle Killins Ricardo Lampert Shawn LaPalm Thomas Lowden Richelle Lynk Steven Maciesza Andrew Marshall Brent Martin Maureen McBratney David McGruer Keiran McLay Karen McNamara Erin Meisner Uday Mohaya Paul Moran Julie Muir Scot Musser Altaf Nathoo

Ryan Norbruis Mark Ochoski Theresa Pellizzari Marc Perrier Roger Persaud Gregory Porteous Kenneth Prentice Sarah Proudlove Dan Ryan Christopher Salmans Alexander Sgroi Michelle Soers Mustafa Taj Devinder Taneja Risa VanMiddelkoop Sebastien Vermette Celina Visser Sarah Wagenaar Michele Wells

Loretta Wieting Nicholas Wingrove Richard Yaworski Geoffrey Zaldin

PRINCE EDWARD ISLAND Dan MacDonald JosephWhite

SASKATCHEWAN Jeffrey Edmonstone Marissa Epp Kent Little

The Institute PFA

AWARD 2020 SPECIAL CONGRATULATIONS TO

BIAO JIANG

PFA

ON ACHIEVING THE 2020 PFA AWARD FOR OUTSTANDING PFA EXAMINATION PERFORMANCE.

The Institute for Advanced Financial Education (The Institute), PFA® are trademarks of The Financial Advisors Association of Canada (TFAAC).

The Institute is a wholly owned subsidiary of Advocis®. Copyright © 2019 TFAAC. All rights reserved.

Unauthorized reproduction of any images or content without permission is prohibited.

TURNING MANAGERS INTO LEADERS GAMA INTERNATIONAL CANADA IS CANADA’S ONLY PROFESSIONAL ASSOCIATION DEDICATED TO PROMOTING THE PROFESSIONAL DEVELOPMENT NEEDS OF MANAGEMENT IN THE FINANCIAL SERVICES INDUSTRY.

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Earn a certificate and CE credits through GAMA’s fourcourse Systems for Success Field Leadership series

Attend GAMA’s annual Leadership and Management (LAMP) Conference

RECOGNIZED Have your achievements acknowledged through GAMA’s prestigious Management Awards Program

Attend GAMACAST teleconferences on industry best practices

RELATIONSHIPS Network with industry leaders locally, nationally and internationally

WHO SHOULD JOIN?

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For more information or to become a GAMA member, call 1-877-773-6765 or email info@gamacanada.com www.gamacanada.com

AdvocisNews IN MEMORIAM Joe Szabo 1951–2021

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dvocis was saddened to learn of the passing of Joseph (Joe) Szabo on April 23, 2021. Joe joined Advocis in 1975 and was a member of the Cornwall chapter for 46 years, serving three terms as president and working in many other leadership positions, including treasurer, a role in which he served since 2009. Joe was also a dedicated member of his community, volunteering his time for such organizations as Big Brothers and Sisters, the Optimist Club of Cornwall, the Lions Club of South Stormont, and the Parade of Nations. We send our condolences to his family and friends.

WHAT’S NEW AT ADVOCIS Advocis is shaping up for a busy second half of the year! A few highlights include: • A brand-new course on Ethics and Social Media is now available for online enrolment! Join Rod Burylo as he introduces the complex world of ethics and social media, including a dive into the importance of ethics, the difference between ability trust and integrity trust, and a review of common problems that financial advisors and planners can face with social media. Rod also explains how to develop a communications strategy and explores the legal guidelines around social media communications.

• As the intergenerational wealth transfer continues, the time is right for advisors and planners to pursue the advanced tax and estate planning skills of the CLU Designation

Program. After a successful promotional campaign this summer, we look forward to welcoming more candidates to the program.

• If you haven’t yet joined the Advocis Book Club you’re missing out on a fantastic membership-exclusive benefit that can assist you in your personal and professional development, as well as the chance to virtually meet such authors as Dan Heath and Todd Herman as they lead the club through discussions of their very own titles!

Join us today for our latest selection: Deep Work: Rules for Focused Success in a Distracted World by Cal Newport.

• Advocis Coffee Talks continues throughout 2021! Check out the archives on our website if you missed some of the recent highlights, including Behavioural Strategies for Winning Client Engagements in Chaotic Times with Todd Fithian; Rethinking Millennials & Wealth with Zainab Williams; and Intergenerational Wealth Transfer — Opportunities and Threats with Peter Wouters.

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FINAL WORD

A Second Shot

BY GREG POLLOCK

T

his time last year, many of to families and individuals that us were doing our best to might make clients feel differently enjoy the summer weather about their businesses, living situawith no idea when we’d tions, and legacies. The importance receive a COVID-19 vaccine. What of advanced estate and tax planning a difference a year can make. At may well become even more imporpress time, 71% of Canadians have tant to clients, making it an enviable received at least a first dose, and time to hold a designation such as nearly 60% are now fully vaccinatthe CLU. ed. I am confident that both figures Finally, new perspectives and will be substantially higher by the energy have come to Advocis itself. time this issue reaches you, and that Thanks to our board for serving an restrictions across the country will unprecedented two-year term to continue to lift. keep the association on a consistent The rapid pace of these scientific footing throughout the height of What will go back to the and social developments has led me COVID-19. I am now pleased to to reflect on our own industry. What welcome in our new 2021–2022 way it used to be? What will go back to the way it used to be? board and would like to recognize will remain from the What will remain from the transforour new chair, Rob Eby, as well as transformation we have now mation we have now experienced? new members Will Britton and And, perhaps most important, what Arun Channan. Alongside the menexperienced? And, perhaps will continue to evolve in ways that torship of our veteran board memmost important, what will we cannot yet predict? bers — many of whom are themcontinue to evolve in ways For starters, many Canadians are selves facing challenges as they take continuing to invest in their living on new roles within the board — that we cannot yet predict? it is an exciting time for each to spaces and working with their advisors to pursue those investments bring their unique expertise and wisely. In a poll Advocis conducted in June, members told us experiences to bear as they continue to move us toward our that a substantial percentage of their clients came to them strategic goals. wanting to put money toward cottages, home renovations, and While there are many unanswered questions about what other housing-related big-ticket purchases for the summer. the future holds in the wake of our slow return to offices, That said, many of these expenses may also end up being live events, and other public gatherings, my hope is that this related to how many professionals now want to permanently renewal will bring us closer to our vision of the advisor of work from home on at least a partial or hybrid basis, includthe future. The common thread will be the importance of understanding clients’ needs better through open commuing some whom have now moved far from the cities and nication and deeper connections. As hope for a brighter towns in which their workplaces are located! As the reality future continues to build, new dreams and aspirations of these new arrangements begins to solidify, advisors will shaped by what we have collectively been through will begin face new challenges in advising clients who wish to pursue to take hold — and it will take personal, holistic connections and potentially sink substantial amounts into home office to help clients bring them to life. or remote working necessities that would have been unimaginable only a year and a half ago.

It has been a long and challenging road without these connections, and I look forward to strengthening them with Advisors also need to carefully monitor other issues you once again. affecting clients. While the intergenerational wealth transfer has been an important topic in our industry for years, the GREG POLLOCK, CFP, is the president and CEO of Advocis. pandemic has added financial, emotional, and health factors

42 FORUM SEPTEMBER 2021

Tax Efficient Philanthropy

Do your clients own shares in a Canadian Controlled Private Corporation (CCPC)?

Donating private company preferred shares in-kind has the potential to provide significant additional tax benefits.

Contact Abundance Canada for more information on this and other tax efficient donation options.

Visit abundance.ca/for-professional-advisors or call 1.800.772.3257 to speak with a Gift Planning Consultant.

Generosity changes everything Abundance Canada is a public foundation registered with the Canada Revenue Agency (CRA). Abundance Canada is authorized to receive charitable donations, issue official donation receipts and distribute funds to registered charities in Canada and qualified donees through our donor-advised model. Charity Registration No: 12925-3308-RR0001.

The Certified Executor Advisor (CEA) Designation Many don’t realize the great wealth transfer has already begun, with about $500 million transferring every single business day, all year long, year after year.

People see that money moving vertically, from one generation to the next, but it’s also moving horizontally, from complacent advisors to those engaged in wealth transfer conversations.

It’s a massive opportunity for AUM growth, permanent life and seg funds.

If you’re not taking advantage of it, someone else will. Most advisors are trying to talk to testator clients who have don’t-know, don’t-care attitudes to estate planning.

Executors, however, have vested moral and legal responsibilities for successful estate settlement. They’re the ones with personal exposure from ill-prepared estates and, by virtue of their selection, they’re the most trusted and influential people in testators’ lives.

Discover the executors in your practice and in your community, raise awareness of their personal liability risk, and get introduced to their testator parents to ensure successful estate preparation. Many people with multiple investment accounts of balanced portfolios don’t realize they have institutional diversification, not market diversification, creating a colossal headache for their executor children when they die. It’s a pointless travesty that serves no purpose.

The advisor who consolidates those accounts won’t be the one talking about correlation analysis, it will be the one demonstrating they care about their families. Wait no longer. Become a CEA.

Advocis members save $200 at cicea.ca/advocis