Globe Advisor

Investment fund companies release a firehose of new investment products every year – from duplicates of existing products with minor tweaks, to copycats of competitor’s offerings, to wholesale new ideas. It can feel like a full-time job to keep up and compare new offerings against what’s already on product shelves. What’s an advisor to do? While it isn’t practical to review every new product, An-Lap Vo-Dignard, senior wealth advisor and portfolio manager with Vo-Dignard Provost Family Wealth Management at National Bank Financial Wealth Management in Montreal, says advisors need to do enough research not just to tell clients about the products they want to use “but also products we don’t want to use [and] know how to explain it to the client.” Here’s how they do it.

As a teenager, Darren Coleman worked part-time at stores that sold cameras and electronics. “I learned how to interact with people and talk to them about different products, which I loved,” says Mr. Coleman, senior portfolio manager with Coleman Wealth at Raymond James Ltd. “I couldn’t believe I got paid to talk to people while learning about cameras and photography. So, the other thing I learned is that work can and should be fun.” For our Behind the Advice series, he talks to Brenda Bouw about his first experience with a credit card, lessons learned from well-known mutual fund manager Larry Sarbit, and why advisors need to be good team players.

Although insurance can be useful to all Canadians with assets, it’s particularly important for business owners and entrepreneurs. The increase in the capital gains inclusion rate, says Andrew Feindel, CFA CFP CLU CIM FCSI CSWP FMA CSA with Richie Feindel Wealth Management at Richardson Wealth, may force some Canadians to see the crucial role insurance can play as part of a holistic plan. “Corporate-owned permanent life insurance stands out as one of the most powerful and tax-efficient tools for building wealth and protecting the value of an estate,” he writes. Here’s a breakdown of owning insurance in a corporation.

Developing physical and mental resilience is a big part of the training Canadian military members receive to deal with the stress that comes with the business of war. Yet, relatively little emphasis has been placed on financial stamina for those in the service and transitioning to civilian careers or retirement. Retired Major-General David Fraser, a defence and security sector advisor for BMO, says today’s military personnel have more choices and arguably more challenges, which can complicate financial planning. “Without a trusted advisor, people can get into trouble,” Mr. Fraser says, and that can affect their personal lives and their careers. Brenda Bouw reports.

The first two months of the year, when investors choose where to put their RRSP contributions to work, can give a sense of the mood for the year ahead in markets. In comparison to 2023, when investors poured money into fixed income products, risk appetites changed this year as investors put $7.4-billion into equity ETFs. “This suggests to us that investors were feeling quite a bit more buoyant at the start of 2024 than in 2023, when most people were still nursing the lingering bruises from 2022′s brutal year in both the stock and bond markets,” says Daniel Straus, managing director of ETF research and strategy at National Bank Financial. Here’s what advisors discussed with their clients this year.

As summer approaches, financial advisors face the challenge of ensuring seamless client service while taking well-deserved vacations. To maintain client trust and satisfaction during these periods, managing expectations before heading out on holiday is essential. “Advisors should add an out-of-office alert to their email signature approximately two weeks before their departure, advising clients of the dates they’re away, if they will have phone or e-mail access, and whether there will be no reply or a delay in replying,” says Melissa Harrell, CFP®️, CLU, CHS, a financial planner with McRae Wealth Management in Winnipeg. “It should also include the alternative contacts for who will handle their various needs, such as investments or insurance.” Here are three steps advisors can take.

As an older generation of wealth management professionals retires, many firms can’t hire new employees fast enough to replace the baby boomers who are exiting the business. That’s true not just for wealth advisors, but also for technology, operations and other critical roles. “In an era of tight labour markets, hybrid work and rapidly evolving worker expectations, firms must move the responsibility for fielding a satisfied and productive workforce out of the human resources department and onto the desks of senior managers in charge of strategic planning,” writes Donna Bristow from Broadridge.  Here’s why it’s time for a new approach.

As boomers age, more caregivers to aging parents will be needed. But it can be difficult for families to discuss strategies for seniors to age in place and manage estates. Laura Tamblyn Watts has some tips. The president and chief executive officer of CanAge, a national advocacy organization for seniors, wrote a book, Let’s Talk About Aging Parents, to help families address the difficult topics. “Those power dynamics you had when you were a kid are probably still there,” she says. “You’re going to have to acknowledge them and find ways around them.” She recently spoke with Deanne Gage about icebreakers for these important discussions and how advisors can help.

While many investors steer clear of small-cap stocks given their volatility, money manager Jordan Zinberg seeks them out. “We prefer smaller companies because they tend to grow faster, and we can buy that growth at better valuations,” says Mr. Zinberg, president and chief executive officer at Bedford Park Capital in Toronto. Here’s what he’s been buying and selling.

Brian Rendell, 56, of Halifax retired last summer a few years earlier than planned. The chartered professional accountant was happy with his career and colleagues, but the death of his childhood best friend in 2022 shook him. “It reminded me that life is short and nudged me to pursue a long-simmering passion for writing,” he says. He’s now working two days a week as a consultant while pursuing a master’s degree in fine arts in fiction at the University of King’s College. He spoke with Brenda Bouw about the anxiety that comes with early retirement and trusting his gut.