Globe Advisor’s Best of 2019: Top 10 stories on holistic wealth management GlobeInvestor
Issues such as tax and estate planning, transferring wealth to the next generation, and having the right insurance in place have become key priorities for the boomer demographic as it continues to age and retire.With Canadians facing more financial challenges than ever before, good financial advice that goes beyond investing has become critical.
Issues such as tax and estate planning, transferring wealth to the next generation, and having the right insurance in place have become key priorities for the boomer demographic as it continues to age and retire. Financial advisors have had to embrace new skills, alternative ways of doing business and charging for the advice they provide to demonstrate their true value to clients.Here are 10 articles on how the evolution toward holistic wealth management and financial planning continues to affect the financial advice industry:Advisors are good at reminding clients when it’s time to top up their tax-free-saving accounts or contribute to a child’s registered education savings plan.
More advisors are moving to a practice focused on fees not only because of the erosion of commissions on financial products that’s squeezing profit margins, but by an increasing demand from investors seeking advice on increasingly complex portfolios and do-it-yourselfers who want a second opinion. And as fee-based arrangements become increasingly popular, advisors must choose what type of fee-based practice to provide.
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