A handy checklist for advisors to assist their clients after a job loss
Being laid off or presented with a voluntary package is emotionally jarring. Many people question their self worth and struggle to communicate the news to friends and family.That leaves a role for advisors to help tilt the financial odds in a client’s favour and ensure they begin their job search with a positive outlook. Here’s a checklist of items that may need managing:
It’s also important to consider whether health and dental benefits and employer RRSP matching cease once a lump sum is paid out. If so, a salary continuance may provide additional financial benefit that’s often overlooked. Another component of this is career aid or re-employment counselling, which is often a non-taxable benefit. For executives or highly specialized workers, the company may provide special aid or services to help the transition to a new role as those jobs aren’t as widely available.
Advisors should make sure that investments are in line with the client’s risk tolerance; the last thing they need is for funds in a non-registered account or TFSA to plummet in value right when they need the money most. Defined-benefit pension plans A company may give an employee the choice of cashing out a pension or keeping it and getting that guaranteed payment at retirement.
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How to help clients negotiate a severance and plan for the futureA handy checklist for advisors to assist their clients after a job loss
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