The wealth management industry is undergoing significant changes, including an aging advisor and client population, technological advancements, and the emergence of new regulations. This article explores these trends and how advisors are adapting to stay ahead of the curve.
The wealth management industry is in flux. With both advisors and clients aging, books of business are up for grabs and a new generation is buying. Meanwhile, an amalgamated self-regulator is looking to implement policy, businesses are expanding beyond traditional geographic boundaries, and everyone is wondering how they’re supposed to be using artificial intelligence.Five years since the onset of the COVID-19 pandemic, advisors are still adjusting how they work.
One benefit? Working with clients across the country. Improvements in communication technology and comfort with virtual meetings have allowed advisors to continue serving clients who move and to accept referrals in other jurisdictions. But there are also drawbacks. Here’s how advisors have adapted.The Canadian Investment Regulatory Organization (CIRO) wants to level the playing field on advisor incorporation, but experts say there are key tax, regulatory and investor protection details to iron out. CIRO released a policy paper earlier this year that outlined three potential approaches. Here’s what industry players had to say.It’s not just about the price. Advisors looking to purchase a book of business need to ensure their values align with the seller’s. Otherwise, adding assets under management may put the long-term viability of the business at risk. Advisors shared these tips.Of course, the price still matters. But so do clauses and clawback arrangements that account for client attrition. Here are some of the areas up for negotiation.Comprehensive financial plans provide a valuable analysis of a client’s entire financial picture and a roadmap for the future. But for those who find the larger financial planning process daunting or have a pressing decision to make around a pension or inheritance, a more targeted plan may also offer value. Advisors weigh in on both approaches.Why are so many advisors working as both financial planners and portfolio managers? It comes down to client demand for service
Wealth Management Advisor Incorporation Financial Planning Artificial Intelligence Book Of Business
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How AI is enhancing client experiences in wealth managementTechnological advances could lead to more direct interaction between financial advisors and their clients, not less
Read more »
Vanguard hires Canadian wealth management executive Joanna Rotenberg to lead new advice divisionMs. Rotenberg is well-known on Bay Street as a former executive at BMO and Fidelity Investments
Read more »
2024: A Year of Market Success and Wealth Management Shifts2024 has been a successful year for financial markets, but the wealth management industry faces new challenges. Aging advisors and clients, wealth transfer, tax policy changes, and the rise of artificial intelligence are shaping the industry's future. Globe Advisor reflects on the year's key events and topics relevant to clients.
Read more »
Reit Outlook Improves While SMAs Gain Traction in Canadian Wealth ManagementThis article discusses the evolving trends in Canadian wealth management. It highlights the enduring importance of investment management in advisory services despite the growing popularity of holistic wealth management. Separately managed accounts (SMAs) are emerging as a preferred choice for high-net-worth clients, offering access to leading money managers. The article also examines the challenges and opportunities associated with real estate investment trusts (REITs) and high-interest savings account (HISA) ETFs.
Read more »
Keith Richards’ Top Picks for December 20, 2024Top picks from Keith Richards, president and chief portfolio manager, ValueTrend Wealth Management
Read more »
Lorne Steinberg’s Top Picks December 10, 2024Lorne Steinberg, president, Lorne Steinberg Wealth Management
Read more »