Older clients navigating a major life change or seeking simplicity as they draw down assets may look to put all their funds with the same advisor
It’s a common story: as a client enters their retirement years and prepares to decumulate their assets, they downsize to one advisor.
In other cases, it comes down to convenience and simplicity at a time when drawing down assets can be tricky. “Income management is easier when it’s centralized,” says Phil Marion, managing director and portfolio manager at Foster & Associates Financial Services Inc. in Toronto. As a result, advisors need to think big picture in preparing clients for the wealth transfer, says Brian Burlacoff, a financial planner and partner with Financial Innovators Group Inc. at Sun Life Financial in Toronto.
“What ends up happening is the advisors who have structured their business in a way that they can be a one-stop shop tend to be the ones on the receiving end of the consolidation of the assets,” he says.To avoid a “generation gap,” it’s key to involve spouses, children and even grandchildren in financial education and planning, Mr. Burlacoff says.
Globe Advisor Appwebview Client Advisor Wealth Advisors Guidance Management Clients Transition Oakville Ipsos Toronto
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.
Survey details 'stark differences' between younger and older wealthy investorsBank of America Private Bank’s biennial survey of wealthy Americans revealed a generational divide in the perceived greatest opportunities for asset...
Read more »
55 Things That Gen Z Is Doing Right, According To Older GenerationsGeneration Z gets a lot of unnecessary flak for having different priorities than the folks who came before them.
Read more »
Two car parking helps sell older midtown Toronto condoThe first and only bidder met the asking price to the dollar
Read more »
So That’s Why Your Skin Gets Crepey As You Get OlderDana Rose Falcone has worked as a journalist for five years, during which time her work has appeared in People, Us Weekly, Entertainment Weekly, Men’s Fitness and Brides. She’s a graduate of Syracuse University and is based in New York City.
Read more »
GM will pay $146M in federal penalties because 5.9 million older vehicles emit excess carbon dioxideWASHINGTON (AP) — General Motors will pay nearly $146 million in penalties to the federal government because 5.9 million of its older vehicles don't comply with emissions and fuel economy standards.
Read more »
GM will pay $146 million in penalties because 5.9 million older vehicles emit excess carbon dioxideWASHINGTON (AP) — General Motors will pay nearly $146 million in penalties to the federal government because 5.9 million of its older vehicles do not comply ...
Read more »