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Whereas huge know-how investments geared toward speaking with purchasers had been the large focus through the peak years of the pandemic, advisors are altering gears in the case of 2024.
Many at the moment are focusing their practices on enhancing shopper choices by offering value-added well being and wellness companies, extra tailor-made property and succession planning, in addition to steering round philanthropy. They’re additionally rolling out monetary literacy initiatives, turning to youthful advisors and social media to finest talk their message – and get important buy-in from a brand new era of purchasers.
Globe Advisor spoke with three top-performing advisors about their New 12 months’s resolutions for 2024.
Arming the subsequent era with monetary info
Sophie Paquet, senior wealth advisor and portfolio supervisor with Brunet Gilbert Paquet Monetary Group at Nationwide Financial institution Monetary Wealth Administration in Quebec Metropolis, has added younger advisors to her group to attach higher along with her high-net-worth (HNW) purchasers’ youngsters and grandchildren.
The group, which was already providing wealth administration seminars geared toward simplifying the world of investing, has plans to adapt its “communication model [in 2024[ by developing more social media content such as YouTube videos to connect with younger clients,” she says.
Jeanette Power, senior wealth advisor with The Power Investment Team at CIBC Wood Gundy in Mississauga, says her practice will also continue to increase its financial literacy services in 2024 by adding workshops on financial basics such as saving, budgeting, banking, borrowing and investing.
“It’s a big gap,” she says, adding that younger and older clients will benefit from the educational programs.
Ensuring the future is friendly
For Sean Rourke, senior portfolio manager and senior investment advisor with McCrady Rourke Advisory at BMO Nesbitt Burns Inc. in Edmonton, the hot topic of 2024 will likely be estate and tax planning.
Mr. Rourke, who advises HNW families, successful business owners and professionals, has spent much of 2023 working on succession planning strategies among his clients, ensuring that the passing of the reins to the younger generation continues to go smoothly.
Many of his clients are well into their retirement years.
“I want to ensure clients are happy with their wills because, in many cases, they have wills that have not been looked at since they had grandchildren,” he says.
That means a review of beneficiaries, a discussion around trusts, and a review of executors, who are aging, ailing or may have passed away.
Putting philanthropy front and centre
Philanthropy is a big focal point for clients and “many are looking for ways to continue that,” Mr. Rourke says. As a result, he plans on working with them to set up their foundations without the administrative headaches that usually accompany these arrangements.
That will be achieved via a donor-advised fund (DAF), which is operated by a public foundation or charitable organization.
“Charities are seeing a lot less money coming in,” Mr. Rourke says. “With these funds, our clients can create them with as little as $25,000.”
Ms. Paquet says her practice also plans to heighten awareness around these types of funds, as National Bank Financial Wealth Management recently began offering DAF services through the Philantra Foundation.
“In 2024, we plan to deepen our practice to help clients have a positive impact on their community and guide them in their philanthropic endeavours,” she says.
Carrying on the holistic approach
Holistic client offerings have been the mainstay for many years, and that’s set to continue. For Ms. Power, that means providing a robust number of client services from portfolio reviews and financial planning to advice around philanthropy through as many communication channels as possible.
Mr. Rourke will also continue to focus on delivering value-added services.
“It’s providing the things that are in addition to the investment return,” he says.
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