Enhancing the professionalism of financial advisors in the best interests of the consumer

FORUM MAGAZINE

IN THIS ISSUE

Editor's Letter – Kristin Doucet

This & That

Profile – The Secret to their Success by Deanne Gage

Industry – What Women Bring by Diane Wiley

Practice Management – I Don't Know How She Does It by Laura McDonald & Susan Misner

Tax & Estate Plannning – Pension Premiums by Doug Carroll

Corporate Insurance – RRSP Investments by Kevin Wark & Glenn Stephens

The Small Business Client – Disability Insurance by David Louis

Advocis News

The Final Word by Greg Pollock

This & That

Stats & Stuff

You all emphasize having enough to retire on, but do you ever wonder how much money is left when an older client dies? One new working paper from the National Bureau of Economic Research found that nearly half of seniors die with less than $10,000 in assets. Check out Were They Prepared for Retirement? Financial Status at Advanced Ages at http://papers.nber.org/papers/w17824.

Bookshelf

More Awesome Client Events
By Rod Burylo
Sartano Services Corp.

You’ve held client appreciation nights before, but something always seems to be off about them. RSVPs fail to show up or you can’t see the ultimate value (read: getting more business). Advocis member Rod Burylo compels you to consider events beyond the quick fix, and shows how to create the ultimate experience that will have clients talking for years. Instead of the standard shindig with a fund company rep speaking about product, why not host the local author in town? Burylo outlines one scenario of an advisor who would like more referrals from lawyers and accountants. Centres of influence often hesitate to endorse someone on financial matters for fear of jeopardizing their own relationships with their clients, but are happy to make an introduction if the right social situation (hint: event) presented itself.

Lifeworth: Finding Fulfillment Beyond Networth
By Dana Couillard & Hal Couillard
Kingsley Publishing

Do you have clients who possess enough money to retire and then some, but they find themselves asking, “Is that all there is?” Here’s a book for such clients. The authors, also Advocis members, interviewed 10 noteworthy Canadians — including former hockey stars Paul Henderson and John Davidson, who founded Jesse’s Journey — to show how they found purpose in their lives. We learn about something the authors call “peak experiences”—things that help us get beyond our comfort zones and “experience life at deeper, more meaningful, rewarding levels.”  Often, peak experiences aren’t just about us, but rather how we can help — and leave a legacy for — others.

What your clients are reading: squawkfox.com
Spend less and save more. We all know that’s financial planning 101 advice for how clients can best meet their financial goals. Here, clients learn strategies on precisely how to do just that. Blogger Kerry Taylor has investigated everything from the price of investments to whether a Costco membership is worth it, to the hidden cost of collecting things and what that does to your savings. One popular post details how she had the wedding of her dreams for a mere $239. (Yes, that included her dress.)

Social Media Tips
By Geoff Evans

Automating Social Media
I am often asked by financial advisors to help them build completely automated social media strategies that won’t require any effort but will produce great bottom line results.  Unfortunately, the only way a social media strategy can be completely automated is if your sole purpose for participating is to simply broadcast information to the world.

Broadcasting through social media is a lot like an advisor telling a prospective client about his products and services and then leaving without having asked the person a single question. Certainly this approach to client meetings would allow an advisor to meet with a lot more prospective clients every week (after all, the meetings would only last about 15 minutes), but to what end? Don’t confuse being efficient with being effective. 

Fundamentally, social media is a tool that can be used by advisors to save time, save money, or make money. However, social media is not like word processing software or life insurance illustration software. At the other end of social media tools are people — potential clients and potential business partners.     

If time management is of concern, then you could hire someone to support your social media efforts. Find people to help you build the right strategy or write your blogs. Train your administrative assistant to gather client information for an upcoming meeting (like potential referrals).  

It’s true that many aspects of a social media strategy can be outsourced; but in order for your strategy to be successful, it should never be completely automated.

New Advisor Spotlight

Name: Yvonne Parker, 49
Company: Personal Solutions Financial, Caledon, Ont.
Years in the business: One

Why did you become an advisor
I’ve been self-employed for the last 16 years and love the flexibility and freedom that come with being an advisor.

Is this your first career?
I had been working in the architectural glass industry as a manufacturer’s representative. After 29 years in the same industry, it was time for a new challenge.

What’s been your biggest challenge?
Finding new clients and expanding my business network.  

What’s the best part of your job?
Helping a client reach a decision that will ensure his or her family is protected, and making sure the client understands what he or she is buying and that it’s the right fit.

Why did you join Advocis?
To stay informed and up to date. Participating in Advocis’s continuing education programs helps me learn and grow my business.

What’s your advice to new advisors?
Always do what’s in the best interests of the client.