Mark McGrath, CFP®, CIM®, CLU® says he was terrible with money until his early 20s. The certified financial planner and associate portfolio manager with PWL Capital Inc. used to max out his credit card and took out an $11,000 student loan he didn’t need – and then he quit university. “The emotional and psychological burden of being thousands of dollars in debt was very scary,” he says. “I never wanted to have that feeling again, so I immediately began strategizing how to pay it off.” He spoke with Brenda Bouw about avoiding FOMO and why he hates budgeting.
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The Globe and Mail brings you financial tools, in-depth analysis and advice to help you grow your clients' portfolios.
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Globe Advisor brings you expert financial tools, in-depth analysis and advice to help you grow your clients’ portfolios. A section produced by The Globe and Mail, a Canadian national media organization.
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To reduce family infighting over inheritances, more clients are writing letters of wishes as part of their estate plans to clarify their intentions. These letters explain how and why the client divided their assets the way they did, which may look inequitable to the heirs. David Burnie, certified financial planner at Ryan Lamontagne Inc. in Ottawa, says some clients have also moved beyond letters to record video statements. “They allow people to express their desires and communicate their values and philosophies on the distributions,” he says. “But the fact that it’s not legally binding needs to be expressed to the client.” Deanne Gage reports.
Letters of wishes, videos help clarify estate planning decisions
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As more investors look to private markets to diversify from publicly listed securities, some are seeking greater transparency on ESG issues in an area of investing that has typically offered less disclosure. Deborah Debas, a senior specialist with Desjardins Wealth Management who advises on responsible investment strategies, says portfolio managers are seeking information on environmental metrics such as greenhouse gas emissions to evaluate investments as they allocate more capital to private assets. “Investors require the information whether they’re going after public or private [companies],” she says. Jamie Sturgeon reports.
How ESG disclosure is taking place in private markets
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It’s a common story: as a client enters their retirement years and prepares to decumulate their assets, they downsize to one advisor. “Income management is easier when it’s centralized,” says Philip Marion, CIM®, managing director and portfolio manager at Foster & Associates Financial Services Inc. in Toronto. What can advisors do to retain such clients? Many have come to expect a family office style of service with experts specializing in wealth management, estate planning, tax advice and philanthropic guidance. “That’s what an advisor can make a case for: everything is together,” Mr. Marion says. “You need to have that model.” Anna Sharratt reports.
Your retired client is downsizing to one advisor. Here’s how to make sure they stick with you
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Advisors may be a logical choice to serve as a client’s executor or power of attorney, but doing so creates a major conflict of interest – and regulators are taking notice. A recent case underscores how important it is for advisors to steer clear of taking on such roles for clients. And if it happens without the advisor’s knowledge, they should inform their supervisor and compliance team as soon as they find out. “It’s a clear conflict of interest,” says Ellen Bessner BCOMM, LLB, ICD.D, partner at Babin Bessner Spry LLP in Toronto. “If they’re able to be the power of attorney and the executor as well as the advisor … they have access to the client’s money and full authority to do what they want, with no checks and balances.” Alison MacAlpine reports.
Why advisors must avoid taking on these forbidden roles for clients
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Advisors can add value for clients and their heirs by using insurance strategies to keep wealth in a family. That has become even more important after the recent hike to the capital gains inclusion rate. The move has refocused attention on efficient means to limit tax obligations on major transactions, including wealth transfers as part of estates. “Tax-free cash is much more valuable now,” says Kathryn Del Greco, senior investment advisor with Del Greco Wealth Management at TD Wealth Private Investment Advice in Toronto. Jamie Sturgeon reports.
How life insurance can make for more tax-efficient intergenerational wealth transfers
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The work-from-home phenomenon that began during the COVID-19 pandemic meant that white-collar workers, en masse, went from being commuters to remote workers almost overnight. Investors and fund companies saw an opportunity. But the shine on that investment strategy is fading as the pandemic recedes and more employers mandate returns to the office. Thematic ETFs are designed to tell a story, which makes them “hot sellers,” says Ian Tam, CFA, an investment specialist with Morningstar. “But performance has been lacklustre.” Gillian Livingston reports.
Work-from-home ETFs latest thematic funds to face reckoning
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Many investors are cheering the recent market run-up, but for money manager Jason Del Vicario CFA, it has resulted in fewer opportunities to find stocks he considers worth buying. “Of course, we’re happy our client portfolios are up, but I can count on one hand the type of companies that we like available at attractive prices,” says the portfolio manager with Hillside Wealth Management at iA Private Wealth in Vancouver, who oversees about $240-million in assets. He spoke with Brenda Bouw about what he’s buying and selling.
Why this money manager owns Couche-Tard and a ‘super app’ stock based in Kazakhstan
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Cathie Wood’s US$6.2-billion ARK Innovation ETF became famous for its 2020 pandemic surge, ending that year with a 153-per-cent gain. Markets have been less kind to ARK Investment Management LLC’s flagship fund since. After getting hammered amid inflation and high interest rates, the fund rebounded emphatically last year but is down about 12 per cent so far in 2024. Ms. Wood, who was in Toronto this week, spoke with Globe Advisor about selling Nvidia, concentration risk in broad indexes, and why she’s sticking with Tesla.
Cathie Wood of ARK talks about prospects for Tesla, Nvidia and underappreciated robots
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In the aftermath of the Covid-19 pandemic, Karen Sawyer, 61, and her husband reassessed their priorities and decided to retire. Before doing so, Ms. Sawyer, who lives in Mississauga, worried about being bored when she stopped working or maybe even slipping into depression. To avoid that, she researched retirement ahead of time to learn from others’ experiences. “One thing that stuck with me was the question, ‘What do you want your legacy to be?’” She spoke with Brenda Bouw about volunteering, supporting her kids with housing costs, and why she’s having the time of her life as a retiree.
Retirement can be ‘the time of your life’ this former bank employee says
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