A recent study shows the value added by a Canadian advisor who delivers services such as comprehensive tax, insurance, estate and financial planning is 3.95 per cent
Much is made in the media about whether Canadians are getting the short end of the stick when paying the fees advisors charge compared to those of robo-advisors or self-directing investing.
Yet, these comparisons only focus on investment management and avoid a major part of the value that advisors provide through holistic wealth planning. In fact, Russell Investments Canada Ltd.’s annual Value of an Advisor study released in June found the value a Canadian advisor who delivers comprehensive wealth management adds is 3.95 per cent. That’s much higher than the 1 or 2 per cent fee most advisors charge.
There are various ways advisors do much more than just manage investment portfolios, whether that’s through saving money on taxes, making sure clients have the necessary insurance in place to protect them in times of need, driving the creation of an estate plan, setting up a strategic philanthropic endeavour, or guiding clients through ups and downs in their lives and in the markets.
Here are 10 articles on wealth planning strategies that resonated with Globe Advisor readers in 2021:The threat of a higher capital gains tax rate is resurfacing in conversations between advisors and their clients as Ottawa looks for ways to pay down a soaring deficit amid billions in spending on pandemic-relief measures.
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