A client scenario shows the importance of inquiring about assets you don’t administer Published by Investment Executive October 25, 2022 An estate plan has gone askew, and, consequently, a surviving spouse may be unable to afford payments for her retirement home and be forced to move in with her children. In this real client scenario, the family’s financial advisor had no idea that the surviving spouse was in a desperate situation despite the family owning a business that was

Proactive collaboration critical for resolution and client well-being Published by Investment Executive September 1, 2022 Few clients verify the accuracy of tax information slips issued by their advisors’ firms. Some may review the slips for reasonableness and perform a cursory reconciliation, but most just accept that the slips are accurate. If the slip is inaccurate, various parties, including the advisor and firm (as well as the client, Canada Revenue Agency and tax return

Understanding power of attorney versus trusted contact person Published by Investment Executive July 5, 2022 During a recent webinar I gave on power of attorney for property, confusion among attendees was evident about the roles and responsibilities of an attorney under a power of attorney for property versus a trusted contact person (TCP). This article explains the differences between these two roles, some of the challenges of each role and what powers each has or doesn’t ha

Jump the credibility curve with executors and beneficiaries Published by Investment Executive April 13, 2022 Litigation is a common threat in estate administration, often arising from miscommunication or a lack of communication. Closing the inevitable communication gap between beneficiaries and executors will help you better serve clients and build your book. First, a bit of background. An executor (referred to as an estate trustee in Ontario and liquidator in Quebec, with th

Safeguard your business by knowing your client’s PoA and executor Published by Investment Executive February 4, 2022 Do you have a relationship with, or even know, your client’s power of attorney for property? Do you know who your client named as executor in their will? Have you asked your client for an introduction to their attorney and executor? If you answered no to these questions, the assets you administer on behalf of your client are at risk of being transferred out a