9 Indicators A Client May Need Wealth Management Services

By April 4, 2019DSK Wealth

As accountants, we come across many different people in different stages of life and with a wide variety of financial goals and needs.  With the integration of our wealth management division, DSK Wealth, one of the considerations we regularly extend is which clients would be best served by comprehensive wealth management services.

In reality it is a good idea for us to meet with most of our clients, but that being said, there are a few key indicators that we watch for that may indicate the timing is right to start a conversation.

  1. You do not have a financial plan. 
    Having a financial plan is essential to determining short and long-term financial goals. It helps you to see the big picture and implement strategies to ensure that you will meet your unique goals.
  2. You are turning 60, 65 or 71.
    As you approach the age of 60 or 65 it is likely that you are about to, or at the very least considering, taking out CPP. Before this decision is made it is best to meet with us to determine the best course of action for your individual needs.When a person turns 71 their RRSPs must be moved into a RRIF. The year after the individual turns 72 they must start to withdraw those funds from their account. If you are turning 71 it is valuable for us to meet.
  3.  You are going through a major life transition.
    Whether it’s marriage, divorce, a new baby or a death, life changes can have a profound impact on a person’s financial life and in many cases, require changes to their financial plans, estate plans or portfolios.
  4. You are a business owner selling or transitioning your business.
    When a business owner decides to sell there are many aspects to consider. Getting wealth management advice can ensure no opportunities are missed or risks are overlooked.
  5. You are thinking about retirement. 
    55% percent of Canadians are unsure how much money they’ll need to maintain their lifestyle into retirement (1).  If a client is concerned about this, speaking with a financial planner is a great first step.
  6.  You suspect their other advisors are not working cohesively – i.e. your financial advisor, lawyer, insurance advisor is not communicating with you when providing advice.
    This is easily understood based on whether your financial advisor/financial planner is proactively engaging you in tax planning as part of your financial planning.
  7. You are unaware of how your portfolio is currently allocated and whether it is tax-efficient.
  8. You have multiple financial advisors and T3/T5 slips from more than one institution.
  9. You are over 40 years of age and own a corporation in which:
    The corporation is earning over $300,000 a year before paying salary/dividends, and/or you have paid a salary of over $200,000 a year in the past 5+ years.

We recognize that every client’s situation is unique. If  in reading this article you identify with one or more of these circumstances, consider speaking to us about setting up a complimentary initial assessment.

 

 

(1)    Statistics via Statistics Canada