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Plan?GET ONE and FAST AE01_OFC 12/02/2003 05:17 PM Page 1 RRSPSPECIAL GUIDE INSIDE! CANADA’S MAGAZINE FOR THE FINANCIAL PROFESSIONAL • JANUARY 2004 • WWW. ADVISOR.CA no plan? GET ONE AND FAST. A solid business plan is the best way to ensure your practice’s viability. NEW TAX LOSS RULES • KEEPING YOUR KEY PERSON Rogers Publishing Inc., One Mount Pleasant Rd., Toronto, Ont., M4Y 2Y5 • Publications Mail Agreement Number 40070230 AE01_005 12/02/2003 05:20 PM Page 5 January 2004 Volume 7, Number 1 INSIDE EDGE 7 Breaking the Chains 17 KEY PERSON PROTECTION It’s time to overhaul regulations that make it tough for advisors to change firms. LETTERS 10 CFP vs.R.F.P. A reader challenges what designation it takes to be a true professional. FRONT END LOAD 12 Challenge the CLU A miscellany of noteworthy items including the balance of Canada’s retirement income programs and Nick Murray on a rare opportunity for advisors. TOOLBOX 17 Key to the Business Protect your client’s small business succession plan with enhanced insurance coverage that can reward and retain key senior staff. COVER STORY / PRACTICE MANAGEMENT 22 No Plan? First things first: get one in place and fast. Not sure what makes a good 22 PLAN TO PROFIT business plan? Follow these nine steps and watch your business goals become that much clearer. By Brian J. Quinlan SPECIAL PULLOUT SECTION RRSP Survival Guide: Portfolio Construction The third of our four-part series focuses on rebalancing portfolios. A scientific method to building the right portfolio.Tune-up tips to have a well-functioning portfolio.Transferring tuition credits. A possible alternate to RRSPs. TAX PLANNING 27 The New Loss Rules New tax laws are coming in 2005 and could affect clients who are borrowing to invest. By Jamie Golombek 31 Tax Break with Gena Katz When support payments are made through third parties, different tax rules apply. 33 Compliance Check with Ellen J. Bessner The Financial Planners Standards Council’s practice standards are a RRSP SURVIVAL GUIDE blessing for the know-your-client process. 35 True Wealth with Thane Stenner Train clients to think about hedge funds as an idea, a way of thinking about how one should control risk and return in the portfolio. Here’s how. 37 Marketing Frontlines with Dan Richards Some client defection is inevitable, so put a prospecting plan in place to stay on stable footing. 38 This ’n’That by Andrew Rickard Baby bonus. Lunar lifestyle. Buried treasure. Retirement fund. 5 AE01_007 12/02/2003 05:23 PM Page 7 INSIDEEDGE BREAKING THE CHAINS It’s time to overhaul regulations that make it tough for advisors to change firms. Advisors who have changed firms to facilitate the departing advisor’s and non-solicit clauses to the contracts know from bitter experience what a efforts to take his clients with him. signed by their reps. Yet these same frustrating process it can be. While Here’s the scenario. When an advisor firms have no qualms about recruiting switching firms will always create cer- leaves a firm, whether it’s on the MFDA advisors from other firms. tain challenges, some of what hobbles or IDA platform, his registration lapses This all stems from the longstanding advisors is unnecessarily punitive. until he re-registers via his new firm. At industry debate about who “owns” the Advisor mobility, or more accurately the same time, regulations stipulate that client—a debate which rarely takes into the lack thereof, is high on the list of every account within a dealer firm must account the notion that perhaps clients what ails the industry, according to Brian have a representative assigned to it. So might object to being “owned” in the Mallard, a veteran Saskatoon-based advi- naturally the dealer will be quick to have first place. Instead, look at where the sor and the current chair of Advocis. another advisor contact the clients. relationship exists. If the advisors are At the Advisor Forum conferences While the departing advisor is between indeed providing the advice, then they this past fall, Mallard spoke on behalf registrations, he cannot provide any are also the ones who have the relation- of Advocis about a number of regula- advice to his clients, although he can ship with the clients. So clearly, it’s in tory issues—including the current certainly inform them of his leaving. As the interest of the client to allow them impediments on advisors moving their long as the advisor’s time in limbo is to quickly move with the departing books of business to another firm. short, say a few days, the inconvenience advisor—if that’s what they wish. “Under the current regulatory envi- to the departing advisor and his clients Mallard proposes a cooling-off ronment advisors have no right to will be minimal. period whereby the dealer does not change affiliation without a great deal Unfortunately, it doesn’t always work appoint a new rep to the departing of difficulty and expense,”Mallard told out that way. Mallard knows of cases advisor’s accounts for 30 days. This delegates. “Advisors should have the where the transfer and reapplication would allow both the firm and advisor same right to select who they work process has taken up to three weeks. to contact the clients. Combine that with as any other Canadian. Regulation The IDA says it will process the paper- with a fast-tracked termination and shouldn’t allow someone to be held work in two days—but admits it’s up to re-registration process, and voilà— hostage like this.” the dealer firm to send the information a better served public and a less The problem can be summed up in in a timely fashion. restricted advisor will result. two words: dealer hindrance. Dealers are Advisors can also find themselves understandably motivated to keep the bogged down by the internal policies of DARIN DIEHL client accounts and the revenue they the firms from which they are leaving. EDITOR generate. So they have little motivation Some of them layer on non-compete [email protected] www.advisor.ca ADVISOR’S EDGE | JANUARY 2004 7 AE01_008 12/02/2003 05:23 PM Page 8 The ADVISOR Group is a division of Rogers Publishing Limited that consists of Advisor’s Edge, Advisor.ca, Advisor Forum, Objectif Conseiller and Forum Des Conseillers. WHAT’S NEW @ ADVISOR.CA? JANUARY 2004, VOLUME 7, NUMBER 1 ■ Part three of our four-part RRSP Survival Guide series in the Darin Diehl, Editor, ADVISOR Group (416) 764-3812, [email protected] Practice Zone’s “Special Report” section. January’s theme is ADVISOR’S EDGE portfolio reconstruction and includes: Deanne N. Gage, Managing Editor Wendi Phillips, Chief Copy Editor (416) 764-3803 (416) 764-3814 › Advice on turning portfolio realignment into client acquisition; [email protected] [email protected] Sheila Avari, Assistant Editor Harvey Schachter and (416) 764-3802, [email protected] Contributing Editor Scot Blythe, Lisa Darwen, A customizable template letter on importance of balanced Investments Editor Production Manager › (416) 764-3810, [email protected] (416) 764-3928, [email protected] portfolios. Aniko Toth, Art Director Maggie Sicilia, Administrative Assistant (416) 764-3850, [email protected] (416) 764-3822, [email protected] ■ A multi-part feature on insurance and business owners in our ADVISOR.CA Product Zone. John Craig, Managing Editor Steven Lamb, Reporter (416) 764-3811, [email protected] (416) 764-3961 Opal Patel, Web Projects Editor [email protected] (416) 764-3818, [email protected] Andrew Gregory, Web Production Manager ALWAYS ONLINE @ ADVISOR.CA! Doug Watt, News Editor (416) 764-3817 (416) 764-3815, [email protected] [email protected] ■ Daily news coverage of the industry stories and issues you OBJECTIF CONSEILLER need to know Yves Bonneau, Editor Marie-France Cardinal, Assistant Editor (514) 843-2142, [email protected] James Wagner, Art Designer ■ Our latest insurance case study in the Product Zone ADVISOR FORUM ■ Sharing of opinions and knowledge in our online discussion Kevin Craig, General Manager Tricia Moore, Manager, Conferences (416) 764-3957 Antonia Mitchell, Administrative Coordinator forum [email protected] SALES ■ The latest market news, in our twice-daily e-mail bulletins Alexandra Blum Gisela Stephany GM, Sales & Business Development National Account Executive (416) 764-3830, [email protected] (514) 843-2133, [email protected] Watch for this icon. Garth Thomas Graham Blair More online It signifies there is more National Account Manager National Account Executive (416) 764-3806, [email protected] (416) 764-3809, [email protected] information or tools related to @ Donna Kerry David Carmichael, Sales Coordinator www.advisor.ca/interact the story you’re reading at National Account Manager (416) 764-3820 www.advisor.ca/interact (416) 764-3805, [email protected] [email protected] RESEARCH AND MARKETING Nancy Matheson, Director of Marketing Denise Brearley, Circulation Director, and Promotions Healthcare and Financial Services Group Joanne Merrick, Promotions Manager Mark Stevens, Group Publisher HOTLINES (416) 764-3825, [email protected] ADVISOR CUSTOMER SERVICE DESK is published 16 times a year by Rogers Publishing Limited. For help with your Advisor.ca settings or for general information about Advisor’s Edge receives unsolicited features and materials (including letters to the editor) from time to time. The ADVISOR Group, call (416) 764-3859 or e-mail [email protected] Advisor’s Edge, its affiliates and assignees may use, reproduce, publish, re-publish, distribute, store and archive such submissions in whole or in part in any form or medium whatsoever, without compensation of any sort.
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