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Business&Pleasure CANADA’S MAGAZINE FOR THE FINANCIAL PROFESSIONAL • MARCH 2003 • WWW. ADVISOR.CA Compromise and perseverance go hand in hand when working with your spouse. Married advisors share how they combine Business&Pleasu re Catherine and Scott Plaskett Certified Financial Planners IRONSHIELD Financial Planning SUDDEN WEALTH, SUDDEN CHALLENGES • HOW TO AVOID THE BEAR TRAP Publications Mail Agreement Number 40070230, Rogers Publishing Inc., One Mount Pleasant Rd., Toronto, Ont., M4Y 2Y5 March 2003 Volume 6, Number 3 INSIDE EDGE 7 Angst and Action 22 MARRIED ON THE JOB The answer to paralyzing gloom is to work harder and smarter. NEWS UPDATE 8 Advisors of the Year Raise the Bar Kicking off the 5th annual Advisor of the Year Awards. A brow-raising question from the first world critical illness conference. TOOLBOX 13 Eating your Cake,Too Why not suggest investing in a RRIF and an annuity? KNOW YOUR CLIENT 20 Common Ground Rule of thumb: Never, ever leave one spouse out of the financial planning discussion. COVER STORY / WORK ENVIRONMENT 22 Business & Pleasure Advisors say compromise and perseverance go hand in hand when working with their spouses. By Harvey Schachter CLIENTS IN TRANSITION 34 MANAGING WINDFALLS 34 Wealth Anxiety A large windfall may sound euphoric but for some clients the emotions that come along with the new funds can be a nightmare. By Jennifer McLaughlin PRACTICE MANAGEMENT 41 Avoiding the Bear Trap If you can’t grow your clients’ assets in these markets, try these six tips to preserve the wealth they do have. By Geoff Kirbyson MY EDGE 46 Made To Order Offering customized services has helped Murray Child, CFP,retain his preferred clients and develop a strong reputation. YOUR BUSINESS 49 Equity Forecast Fund managers aren’t expecting a smooth resumption of bullish stock prices this year but don’t underestimate the U.S. economy. 51 Investment Matters with Pierre Saint-Laurent Does financial research really matter? 41 AVOIDING BEAR TRAPS 53 True Wealth with Thane Stenner Co-opetition: n. the concept of co-operating with your competition in order to become a more successful advisor. 54 Compliance Check with Ellen J. Bessner Credibility plays an important role in court. So what exactly influences the judge? 57 Marketing Frontlines with Dan Richards The spirit of community service can help you establish credibility with prospects. 58 This ‘n’That by Andrew Rickard Vive la moustache! Blue diamonds. Currency risk. Count your pennies. MARCH 2003 5 INSIDEEDGE ANGST AND ACTION What’s the answer to paralyzing gloom? Simple. Work harder and smarter. “I’m not having a lot of fun spent the first half hour of our lunch bring some new faces to small semi- right now.” outlining the myriad challenges he, nars. He spends a couple of hours That’s how one advisor described and for that matter every advisor, cur- with five or six guests answering ques- his feelings about his job to me dur- rently faces. But then the conversation tions and talking about his approach ing a conversation we shared over shifted to the action he was taking to to investing. It’s time-consuming and lunch on a cold, grey January day in meet his challenges head on. requires a cash investment, but he is Toronto. It’s a feeling other advisors Most of what he talked about picking up new clients. have shared with me during other should be familiar to successful advi- As for his current clients, for those lunches, phone calls and meetings sors everywhere. But unlike many, he weary of adding to their investments, over the last several months. is actually investing the time—and in the conversation has turned to wealth The bear market, now nearly three some cases money—to follow through preservation and succession issues years old, is certainly the main source and walk the walk. through an exploration of insurance of advisor angst. The protracted To start with, he and his associate and estate planning options. He and downturn has affected you and your make several calls a week to their top his team are also methodically review- businesses in multiple ways. Your clients, proactively checking on how ing and updating each client’s invest- clients, wounded and worried, are they are feeling, answering questions, ment policy statement. more demanding of your time. Your passing on insights. He and his team Like other advisors, he’s also culling income has been hit by shrinking have stepped up communication his book of unprofitable clients, along assets and slower sales. Your admin- across the board, using tried and true with those with whom he no longer istration and compliance costs have methods like e-mail, face-to-face enjoys working. Administration and certainly not gone down, and in many meetings and conference calls. The overhead costs are also being scruti- cases, they continue to rise. first priority is to listen, but they also nized to look for any possible savings. Yes, there is a lot to feel glum impress upon their clients that port- Our conversation was engaging and about. But, like the bone-chilling folios, despite the pounding equities I would have enjoyed talking with weather of this winter, some advisors have taken, must still be positioned him for the rest of the afternoon. But complain about the current environ- to take advantage of the inevitable alas, he had to get back to work—and ment, but don’t do anything about it. equity market turnaround. seemed to be looking forward to it. That’s not the case for the advisor What else is he doing? For the first DARIN DIEHL I lunched with back in January. A top time since he was building his busi- CONTENT DIRECTOR performer by any benchmark, he ness, he has hired telemarketers to [email protected] MARCH 2003 7 NEWS UPDATE MARCH 2003, VOLUME 6, NUMBER 3 ADVISORS OF THE YEAR Deanne N. Gage RAISE THE BAR Managing Editor (416) 764-3803, [email protected] Brand-new letterhead and business cards symbolize a Jennifer McLaughlin Assistant Editor fresh start. But when you talk to Lance Howard the feeling (416) 764-3804, [email protected] Sheila Avari of having new stationery is extra special. According to him, Assistant Editor (416) 764-3802, [email protected] the honour of being the 2002 Advisor of the Year (AOTY) Aniko Toth Art Director winner in the Ontario region looks doubly good in front of (416) 764-3850, [email protected] Wendi Phillips his clients and prospects. “The Advisor of the Year title car- Chief Copy Editor (416) 764-3814, [email protected] ries great weight for me,” he says. “We are reprinting our Scot Blythe and Harvey Schachter Contributing Editors business cards and letterhead with the AOTY logo. There Lisa Darwen Production Supervisor is real value in this program for advisors.” (416) 764-3928, [email protected] Advisors report winning the award has helped them grow their business, develop credibility, prospect success- Scot Blythe Investments Editor fully and land job promotions. (416) 764-3810, [email protected] John Craig To enter, advisors submit a real-life case study that Practice Management Editor (416) 764-3811, [email protected] explains the clients’ financial situation, outlines solutions Opal Patel Web Projects Editor implemented to overcome the clients’ specific challenges (416) 764-3818, [email protected] Doug Watt and illustrates the financial performance of the clients’ Reporter (416) 764-3815, [email protected] portfolio with charts and graphs. Andrew Gregory Web Production Manager The entries must be blinded before submission to ensure (416) 764-3817, [email protected] Mylinh Vuu confidentiality. Then they are sent to a national panel of Customer Service Administrator (416) 764-3864, [email protected] industry experts who judge the case studies based on the professionalism, level of difficulty and execution of the Yves Bonneau Editor plan. The judges also look for how well the solutions meet (514) 843-2142, [email protected] Marie-France Cardinal the client’s objectives. Assistant Editor James Wagner Five regional Advisor of the Year winners—one each Art Designer from British Columbia/Territories, the Prairies, Ontario, (514) 843-2592, [email protected] Quebec and Atlantic Canada—are presented their award Kevin Craig Tricia Moore at the Advisor Forum in their region. Following the award General Manager Manager, Conferences [email protected] (416) 764-3866, [email protected] ceremony, a VIP dinner is held in the winning advisor’s Pauline Nolan Tracy Smith Project Manager Assistant Editor, Conferences honour. Advisors who submit excellent case studies may (416) 764-3808, [email protected] (416) 764-3834, [email protected] Antonia Mitchell Melissa Horwood also qualify for honourable mention status. Administrative Coordinator Conference Coordinator (416) 764-3807, [email protected] (416) 764-3865, [email protected] Advisors who enter raise the bar in the industry, says Darin EDITORIAL ADVISORY BOARD Diehl, editorial content director for the ADVISOR Elaine Andrew John De Goey Robert Fleischacker Investors Group Assante Capital Management Advocis, Stonehaven Group—the presenter of the Advisor of the Year Awards. Financial Group Thane Stenner Catherine Hurlburt Evelyn Jacks “This is a sentiment often echoed by our judges who tell us The Stenner Group Advocis, Assante Evelyn Jacks CIBC Wood Gundy Financial Management Productions Inc. selecting a winner has become increasingly challenging and Dan Richards Sandra Foster Jim Rogers exciting as more advisors enter impressive case studies.” Cartier Partners Headspring Consulting Inc. Rogers Group Financial Dan Thompson Lynne Triffon John Ord The 5th annual Advisor of the Year Awards is now accept- George Brown College T.E. Financial BMO Nesbitt Burns ing entries. The entry deadline is June 27, 2003. More infor- mation and rules can be found on pages 55 and 56 of this issue, or click on the AOTY logo at www.advisor.ca.
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