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In the Family • Investor Profiles:What’S Their Type?

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In the Family • Investor Profiles:What’S Their Type? AE08_OFC 7/20/05 4:49 PM Page 1 ALL IN THE FAMILY • INVESTOR PROFILES:WHAT’S THEIR TYPE? CANADA’S MAGAZINE FOR THE FINANCIAL PROFESSIONAL • AUGUST 2005 • WWW. ADVISOR.CA BELOW THE RADAR How your friendly neighborhood credit union is becoming your next big competitor Rogers Publishing Limited, One Mount Pleasant Rd., Toronto, Ont. M4Y 2Y5 • Publications Mail Agreement Number 40070230 AE08_005 7/15/05 4:39 PM Page 5 AUGUST • 2005• THE ON VOLUME 8 COVER NUMBER 8 15 All in the Family 18 Below the Radar How your friendly neighbourhood credit union is becoming your next big competitor 26 Investor Profiles: What’s Their Type? 7 Inside Edge with Darin Diehl There’s always a right time and place when prospecting your friends and neighbours. 12 FRONT END LOAD History Lesson Financial consultant Gabor Vaski dis- 18 cusses author Margaret MacMillan’s NEW COMPETITORS book, Paris 1919: Six Months that Changed the World. And, it’s always a good time to boost your practice offer- 18 28 ings to pre-newlywed clients—whether COVER STORY Below the Radar The Ideal Niche they’re 24 or 40, and on the first, Traditionally, credit union clients have Less is more when building a rewarding second or even third run at marriage. enjoyed the personal service, good mort- practice. By Steven Lamb gage rates and charitable orientation 15 that come with membership. Now, as 31 TOOLBOX Family Ties wealth management is rising in the Attracting the Affluent Pay special attention to client estate ranks of professional service, CUs Sales pitches are passé when courting planning needs when dealing with are responding by adding more advisors wealthy investors. complex, blended family units. in the branches. By Deanne N. Gage By Steven Lamb By Christine Van Cauwenberghe SPECIAL THREE-PART REPORT: 35 Taking Your Practice to the Next Level Tax Break with Gena Katz (with John J. Bowen Jr.) 36 26 Insurance Insights with Rich Friends David Wm. Brown Forging trust and understanding personality types is key when you want 38 to strengthen relationships with your CLOSING BELL with Beasley Hawkes wealthy clients. The Hawkester rants about getting CE 15 By John J. Bowen Jr. credits where they’re due. BLENDED CHALLENGE www.advisor.ca ADVISOR’S EDGE | AUGUST 2005 5 AE08_007 7/18/05 7:15 PM Page 7 INSIDEEDGE HAMBURGERS, HOTDOGS AND HEDGE FUNDS A summertime guide to prospecting neighbours, friends and family. My Sunday night ritual involves to me while lunching with a top hedge fund, or if they want your view transporting an oversized garbage can producer from one of the bank-owned on what constitutes a properly diversi- and two recycling bins down to the brokerage firms. Like all of you, that fied portfolio, the first thing to do is curbside. I always end up doing this advisor is occasionally subject to queries determine whether they’re just making about 10 p.m.—as do many of my from family, friends and neighbours conversation or if they’re sizing you neighbours. about investing, insurance and myriad up as someone they might want to Invariably, a few of us end up con- other financial matters. work with. gregating for a discussion about the past While it’s certainly not uncommon If it’s the latter, then it makes the weekend or a recent household project. for these conversations to evolve into most sense to save the detailed discus- For instance, one neighbour tells me prospecting opportunities, he told me sions of what you do for an appoint- about a bathroom renovation he’s just he often feels uncomfortable discussing ment at your office, or over lunch. completed and I’m impressed enough his business with these people and that It’s just common sense that you pro- to probe further to learn whether his he’s not always sure he even wants to ject a more professional image dressed talents stem from a hobby or a vocation. pursue them as prospects. He also notes in business attire than in cut-off jeans When I discover it’s the latter, I the discomfort sometimes rests equally and sandals. immediately want to talk to him about with the family member, friend or But the issue goes deeper, and assum- a possible bathroom renovation in my neighbour who’s used to dealing with ing you have neighbours, friends and own home. He tells me a bit about his him in a purely social manner, such as family who like you—and whom you company and the type of work it does. having a beer on the porch or burning like in return—then it’s in both of your But when I ask him about costs, he some meat on the barbeque. interests to set boundaries. Bottom line: steers the conversation in a different My renovator neighbour understands Keep your social relationships separate direction. this all too well. Your vocational exper- from emerging business relationships. Instead of attempting to close a sale tise is something you normally talk If a business relationship fails to take on the sidewalk, he suggests I come see to prospects about in a professional root, both parties will have the comfort him at his office one Saturday. “Let’s sit environment. When taking out the of knowing the personal relationship is down and I’ll show you how our firm trash turns into a sidewalk social, you very much intact. operates and the type of work we do,” should only carry a business conversa- he suggests. “Then you can decide if tion so far. DARIN DIEHL you want to pursue this further.” So, next time you’re at the neigh- EXECUTIVE EDITOR & There is an important lesson there bourhood block party and people ASSOCIATE PUBLISHER for advisors, as was recently confirmed ask your opinion about the latest [email protected] www.advisor.ca ADVISOR’S EDGE | AUGUST 2005 7 AE08_008 7/15/05 4:40 PM Page 8 SUBSCRIBER ADVISOR Group is a division of Rogers Publishing Limited SERVICES that consists of Advisor’s Edge, Advisor’s Edge Report, Advisor.ca, ADVISOR Live, Objectif Conseiller, Conseiller.ca and Conseillers En Direct. AUGUST 2005, VOLUME 8, NUMBER 8 Online: www.advisor.ca/customerservice Darin Diehl, Executive Editor & Associate Publisher, ADVISOR Group (416) 764-3812, [email protected] E-mail: [email protected] ADVISOR’S EDGE Deanne N. Gage, Editor Harvey Schachter (416) 764-3803, [email protected] Contributing Editor Phone: (866) 236-0608 or (416) 764-3859 Philip Porado, Associate Editor Jennifer Molleson, Production Manager (416) 764-3802, [email protected] (416) 764-3928, [email protected] Heidi Staseson, Assistant Editor Maggie Sicilia, Administrative Assistant (416) 764-3804, [email protected] (416) 764-3822, [email protected] Aniko Nicholson, Art Director (416) 764-3850, [email protected] EDITORIAL ADVISORY BOARD ADVISOR’S EDGE REPORT / ADVISOR.CA Elaine Andrew John Ord Scot Blythe, Editor, Advisor’s Edge Report Kate McCaffery, Senior Reporter Investors Group BMO Nesbitt Burns (416) 764-3810, [email protected] (416) 764-3959 David Wm. Brown Jim Rogers Doug Watt, Editor, Advisor.ca [email protected] Al G. Brown and Associates Rogers Group Financial (416) 764-3815, [email protected] Andrew Gregory, Manager, Web Production & David Christianson Nancy Shewfelt Opal Patel, Practice Management Editor Special Projects, (416) 764-3817 Wellington West Total Wealth Management Wellington West Capital Inc. (416) 764-3818, [email protected] [email protected] John De Goey Thane Stenner Steven Lamb, Assante Capital Management The Stenner Group, CIBC Wood Gundy Investments Editor Robert Fleischacker Lynne Triffon (416) 764-3961, [email protected] Advocis, Stonehaven Financial Group T.E. Financial OBJECTIF CONSEILLER Cynthia J. Kett Yves Bonneau, Editor Christian Benoit-Lapointe, Assistant Editor Stewart & Kett Financial Advisors Ltd. (514) 843-2142 James Wagner, Art Designer Jean Goulet, Publisher SALES Garth Thomas Kathleen Murphy, National Account Manager General Manager (416) 764-3838, [email protected] (416) 764-3806, [email protected] Gisela Stephany Donna Kerry Sales Manager, Eastern Canada National Account Manager (514) 843-2133, [email protected] (416) 764-3805, [email protected] David Carmichael, Marketing Research Analyst Andrew Mooney, National Account Manager (416) 764-3820 (416) 764-3809, [email protected] [email protected] MARKETING AND COMMUNICATIONS WHAT’S NEW @ ADVISOR.CA? Nancy Matheson, Group Director ■ An online client service-themed package to help you attract CIRCULATION AND RESEARCH Keith Fulford, Circulation Director Tricia Benn, Director of Research and retain new business. Under “Special Report” in Cindy Younan, Circulation Manager Rosa Regula, Research Assistant Advisor.ca’s Practice Zone, this special package includes: Ann McDonagh, Group Publisher (416) 764-3830, [email protected] › Expert advice on how to improve your client action Paul Williams, Vice-President, Healthcare & Financial Services Group response time ROGERS MEDIA INC. Anthony P.Viner, President and CEO › A client satisfaction survey template you can use in your ROGERS PUBLISHING LIMITED practice Brian Segal, President and CEO John Milne, Senior Vice-President, Healthcare & Financial Services Group › Profiles of advisors with a passion for client service. Harvey Botting, Marc Blondeau and Michael Fox, Senior Vice-Presidents Immee Chee Wah and Larry Michieli, Vice-Presidents ■ An all-new insurance case study in our Product Zone. , established 1998, is published by Rogers Publishing Limited, a division of Rogers Media Inc. Advisor’s Edge subscriptions include 24 issues per year, consisting of 12 issues of Advisor’s Edge in magazine format and 12 issues of Advisor’s Edge Report in tabloid newspaper format.
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