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Wealth Professional | 23 Feb 2015, 09:39 AM Agree 0
A Supreme Court of Canada decision to allow physician-assisted suicide will force advisors to step their game up as they work with clients for end-of-life planning, Shafik Hirani, a wealth advisor with Investors Group said in an interview with WP.
  • Harley Lockhart CLU CHFC | 23 Feb 2015, 03:40 PM Agree 0
    The need for advisors to be proactive is a strong argument in favour of embedded commissions. Without action on the part of the client, there is no payment. It becomes a win/win situation, where the client is covered by insurance and the advisor is compensated for helping them make the best decision for their circumstances.
    From the moment I joined the industry, I was told "Life insurance must be sold." Perhaps the move to consultant advisory practice from sales practice is a factor behind the fact Canadians are underinsured.
    Financial advisors who do take initiative to uncover potential issues that could impact client financial welfare vary significantly from other fee for service professionals who only do what the client asks.
    Providing a comprehensive financial plan, without helping clients deal with the often paralyzing fear that the job is too big, is only the introduction to the story. More than just being told to do, most people need help to do it. Robo-advisors don't hold your hand!
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