Growing Your Financial Advisory Practice | Insights for Financial Advisors, Planners and Investment Managers – Détails, épisodes et analyse

Advisors need to be able to help their clients meet not just their short-term goals, but also their long-term wealth management goals, and that means building strong relationships with clients and having a clear understanding of their needs and priorities. Today’s guest has built a successful practice doing just that.   

Daryn Form has built a successful financial advisory business over the past 20 years. In 1999, he earned the Certified Financial Planner™ professional designation. In 2011, he earned the Canadian Investment Manager (CIM™) offered by the Canadian Securities Institute; this professional designation is required to be licensed as a discretionary portfolio manager in Canada. Daryn uses a scientific process-driven approach to investing—along with his breadth of experience and knowledge in wealth management and advanced financial planning—to help his clients achieve their financial goals. 

Topics Discussed in This Episode:  

• Who Daryn’s firm serves (1:14)
• Why Daryn decided to become an advisor early on (3:24)
• Daryn’s onboarding process for clients (9:36)

• How Daryn approaches client acquisition (14:18)
• Why Daryn decided to switch to an AUM-based model (20:53)

• How would he start in the wealth management industry today (32:07)   

Links and Resources: 

  Assante First Avenue 

 Quotes From the Show:  

“In some ways the business has changed dramatically, in some ways it hasn't changed at all - this is still a relationship-oriented business.“  

“The majority of our new clients come from our overwhelming effort to do terrific work for people, such that they want to tell other people about it.” 

“Their problem is unique to them, but it’s not unique to others, which means it wasn’t unique to us.”   

With over two decades of industry experience, Daryn’s expertise stemming from building his own successful practice is useful to advisors of all different levels. Today, he is sharing his experience and wisdom with us.  

Below, we’re sharing three key ideas from the episode: 

• Daryn’s clientele and how he approaches serving and acquiring them 
• How to build a business that is a good fit for you
• Daryn’s advice for young advisors breaking into the industry  

To listen to the full episode, find us on iTunes or Stitcher, or click the link at the top of the page. 

Financial advising isn’t just about what an individual should do with their money while they’re still alive. It’s also about their family and what happens to wealth after an individual passes away. Wills, estate planning, powers of attorney, and healthcare directives are all important things that a financial advisor’s clients should be thinking about, and that means that financial advisors need to think about them as well.  

Today’s guest is Tom Deans. Tom is a professional speaker and the author of two best-selling books that deal with the intergenerational transition of family wealth: Every Family’s Business and Willing Wisdom. Listen to the episode to hear what Tom has to say about why there’s an estate planning gap, how advisors can fill that gap, and what kind of effect the COVID-19 crisis has had on the subject of estate planning.  

• How Tom became focused on the issue of estate planning (3:37)
• Why Canada has an intergenerational wealth issue (6:10)
• How advisors can fill the estate planning gap and provide advice to their high net-worth clients (12:01)
• What Tom has noticed about the culture of families that transfer wealth successfully (15:16)

• What is The Willing Wisdom Index (23:09)
• Whether there are any trends over the last few months related to COVID-19 (26:57)

For a free software trial: Sales@willingwisdom.com 

Call Tom: (519) 938-2069 

Willing Wisdom 

“Estate planning isn’t just about answering the question ‘Who gets my stuff when I’m dead?’ There’s a whole part of estate planning that’s very much about the living.”  

“A will is like an MRI for a doctor - the will and a conversation about a will reveals everything.” 

“Wealth has always been about family and family relationships.” 

Tom provides a unique perspective from outside of the traditional financial planning industry at how advisors can grow into an untraditional niche. His many successes in publicizing the issues facing intergenerational wealth position him to provide insight to all advisors on how they can grow their business by opening discussions on estate planning with their clients. 

Below, we will be discussing three key ideas from today’s episode:  

• The Biggest Problem Facing the Transfer of Intergenerational Wealth 
• What Successful Advisors Are Doing Right With Estate Planning

Eight years ago, it would have been nearly impossible to imagine the incredible impact fintech would have on the financial services industry today. And even now, we’re just scratching the surface of what this industry can become in the future. 

In a change of pace, today’s episode is an introduction to one of our favourite podcasts: Fintech Impact. You’ll hear host Jason Pereira interview Tea Nicola, CEO of Wealthbar, and our own Pawel Brzeminski, CEO of Snap Projections.

The Fintech Impact Podcast is hosted by Jason Pereira who explores the fintech space and interviews its major players — both incumbents and newcomers. Whether they’re trying to make existing finance players more efficient or looking to disrupt the industry altogether, this show explores their impact on consumers and the industry as a whole.

Listen in to hear about Wealthbar’s acquisition of Snap Projections, what that relationship will look like going forward, and Tea and Pawel’s shared vision for how fintech can impact the industry — and the lives of average Canadians.

What You’ll Learn in This Episode:

• Why a partnership between Wealthbar and Snap Projections makes sense (2:05)
• What the end product looks like for both clients and advisors (6:30)
• Pawel’s product-building philosophy (16:40)
• Revealing Tea and Pawel’s wishes for their industry (23:00)
• The biggest challenges Tea and Pawel have faced in scaling their companies (27:05)
• What gets these founders out of bed every morning (30:55)

Links and Resources:

Wealthbar

Tea Nicola

Snap Projections

Pawel Brzeminski

Fintech Impact

Jason Pereira

 Quotes from the Episode:

“It just made sense to basically own software that is going to eventually become what I want to see, which is a vision for a full practice management platform for an independent financial advisor.” — Tea Nicola 

“This is technology that’s gonna enable you, not threaten you.” — Jason Pereira

“In a lot of cases, it actually takes an advisor to make adjustments. I don’t think we can really have a fully automated tool that can provide the best solution for every single case.” — Pawel Brzeminski

With their shared goal of transforming the financial services industry in Canada and making the lives of both advisors and consumers easier, Tea and Pawel’s recent partnership is a match made in heaven. Today, they’re opening up about what that vision is, how it brought them together, and the impact they hope to have on Canadians.

Bel...

It’s one thing for the general public to misunderstand what financial advisors do or be mistaken about important principles of personal finance. But what about financial advisors? What myths and misconceptions do you believe that might be holding you back from giving your clients the best advice? That’s what today’s guest is here to talk about.

John De Goey is a Portfolio Manager with Wellington-Altus Private Wealth. He has built a national reputation as a trusted authority on professional, transparent and evidence-based financial advice. He’s written for publications including Canadian MoneySaver, MoneySense and The Globe and Mail, and appeared on television programs like CBC’s MarketPlace, News World and BNN’s Market Call. He’s the author of The Professional Financial Advisor, now in its fourth edition, and STANDUP to the Financial Services Industry, released last year.

In today’s episode, he’ll discuss misconceptions commonly held by financial advisors, why advisors might hold these misconceptions, and what you should believe instead. Listen in to hear more about John’s work, research and advice for advisors and investors.

What You’ll Learn in This Episode:

• The unglamorous yet insightful reason behind John becoming an advisor (3:35)
• Common myths and misconceptions in financial advising (5:00)
• What advisors get wrong about cost (9:15)
• Why advisors ignore the evidence and recommend activities that don’t add value (18:20)
• The key beliefs advisors should focus on improving (26:35)
• Why investors will need to be part of the solution (21:55)
• Why the reason for advisors’ beliefs isn’t the most important question to explore (38:20) 

Links and Resources: 

Standup Advisors

STANDUP to the Financial Services Industry: Protecting Yourself From Well-Intended But Oblivious Advisors

Email John

Quotes by John De Goey:

“There are a lot of advisors that should be part of the solution, want to be part of the solution, but the really ugly secret that a lot of people in the industry don’t want to come to terms with is that there are many advisors that are themselves part of the problem.” 

“Any advisor who is worth his or her salt would do very well to understand that where the rubber hits the road is in the behaviour that they help to enforce or disabuse their clients of.”

“This is perhaps the only industry in the world that I’ve ever found where the low-cost products are the best products.”

What unique financial planning challenges do individuals face when they live full- or part-time in the US but have Canadian citizenship (or vice versa?) How can you help clients who straddle two countries? And more to the point – should you always be the one to help them? Today’s guest is diving in deep to help you understand the pertinent issues around cross-border financial advising.

Terry Ritchie is a Partner and Director of Cross-Border Wealth Services for Cardinal Point, with offices in Toronto, Calgary, Irvine, Phoenix, and Boca Raton. He is a Registered Financial Planner in Canada and is enrolled to practice before the U.S. Internal Revenue Service as an Enrolled Agent. Terry is also a Trust and Estate Practitioner affiliated with the Society of Trust and Estate Practitioners. He has been practicing cross-border financial, investment, tax and estate planning for more than 30 years. 

What You’ll Learn in This Episode: 

• What actually drives people to move between Canada and the United States (6:45)
• Why cross-border work matters to Terry (10:10)
• What advisors need to know about visas and green cards (13:40)
• Important elements of U.S. income tax (23:50)
• Investment limitations of Canadians in the US (28:10)
• How cross-border living affects estate planning (37:10)
• The biggest cross-border planning mistake you can make (43:45)
• Terry’s #1 tip for growing a career you really love (53:20)

 Links and Resources: 

Cardinal Point

Email Terry

Quotes by Terry Ritchie: 

“I can quantify the numbers that you might be better off from a tax perspective in that jurisdiction or country versus this one. But really at the end of the day, it’s truly around lifestyle. Where are they going to be happiest?”

“It’s just the nature of the business. Markets go up and down... Tax laws change. Family dynamics change.”

“Advisors have a right to say no,” he says. “There has to be a fit – on both sides.”

Terry’s firm, Cardinal Point, offers a total solution to individuals who have Canadian and American financial matters – snowbirds, those who have dependants in one country while living in the other, and those who move between the two countries. And as someone who has financial matters in both countries himself, he has unique insights into what it takes to plan for people like him.

Below, we’re sharing three key ideas from this episode:

• What actually drives people to move between Canada and the United States
• The biggest cross-border planning mistake you can make

It’s one thing to build up your own practice. But as we approach the end of the year, we’re taking a step back to look at what it takes to build an entire profession. Today’s guest is here to show us what the financial planning industry can become at its best.

Jason Pereira is a Senior Financial Consultant with Woodgate Financial Inc and IPC Securities Corp. He is one of Canada's most respected authorities on financial planning, the financial industry, and financial technology. He’s been awarded 7 industry designations including the CFA, CFP, and RFP. He has won and been named a finalist for several industry awards, and he is the only 3-time winner of the PlanPlus Global Financial Planning Awards. 

Jason is also the leader of a growing group of financial advisors seeking to improve financial planning, both for advisors and consumers. As the president of the newly launched Financial Planning Association of Canada (FPAC), he’s here to talk about his hopes for the future of financial planning in this country.

What You’ll Learn in This Episode: 

• Why FPAC exists and what its goals are (2:40)
• Why FPAC needed to be a new organization in order to reach its goals (10:30)
• How FPAC will benefit the public (15:30)
• How FPAC plans on handling enforcement (17:05)
• The benefits of FPAC membership to advisors (21:40)
• What types of memberships are available (27:05)
• What the reception for FPAC has been like in the industry (29:45) 

Links and Resources:

Financial Planning Association of Canada

FPCA Charter

Email Jason

Woodgate Financial Inc

 Quotes by Jason Pereira: 

“This is a coming together of like-minded individuals who want to see the professionalization of planning in Canada, and to basically move this industry and this country forward.”

“We’re trying to create the member body that basically is going to push for active change.”

“We’re not going to be able to build the industry up if we don’t provide the resources to do that.”

You might remember Jason from an earlier episode of the show (and if you didn’t, do take the time to hear his advice for competing – and winning – in the Canadian HNW segment). However, today’s show is a little different as we’ll be hearing from Jason about his passion project of transforming financial planning from a sales-based industry to a robust profession in Canada.

Below, we’re sharing three key ideas from this episode:

• ...

Family businesses inevitably come with complex scenarios for a financial advisor to sort through. But the biggest complications may not be what you expect: the emotional aspect of family, business, and money is often the foremost concern when beginning conversations around business transitions. Today’s guest brings a rock-solid technical background and soft skills that helps her see the full picture and help families navigate the wealth transition landscape.

Cindy Radu is a family wealth transition advisor. She works with individuals, family enterprises, business owners and family offices to maneuver the complexities and opportunities of multi-generational wealth. Cindy has over 25 years of legal, fiduciary, trust and governance experience, giving her a bird’s eye view of the many issues families can face.

Listen to the episode to hear how Cindy frames wealth, family enterprise, and success in a way that helps her clients handle the complicated financial and emotional factors involved in transitioning family wealth.

What You’ll Learn in This Episode: 

• Rethinking the key issues around transitioning wealth and family businesses in Canada (8:05)
• The difference between a family business and a family enterprise – and why it matters (11:10)
• Cindy’s first steps when advising clients (18:45)
• How Cindy bridges critical gaps by working effectively with other advisors (25:25)
• Helping families avoid assumptions and get on the same page (33:40)
• What wealth and wealth management really mean (39:30) 

Links and Resources: 

Cindy Radu

Cindy on LinkedIn

Email Cindy

Quotes by Cindy Radu:

“Way too many families are willing to stake everything they work so hard for on basically a hope and a prayer that everything is going to turn out alright.”

“Referrals from clients are frankly the strongest possible referrals that you can get.”

“I’ve been successful in my practice because I’m able to bridge those emotional and technical aspects of the wealth planning and transition.”

Cindy has been a Chartered Accountant and estate planning lawyer, and she’s also worked with large financial institutions. And yet all of her work has had one common goal: helping families through transitions. Today, she shares her experience to reframe the conversation around family wealth transitions.

Below, we’re sharing three key ideas from this episode:

• Rethinking the key issues around transitioning wealth and family businesses in Canada
• The difference between a family business and a family enterprise – and why it matters
• What wealth and wealth management really mean

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit...

Everyone says they put their clients’ best interests first, but what’s the best way to set yourself up for success in this regard? By introducing portfolio management companies into his business model, today’s guest has structured a financial advisory practice that allows him to focus on his clients first.

Peter Cishecki started Everything Financial Group in 1996 after working for many years at one of Canada’s leading insurance companies. He has created an all-in-one financial experience for his clients where he built trusted, long-term relationships by providing complete financial strategies and solutions for financial peace of mind.

Listen to the episode to hear about how Peter came to work with portfolio management companies on a referral basis and how it’s affected his business. 

What You’ll Learn in This Episode: 

• Why more advisors don’t work with portfolio management companies (9:30)
• Why your clients wish you worked with a portfolio management company (14:35)
• How Peter structures his fees – and how he provides enough value to earn them (18:55)
• How Peter’s work culture transformed when he began working with portfolio management companies (27:30)
• The biggest challenges Peter has faced in his career (30:40)
• Three misunderstandings about wealth management (33:50)
• How Peter gets in front of prospective clients (35:20) 

Links and Resources:

Everything Financial Group 

Quotes by Peter Cishecki: 

“When I can get people to change their outlook on life and start to enjoy their money while they’re young and healthy, that’s huge satisfaction.”

“If you’re going to collect a fee, do something for the person.”

“Truly look yourself in the mirror every day and say ‘What am I gonna do today to make a client’s life better?’”

In late 2010, Peter noticed he was already running his practice like a portfolio management company – offering six different model portfolios and spending all his time on administrative work. He realized that by working with an actual portfolio management company, he could let other professionals handle that work while focusing his efforts on what he really wanted to do: building financial plans.

Since making the switch, his practice has grown by at least 500%, and his entire office culture has changed into less of a team and more of a family.

Below, we’re sharing three key ideas from this episode:

• Why your clients wish you worked with a portfolio management company
• Why more advisors don’t work with portfolio management companies
• How Peter makes sure he provides value and earns his pay

When growing your book of business, you can either build it from scratch yourself or join up with another advisor and purchase their practice. Today’s guest is most experienced in the latter, and he’s here to share the insights, benefits, and perils of buying (and selling) your business.

Brad Amlin has put in more than 17 years in the financial services business. His primary area of expertise is financial, estate and tax planning, focusing on strategies that include the use of life insurance and investment vehicles. He works with both business owners and high net worth individuals.

Brad has also been through numerous business transitions, both as the advisor buying practices and, more recently, as the one selling his own business. Listen in to hear how Brad built a $30 million AUM business to $150 million – and why he decided to sell.

What You’ll Learn in This Episode: 

• How Brad sought out clients in his early days as an independent advisor (8:15)
• How Brad built Cornwall Wealth Management from $30 million to $150 million AUM (12:35)
• What Brad looks for in clients (24:45)
• How to help your clients through a business transition (28:50)
• Why Brad’s practice has both MFDA and IIROC advisors (31:30)
• Major challenges when undergoing a business transition (33:35) 

Links and Resources: 

Email Brad

Cornwall Wealth Management

The Personal Coach 

Quotes by Brad Amlin: 

“Success really revolves around the continuity of who the client’s dealing with.”

“Even if you do want to, over time, rebrand the company, I think maintaining the brand… for a specified period of time post-transition really helps the continuity and maintains that client.”

“I find the challenge to be maintaining confidence and maintaining that ‘up’ feeling in an environment that seems to be rapidly shifting through regulatory change.”

While Brad started his financial services career working for a bank, he’s since had quite the career building and buying financial advisory businesses; at its peak, his practice had $150 million AUM. In his mid-forties, he decided it was time to sell his business to another advisor and get back to what he loves best: time and working directly with clients.

Below, we’re sharing three key ideas from this episode:

• What Brad looks for in clients
• How to help your clients through a business transition
• Solutions to 3 major business transition challenges

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link above.

You’re an expert in your field, but what do you do when you come across a planning situation that’s out of your depth? Today’s guest works with advisors and their clients to create better financial and retirement plans.

Yvonne Martin-Morrison is a financial planner with Raymond James Ltd.’s Retirement and Financial Planning Group. In 2019, she was the winner of the PlanPlus Global Financial Planning Award for Canada. She provides planning services, advice, and tax intelligence for Raymond James advisors and their clients. Her work also involves creating educational materials, presentations, and publications to empower advisors and help them better serve their clients.

Listen to the episode to find out what Yvonne has to say about her no-nonsense approach to financial planning, her principles of good financial planning, and how to approach decumulation. 

What You’ll Learn in This Episode: 

• How Yvonne approaches working with advisors and their clients (5:25)
• When advisors should reach out to Yvonne for support (13:20)
• Overcoming clients’ objections to planning (17:35)
• Yvonne’s basic, no-nonsense definition of financial planning (19:45)
• Yvonne’s approach to decumulation in retirement (36:20)
• The power of principles (40:40)
• Common mistakes advisors make when bringing in an outside expert (50:45)

 Links and Resources:

Raymond James

 Quotes by Yvonne Martin-Morrison:

“It’s very important that I avoid getting lost in the details right at the beginning.”

“What is the point of planning if you’re not implementing the strategies and solutions?”

“When we get those outputs and those software results, that allow me to really dig into analysis. And I think that’s one of the challenges for a lot of advisors is they think an output is the end. For me, that’s the beginning.”

Yvonne has been through it all as a financial advisor – from her uncertain rookie years to taking on some of the most complex situations in the business. Now, she steps in to help other advisors create integrated and comprehensive financial and retirement plans for their clients.

Below, we’re sharing three key ideas that Yvonne has to share in this episode:

• How Yvonne approaches working with advisors and their clients

• Overcoming clients’ objections to financial planning

• The power of principles in retirement planning

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link above.

Yvonne approaches working with advisors the same way you probably approach working with your clients. She asks them about where they are at in their planning, how they’ve been doing, what’s been...