ASK - Advisors Seeking Knowledge
Over the next decade, it is estimated that the country's largest transfer of wealth will occur, with forty-three percent of Canada's workforce approaching traditional retirement age and $3.7 trillion worth of Canadian privately-held companies transitioning either to family members, employees, or third party buyers. This definitive resource reveals the step-by-step process of how to effectively preserve, protect and distribute this wealth transfer. This book is designed to be the resource for the innovative and proactive professional seeking to guide clients to smoothly transition into the last third of their lives, making it the best and most productive time of their lives.
Up to now, there has been no book that deals so comprehensively on issues of wealth preservation, protection and distribution. This book is a must-have for trusted advisors who wish to help their clients handle this wealth transfer seamlessly, with no financial loss. The guidance and tips discussed in this book are explained clearly and in practical terms, covering every aspect the advisor should be aware of, from tax to legal to investment to insurance implications.
- A comprehensive, practical "how-to" guide for Canadian succession and estate planning, with step-by-step instructions on wealth protection, preservation and distribution.
- Contains contributions from over 50 experts in areas of law, insurance, accounting, trusts and estates, finance, investments, and banking; the topics covered include:
- Wealth preservation and succession planning
- Family and estate wealth distribution
- Accounting and financial planning
- Personal risk management
- Maximizing estate benefits
- Executive and employee benefits
- Off-shore considerations
- Plus more
- Includes handy charts and tables for easier reference, and numerous case studies to give readers real-life examples.
Benefits for the Reader
- Take advantage of the collective wisdom and guidance from over 50 experts on the topic of succession and estate planning, a subject to which, up to now, very little research and writing have been devoted.
- Help your business clients reach their life and financial goals.
- Special chapters on topics such as: leadership, mentorship, using the media, Internet, delivering effective seminars, building relationships, collaboration, and more.
- This practical, well-organized book serves as a quick reference guide for trusted advisors who wish to help their business clients on any issue pertaining to succession and estate planning.
Who Should Read This Book
- Lawyers - Helps practitioners who draft contracts in a comprehensive financial plan
- Accountants - Enables accountants to understand the roles that various professionals play in designing and implementing a comprehensive financial plan
- Financial and investment advisors and insurance brokers - Understand the various financial products and services that are used in comprehensive financial plans
- Business owners and corporate executives - Learn about the steps that need to be taken to smoothly transfer your business without incurring financial loss
- Chief financial officers and human resources officers - Learn about ways to manage pensions and benefits for all employees
How Will You Profit in the Next 10-15 Years?
In the next decade 43% of our workforce will approach retirement. At the same time $3.7 trillion will pass through the hands of business owners who control most of the wealth in Canada. These people rely on their trusted advisors to preserve and distribute this wealth. Your success depends on your ability to achieve these goals.
The Trusted Advisor's Survival Kit gives you the wisdom of 46 experts from all areas of tax, estate, legal, and financial consulting - with over 1,000 years of collective experience. Discover creative, beneficial strategies known to only a select few accountants, financial professionals, and tax lawyers in North America. You'll learn how to:
- Recognize where law, accounting, tax, insurance, and pensions overlap
- Build a team of seasoned professionals to create individualized solutions for your clients
- Combine Individual Pension Plans with the most advanced investment methods for maximum tax savings
- Select the right employee benefits to protect your clients' firms, employees, and families
- Underwrite insurance policies to minimize future litigation
- Grow and sell businesses for top dollar
Contributors share personal stories and insights from advising extremely successful entrepreneurs and executives. You'll find invaluable advice whether you read each chapter or refer to specific sections.
Show Your Clients How to Keep Their Wealth
Today's savvy business owners have access to more financial planning information than ever before. Ensure you know what to say when clients ask these challenging questions:
- Do you have the skill set to continue advising me as I transition out of my business?
- Who will own and lead my business in the future?
- How do I raise money without giving up ownership?
- How can I plan to provide for my special needs child?
- Where is the best offshore tax haven for me?
The Ideal Reference For:
- Accountants who need to understand the role of each professional in designing and implementing a comprehensive financial plan
- Financial and investment advisors and insurance brokers whose products and services comprise key components of a comprehensive financial plan
- Lawyers who are responsible for drafting the contracts in a comprehensive financial plan
- Business owners and corporate executives looking for ways to exit their business without financial loss
- Chief financial officers and human resources officers of incorporated businesses who must manage pensions and benefits for all employees
- Financial media looking for a resource guide on all aspects of wealth preservation and distribution
Attract High-End Clients to Your Financial Consulting Business!
Individual Pension Plans (IPPs) will become a major component of Canadian pensions practice as baby boomers approach retirement. IPPs offer the very best tax and retirement savings solution for individuals 40 years and older who have a T4 income over $130,000 and work for an incorporated business.
Hundreds of thousands of additional tax-deferred income dollars can be invested into an IPP structure-far above the contribution limits of a traditional RRSP. Thanks to these advantages, experts predict that IPPs will create up to $6 billion in new annual revenue for financial firms, public accountants, financial advisors, and actuaries.
The Essential Individual Pension Plan Handbook provides the foundation you need to offer IPPs to affluent and semi-affluent clients nearing retirement. You'll also learn how to pair IPPs with the most advanced tax solutions available today-giving you the edge over consultants who focus on outdated financial products that don't meet clients' long-term needs.
In this book you'll discover:
- Why IPPs are the best retirement planning vehicle for business owners and senior executives.
- How IPPs developed and the market forces behind their growing importance.
- How to set up, maintain, and wind up an IPP.
- How to meet the stringent compliance requirements of IPPs to avoid financial loss and personal liability.
- Complementary solutions that help your clients save even more for retirement-including employee profit-sharing plans, retirement compensation arrangements, and life insurance.
PLUS, The 21st Century Advisor's IPP Concept Presentation Kit.
Use these expert tools and insights to ensure your financial consulting practice thrives in today's challenging marketplace:
- Criteria for identifying IPP candidates
- Actuarial calculations that reveal the savings and compound interest advantages of IPPs over RRSPs
- Answers to clients' possible objections to IPPs
- Public speaking techniques for delivering effective IPP seminars