Nine Indicators a Client Might Need Wealth Management Services

Fiduciary investor and advisor explaining financial matters with retired elderly client couple

As an accountant, you come across many different people in different stages of life and with a wide variety of financial goals and needs. When accountants are integrating wealth management into their firm, one of the most common questions that we get is “what clients should we be referring?”.

In reality, it is a good idea for us to meet with most of your clients so that we are not overlooking anyone who may have a need for wealth management services.

That being said, there are a few key indicators that you should be watching for which indicate that someone might be in more immediate need of our services.

They do not have a financial plan.

  • Having a financial plan is essential to determining short and long-term financial goals.
  • It helps a client to see the big picture and implement strategies to ensure that they will meet their unique goals.

They are turning 60, 65 or 71.

  • As a client reaches the ages of 60 or 65 it is likely that they are about to or at the very least considering taking out CPP.
  • Before this decision is made it is best to meet with a financial advisor to determine the best course of action for their individual needs.
  • When a person turns 71 their RRSPs must be moved into a RRIF.
  • The year after the individual turns 72 they must start to withdraw those funds from their account.
  • If you have clients turning 71 it is valuable for us to meet to ensure their financial future is secure.

They are going through a major life transition

  • Whether it’s marriage, divorce, a new baby or a death, life changes can have a profound impact on a person’s financial life and in many cases, require changes to their financial plans, estate plans or portfolios.

They are a business owner selling or transitioning their business.

  • When a business owner decides to sell there is a lot of aspects to consider.
  • Getting wealth management advice can ensure no opportunities are missed or risks are overlooked.

They are thinking about retirement

  • 55% percent of Canadians are unsure how much money they’ll need to maintain their lifestyle into retirement (1).
  • If a client is concerned about this, speaking with a financial planner is a great first step.

You suspect their other advisors are not working cohesively – i.e. their financial advisor, lawyer, insurance advisor is not communicating with you when providing advice

  • This is easily understood based on whether their financial advisor/financial planner is proactively engaging you in their tax planning as part of their financial planning

You are unaware of how their portfolio is currently allocated and whether it is tax-efficient

They have multiple financial advisors and T3/T5 slips from more than one institution

A client that is over 40 years of age who owns a corporation where:

The corporation is earning over $300,000 a year before paying salary/dividends, and/or yhe individual has paid a salary of over $200,000 a year in the past 5+ years

We recognize that every client’s situation is unique however, If reading through this article brought to mind specific clients who fit into one of more of these circumstances, please consider referring them to us for a complimentary initial assessment and evaluation. Through working together we can ensure that all of your client’s financial needs are being met.

(1) Statistics via Statistics Canada

All examples are for illustrative purposes only and are not intended to provide individual financial, investment, tax, legal or accounting advice. This material is for general information and is subject to change without notice. Every effort has been made to compile this material from a reliable source. However, we cannot guarantee that information will be accurate, complete and current at all times. Before acting on any of the above, please make sure to see a financial professional for advice based on your personal circumstances.

Back To Articles, Videos & Podcasts
Schedule an assessment with our team of experts