Enhanced Estate Planning | BMO Global Asset Management

A holistic approach to estate planning requires much more than legal documents and tax issues. Guide your clients through the process from family conversations to action plan. You can help ensure their wishes are secured in the future.

These resources are suitable for all clients, especially those with complex estates involving:

Incapacity
Insurance
Asset protection
Retirement income
Charitable giving
Probate fees
Tax minimization
Same-sex couples
Small Business succession

Communicate Your Value

Consider timing:

Every 5 years; when your clients turn 65; or their children turn 40
Family change: birth, marriage, divorce, death, life-threatening illness
Property/asset purchase or sale, etc.

Assist your clients in preparing an effective action plan that includes:

A family meeting to share thoughts, wishes, goals
Establishing/updating will and powers of attorney
Insurance as a safety net
Appointing an appropriate executor

Get in the Know

Disposition of personal effects are often not included in a will.

Only one-third of estate planning conversations are detailed*
In Canada, inheritance for Boomers over the next 20 years: approximately $1 trillion**
91% of Canadians over 65 have a will but – Only 53% of ALL Canadians have a will*
“Digital assets” and “online legacies” are now a factor in estate planning
New realities/trends include prevalence of eldercare; consideration of pets

* Source: BMO Wealth Institute Survey by Pollara, May 2013.

** Inheritance Planning: Silence Can Be Costly – Guide.

Support Materials

Tools & Resources

Advisor Education

Essential Reading

Family Conversations

New Considerations

Property

Trusts

Wills

Gestion de l’exercice professionnel – Encore plus de ressources

Practice Management

November 2020

Next level client education: a winning strategy

Innovating to attract clients, Scott Bonertz and Thomas Diederichs, portfolio managers, Raymond James, developed a unique academic approach. These partners share their successful strategy – and explain how education and financial planning can be a winning combination for Advisors.

Practice Management

November 2020

The estate wedge: a new way to build value

Advisors looking to expand their business and bring meaningful, value-add solutions to their clients should look to the “estate wedge” strategy, according to Richard Poulin, Director, Intermediary Distribution, Niagara, who outlines how to make this a reality by building awareness and taking a targeted approach to client segmentation.

Practice Management

October 2020

Missed opportunities in buying and selling a book

As the industry adjusts to the new normal, many Advisors are wondering if the time is right to exit or snap up a new book of business. Seasoned IA-turned-consultant, Jerry Butler, Founder and President of Queenston Consulting, provides an overview of the succession planning environment, and offers tips on how both sides can make the best deal possible.

Practice Management

October 2020

Tap into RI growth with a professional designation

As responsible investing (RI) quickly becomes best practice for the investment industry at large, James Leung, Portfolio Manager, CIBC Wood Gundy, shares his insights on the many benefits of attaining a certified designation in the space – including differentiating your practice and attracting new business.

Practice Management

September 2020

Embracing a virtual COI strategy

When it comes to building referral networks, a digital-friendly approach is now table stakes for Advisors seeking to grow their business. For a deeper look, Ben Jones, host of BMO’s Better Conversations, Better Outcomes podcast, offers timely advice and actionable tips to bring your Centres of Influence (COI) strategy to life.

Practice Management

August 2020

Lessons from the pandemic: professionalizing virtual client meetings

As the world slowly begins to re-open again, the financial services industry can’t afford to assume a return to business as usual. Sanjay Singla, Vice President, Intermediary Distribution, Central Ontario, BMO Global Asset Management, believes virtual face-time with clients will now be a permanent part of the Advisor offering going forward, and shares his insightful tips on how to differentiate yourself with a polished and professional online approach.

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