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FEBRUARY 2020 | VOL.23 / NO. 01 | ADVISOR.CA
Advisor Group/Groupe Conseiller consists of Advisor’s Edge, Advisor.ca, Advisor to Go, Conseiller, Conseiller.ca and Conseillers en Direct. Advisor’s Edge is published by Newcom Media Inc.
AE In Every Issue
4 EDITOR’S NOTE
The meaning of trust is changing by Mark Burgess
30 CLIENT CONFIDENTIAL Learning how to talk about money by Susan Goldberg
Client Conversations 6-7
What can you do today to ensure continued success? The Big Question asks about future-proofing. • Extroverts appear to have all the fun. Best Behaviour suggests they also have all the money (or better saving habits, at least). • And do you know some- one who’s been disciplined for pre-signed forms? Our latest column, Know Your Compliance, examines MFDA actions.
Tax and Estate
8 AN EXECUTOR’S LIFE
Dealing with an overly broad (or narrow) encroachment clause
by James Dolan
9 TAX COURT
Testing of T1135 penalties continues by Jamie Golombek
10 RETIREMENT INCOME ALDAs: to buy or not to buy by Jim C. Otar
12 ESTATE PLANNING
Avoiding a dependant’s relief claim by Akua Carmichael
13 TOSI
Sprinkle the income, but beware the tax by Curtis Davis
Holistic Planning
14 LIFE INSURANCE Advance death benefits evolve by Michelle Schriver
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contents february 2020
Editorial
Melissa Shin Mark Burgess
Gil Martinez Michelle Schriver Katie Keir
Contributors
Editorial Director Managing Editor
416.847.8305, markb@newcom.ca Art Director
416.847.8535, gil@newcom.ca Assistant Editor
416.847.8176, michelle@newcom.ca Research and Special Projects Editor
416.847.5116, katie@newcom.ca
Akua Carmichael, Kristen Chew, Curtis Davis, James Dolan, Susan Goldberg, Jamie Golombek, Maddie Johnson, Jim Otar, Al Rosen, Mark Rosen, Allan Tong, Mark Yamada
Sales and production
Stefanie MacDonald Julia Sokolova Anna-Christina Di Liberto Kathy Liotta Aline Kirimli Vivian Tse Andrea Martin
Managing Director and Group Publisher 416.847.8575, stefaniem@newcom.ca
Director of Sales
416.847.5125, julias@newcom.ca Director of Content Solutions 416.847.8154, annachristina@newcom.ca National Account Manager 416.847.8546, kathyl@newcom.ca Sales Coordinator
416.847.8180, aline@newcom.ca
Sales and Product Coordinator 416.847.8193, viv@newcom.ca
Custom Content Manager 416.847.8571, andrea@newcom.ca
Editorial advisory board
Old
James; Cindy David, Cindy David Financial Group; Vanessa Flockton, Nicola Wealth Management; Janine Guenther, Dixon Mitchell Investment Counsel; Elizabeth Hamilton-Keen, Mawer Investment Management; Cynthia J. Kett, Stewart & Kett Financial Advisors Ltd.; Keith Masterman, CI Investments; Nicholas Miazek, Scotia Wealth Management; Bev J. Moir, Scotia Wealth Management; Rhonda Sherwood, Raymond James
New
5353vDerusniodnass Street West, Suite 400, Toronto, Ontario M9B 6H8
416.614.2200 • 416.614.8861 (fax) J i m G l i o n n a C h a i r m a n a Mn d E D F I A o U u S n A d I e N r C .
Joe Glionna President
26
David Wm. Brown, Al G. Brown and Associates; Darren Coleman, Raymond version
MEDIA INC.
Subscriber services
MÉDIA QUÉBEC INC.
Investments
18 U.S. ELECTION
Could a ban on share buybacks really happen?
by Al and Mark Rosen
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20 INVESTMENT RETURNS
The precariousness of low interest rates by Mark Yamada
Professional Development
26 BUILD YOUR BOOK Prospecting in 2020
by Susan Goldberg
Postmaster
Please send address changes to:
37 Front Street East, Toronto, ON M5E 1B3 ISSN number: 1490-814X
29
THE ETHICAL ADVISOR
Don’t be careless with client confidentiality
by Michelle Schriver ON THE COVER
A deep dive
into switching firms
by Michelle Schriver
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COVER IMAGE: MATTHIAS KULKA / GETTY IMAGES; TOP RIGHT: BERNHARD LANG / GETTY IMAGES; BELOW: DNY59 / ISTOCKPHOTO