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JUNE 2020 | VOL.23 / NO. 03 | ADVISOR.CA
Advisor Group/Groupe Conseiller consists of Advisor’s Edge, Advisor.ca, Advisor ToGo, Conseiller, Conseiller.ca and Conseillers en Direct. Advisor’s Edge is published by Newcom Media Inc.
Editorial
Melissa Shin Mark Burgess
Gil Martinez Michelle Schriver Katie Keir
Contributors
Editorial Director Managing Editor
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416.847.8176, michelle@newcom.ca Research and Special Projects Editor
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Kristen Chew, James Dolan, Susan Goldberg, Jamie Golombek,
Maddie Johnson, Jim Otar, Allan Tong, Mark Yamada, Suzanne Yar Khan
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Editorial advisory board
David Wm. Brown, Al G. Brown and Associates; Darren Coleman, Raymond James; Cindy David, Cindy David Financial Group; Janine Guenther, Dixon Mitchell Invest- ment Counsel; Elizabeth Hamilton-Keen, Mawer Investment Management; Cynthia J. Kett, Stewart & Kett Financial Advisors Ltd.; Keith Masterman, CI Investments; Nicholas Miazek, Scotia Wealth Management
5353 Dundas Street West, Suite 400, Toronto, Ontario M9B 6H8 416.614.2200 • 416.614.8861 (fax)
Jim Glionna Chairman and Founder Joe Glionna President
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contents
IN EVERY ISSUE
4 E D I T O R ’ S NOTE
A post-pandemic upgrade for advice
6 S M A L L TALK
Coaching in a crisis, and getting ready for your Zoom close-up
30 C L I E N T CONFIDENTIAL
An ombudsperson who gets things done
june 2020
ON THE COVER
Tracing the legacy
of Covid-19
p. 12
FEATURES
8
AN EXECUTOR’S LIFE
Why to avoid a foreign executor
18
SERVING THE MASS MARKET
With regulatory changes and fee compression, advisors must get creative to profitably serve clients with fewer assets
24
THE ETHICAL ADVISOR
Strategies for working with a conservative retiree
26
THREE EXPERTS
In the second of a four-part series, a family plans for a year abroad
COMMENTARY
TAX RETURNS 9
A court case shows how much can go wrong with the T5008 slip
INVESTMENTS 10
Using historical returns to forecast a recovery
ECONOMY 14
Will massive government spending and central bank easing lead to inflation, deflation or both?
14
18
3
COVER: SHAUNL / ISTOCKPHOTO. ALL IMAGES THIS PAGE: ISTOCKPHOTO