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FALL 2020 | VOL. 23 / NO. 04 | 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
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
Kristen Chew, Fiona Collie, Curtis Davis, Susan Goldberg, Maddie Johnson, Rudy Mezzetta, Al Rosen, Mark Rosen, Allan Tong, Mark Yamada,
Suzanne Yar Khan
Sales and production
Julia Sokolova Anna-Christina Di Liberto
Kathy Liotta Aline Kirimli Vivian Tse Andrea Martin Irene Picanco
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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
fall 2020
4 EDITOR’S NOTE
Advice in a K-shaped economy
6 SMALL TALK
Regulatory disclosures, integrating ESG, and what’s in a name?
30CLIENT CONFIDENTIAL
Canadian Women’s Chamber of Commerce founder Nancy Wilson
ON THE COVER
Employee or contractor?
Advisor contracts under the microscope
p. 21
FEATURES
8
AN EXECUTOR’S LIFE
Discretionary trusts in a pandemic
12
DECIPERHING THE ESG LANDSCAPE Conflicting ratings leave plenty of work for advisors
24
DESIGN THINKING
Financial planning is more than a math problem
26
THREE EXPERTS
Business succession plans hit a Covid-19 speedbump
COMMENTARY
9
INCOME TAX
Tax planning in a unique year
10
EARNINGS
Cash flows only tell half the story
20
FIXED INCOME
Why own bonds?
It’s about the sign change
24
COVER: ILLUSTRATION BY ADVISOR’S EDGE
WITH FILES FROM ISTOCK.COM / JACOB WACKERHAUSEN