Episode 1: The Dream Team: Getting More Out of Your Professional Advisor Relationships
Financial literacy rarely seems important, until a time of crisis, when we’re asked to make important decisions affecting our futures, with whatever financial skills we have.
The weekly television series Money Matters with Jim Doyle was created in an effort to encourage Canadians to explore some of the financial issues we help clients address throughout their increasingly complex lives.
We invite you to tune in Thursday – 5pm – or Sunday – 7am on Joytv.
On this show, join me, and my guests, Victor Yoshida of Concert CPA, Brian Rudy of Synergy Business Lawyers, and Claire Sutton of Claire Sutton Consulting Inc. as we explore the significance of building an advisory team that provides “wisdom ”rather than simply ‘knowledge’.
What was the motivation behind the show?
Family wealth is a “high credence” field – it’s not always clear to people using services, how results are achieved OR how performance is or should be measured. Consider the impact of the following questions – ‘What services will I receive (or have I been receiving?)’ and ‘How will you differ from other advisors in this space’. ‘Who will work with my family and in what capacity’?
Most successful individuals and families likely work with a team of professional advisors, but they probably don’t think of it in those terms. The real question is – do those professionals work together as a team – or independently of each other. The urgency for professionals to collaborate goes way up when we talk about family businesses – because of all of the moving parts – it’s not just the business we’re talking about here.
Family businesses hold a special place in my heart, which is why I completed the UBC Sauder School of Business Family Enterprise Advisor Program. Family businesses will play an ever-increasing role in economies into the next century, so the need for integrated professional advice encompassing not just the family’s business interest, but the family’s comprehensive financial picture increases dramatically.
What is this show about?
As net worth increases, complexity rises, but it can require a coordinated effort from your professional advisors to grow with you. In our collective experience, my guests and I are witnessing a developing trend – families want their professional advisors to take a more collaborative approach to problem solving – incorporating their legal, tax, estate, and financial planning needs.
A collaborative approach is especially relevant for family businesses as they adapt to changing economies – looking to ensure, not only the health of their business, but the family’s financial futures as well. While it is not uncommon to focus on the money, a family’s qualitative wealth is its human, intellectual, social and spiritual capital, in addition to its financial capital. To be a better steward of your family money, it requires you look at how you use the resources of your professional advisors.
What are we hoping will come out of this show?
Matters of family and money can be devilishly difficult to untangle. Shirtsleeves-to-shirtsleeves in three generations – it’s time we changed that. We want to see Canadians enjoy a richer experience working with their tax, legal and investment professionals in a way they probably haven’t in the past. We’re talking about taking a collaborative approach to problem solving and highlighting the benefits of your professional advisors working together as a team on your behalf – collaborating to achieve the best outcome.
Jim Doyle, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth Management.