Unearthing Client Secrets Shane Kirby – Regional Wealth Planner United Financial, a division of CI Private Counsel LP Jeffrey Smith – Regional Wealth Planner United Financial, a division of CI Private Counsel LP

Overview What do we mean by secret? Information, either personal or financial, and issues in clients’ lives that you don’t know about.

Agenda Who we are Securian client research report findings Industry environment Client disclosure and our experience Why the need for a proactive planning approach Collaboration and benefits to the wealth planning experience

Our role as regional wealth planners In-field resource On the ground in our territory we are part of a team including – Wealth planner – Tax specialist – Estate planning specialist Typically first point of contact with advisors to discuss our WP platform, help identify WP issues and determine which program is most suitable Meet with qualifying clients to develop customized wealth planning reports and present our recommendations

SECURIAN CLIENT STUDY

Securian Client Study Securian is a full range financial services firm in the U.S. On-line study conducted in June 2013 polling 720 participants, with the majority being 40 years + and earning a combined annual household income ranging between $50k - $149K Purpose of the study was to determine if clients withheld key information from their financial professionals, and, if so why? retsSum-F _eview.pdf

29% of participants indicated they withheld information – Health Issues – Investments elsewhere – Family Issues – Employment Changes – Loans to others – Debt When asked why the secrecy – No one’s business and wouldn’t have significant impact in reaching financialgoals – Feared consequence of others finding out – Too personal to share PROBLEM = These issues can seriously undermine a client’s financialplan Securian Client Study Continued….. Results of Securian Study Sum-F _eview.pdf

INDUSTRY ENVIRONMENT

Client issues What am I getting for my money? Where is the value add? Am I getting value for my $$$? Advisor issues Finding opportunities Higher client expectations Fee pressure Ability to differentiate Client/advisor relationships Challenges are evolving significantly in a more transparent financial industry

Evolving external factors Media coverage is continuously providing clients with more information on services provided, fee charges and advice they should be receiving Greater focus on fees (disclosure requirements on the way) Expectation for increased services, including planning Advisor specialization

CLIENT DISCLOSURE AND OUR EXPERIENCE

Disclosing of information Why do some clients refrain from disclosing information? Lack of understanding Privacy concerns Needs-based approach Reluctant to go through a WP process Embarrassment (debt accumulation, poor investments, family issues)

Our experiences/revelations During the WP process, we have experienced many instances where clients disclose information Lifestyle asset use Estate distribution intentions Family succession Late to the party Embarrassment

PROACTIVE PLANNING

Whytheneedforproactiveplanningapproach? Getting ahead of the curve of fee transparency Differentiation (advisor and practice specialization) Beating your competition to the table Liability protection Identifying opportunity in time for implementing solution Opportunity to gather assets Insurance positioning Providing the client with peace of mind COI and referrals

Whytheneedforproactiveplanningapproach? Client complexity – Cross border – Multiple marriages – Business planning – Farmers (succession planning or sale to unrelated 3 rd party) – Estate intentions – Intergenerational risks and opportunities (problem child, child with special needs, child becoming client)

Specialization of advisors With competition in financial advisory on the rise, financial advisors need to differentiate themselves by specializing in some way, shape or form. Differentiation attracts and retains clients, which grows your business!

Specialization – Aging Clients 40% of aging clients do NOT have an estate plan in place – 22% of clients have not considered an estate plan 90% of business owners are relying on proceeds from selling the company to finance retirement – 52% of business owners do not have a proper succession plan in place and only 10% of business owners have a formal exit agreement in place 60% of aging couples over 50 disagree on their outlook towards retirement Source: 2009, CEG Worldwide and Morgan Stanley Smith Barney of HNW clients (in Canada and the US) Source: RBC Wealth Management, HNW Inc, CIFP

COLLABORATION

Team collaboration Build a wealth planning element to your practice Building a reliable team Client segmentation Product suitability Very diligent process Drawing on specialists (planners, lawyers, accountants)

Client segmentation Review top clients and build a WP profile Identify clients: Who have assets elsewhere Who focus on fees Who have had multiple marriages Who are business owners Who have insurance needs Who are approaching retirement Who have potential cross-border issues

Conclusion Proactivity + Wealth Planning + Collaboration = SUCCESS

Assante Wealth Management’s advisory services are offered through Assante Financial Management Ltd., Assante Capital Management Ltd. and Assante Estate and Insurance Services Inc. Assante Estate and Insurance Services Inc. is owned by Assante Financial Management Ltd. and Assante Wealth Management (Canada) Ltd. ®The Assante symbol and Assante Wealth Management are registered trademarks of CI Investments Inc., used under licence. This communication is published as a general source of information and is not intended to provide personal legal, accounting, investment or tax advice. Facts and data provided by Assante and other sources are believed to be reliable when posted; however, Assante cannot guarantee that they are accurate or complete or that they will be current at all times. Assante and its affiliates will not be responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of this presentation. Thank you FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS