Does This Scenario Sound Familiar to you?
Your clients own and operate a successful business. They are 5-10 years away from retirement. 2 out of their 3 children work in the business and want to take is over. There is also a long-time employee who has shown ownership potential. Your clients are worried about how to handle the transition and make things fair. They have no idea what their financial needs are on retirement.
There have been some discussions over the years about what to do with the business but no concrete plans. You know they have other advisors in different professions that they are working with, but you have never met them. You want to do something to help the client, but you are not sure where to start.
We have been in this scenario. It is scary for the client, and scary for the advisors. However, we believe that working together can solve even the most difficult of problems. Join us for an honest conversation about teamwork and collaboration. We will share the good, the bad and the ugly and will address the following questions:
- Who should be on the “team”?
- How does everyone get paid?
- What expertise does each person bring to the table?
- What are the roadblocks to success?
We will also share what we have learned from the client perspective. We have found that the client typically wants all of their advisors to be aligned to a common goal – however, they sometimes do not even realize that such collaboration is possible. We believe that without harnessing the power of collaboration across disciplines, the client will miss out on the opportunity to pick the best option for their future. Each client file is a unique puzzle – why not work together to figure out where the puzzle pieces should go?
Amanda S.A. Doucette, B.A., LL.B., LL.M., TEP
Amanda is a partner with Stevenson Hood Thornton Beaubier LLP in Saskatoon, Saskatchewan. She has completed Parts I, II and III of the Chartered Professional Accountants Canada, In-Depth Tax Course and holds a Masters (Tax Law) from York University.
Amanda teaches Wills & Estates at the University of Saskatchewan College of Law and was the winner of the Provost’s College Award for Teaching Excellence in 2018. She currently holds the position of Program Chair for the Saskatchewan Chapter of the Society of Trust and Estate Practitioners.
Tracy L. Duff, B.A., CFP, TEP
As a member of the team at Sky Planning Group Inc., Tracy holds her BA from the University of Saskatchewan and is a Certified Financial Planner, specializing as a corporate advisor. As President of Skye Planning Group Inc. Tracy has been helping clients achieve their financial goals since 1998. She sits on the Advisory Council Board for Manulife Bank, and is a member of CALU (Conference for Advanced Life Underwriting), the North Saskatoon Business Association (NSBA) and the Saskatoon Estate Planning Council.