How Can Advisors Address Canada’s Debt Issue?Posted: September 19, 2017 VIA: Knowledge Bureau
Posted in: Strategic Thinking
The Bank of Canada’s interest rate hike this month and the increase of prime rates by the big banks have made effective debt management even more important for Canadians.
According to Statistics Canada, this summer the average debt-to-income ratio for individuals hit near-record highs at $1.67 per $1 of disposable income. With an additional interest rate hike anticipated this year, financial advisors and tax planners need to put more emphasis on helping their clients manage their existing debt, and avoid further debt accumulation.
How should financial professionals start to tackle debt issues? Establishing personal and business budgets (if applicable) to prevent further debt accumulation is essential. Analyzing, restructuring, and prioritizing debt repayment can assist clients in paying off debt faster, improve credit scores, and free up liquid assets.
Knowledge Bureau’s fall CE Summits (previously called Distinguished Advisor Workshops) will be touching on debt management with presentations by Marcia Elaschuk, DFA-Business Services Specialist and Knowledge Bureau Faculty Member, on how to address family debt management with your clients. Before you attend, brush up on your skills with our Debt & Cash Flow Management course.
These one-day summits can earn you up to 10 CE credits as you enhance your knowledge. Register before October 31st, 2017 for discounted rates, and before September 29th if you intend to join us in more than one city to take advantage of the Multiple Summit rate.
©2017 Knowledge Bureau Inc. All Rights Reserved.