SESSION OVERVIEW:

Canadians generally are living longer, healthier lives than past generations and with a reasonable expectation that serious health challenges can be met and managed until late in life is. But then the coronavirus arrived and with it the realization for those over age 60 that they have a new and unpredictable health threat. Clients heightened awareness of their ivulnerability to sudden severe illness creates an opportunity for advisors to reboot conversations about incapacity planning in case of severe illness or death and potential rebalancing of portfolios to allow for such emergencies. While the pandemic has triggered an urgency for these delicate conversations. there is still the usual reason to have a frank discussion about incapacity planning: most aging clients will suffer a decline in their cognitive or physical health that will impact their independence when it comes to financial decision-making.

APPROACH:

Although client conversations about critical health issues and age-related decline can be uncomfortable, ensuring you and your client have a clear understanding of who they trust to make decisions on their behalf is an important protection - both for the client and for you as their trusted advisor.

WHAT YOU WILL LEARN:

• What financial matters have to be addressed in disability and incapacity planning in a world that continues to be challenged by COVID-19?
• How can an enduring power of attorney and trusted contact provide peace of mind to your client and to you as a trusted advisor?
• The value of a clear investment policy as a guide for an attorney.
• Best practices for accepting instructions from a power of attorney and red flags that an attorney may be misusing his/her authority.

LEARNING ACTIVITIES: To test the learning process, the student will answer multiple-choice questions and contemplate the role of the advisor.