Leading with Heart
Al Jones returns as Advocis chair BUILDING CAREERS ON CHAPTER BOARDS ADVOCIS AWARDS OF EXCELLENCE
Al Jones, CFP, CLU, ICD.D Proud Advocis member since 1997
There are no quick wins in social work, financial planning, or organizational leadership, Al Jones tells Alison MacAlpine as he embarks on his second term as Advocis chair
New advisors tell Diane Peters how deciding to volunteer on Advocis chapter boards helped define their careers
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FORUM
Be Irreplaceable
Artificial intelligence (AI) seems to be on the tip of everyone’s tongues these days, and the conversations I’ve had about it veer between hope for its transformative potential and fear that our inventions are too clever for our own good. Even the “Godfather of AI,” University of Toronto professor Geoffrey Hinton, who shares this year’s Nobel Prize in physics with Princeton University’s John Hopfield, regularly highlights AI’s positives and negatives.
So does Statistics Canada’s recent report on AI’s possible impact on jobs. “Experimental Estimates of Potential Artificial Intelligence Occupational Exposure in Canada,”1 released in September, acknowledges the “excitement” and “concerns” fuelled by developments in AI before moving on to identify the jobs most highly exposed to job transformation related to AI.
According to the report, the jobs most at risk have high exposure to AI with low complementarity — in other words, they’re jobs that will likely be affected by AI-related job transformation and rather than leveraging AI may simply be replaced by AI. These vulnerable jobs comprise 4.2 million employees, or 31% of the Canadian workforce. Among them are professional occupations in business and finance, as well as administrative occupations in finance, insurance, and business. Across industries, “finance and insurance” has the highest rating for high exposure and low complementarity.
Given this, it’s vital for advisors to consider how they can put more emphasis on areas of their jobs that only a human can do — for example, building strong relationships with clients, networking to expand the range of other professionals available to support clients’ needs, and attracting prospects with the kind of personal touch a computer can’t imitate.
In the cover story on page 10, Advocis Chair Al Jones describes how some of the
1www150.statcan.gc.ca/n1/pub/11f0019m/ 11f0019m2024005-eng.htm
skills he acquired as a social worker transferred into his work providing financial advice. These very human skills include planting the seeds of an idea and waiting patiently for the moment when a client will be receptive and ready to take action, and being able to look around a boardroom table and recognize intuitively when to bring one person’s strengths and expertise into the conversation.
Diane Peters spoke with early-career advisors for the feature on page 14. They talked about how volunteering on Advocis chapter boards helped them establish themselves by building skills, connections, and credibility in a way only human-to-human interactions can.
It’s also important for advisors to think about ways to harness AI to free up more time for the irreplaceable tasks they do on a day-to-day basis. The integration of AI into business processes has been compared to the Industrial Revolution and the emergence of the internet in its far-reaching effects on jobs and society at large. As you look ahead to 2025, reflect on how to ensure the human value you add to client relationships shines through and whether you can improve efficiency and productivity by leveraging this powerful new technology.
All the best over the holidays from the FORUM team.
PUBLISHER: Peter Wilmshurst advocisforum@gmail.com
EDITOR: Alison MacAlpine alison@amcommunications.ca
COPY EDITOR & PROOFREADER: Alex Mlynek
ART DIRECTOR: Giselle Sabatini gisellesabatini@rogers.com
ADVERTISING: Peter Wilmshurst advocisforum@gmail.com Tel: 416-766-4273 Fax: 416-760-8797
TFAAC BOARD OF DIRECTORS
CHAIR
Al Jones, CFP, CLU, ICD.D
PAST CHAIR
Eric Lidemark, CFP, CLU, CH.F.C., CHS
VICE CHAIR
Stephen MacEachern, CFP, CLU, CHS, CH.F.C.
VICE CHAIR
John Hamilton, CLU, FEA, CPCA
PUBLIC DIRECTOR/SECRETARY
Sara Gelgor, LLB, LLM, MBA, ICD.D, G.Dipl.SRS
TREASURER
Ejaz Nadeem, MA, CFP, CLU
DIRECTORS AT LARGE
Arun Channan, MASc, MBA, P.Eng., CSP, CFP
Curtis Kimpton, CLU, CIM, RRC
CHAPTER LEADERSHIP COUNCIL CHAIR
Leslie Carpenter, CFP, CLU, CIM
THE INSTITUTE CHAIR
Sara La Gamba, CHS, CFP, CLU, TEP
FORUM is published two times annually by The Advocis Publishing Group, 10 Lower Spadina Avenue, Suite 600, Toronto, Ontario M5V 2Z2
Tel: 416-444-5251 or 1-800-563-5822
Fax: 416-444-8031
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FORUM EDITORIAL ADVISORY BOARD
LEONY DEGRAAF HASTINGS, CFP, EPC deGraaf Financial Strategies
NICHOLAS LANDRY,
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Thank You to Financial Advisors Across Canada
2024 has been a year of resilience and dedication, with high interest rates, inflation, and economic uncertainty continuing to impact Canadians. Yet, financial advisors have provided steady guidance, helping clients stay on track toward their financial goals.
As we move forward with new leadership and renewed purpose, we are immensely grateful for your unwavering commitment and professionalism.
ON BEHALF OF YOUR PROFESSIONAL ASSOCIATION,
FOR YOUR RESILIENCE, DEDICATION, AND EXCEPTIONAL COMMITMENT THROUGHOUT 2024.
Members
Did You Know?
Fear of outliving savings is widespread, confirms a recent survey by CPP Investments:
• 61% of Canadians worry they’ll run out of money in retirement, a number that’s even higher among those aged 28 to 44 (67%) and women (66%)
• Non-retirees expect they’ll need $55,000 per year (up from $50,000 in 2023) and $900,000 in total (up from $700,000 in 2023) to live comfortably in retirement
Importantly, the survey found that “having a financial plan can boost confidence and help relieve concerns about outliving retirement savings.”
SOURCE: 2024 FINANCIAL LITERACY MONTH RETIREMENT SURVEY, CPP INVESTMENTS
Research by LIMRA found that 31% of Canadian adults know they need more life insurance coverage — a percentage that translates into 8.4 million potential clients. When asked how long they could stretch the time before financial hardship following the unexpected death of the primary wage earner, 44% said they wouldn’t make it to the six-month mark and another 23% simply didn’t know.
Credit card debt taken on while shopping for the holidays is a persistent challenge for Canadians, according to NerdWallet Canada’s annual holiday shopping surveys. Last year, almost six in 10 holiday shoppers incurred credit card debt to cover their purchases. About one-third of them still hadn’t paid off that debt nine months later. Both numbers are up compared to the previous year. Meanwhile, year over year, the amount people plan to spend is up, but the percentage of people who have a strict budget for holiday spending is down.
HOLDERS
LONG-STANDING CLU DESIGNATION
The Institute for Advanced Financial Education honours longstanding CLU® holders – those who have held their designation for 25 years or more—demonstrating a longtime commitment to excellence in financial advice. We are honouring CLU designation holders who are celebrating 25, 30, 40, 50, 60 & 65 year increment milestones in 2024.
25 YEAR
CLU DESIGNATION HOLDERS
Donald K. Bristow CLU
Gloria M. Jones CLU, CHS, CPCA, MFA
Fritz S. Steigmeier CFP, CLU, CHS
Lance A. A. Howard CFP, CLU
Lydia E. Chan-Kruska CLU, CHS
Terrence J. McBride CFP, CLU
Avtar S. Badasha CLU
Cori L. Timmons CFP, CLU, CH.F.C., EPC
Donald M. Plettell CLU
Brian A. McMillan CFP, CLU, CH.F.C., EPC
Thomas O. Weichel CLU
Terry G. Zive CLU, CH.F.C., CHS
Robert M. Dempster CLU, CFP
Ted E. H. Balderson CLU
Dean E. Owen CLU, CH.F.C.
Namik Elkami CLU
Greg J. M. Briggs CLU
Adeline Thomson CLU, CH.F.C., CHS
Rafael H. Ching CLU
Doug H. Boden CLU
Andrew Wm Hoggan CLU, CH.F.C., CHS
Misty J. Tait CFP, CLU, CHFC, CHS, TEP
30 YEAR
CLU DESIGNATION HOLDERS
George M. D. MacKenzie CFP, CLU, CH.F.C., CHS
Susan I. Blais CLU, CH.F.C., CHS
Joann Wong Bittle CFP, CLU, CH.F.C
Peter J. D’Souza CLU
Carleen A. Carels CFP, CLU, CH.F.C.
Lida M. Hoffmann CLU, CH.F.C.
William N. Odishaw CFP, CLU, CH.F.C., CHS
W. Bo Chew CFP, CLU, CH.F.C.
Kent E S Wiebe CFP, CLU, CH.F.C.
Sin-Eng Siow CFP, CLU, CH.F.C.
Michael A. Thorne CFP, CLU, CH.F.C.
Ronald L. Johnston CFP, CLU, CH.F.C.
Michael R. Steele CFP, CLU, CH.F.C.
Claudio Viola CFP, CH.F.C., CLU
Joe W. Terejko CFP, CLU, CH.F.C., CHS
Jay A Corrado CFP, CLU, CH.F.C.
Susan J. Stobart CFP, CLU, CH.F.C.
Murray R. Biggar CLU, CH.F.C.
Diane I. B. Huba CLU
Brent A. E. Dennison CFP, CLU, CH.F.C., CHS
John M. Fahie CFP, CLU, CH.F.C.
Edgar L. De Souza CFP, CLU, CH.F.C.
Gary Holman Olson CLU, CH.F.C., CHS, CFP
Pierre Baliki CFP, CLU, CH.F.C.
Michael F. Noc CFP, CIM, CLU, CHFC
Alexander R. Fraser CFP, CLU, CH.F.C.
Kelly E. Aikens CFP, CLU, CH.F.C., CEA
Michael G. Stewart CFP, CLU, CH.F.C.
Brian A. Kalyn CFP, CLU, CH.F.C.
Joginder K. Narula CFP, CLU, CH.F.C.
Daryl J. Smith CFP, CLU, CH.F.C.
Steve J. Cutt CFP, CLU, CHFC, FMA
Gilman S. Ennis CFP, CLU, CHFC, CEA
Dennis K. Boodram CFP, CLU, CH.F.C.
Mary P. McGregor CFP, CLU, CH.F.C.
Caron Czorny CLU, CH.F.C, CHS
Brent van Ryzewyk CFP, CLU, CH.F.C., CHS
Peter E. Liden CFP, CLU, CH.F.C.
Jeffrey J. Burchill CFP, CLU, CH.F.C.
Brian L. Morton CFP, CLU, CH.F.C.
Kenneth L. Nesbitt CFP, CLU, CH.F.C.
Nick L. Pszeniczny CLU, CMP
Joe M. Lopes CFP, CLU, CH.F.C.
Nandini Roy CFP, CLU, CH.F.C.
Richard H. Kizell CFP, CLU, R.F.P.
Stuart M. Rowles CFP, CLU, CH.F.C., CHS
Bruce Lindsay CFP, CLU, CH.F.C.
David C. Juvet CFP, CLU, CH.F.C., CHS
Stuart A. Libin CFP, CLU, CH.F.C.
Andrew H. Stevenson CLU, CH.F.C.
Kevin W. Flynn CLU, CFP
David J. L. Luke CFP, CLU, CH.F.C.
Bradley L. Holt CFP, CLU, CH.F.C.
Manish D. Kanani CFP, CLU, CH.F.C.
40 YEAR
CLU DESIGNATION HOLDERS
Andrew P. Ernst CFP, CLU, CH.F.C.
Clyde C. Pike CLU
Dennis O. Yanke CFP, CLU, CH.F.C.
Mark R. Kotris CFP, CLU, CH.F.C.
Kevan R. Herod CFP, CLU, CH.F.C., CHS
Audrey Y. S. Chiang CLU
Patrick D. Goldring CFP, CLU, CH.F.C., RFP
Gregory A. SmythCLU, CH.F.C.
Cynthia L. Bowden CLU, CH.F.C.
Eric B. Warden CFP, CLU, CH.F.C.
Frank C. Allen CFP, CLU, CH.F.C.
George R. McCaulley CFP, CLU
Ken E. Cohoon CFP, CLU, CH.F.C.
Charles Nelson CFP, CLU, CHS, CHFC
Paul J. Lauzon CFP, CLU, CH.F.C., EPC
Robert R. Mckelvey CLU
Fraser R. Deacon CFP, CLU, CH.F.C.
Brian A. Davis CFP, RFP, CLU, CHFC
John Gregory Goldsworthy CFP, CLU, CH.F.C.
Alexander G. Beelich CLU, CH.F.C.
Holding a CLU designation is proof of commitment to higher standards. Even under the most difficult economic circumstances, longstanding CLU designation holders have continued to help Canadians build and preserve their wealth.
50 YEAR CLU DESIGNATION HOLDERS
Keith Pike CFP, CLU, CH.F.C.
Ronald J. Wing CLU
Donald F. G. Sinclair CFP, CLU, CH.F.C.
Randy Olson CLU
James E. Drover CLU
Paul Goldstein CLU, CH.F.C.
Patrick R. Ryan CFP, CLU, CH.F.C.
David J. Wright CLU
Donald H. Johnson CLU, CH.F.C., CFP
James R. McPherson CFP, CLU, CH.F.C.
Phillip Zoski CFP, CLU, CH.F.C., CHS
60 YEAR CLU DESIGNATION HOLDERS
Leverne H. Fyke CFP, CLU, CH.F.C. Karl Keilhack CLU, CH.F.C.
65 YEAR CLU DESIGNATION HOLDERS
Ross M. Durant CLU, CH.F.C. Rayner E. McCullough CFP, CLU
For more information on the CLU designation, please visit www.iafe.ca/clu
Stay Visible, Stay Patient
There are no quick wins in social work, financial planning, or organizational leadership, Al Jones tells Alison MacAlpine as he embarks on his second term as Advocis chair
For Al Jones, working with clients to provide financial advice is about planting seeds rather than instant gratification. Some of those seeds may come to fruition years down the road. Others may never sprout. But, plant enough seeds, and his experience has been that people remember and, often, come back to say, “You helped me. Thank you.”
Jones, president of A. Jones Wealth and Estate Planning Inc. in Barrie, Ont., who this year stepped into the role of Advocis chair for the second time, learned not to expect quick results while working as a social worker with hard-to-serve kids. That was an experience that also taught him he could only be effective when someone reached the point of recognizing they needed help and were willing to put in the necessary effort.
He emphasizes that didn’t mean cutting people loose. Instead, it meant making sure they knew the opportunity to work with him was always there, and that they could take advantage of it whenever they were ready. Today, he draws on lessons learned in social work in his vocation as an advisor, staying visible but patient until a client decides to move forward.
Keeping a steady focus on the long term has also served Jones well in strategic roles, whether he was sitting on a credit union or chamber of commerce board or contributing to Advocis as chair of the Chapter
Board (now Chapter Leadership Council) from 2008 to 2010, chair of the Institute for Advanced Financial Education from 2014 to 2016, or chair of the Advocis Board in 2018–19 and now again in 2024–25.
Jones enjoyed his first stint as Advocis chair, meeting advisors and Canadians across the country, having in-depth conversations, and creating exceptional relationships. Still, he describes it as a “whirlwind” that passed by all too quickly. When the time came to pass the baton, he knew there was still more to do and more he could offer to the organization.
He was asked to return to the Advocis Board in 2024 to fill a vacancy and to sit on the nominations committee, tasked with identifying a new Advocis CEO. As chair, he looks forward to helping onboard and mentor Kelly Gorman, appointed as Advocis CEO in September 2024. He’ll also draw on everything he learned working toward his Institute of Corporate Directors Designation (ICD.D) — he was class valedictorian in 2018 — to continue the organization’s journey toward strengthened governance.
“From my lens, our greatest strengths are our code of conduct, which specifies how we expect people who are members of Advocis to conduct themselves, and our engagement with the communities that we have across the country,” Jones says. “We’re part of the Canadian fabric. We do a great job of listening to Canadians
and echo that back to the MPs, MLAs, MPPs, saying, ‘We’re talking to Canadians at the grassroots level. These are some of their concerns. We’re bringing that forward to you.’”
When Canadians think of Advocis, Jones would like them to associate the organization with the sense of security that comes from knowing there are credentialled professionals out there who are ready and willing to help them understand the complexities of their finances — people who are part of their community and with whom they can feel comfortable having frank conversations around the kitchen table.
REPRESENTING WITH PASSION AND COMPASSION
Representation is important to Jones, whether that means Advocis representing Canadians to national, provincial, and local policymakers, chapters representing and reflecting their communities, or himself representing to young Black advisors a potential career trajectory.
In his early days as an Advocis member, he says, “There weren’t a lot of people who looked like me. Advocis provided me with an opportunity to get engaged, be a role model for others, and become a positive fixture within the communities I served. That was immensely rewarding.”
In addition to giving him a platform from which he could share his own knowledge and experience, Advocis provided opportunities to learn from the best in the profession. The connections he made through the organization led to countless generous conversations focused on problem-solving. Jones appreciated that advisors from competing firms were more than willing to collaborate, sharing “good energy” and putting Canadians’ interests first. That spirit of non solis nobis (not for ourselves alone) is something he’s committed to keeping alight as chair.
As a leader, he likens his role to that of a conductor. He aims to be present, passionate, compassionate, and always listening to understand the strengths each person brings to each part of the conversation.
“As the conductor, you want to bring those things out of individuals and be focused on the social dynamics of the people who are sitting around your table,” he says. “Sometimes, you need to hear the flutes and you need to hear them loud and clear, and the snare drum needs to be a little softer.”
Jones has another leadership role he’s proud of: honorary colonel for a local reserve unit, the Grey & Simcoe Foresters regiment. His family has a long-standing connection to the military, with his grandfathers, father, and son all serving, and he himself was a member of the Grey & Simcoe Foresters Honorable Guard for more than a decade.
“As the conductor, you want to bring those things out of individuals and be focused on the social dynamics of the people who are sitting around your table,” he says. “Sometimes, you need to hear the flutes and you need to hear them loud and clear, and the snare drum needs to be a little softer.”
Again, Jones approaches leadership from a place of compassion.
“Working with the men and women who serve — it’s fulfilling,” he says. “I go to the armouries, and I’m able to connect with them. I’m not their commanding officer, and sometimes they just need somebody to talk to who is not their superior. The same is true with the commanding officer. He can’t necessarily vent to people who are under his command. So, as the honorary colonel, I provide that opportunity, and the social work comes into play there, too.”
Perhaps inevitably, given his profession, he also finds himself chatting with soldiers in the regiment about financial topics. While he can’t help them directly, he’s happy to refer them to other professionals who can — and he enjoys improving their financial literacy just as much as he does when he’s working with his clients or advocating for all Canadians through Advocis.
PHOTO: SUE JONES
Sound investments aren’t just for financial security plans. Success begins when advisors invest in themselves and our industry. for his second appointment as incoming Chair, Advocis.
Congratulations
Al Jones, CFP®, CLU, ACCUD and ICD.D President, A. Jones Wealth and Estate Planning Inc.
Service Rewards of
New advisors tell Diane Peters how deciding to volunteer on Advocis chapter boards helped define their careers
After many years in customer service, working for large companies, Suzette (who goes by Sue) Chambers was ready to pivot. In 2019, Chambers — now an advisor based in Ajax, Ont. — took a job selling insurance for Sun Life.
“I knew how to sell. I knew how to talk to people. And the product was very important,” she says. But, early on, she wanted to know more — including about financial advising — and hoped to move on from corporate life.
Introduced to an Advocis Durham Region board member through LinkedIn, she says, “The rest is history.” Her new connection taught her about the industry and encouraged her to attend educational and social events. “I just soaked it all up.”
Chambers is far from the only one to thrive thanks to the learning and community offered within the nurturing environment of 34 Advocis chapters across the country. Advisors who take a further step and become involved on chapter boards find it helps them establish credibility with clients and feel part of a larger group doing important work, as well as builds skills and forges connections.
Suzette Chambers
LEVERAGING LEARNING TO LAUNCH A PRACTICE
As a Black woman, Chambers didn’t look like many of the people she’d meet at conferences and events, but she found they were willing to give her advice. “These guys, they love to start by saying, ‘I’ve been in the business for 35 years.’ I don’t know why.”
Leveraging all she’d learned, Chambers launched Sue Chambers Financial Services in 2022, and has now hired two advisors. She’s also working on her CFP and CLU designations and serves as the financial literacy co-chair and director at large on the Advocis Durham Region board.
Chambers has become adept at marketing her business and building a community via local organizations — she’s a key figure in the Black Queens of Durham networking
group — and on social media. “Now, when I go out, advisors are always approaching me,” she says. “Being part of the board and being part of Advocis has given me more credibility. People take you more seriously because you’re part of a bigger picture and you’re serving.”
GAINING SKILLS, RESPECT, AND CLIENT TRUST
Lindsay Lynch looks to her colleagues at Lupin Planning Group in Conception Bay, Nfld., and peers she has met through Advocis to help her learn about the industry. She heard little about financial planning while earning her commerce degree at Memorial University. But in 2021, after graduating, she accepted a job at
Lindsay Lynch
Lupin, thinking she’d try another field or pursue a master’s if it didn’t work out.
She liked the work right away, joined Advocis in 2022, and is now treasurer on the Advocis Newfoundland and Labrador board. “I never say no to an opportunity. At this stage of my career, if I can do education, I’m absolutely going to do it. If I can serve on a board, I will do it.”
Being involved has helped her gain skills around event planning and, more importantly, garnered her respect.
“I’m young. I’m a female advisor. It’s definitely been a barrier,” she notes. “I put a lot of extra work into every single recommendation I make and double-check them. I’ll collaborate with others in my office to be sure I’m 100% confident in my recommendations.”
Doubling down on knowledge and having the board on her resumé has helped her gain the trust of her clients.
FORGING CONNECTIONS TO BUILD A CAREER
“People think I’m joking when I say, ‘If it weren’t for Advocis, I wouldn’t have the life I have today,’” says Josue Dubon — but he really does owe his current career path to Advocis connections.
At his first job in Winnipeg in 2018, his bosses encouraged him to join. “This is part of our culture,” they said.
When he wanted to move away from his hometown, it was a work colleague who, through networking connections within Advocis, found him a contact in Victoria who was hiring. He took the job. After five years, and with the senior partners retiring, he and a colleague launched their own firm, DesignWealth.
Dubon currently serves as vice-president of the Vancouver Island Chapter board, and also sits on the Victoria Chamber of
Josue Dubon
Commerce board. He’s only 29, and is thrilled to be established and involved so early in his career.
“It feels fantastic to be a part of the community and feel like I’m making a difference on a board level.”
EMBRACING OPPORTUNITIES TO TRAIN AND NETWORK
Derek Schaefer has found board work with Advocis to be a key element of career training.
In 2020, Schaefer had just transitioned from working as a golf professional and taken a job at Northern Asset Management in Edmonton when a friend on the Advocis Edmonton board asked him to join as a member at large. With the pandemic reducing the pool of available volunteers, he stepped up and became sponsorship chair and then vice-president.
“We’re going back to Advocis’s original days and the values of creating a community,” he says of his work on the board. “It’s been nice to see that rebuild and that rebrand.”
He adds, “It’s a lonely business if you don’t network and have those people you can go to. It’s about creating a healthy atmosphere.”
Schaefer and his board colleagues have been coming up with new ideas for social events, from brewery tours to sporting events to barbecues. Goals include inviting families to as many events
as possible and appealing to members of all ages and genders. Meanwhile, talking to other advisors helps him deal with pressing industry issues. For Schaefer, that includes grappling with complex regulatory requirements, as his firm operates across the country and rules vary by jurisdiction.
SHARING VALUES AND BUILDING COMMUNITY
Joining the Advocis community can help cement values around financial planning.
“One of the early tips I got is about doing what’s right for people. As long as you do what’s right for your clients, you’ll always get business,” says Chambers.
It’s practical advice, with finding and onboarding new clients being much more work than retaining existing ones. Embracing shared ethics, reinforcing them through good-quality education, and participating in give-and-take networking also allows those working in the financial planning industry to understand their work has social value.
That value extends to clients, but also to colleagues and even competitors.
“A lot of members understand that helping individuals is bigger than any one of us,” points out Dubon. “Within the Advocis community, it definitely feels like we help each other.”
Derek Schaefer
BY JAMIE GOLOMBEK
Strategic Gains
The new inclusion rate presents opportunities
Each year around this time, you’re likely to come across the standard year-end tax tips. But, with the increase to the capital gains inclusion rate legislated in 2024, a new opportunity presents itself to certain select clients — namely, tax-gain selling. Let’s review the new opportunity, as well as revisit a couple of other year-end tax chestnuts related to capital losses and gains.
TAX-GAIN SELLING
As of June 25, 2024, the capital gains inclusion rate is 66.67%. Individuals and certain trusts (specifically, graduated rate estates and qualified disability trusts) are still entitled to the 50% inclusion rate on the first $250,000 of capital gains annually. However, for corporations and other trusts, the higher 66.67% inclusion rate applies to all capital gains realized on or after June 25.
In terms of real tax cost for individuals, the actual increase in the tax rate on capital gains over $250,000 is approximately 9%, depending on the client’s province of residence. For example, a British Columbia investor who is in the top marginal tax bracket currently pays a tax rate of 26.75% on capital gains under $250,000. With the new 66.67% inclusion rate, that B.C. investor is now looking at a tax rate of 35.67% on capital gains over $250,000 — an increase of 8.92 percentage points.
As a result, advisors should speak to their individual clients in December about annual capital gains crystallization to take advantage of the lower 50% inclusion rate on the first $250,000 each and every year. Crystallization for publicly traded shares is as easy as selling the position on the open market and immediately buying it back. This is a key difference compared to loss crystallization planning, generally done at year-end to realize capital losses that can then be applied against capital gains. Tax-loss selling (see below) is subject to the superficial loss rule, which denies a loss if
the stock is repurchased within 30 days. There’s no equivalent superficial gain rule, meaning investors don’t need to wait 30 days to buy back the stock on which they crystallized a capital gain.
Whether it makes sense to crystallize $250,000 worth of capital gains and essentially prepay the tax for the 2024 calendar year (due on April 30, 2025), versus paying the tax at some point in the future, depends on the client’s expected rate of return and time horizon. For example, if the tax the client didn’t pay for 2024 were invested to earn 6% capital gains, compounded annually, it would take about eight years of tax-deferred growth, aftertax, to beat the tax savings attributable to the lower inclusion rate.
TAX-LOSS SELLING
While 2024 has been a good year for most markets, your client may be holding the odd stock that is down in value. Taxloss selling involves selling investments with accrued losses to offset capital gains realized elsewhere in the portfolio. For 2024, the trade date must be no later than
December 30 to complete settlement by December 31. If your client purchased securities in a foreign currency, the gain or loss may be larger or smaller than anticipated once the foreign exchange component is taken into account.
Of course, as noted above, it’s important to be mindful of the superficial loss rule if the client plans to repurchase a security sold at a loss. The superficial loss rule applies if property is repurchased within 30 days and is still held on the 30th day by the individual or an “affiliated person,” which includes a spouse, common-law partner, controlled corporation, and even an RRSP, RRIF, or TFSA. If the superficial loss rule applies, the capital loss will be added to the adjusted cost base of the repurchased security and any benefit of the capital loss can only be obtained when the repurchased security is ultimately sold.
TAX-GAIN DONATING
Finally, with the increase in the inclusion rate for capital gains over $250,000 for individuals and for all capital gains in a corporation, gifting publicly traded securities with accrued capital gains “in kind” to a registered charity or a foundation (perhaps via a donor advised fund) looks better than ever. Doing so entitles the donor to a tax receipt for the fair market value of the security being donated and eliminates the entire capital gains tax on the accrued gain.
JAMIE GOLOMBEK, FCPA, FCA, CFP, CLU, TEP, is managing director, tax & estate planning, with CIBC Private Wealth in Toronto. He can be reached at Jamie.Golombek@cibc.com.
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BY KEVIN WARK
Spousal Trusts
Update on life insurance planning opportunities
As part of an estate plan, it is not uncommon for an individual to establish an inter vivos or testamentary trust for the benefit of a spouse (including a common-law partner). A “spousal trust” ensures the spouse beneficiary will receive trust income and access to trust capital, with any remaining trust capital distributed to other family members or charitable causes on that spouse’s death. This arrangement can be particularly important when an individual has remarried and wishes to preserve assets for children from a prior relationship.
Special tax rules also make these trust arrangements attractive. The transfer of appreciated capital property to a qualifying spousal trust takes place on a rollover basis. In addition, the 21-year deemed disposition rule, which results in the taxation of accumulated gains in a trust every 21 years, is suspended. Instead, the death of the spouse beneficiary triggers the first reporting of capital gains on appreciated property retained in the trust.
Given that the death of the spouse beneficiary triggers the taxation of capital gains in the trust, it would seem to make good sense for the trust to own life insurance on the spouse to fund this tax bill. Unfortunately, the Canada Revenue Agency (CRA) has taken the position that if a spousal trust has the “mere power” to fund a life insurance policy (on any life), this will “taint” the trust. This, in turn, would deny the rollover on the transfer of capital property to the trust, and the 21-year deemed disposition rule would apply.
CALU ADVOCACY EFFORTS
The Conference for Advanced Life Underwriting (CALU) has attempted, without success, to modify the CRA’s position and permit spousal trusts (as well as alter ego/joint partner trusts) to own and fund life insurance on the life of any trust beneficiary. More recently, CALU made a
While the CRA’s position relating to the ability of a spousal trust to fund a life insurance policy is problematic, alternative arrangements can be implemented to acquire and fund a life insurance policy in order to provide liquidity on the death of the spouse beneficiary.
submission to the Department of Finance (Finance Canada) seeking an amendment to the Income Tax Act that would specifically permit spousal trusts to use trust capital to fund a life insurance policy. However, it would appear that Finance Canada has other legislative priorities and the requested legislative changes will not be made, at least in the near term. Since most spousal trusts will require liquidity to fund taxes on the death of the spouse beneficiary, other life insurance funding options need to be considered that won’t have a negative impact on the tax treatment of the trust.
LIFE INSURANCE OPTIONS
The CRA has indicated that a spousal trust can own a life insurance policy provided no further premiums are payable by the trust. Therefore, it is possible to transfer a “paid-up” insurance policy to a spousal trust without tainting the trust. Also, the CRA’s position does not restrict a spousal trust from receiving, directly or indirectly, the proceeds of a life insurance policy on the life of a spouse. Thus, the life insurance policy can be owned by a third party, with the proceeds paid to the spousal
trust. This creates additional life insurance ownership/funding/beneficiary options.
In conjunction with the establishment of a spousal trust, a second trust could be created with the purpose of owning and funding a life insurance policy on the life of the spouse beneficiary. Sufficient property would need to be settled on this trust to fund the policy, and the spousal trust could be designated as beneficiary of this policy.
In the appropriate circumstances, the spouse and/or adult children could be established as the owner(s) of the policy with the spousal trust as a revocable or irrevocable beneficiary of the death benefit. Appropriate funding and other precautions must be contemplated to ensure the policy remains in effect and the proceeds are paid to the spousal trust.
For business owners, another option might be to transfer shares of their corporation to the spousal trust. The corporation could be the owner, premium payor, and beneficiary under the insurance policy on the life of the spouse, with the death benefit paid as a dividend to the spousal trust. In addition, a significant portion of the proceeds could be treated as a tax-free capital dividend. The CRA has indicated it is a “question of fact” whether this arrangement could taint the trust, and the client should obtain tax and legal advice before proceeding.
While the CRA’s position relating to the ability of a spousal trust to fund a life insurance policy is problematic, alternative arrangements can be implemented to acquire and fund a life insurance policy in order to provide liquidity on the death of the spouse beneficiary. Finding the “right” solution requires a team effort by the insurance advisor and the client’s other professional advisors.
KEVIN WARK is managing partner of Integrated Estate Solutions and a tax advisor to CALU. He is the author of several tax/estate planning books entitled “ The Essential Canadian Guides” that are available through Amazon.ca.
For information on the Corporate Partnership Program or to become a corporate partner or sponsor, please contact Business Development at bd@advocis.ca
BY PATRICK UZAN
Policy Loans
Understanding how they’re taxed
Many contracts for life insurance policies with cash value give the policyholder access to policy loans as long as the outstanding amount of the loans does not exceed the policy’s cash surrender value (CSV). This feature can provide funds to a policyholder without the need to apply for a bank loan.
While there are similarities with typical commercial loans, such as charging interest, a policy loan is really an advance of a policyholder’s entitlement to the CSV under the life insurance contract, and there is no obligation to repay a policy loan.
There are several aspects to the taxation of policy loans and their effect on the adjusted cost basis (ACB) of the policy. Under the Income Tax Act (the Act), the ACB of a policy is calculated in accordance with a formula that contains many components and sub-components. However, in most situations, relatively few come into play. After premiums paid (which increase the ACB) and annual amounts for the “net cost of pure insurance” (which reduce the ACB), the next most likely components that are activated relate to policy loan activity.
The ACB of a policy may be important to know for several reasons. For example, when a corporation is the beneficiary of a life insurance policy, the ACB of a policy at time of death of the life insured is needed to calculate the corporation’s capital dividend account (see “Know Your CDA” in the December 2023 issue of FORUM ).
ADVANCES AND REPAYMENTS
Policy loan advances decrease a policy’s ACB. To the extent the proceeds from an advance exceed the policy’s ACB immediately before the advance, a taxable income inclusion for the difference arises. An amount equal to the income inclusion is then added back to the policy’s ACB. The repayment of a policy loan is deductible for
income tax purposes to the extent of previous income inclusions, and the amount of a repayment that exceeds the deductible portion is added to the policy’s ACB.
INTEREST ON POLICY LOANS
Interest on a policy loan may be paid or “capitalized” (i.e., added to the loan balance). If interest on the policy loan is not deductible for tax purposes (generally meaning the loan proceeds are not used to earn income from a business or property), the interest payable forms part of the definition of “premium” under the Act, and therefore increases the ACB of the policy. This is the case whether the interest is actually paid or capitalized. However, any interest that is capitalized is also considered to be an additional loan and therefore decreases the ACB of the policy by the same amount.
If the interest is deductible for tax purposes, the interest paid or capitalized is
not considered a “premium” and therefore does not increase the ACB of the policy. However, any capitalized interest is still considered to be an additional loan and decreases the ACB of the policy. There is an additional requirement to allow the policy owner to claim an interest deduction: Canada Revenue Agency Form T2210 must be completed and verified by the insurer.
OTHER DETAILS
Any deduction allowed due to a repayment can only be used in the year the repayment is made. If there is insufficient income in that year, any unused deduction cannot be carried forward or backward to other tax years.
Any policy loans that are outstanding when the life insured dies reduce the death benefit paid. However, no policy loan repayment is considered to have occurred in the year and this should be considered in planning for terminally ill clients. Where a policy loan is used to pay a premium, there are additional rules. See the table for more information.
PATRICK UZAN, CPA, CA, TEP, CLU, is vice-president, planning services at PPI Advisory in Calgary, where he supports advisors in developing and implementing estate and tax planning strategies in the high-net-worth market.
TAX TREATMENT OF POLICY LOANS
Interest deductibility
Interest is not deductible
Interest is deductible (T2210 required)
Loan advance*
Reduces ACB. Included in income to extent proceeds exceed ACB. Income inclusion added to ACB.
Reduces ACB. Included in income to extent proceeds exceed ACB. Income inclusion added to ACB.
Loan repayment*†
Deductible to extent of previous income inclusion. Remainder increases ACB.
Pay interest
Interest paid is considered a “premium” and therefore increases ACB.
Deductible to extent of previous income inclusion. Remainder increases ACB.
Interest paid is not considered a “premium” and therefore does not increase ACB.
Capitalize interest
Interest is considered a “premium” and therefore increases ACB. However, interest capitalized is considered an additional loan and therefore decreases ACB by the same amount.
Interest is not considered a “premium” and therefore does not increase ACB. However, interest capitalized is considered an additional loan and therefore decreases ACB.
* Loans to pay premiums: For G2 policies (issued before 2017), advances and repayments have no effect on the ACB. For G3 policies (issued after 2016), the same applies except in the case of repayments made with funds external to the policy — in which case the ACB will be increased for such repayments.
† When the life insured under a policy dies and a policy loan is outstanding on the policy, it is the Canada Revenue Agency’s view that no deduction for repayment is available.
J.G. TAYLOR AWARD RECIPIENTS
PRESENTED BY
Kevin
Williams CFP, CLU, RHU
Kevin has been a Sun Life Financial advisor since 1984 when he first started with Mutual Life of Canada. (Mutual Life changed its name to Clarica before becoming part of Sun Life Financial). He specialize in the family and small business markets. Since then, Kevin attained his CERTIFIED FINANCIAL PLANNER® (CFP®) designation in 1999, Registered Health Underwriter designation in 2005 and Chartered Life Underwriter (CLU®) designation in 2012.
As a leader in his financial centre for many years, Kevin qualified for numerous company conventions and awards. He has been a member of the Million Dollar Round Table (MDRT) since 1993. It is his most treasured association, consisting of a worldwide organization of professionals who meet annually.
Kevin fostered self-improvement ideas, learned new products and gained an appreciation of his clientele that has helped him in many ways.
Kevin is also involved in his local community and volunteers by sitting on the board for the United Way of Southeastern NB. It creates long-term, sustainable change; moving people from poverty to possibility, creating strong communities, and ensuring that kids be all that they can be.
With more than 5,000 CLU® and CHS designation holders in good standing. The institute for advanced financial education is the leading designation body in Canada for financial services practitioners in the specialty areas of advance estate and wealth transfer, and living benefits. The institute provides a platform of standards and advanced knowledge through designation programs and accreditation services. Institute destinations speak powerfully of a practice that is built on knowledge and a belief in the continuous refinement of that knowledge.
Award recipients have demonstrated excellence among their peers. they have made an impact on the profession and the public they serve; exemplified the Institute’s code of professional conduct; positively affected their communities; participated in the industry, with either the Institute or Advocis; and/or within other financial services professions.
Brent
Van Ryzewyk
CFP, CLU, CH.F.C., CHS, CEA
With over four decades of experience in the financial services industry, Brent has established himself as a respected expert and leader. As the Principal of Barron’s Financial Group Inc., Brent specializes in advanced estate and tax planning, family and business succession, and asset protection strategies tailored for professionals and business owners. His expertise extends to the design and administration of benefit plans, retirement income strategies, and more.
Brent’s career is marked by significant leadership roles across national public insurance corporations, investment banking institutions, and private financial advisory firms. His extensive professional background is complemented by his active membership in esteemed organizations such as Advocis, CALU, The Institute for Advanced Financial Education, The Financial Planner Standards Council, The Million Dollar Round Table, and The Canadian Institute of Certified Executor Advisors.
Brent has also made considerable contributions in leadership positions. He served as the Past President of the Board of Directors for the Advocis Peel/Halton Chapter and continues to hold influential roles within Advocis and The Institute for Advanced Financial Education.
Beyond his professional achievements, Brent is deeply committed to community service. He has been a Board Member of the Estate Planning Council of Mississauga since 2008 and recently completed his second term as President. Additionally, he has served as the Past President of The Certified Executor Advisor Network, where he championed efforts to enhance estates literacy in Canada.
Brent’s unwavering dedication to financial excellence and community involvement underscores his impressive career and commitment to serving others.
BY LAURIE FOX
Gift to Grow
Show clients how to donate tax-efficiently and build your business
Have you heard of a Will Power advisor? They’re financial advisors, accountants, and legal professionals who have partnered with the Will Power campaign to show Canadians how to be more strategic with charitable giving. These advisors are generating buzz with tips on using appreciated securities, registered funds, wills, and other financial tools to donate more efficiently.
It seems more and more people want to have these conversations. In the past four years, we’ve gone to 8% from 5% of Canadians leaving a donation in their will, and more than 20% of the population say they’re planning on it. Meanwhile, 8% say they’ve named a charity as a beneficiary of registered funds.
I spoke with Candice Jay, wealth advisor at CC&L Private Capital and a Will Power advisor since 2021, about how she uses charitable gift planning in her work.
What made you first think about incorporating philanthropy into your practice?
Over 10 years ago, I was an advisor who reacted when clients asked me about charitable giving. For example, I would receive a request to make a donation of securities and process the donation form. But I became interested in learning more about why clients were doing this and if there was more that could be done.
I dove into the world of strategic charitable giving and discovered the Canadian Association of Gift Planners (CAGP), who run the Will Power campaign. Will Power provides a toolbox of strategies advisors can use and has created a growing community of professionals who are welcoming and giving of their time and expertise. There is even a focused designation for advisors called the MFA-P (Master Financial Advisor in Philanthropy).
Now, after more than a decade heading down this path, I am an advisor who proactively talks to clients about charitable giving!
When you started speaking to clients about charitable giving, what was your biggest stumbling block?
The concept of “giving assets away” to charities is counterintuitive to the revenue model in our industry, but if you genuinely incorporate philanthropic advice into your client conversations, you see the benefits of a trusted relationship and potentially future consolidation of assets.
My clients are high-net-worth families and charitable foundations. The in-depth conversations I have with them about legacy, values, and philanthropy have created deeper and longer-lasting relationships. There’s trust that’s built, and that leads to them referring other clients to me.
How do you identify clients who are open to a conversation about charitable giving? When you’re actively listening to your clients, you end up hearing the clues — the impact they want to have, the priorities in their life, and more. That said, it often takes many conversations before you arrive at an integrated strategy for charitable giving that your client is comfortable with.
There are also times when the conversation can be more immediate and transactional — for example, when a client experiences a life event (like the birth of a child or a death in the family), sells a business, or retires. I’ve found these are good times to bring up charitable giving as a strategy to help offset taxes associated with these events.
What are the top philanthropic strategies you recommend?
There’s no magical formula. Every client’s situation is different. But diving deep into discovery and finding the right gift planning strategy is the most exciting part. Here are some strategies to consider:
1. Donating appreciated securities in-kind directly to a charity or to a family foundation.
2. Donating life insurance during the client’s lifetime or after.
3. Assigning a charity as an RRSP/RRIF beneficiary or contingent beneficiary, or even donating directly from registered accounts to a charity or family foundation during the client’s lifetime, without having to pay withholding tax.
4. Setting up a donor advised fund (DAF), also known as a family foundation charity structure. This is a fantastic way to create a collaborative family mission and leave a legacy for future generations. The key here is to fund the DAF efficiently with the above strategies.
Any final words for advisors looking to incorporate philanthropy into their practices?
The Canada Revenue Agency has endorsed all of these different ways to donate to charity, so why not take advantage of them? Start by being aware of key techniques of charitable giving and incorporating them into the work you’re already doing. Your practice will naturally grow as a result.
Your best resource to learn more is CAGP and a network of fellow advisors who have already successfully incorporated gift planning into their practices. There is a growing and vibrant group of us across Canada, and we often gather and learn from each other. Please don’t hesitate to reach out to me about this.
LAURIE FOX is campaign director for Will Power, a national public awareness campaign designed to inspire Canadians to think differently about charitable giving and empower them to create positive change though their wills and other financial tools. For more information, visit www.willpower.ca.
This article is for information only and is not intended as investment advice. The views expressed are those of the author at the time of publication and are subject to change at any time.
Join the legacy-driven community of professionals committed to setting the standard in developing solutions for individuals, business owners, and professionals. From wealth creation and preservation to estate planning, CLUs are dedicated to guiding their clients toward a secure future.
Advocis News
Awards of Excellence
The Advocis Chapter Awards of Excellence are presented annually to inspire a culture of chapter excellence, recognition, and collaboration — a culture in which chapters and their member volunteer leaders from across Canada are encouraged to pursue meaningful opportunities, innovate for growth, and excel in supporting member needs for education, advocacy, community, and professionalism. The following recipients were recognized at the 2024 Chapter Leadership Conference.
CHAPTER OF THE YEAR:
Advocis Durham Region
“At Advocis Durham Region, we are united in our commitment to fostering financial excellence and supporting our local communities. Guided by our values of integrity, collaboration, and empowerment, we work to elevate the industry while giving back in meaningful ways. I’m proud to serve alongside such passionate financial professionals who champion diversity, inclusion, belonging, and equity. This recognition reflects the hard work of our board and members, and we remain dedicated to making a lasting impact through education, engagement, and advocacy. Thank you for this honour — together, we’ll continue driving positive change.”
– Stacy Brooks, chapter president, Advocis Durham Region
CHAPTER OF THE YEAR:
Advocis Sudbury
“Advocis Sudbury is honoured and humbled to share the Chapter of the Year award with Advocis Durham Region. This recognition highlights the hard work, dedication, and passion of our entire team and members. Despite recent challenges, this award reinforces our belief in a bright future. We remain committed to supporting the professional growth of our members in the North and are excited about what’s ahead. Thank you to Advocis for this prestigious acknowledgment and to all our members for their unwavering support.”
– Bradley Gilroy, chapter president, Advocis Sudbury
PHOENIX AWARD:
Advocis Peterborough
“It’s an exciting time to be part of our revitalized board, where seasoned and fresh perspectives are celebrated. We’ve focused on building a strong sense of community and fostering an atmosphere of fun, creativity, and energy. Our new approach has been well received, resulting in increased interest in joining the board. With a successful structure that combines CE opportunities, local business highlights, and social events, there’s never been a better time to get involved with Advocis Peterborough through our Fun, Fellowship, and Learning approach. Thank you for your continued support!”
– Judy Ruttle, chapter president, Advocis Peterborough
VOLUNTEER OF THE YEAR — CENTRAL ONTARIO:
Andrew Gooden
“This recognition is truly meaningful. Preparing and administering our practice development series is my way of giving back to our profession. We all learn from each other — seasoned advisors gain new insights, and newcomers find ways to succeed. I’m grateful for the Advocis network and my Durham Region peers who have supported me throughout. I encourage all advisors to get involved and volunteer in your local chapters to keep our membership active and vibrant.”
– Andrew Gooden, program chair and professional development chair, Advocis Durham Region
VOLUNTEER
OF
THE YEAR — NORTHERN ONTARIO:
Marie-Helene Lanoix-Verreault
“We are thrilled to honour Marie-Helene Lanoix-Verreault. Despite the vast geographic area and the shift to virtual programs, she worked diligently to offer meaningful connections and foster collaboration with chapters across northern Ontario. Her commitment to Advocis Timmins and District and to helping to re-engage our members has been sincerely appreciated and is important as the region continues to grow forward together.”
– Todd Boyd, regional leader, Ontario North-East
VOLUNTEER OF THE YEAR — SOUTHWESTERN ONTARIO:
Leo Jolicoeur
“To be honest, I was surprised to receive this award given the remarkable contributions of other chapter leaders in the region. I’m deeply honoured and humbled, but this award reflects the incredible support from my fellow Advocis Greater Niagara board members. Their creativity and dedication to engaging our members inspire me daily. Navigating the unique challenges of our smaller chapter has been the most rewarding part of my volunteer work, benefiting our entire team and membership.”
– Leo Jolicoeur, chapter president, Advocis Greater Niagara
VOLUNTEER OF THE YEAR
— PRAIRIES:
Dolly Sekhon
“I believe in giving back to this profession and building a community, which is why being a board member is so fulfilling. As Advocis Winnipeg sponsorship chair, I support member initiatives to help ensure our events and programming thrive. Serving on the board has deepened my understanding of regulatory changes and advocacy, even if I don’t always agree with every stance. Instead of complaining from the sidelines, I can influence and understand these issues better. The connections I’ve made are invaluable, providing quick, accurate information and support. With Advocis, I’m never alone.”
– Dolly Sekhon, sponsorship chair, Advocis Winnipeg
VOLUNTEER OF THE YEAR — ALBERTA:
Marie Dean
“As the past membership chair for Advocis Edmonton, I am honoured to receive this award from Advocis. Volunteering with this community has been very rewarding. Our monthly meetings to brainstorm and organize events — including the Wellness Series where my brother, a local physiotherapist, offered tips for staying healthy while working from home — have been a definite value-add to members. I have really enjoyed organizing and attending our annual volunteer event at the Edmonton Food Bank, allowing members to support our community when it’s needed most.”
– Marie Dean, past membership chair, Advocis Edmonton
VOLUNTEER OF THE YEAR — BRITISH COLUMBIA:
Angelina Hung
“I’m honoured to be recognized. Serving the advisor community through Advocis Greater Vancouver has been incredibly rewarding. Collaborating with our board and the technology and innovation committee has allowed us to provide valuable education and programs. One highlight was interviewing Carolyn Rogers, senior deputy governor of the Bank of Canada. Volunteering has connected me with industry friends and kept me sharp on emerging trends — truly a fulfilling experience.”
– Angelina Hung, program chair, Advocis Greater Vancouver
SUMMER LEARNING (AND FUN) AT ADVOCIS SCHOOLS
More than 400 attendees joined in to experience the ultimate in destination Advocis education this summer, seizing the opportunity to learn new skills, network, meet new people, and earn credits, while relaxing and exploring the beauty of our host cities.
For more than 50 years, Advocis Schools have provided financial services professionals with premier learning and networking opportunities in some of the most beautiful locations in Canada. Each Advocis School is unique — from the line-up of outstanding industry-leading guest speakers to the exciting evening social events.
“Truly, attending a School is an opportunity like no other,” says Saskia Vermeulen, co-chair of the 2024 Pacific School. “Whether you’ve been in the business for a while or are brand new, you’re going to learn from other advisors and network with an incredible audience of people — some who’ve been [advisors] for 40 and 50 years, and they have really good ideas to share. It was so exciting to see the connections that were made, both inside the room and out, while enjoying beautiful Kelowna.”
Tami Romanchuk, 2024 Banff School chair notes, “Advocis Banff School was pleased to celebrate its 68th anniversary this year. Industry experts came from across Canada and abroad to present to our delegates. In addition to the week of learning, the school offered a fantastic week of activities in Banff.”
One social highlight was the last Banff School appearance by the Chevelles, a band featuring past chair of the schools committee Don Plettell that made regular appearances at the School’s Wednesday social events over the years.
Plans for 2025 Advocis Schools are well underway. Learn more and take advantage of early bird rates:
• Pacific School: May 25 to May 28, 2025
• Atlantic School: August 12 to August 14, 2025
• Banff School: August 17 to August 21, 2025
2024 Banff School faculty and executive committee.
Leslie Carpenter, chair of the Advocis Chapter Leadership Council, provides an Advocis national update at the 2024 Pacific School.
Shayne Conolly, 2024 Atlantic School chair, addresses delegates.
Sara Gelgor (pictured) joined Molly Reynolds to lead an interactive cyber-attack simulation for attendees at all three Schools.
EDUCATION AND CONNECTION ON TAP
Several breweries across Canada became venues for chapters to bring Advocis advisors together for fun, fellowship, and meaningful education.
Advocis Calgary hosted its first “Brewing Your Success with Tap Talks.” Under the theme “Leads & Legacies,” local advisors shared how they cracked the successful practice code. The chapter is building a community of advisors with an abundance mentality, willing to share information about their career path, experiences, and results. They want to spur the industry’s evolution into a profession and help ensure knowledge and expertise are passed down to the next generation of advisors as a living legacy.
Advocis Edmonton hosted three separate brewery tour talks through the summer as part of its focus on building connections, collaboration, and community among local advisors. Each gathering featured a quick update on changes in the market, as well as an advocacy update from Advocis.
Advocis Greater Niagara continued its popular “Eat, Drink and Be Educated” events, providing members with an opportunity to hear presentations on current industry topics and network with fellow advisors in a dynamic, engaging environment. The September session featured a lineup of speakers that included Andrew Gardiner from Beneva, Darren Knott and Milan Legris from Canada Life, and Randy Cutting from DUCA Financial.
Your Practice, Your CE
Advocis develops Continuing Education to meet the needs of financial advisors by focusing on the most relevant issues facing our industry. With a wide selection of courses that reflects the comprehensive nature of contemporary financial advice, choose Advocis CE for the practice you lead today and the one you build for tomorrow.
Refer to our Education Catalogue and learn more at:
INSURANCE LANDSCAPE INSIGHTS
Advocis Greater Vancouver hosted an Advocis member-exclusive webinar with Janet Sinclair, CEO of the Insurance Council of British Columbia, and Donna Thorne from PPI, chair of the Insurance Council. They provided essential updates on industry trends and regulations to help advisors stay ahead of the curve.
CAMPUS TO CAREER: GUIDING THE NEXT GEN
Advocis volunteers took part in the Seneca Polytechnic College Financial Services Career Fair on campus in Toronto. This was a wonderful opportunity to connect with more than 200 students, explain the value of pursuing the life licence and designation pathway options, and highlight opportunities for networking, development, and mentoring through Advocis chapters.
“It was fantastic to meet so many passionate and driven students — their energy and curiosity are exactly what our industry needs to continue thriving and evolving,” says Carmela Lombardi, financial literacy chair for Advocis Durham
STUFFING BACKPACKS WITH GLOWING HEARTS
Advocis Simcoe-Muskoka advisors had a great time supporting Glowing Hearts Charity in Barrie, Ont., stuffing backpacks with new supplies for students in need in Simcoe County.
IN MEMORIAM
John Wesley
It is with deep sadness that we announce the passing of John Wesley, a devoted and longstanding member of Advocis. John was an active volunteer in Advocis Simcoe-Muskoka for more than two decades, serving from 1999 to 2021 in roles that included membership chair, Institute representative, professional development chair, and, in his final term, GAMA representative. John’s dedication to professional growth and mentorship left a lasting impact on the financial services community. His commitment to supporting his peers and advancing the mission of Advocis will be remembered with gratitude. He will be deeply missed by his friends, colleagues, and all those whose lives he touched through his service.
MAKE A “QUANTUM LEAP” IN YOUR BUSINESS
At the Advocis Toronto Fall Professional Development Conference, attendees learned from experts how to incorporate the right partnerships to become trusted advisors for their clients and enable their businesses to take a big step forward. Presentations from Proof Capital and Premiere Health Benefits, along with a discussion panel featuring Emma Michael (Aion Law Partners), Dane King (Stratking Accounting & Tax), and Mark Browning (MNP), provided invaluable insights and knowledge to help advisors make their own “quantum leap.”
In addition, Derek Strokon delivered an amazing keynote on the transformative power of being an
entrepreneur who establishes philanthropy as a core part of a business. He discussed how the secret to being the happiest millionaire is to make $2 million and give away $1 million.
At the end of his speech, Derek provided everyone in attendance with a unique and incredible opportunity
to give back in a special way never done before at an Advocis event. Each attendee wrote affirmation messages on more than 100 baseballs that will be distributed to kids in Uganda through the organization BaseballFace Cares. Derek sent them via UPS directly after the event.
LAMP 2025
Join GAMA Global Canada for the annual Leadership and Management Program (LAMP), happening from March 22 to March 25, 2025, at the Gaylord Palms Resort in Orlando, Florida. DON’T MISS OUT ON THIS PREMIER EVENT!
Future-focused
BY KELLY GORMAN
Iaccepted the position of Advocis CEO because I believe deeply in what this association represents and the value our members bring to Canadians. Advocis has been the voice of financial advisors and planners for more than a century, and the work members do is crucial in guiding individuals and businesses through complex financial decisions and ultimately contributing to the financial security of families and communities across the country.
I see our organization’s challenges in recent years as opportunities for growth and renewal, and my experience has prepared me well to navigate these complexities. As a CPA, CA, I have strong financial acumen. In various roles at the Ontario Securities Commission, culminating with deputy director of enforcement, I acquired a deep understanding of compliance, enforcement, and investor protection. And as executive vicepresident, regulatory and standards, and then chief financial officer, at the Chartered Professional Accountants of Ontario (CPA Ontario), I learned the ins and outs of a selfregulatory member organization.
My top priority in this role is our members. I intend to make sure Advocis is an important partner in your success, whether that means expanding our participation in regulatory discussions or giving you the tools you need to succeed.
My top priority in this role is our members. I intend to make sure Advocis is an important partner in your success, whether that means expanding our participation in regulatory discussions or giving you the tools you need to succeed. I’ve heard loud and clear that we’ve built a strong foundation over the last 100 years. Now, it’s time to look ahead. There’s so much potential to create more value for you through stronger advocacy and better resources that help you in your dayto-day operations.
Advocis also has a crucial role to play in ensuring that regulations governing financial advice in Canada
are fair, balanced, and designed to benefit both advisors and consumers. I intend to continue our strong tradition of advocacy by working closely with regulators, policymakers, and other industry stakeholders. We will keep promoting a regulatory environment that allows advisors to thrive while protecting consumers’ interests. This means pushing for clarity, consistency, and fairness in the rules that govern our profession. As we take a leadership role and drive change in this important work, we must strive to stay a step ahead of industry and regulatory changes, especially when it comes to digital transformation and making financial planning even more clientcentred.
Again, our members will be at the heart of my work — and I’m starting by listening intently to what you have to say. I want to hear what’s working for you, what isn’t, and how we can make your life easier. Are there areas where we can provide better resources, or stop doing things that aren’t of as much value? I’m here to learn and to build an organization that strongly supports our members. My mission is to make sure we’re doing everything we can to enable you to excel in our ever-changing industry.
I encourage each and every one of you to reach out and tell me what else you require from Advocis to feel prepared and confident in your work today and, most importantly, to capture the opportunities of tomorrow. Let’s get down to business together and make the future something we can all be excited about.
KELLY GORMAN, CPA, CA, ICD.D., is chief executive officer of Advocis.
