Just Ask Your Advisor

Sep 13, 2021 | Elaine Law


Connecting clients with wealth specialists

Many years ago, two of my clients came to me and asked if I could connect them with my colleagues from Royal Trust. It turned out that they were drafting their wills, but did not have a good candidate for the executor in their wills. The only viable candidate they could think of was a relative that lived overseas, however, their lawyer strongly advised against this. Since most of their assets are located in Canada, not only is it physically inconvenient for the overseas person to perform the role of an executor, it could also be very costly. An executor that lives overseas may be required to post a foreign executor’s surety bond. This bond is a guarantee to the provincial courts that the executor will carry out all required duties in good faith. Their lawyer told them that they should seek professional advice from us at RBC Wealth Management, and should consider hiring a corporate executor instead. Most of his clients were also using corporate executors.

At the time, I was not very familiar with our sister company, Royal Trust, and so I personally reached out to their representatives and told them I would like to learn more about their services and how they could help my clients. I set up a meeting for my clients with Royal Trust and sat in the meeting with them. I told my clients that I could be their extra “pair of ears”, and would help them ask questions in case they did not know how or what to ask. They were very appreciative and agreed that I should sit in. Having your advisor sit on the same side of the table as you during these meetings is a valuable service that I encourage my clients to take advantage of.

Performing the duties of an executor and/or a Power of Attorney (POA) can be very demanding. It is a full-time job. Often times, clients think their closest relatives will be capable and willing to do the job. In reality, when it comes to actually doing the job, many people can be overwhelmed by the responsibilities and liabilities that are being assumed.

With the help of modern technologies, we have been seeing our clients in virtual meetings since the beginning of Covid-19. This has made it more convenient for my clients to see us and our other specialists online. No matter where one lives, it also allows us to include relatives/friends that are the potential executors and/or POAs.

I have been working for RBC Dominion Securities, part of RBC Wealth Management, for over 28 years. My role as an Associate Investment Advisor has evolved. Not only do I help my clients grow their investment assets, but I also help them identify their other financial needs and goals. I act as a liaison, connecting my clients to other specialists under the RBC umbrella to help my clients achieve their financial needs and goals. These services include: (1) Comprehensive Financial Planning, (2) Comprehensive Insurance Planning, (3) Estate Planning, (4) High Net-Worth Planning, (5) Premier Banking Services, and (6) Trust Services. I tell my clients to think of me first and ask me whenever they have questions about their money and wealth matters. To find out how we can help, contact me or any of my team members.