LifeLegacy Update - July 15, 2021

It's Midsummer, I hope that you are living your dream! Summer is a busy time for those of us that live in Alberta, the nice days are all to infrequent in this place we call home. When the weather is nice, we make enjoying it our priority, as too soon the cold of winter will arrive.

Whether your summer includes days out on the lake, hikes in the mountains, or chasing a little dimpled ball around a well-manicured park, we hope that you are enjoying it with good health, surrounded by loved ones. The Summer of 2021 seems a little different than usual. We are emerging from the isolation of the pandemic and are enjoying company a bit more, yet feeling a bit trepidatious of feeling normal again.

With the AHS restrictions lifting the LifeLegacy office will be returning to our normal in person meetings. We have the technology to meet remotely if that is easier for you to connect, due to work schedules or simply maximizing your time enjoying the summer weather. Our team too will be enjoying the summer with a few days here and there of vacation. Please call ahead or send a quick email to be sure we are available if your are stopping by the office.

We continue to update our internal documentation with respect to beneficiary designations and estate plans and will be reaching out to arrange your review. Over the course of the past couple of years we have identified a "gap" in regulation that limited our ability to protect our most vulnerable clients. Many of you may recall us adding a section to our privacy documentation that included the addition of a trusted contact, a someone we could call if we felt there was something unusual about a trade request or if a client's behaviour had changed. We don't often applaud the regulators, but today the Canadian Securities Administrators have come forward with new regulations mandating that advisors now obtain a Trusted Contact Person for the protection of vulnerable clients. This is a great step in protecting clients from potential exploitation. It will also mean some changes to our documentation and the paperwork with the investment administrators. Please give some thought to who the persons might be that you trust for this role.

Here is an excerpt from the new regulations:

  • Trusted Contact Person (TCP) – registrants will be required to take reasonable steps to obtain the name and contact information of a TCP from individual clients, and written consent for the TCP to be contacted in specified circumstances (e.g., if the registrant has concerns about possible financial exploitation of a client who is vulnerable or about the client’s mental capacity to make decisions involving financial matters.) A TCP does not have authority to make transactions on the account, but is intended to be a resource to assist registrants in protecting a client’s financial interests or assets in these circumstances. While clients are not required to identify a TCP in order to open an account, registrants will be required to take reasonable steps to obtain and update TCP information as part of the Know Your Client (KYC) process.

FP Canada recently produced the 2021 Financial Stress Index. The findings show that even during a health crisis, money is a top stressor for many. LifeLegacy's advisors are proud to be Certified Financial Planner professionals and of the work we do to help our clients navigate their personal financial challenges. We invite a review of your plan, if you find yourself with increased stress related to money, and encourage you to send the following link as an introduction for family members or friends that could benefit from a lifestyle financial plan.