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Advisors need to ‘dust off the old inflationary playbook’ as rising costs rattle clients

Advisors need to ‘dust off the old inflationary playbook’ as rising costs rattle clients

Rising inflation is forcing some advisors to have difficult conversations with clients about their spending habits and whether they should make adjustments to their financial plans. The inflation and interest-rate landscapes are “shifting dramatically,” wrote BMO Capital Markets economists in a Nov. 19 report, adding they believe rising costs could be “more persistent than most initially thought” and interest rate hikes could come sooner and faster than forecast.

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Advisors need to ‘dust off the old inflationary playbook’ as rising costs rattle clients

How advisors are helping clients tap into RRSPs tax efficiently amid COVID-19

Advisors say withdrawing from an RRSP early is not something clients should panic about, but they should do this cautiously with other measures in place. As some Canadians looked to make ends meet during the pandemic, accessing extra funds may have meant tapping into savings – and for some, withdrawing from their registered retirement savings plans (RRSPs) earlier than expected was the solution.

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Advisors need to ‘dust off the old inflationary playbook’ as rising costs rattle clients

How to say no to adult children who ask for money

It’s always hard to say ‘no’ to your kids, from when they’re little and want one more bedtime story to when they’re adults looking for help to pay the rent, buy a car or purchase their first home. With less job stability, the rising cost of living and skyrocketing rent and housing prices, it’s no wonder so many millennials and Gen Z adults are turning to the ‘bank of mom and dad’ for financial support.

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Job-hopping your way to better pay

Job-hopping your way to better pay

If your paycheque needs a little oomph, now may be the time to look for a new gig. Changing jobs is always a chance to ratchet up your compensation, but the current labour market may be a historical opportunity to net a big pay bump.

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Advisors need to ‘dust off the old inflationary playbook’ as rising costs rattle clients

Why many business owners are contemplating an exit

A recent Statistics Canada survey of almost 17,000 business owners found that about 3 per cent have plans to transfer or sell their business within the next year, which translates into hundreds of deals across the country based on the sample size alone.

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