Help clients pay off debt

When volatility makes clients too shy to enter the markets, advisors need other topics to keep the conversations going until they are ready to invest.

Paying down—or even eliminating—debt is a high priority for many Canadian families right now, and advisors can apply their knowledge of interest rates, payment cycles, and budgeting to help clients tame problems now, so they don’t become crises later.

Here’s a template letter in which you can broach the subject of debt management with clients. It’s a good place to start.

Sometimes the work an advisor does for free goes the farthest to building client loyalty. Dealing with debt issues is one of those. You’ll never see a dime, but when a client’s feeling flush, he’ll remember who was there for him a crunch time.

Here are stories from which you can cull ideas to help clients with household debt.

Canadians envision debt-free retirement

The average Canadian expects to retire debt-free at age 63, according to a new Harris/Decima poll commissioned by CIBC. However, the poll also shows that older Canadians are less optimistic about reaching their savings goals and expect to carry at least some debt into retirement.

Getting clients to disclose debts is vital

Imagine that you’re at the doctor’s office for a medical issue and the doctor asks about your symptoms. Would you refuse to answer?

Good debt versus bad debt

For many clients, the thought of landing in the red is enough to make them sick to their stomach. What most may not be aware of, though, is that not all debt is bad debt.

Top 10 ways to control client debt

I get many, many emails from advisors all over the country asking me exactly how they can go about helping clients with debt. Here is my Top Ten List for changing the face of your practice to include both sides of the balance sheet.

Make your clients’ debt disappear

There are plenty of bad four-letter words in the English language, but when it comes to financial planning, there’s none as nasty as debt. With credit cards, lines of credit, second mortgages and even leverage options, it’s easy for clients to find themselves owing their banks thousands of dollars.