Help clients pay off debt

By Staff | May 15, 2012 | Last updated on May 15, 2012
2 min read

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.

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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.

Boomers will retire in debt

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Canadians in denial on lasting debt

Canadians fancy themselves as being debt-free in the next decade and are aggressively paying down debt, but a new study reveals they may be unrealistic about the age by which they expect to have paid their financial dues.

Household debt high, but not dangerous

Household debt in Canada is at record levels, but the situation is not as dire as some reports have suggested. staff


The staff of have been covering news for financial advisors since 1998.