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A massive influx of affluent migrants will be heading to Canada in the coming years, providing counselors with an opportunity to expand their practices and contribute to the country’s economic growth.

At Henley & Partners world citizens report shows that Canada is among the 10 countries attracting the most millionaire migrants this year, alongside the United Arab Emirates, Australia, Singapore, Israel, Switzerland, the United States, Portugal, from Greece and New Zealand.

Canada ranks 8th among the top 10 countries for total wealth and as a popular destination for affluent individuals and families considering migration.

It also ranks 9th in the world in terms of expected influx of wealthy people this year, with about 1,000 more millionaires expected to migrate to Canada in 2022. The wealthy are expected to come mainly from the UK, US, from France and Vietnam. , India, China, Iran, Brazil and Hong Kong.

Over the next decade, the report predicts a 30% increase in the number of affluent people living in Canada, primarily due to the projected performance of the economy, but driven by this migration trend.

Well-off migrants bring cumulative benefits to their destination countries, the report adds, including increased tax revenue, infrastructure development and investment. The Canadian government Remarks that one in three Canadian businesses is owned by an immigrant.

Yannick Archambault, Partner and National Family Office Leader at KMPG LLP in Toronto, who contributed to the Henley & Partners report, says Canada has always been a popular destination for global citizens because of its high quality of life, its security and political stability. the environment, commitment to diversity and human rights, and a strong education system.

He notes that the Canadian government is looking to welcome a record number of new immigrants between 2022 and 2024 (431,645 permanent residents in 2022, 447,000 in 2023 and 451,000 in 2024) to stimulate economic growth.

The influx of capital will create demand for wealth management services in everything from banking, investment, tax and estate planning to real estate and law, Archambault said.

“This creates a demand for specialists across the wealth management ecosystem and beyond,” he says.

Advisors looking to capture some of this growing business segment should expand their partnerships with legal and tax professionals to help deliver a more holistic client experience. The list includes not only financial services, but also immigration, real estate and family office professionals.

Advisors are encouraged to set up various teams to help support clients from other countries.

“Having the right expertise and culturally diverse teams gives clients a sense of security about their heritage and their future,” says Archambault, whose family office team works as an advisor liaison for ensure they have the right strategies and resources in place to serve clients moving to Canada from other countries.

“It comes down to the planning and the quality of advice.”

Archambault says counselors should approach growing immigration as an opportunity to expand their practices and presence in their communities.

“If you’re an advisor with a growth mindset and a genuine desire to help people make a successful transition to this country, this is an opportunity to create a real niche,” he says.

– Brenda Bouw, Globe and Mail Special

Globe Advisor Must-Read This Week

How Top Advisors Spot Bargains in Volatile Markets

Rising interest rates, soaring inflation and fears of recession have hit stock markets this year and spooked investors. Despite the volatility, three seasoned financial experts from The Globe and Mail and SHOOK Research ranking of Canada’s top wealth advisors see buying opportunities, but disagree on whether to own Canadian banks. Shirley Won reviews their sector and picks stocks for high-quality names.

Is it the right time to invest in REITs?

Real estate has been in the news lately for all the wrong reasons. Amid inflation and rising interest rates, virtually every type has lost value. But the beaten sector remains a key part of client portfolios and experts say it offers potential buying opportunities for those with a longer growth track. Joel Schlesinger examines the pros and cons of investing in real estate investment trusts and where the demand lies.

Is a counselor qualified to be a life coach?

Since money and a person’s relationship with it are fundamental to who they are, financial planning is truly a form of life coaching, says one expert. But as financial advisors are increasingly called upon for advice during devastating life events, where should they draw the line? Barbara Balfour talks to three advisors about how they handle helping clients with non-financial matters and maintaining their boundaries when it comes to the scope of their work.

The use of GICs for “safety” is growing, but are high-quality bonds more flexible?

Guaranteed investment certificates (GICs) are suddenly back in vogue as interest rates rise and investors turn to the comfort of simple, secure fixed income options. While GIC rates are much better than they have been, some experts say the investments are less flexible than high-quality bonds. Bonds also have a tax advantage, in that the portion of the return, if purchased below par, is a capital gain, which is treated more favorably than interest income from a GIC. Adam Mayers reviews the yields of both products.

Also see:

Megadeals support global M&A despite setback from 2021 record

Bitcoin Fund Fees Drop Amid ‘Crypto Winter’

Counselor education providers are changing curricula to fit a hybrid model that’s ‘here to stay’

Demand for electric vehicles, 5G and interconnect devices bodes well for chips despite tech sell-off

How to deal with the pressures of the sandwich generation that have intensified during the pandemic

What you and your customers need to know

Beware of the Myth of the Friendly Recession

Judging by the behavior of the market this week, many people seem to be betting on the idea that the economy is headed for a mild slowdown that will calm inflation and bring oil prices under control without much harm to corporate profits or stock prices. In theory, it is possible. In practice, however, it would be unusual to experience such a wise recoil. Ian McGugan reports on the economic landscape compared to previous recessions.

US dividend stocks ‘stable’ for summer doldrums

Investors may be looking to add more stable names to their portfolios as they enter a period often considered the quietest months in the markets. Sean Pugliese and Allan Mayer of Wickham Investment Counsel take a conservative approach to analyzing low-volatility, high-dividend stocks using their safety and value-oriented investment philosophy. Here are 24 stock picks based on metrics like beta, dividend yield, leverage ratios and more.

Subprime borrowers find it harder to convert bank loans

Subprime borrowers have had a harder time getting a loan from a bank over the past decade as federal mortgage rules have become stricter. Last year, 71.5% of subprime borrowers in Ontario were able to obtain a mortgage from a bank or sell their property without defaulting or losing their property to foreclosure. That’s down from 83% in 2011, according to a report by Canada Mortgage and Housing Corporation. Rachelle Younglai reports on the data and what it means for housing affordability.

– Globe Advisor Staff