These trends are driving leadership changes at IG Wealth Management
In January, IG Wealth Management appointed Christine Van Cauwenberghe as Head of Financial Planning. Also that month, the firm hired Annamaria Testani (who previously worked for National Bank Investments) as head of client experience. In July, Alana Riley will officially take over as head of the company’s insurance, mortgage and banking services. Riley was previously Senior Vice President of Financial Services for IG Wealth Management for Western Canada.
“The industry is changing. The regulations are changing. And, more importantly, the needs and wants of Canadians are changing. covid a [expedited] that [and] Canadians are really starting to ask themselves the tough questions they need to answer when it comes to their financial future,” said Damon Murchison, President and CEO of IG Wealth Management.
“[When] baby boomers were growing up, it was all about investing. But now it’s really about being holistic and looking at financial planning.
IG Wealth Management will seek to take a holistic approach to tax planning and optimization, retirement preparedness and peace of mind, intergenerational wealth transfer, social responsibility and charitable giving, and financial literacy.
On tax planning, Murchison said the federal government has “spread out” due to Covid, adding that Canadians have high corporate and personal tax rates.
“The future of these rates is only going to be higher, not lower. Working with our clients to ensure that they optimize their tax situation not only for today, but also to determine how the decisions that they take today could affect their tax situation tomorrow is extremely important,” he said.
Regarding retirement readiness and peace of mind, Murchison said IG will continue to work with older clients to understand their wants and needs, sources of income, and how shocks and market volatility affect their situation.
Intergenerational wealth transfer is “a priority” for many IG clients due to the aging population. “We have more and more conversations with our clients every day about how to pass on their wealth to [their] heirs, one way or another,” Murchison said.
Social responsibility and charitable giving are also on Canadians’ radar, he added, as they want to ensure they are invested in an organization that shares their values.
IG Wealth Management also focuses on financial literacy, such as teaching clients how to complete their tax returns. With affluent families, IG Wealth Management focuses on telling them when to bring their children into the discussion about financial planning and explaining why it’s important to pass on wealth in a particular way.
According to Murchison, the recent leadership changes are tackling the wealth factors that IG sees.
Van Cauwenberghe will be responsible for developing a strategy guiding the company’s financial planning and establishing a cohesive planning experience with clients that covers all wealth factors.
Testani will review and analyze IG’s customer experience when discussing these wealth drivers with the firm’s advisors, as well as how customers interact with the company’s website and customer service.
Allen will look at today’s wealth drivers, how they may change over time, and what companies are doing outside of Canada.
Riley will speak to clients about risk management and insurance, explaining what they can do in the context of these engines of wealth.
“Having leadership of this quality, leaders who have focused, vertically integrated businesses, will allow us to drive our strategy – to go out and talk to customers, to make sure we [do] holistic financial planning for these clients, and we work with them to execute the plan,” Murchison said.