Revisiting key themes in wealth management from 2024

With just more than a week remaining, 2024 will (almost certainly) go down as another banner year for financial markets, making for happy clients. But it hasn’t been as straightforward for the wealth management industry.

With both advisors and clients aging, books of business are up for grabs. Money is also moving, with the highly anticipated wealth transfer beginning to take shape. Tax policy kept advisors on their toes (more on that below). Meanwhile, everyone is wondering how they’re supposed to be using artificial intelligence.

Over the next two weeks, we’ll be revisiting these and other stories in a series of “Best of” articles from Globe Advisor. In addition to the news, we’re reviewing important topics clients are seeking help with, such as combatting loneliness, deciding where to live, and learning how to relax and enjoy their hard-earned savings.

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It was an exciting year at Globe Advisor, from an extensive series on the Canada Pension Plan to a new Behind the Advice podcast. We hope you’ll take the opportunity to catch up on anything you may have missed. As you’re doing so, let us know if there’s anything we missed or should be paying attention to in 2025.

This is our last newsletter until the new year – we’ll be back on Jan. 2 with Advisor Daily. Thanks for reading, enjoy the holidays, and remember to check our homepage beginning next week for all the “Best of 2024″ articles.

– Mark Burgess, Globe Advisor assistant editor

[email protected]

Must reads

What now? Ottawa has provided gripping drama this week but the turmoil hasn’t done anything for business owners (and their advisors) awaiting clarity on how to plan for changes to the capital gains inclusion rate and the lifetime capital gains exemption. The CRA has issued guidance advising Canadians to file their taxes based on the proposed changes to the capital gains inclusion rate even though the changes aren’t law yet. But there’s still uncertainty for Canadians who recently sold their businesses or are looking to do so next year when it comes to claiming the new $1.25-million lifetime capital gains exemption. Rudy Mezzetta explains.

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Planning for financial planners: Advice-only financial planning can be a rewarding way for financial planners to serve clients on their terms, but those setting out can find it challenging to build a practice and establish a steady income. Here are three common challenges.

Thanks, mom: Paul Philip, president of Toronto-based Financial Wealth Builders Inc., is the youngest of four children raised by his mom after his father passed away unexpectedly. But she managed to make it work. “Watching my mother juggle the family purse strings was amazing,” he says, in the latest in our Behind the Advice series.

More from The Globe

About that FES: We may never know exactly what happened leading up to former finance minister Chrystia Freeland’s abrupt and pointed resignation on Monday morning, hours before she was to deliver the Liberal government’s fall economic statement (although apparently there was a Zoom call). What does seem clear is that former Bank of Canada Mark Carney won’t be joining the government. Instead, Dominic LeBlanc has taken on the finance portfolio – and money managers aren’t overly impressed.

While the FES itself was buried beneath the ongoing drama, Erica Alini reported on six ways the mini-budget will affect personal finances.

Artificial retirement: Retirement saving and planning have long been hindered by clients’ mental blocks when it comes to imagining their future selves. Enter artificial intelligence. Preet Banerjee writes about free AI tools that can help bridge the imaginative gap and lead to better financial decisions today.

A pre-holiday reason to exercise: We can all agree that regular exercise is good for you. But does it affect longevity? Check out Fred Vettese’s latest retirement chart.