The transfer of wealth at death, minimization of taxes, and financial needs during retirement were identified as the top three concerns of high net worth clients in a recent survey by RBC Wealth Management.
The survey was conducted by RBC as part of one-on-one planning sessions with clients. In the past year, approximately 2,500 sessions were conducted across Canada and these concerns were identified as the most pressing for high net worth clients.
“Our clients are very concerned about estate planning. What happens to their wealth during retirement and after they are gone are their main priorities,” says Howard Kabot, vice-president, financial planning, RBC Wealth Management Services. “Clients tell us that they want to make sure their families are appropriately taken care of and that their financial plan is as efficient, effective and prudent as possible.”
Other issues identified in the survey as important to RBC Wealth Management clients include planning for disability, tax minimization and philanthropy.