. RBC Wealth, through several partnerships, has taken it a step further by launching information seminars with medical professionals to discuss various health care risks such as dementia, advanced care plans and specific women’s health issues.
That includes one of the country’s largest full-service securities brokerages with 1,900 securities advisers and 110 investment counsellors who oversee about $510-billion in assets, as of March 30, for high-net-worth and ultrahigh-net-worth families in Canada. The conversation was the start of a partnership between RBC Wealth Management and the NIA, a think tank at Toronto Metropolitan University , to help older Canadians prepare for numerous financial scenarios that may occur later in life when age-relatedThe number of Canadians over the age of 85 is expected to reach 2.6 million by 2050, up from around 844,000 in 2021, according to research conducted by the NIA.
A power-of-attorney document is one of the more common legal forms brought up during conversations around wills and estate planning. A recent RBC Wealth Management survey reported that about 71 per cent of Canadian adults do not have a signed power-of-attorney document, which authorizes a trusted individual in case of a personal emergency or other circumstances that may require someone to make decisions on their behalf.
And those conversations could be contributing to growth. Assets for the entire Canadian wealth management division have jumped to $534-billion, as of March, 2022, up from $425-billion in assets for the same period in 2020.