Pandemic Accelerates Estate & Wealth Management Planning


The global health crisis has understandably triggered in all of us a current awareness of our own mortality and morbidity exposure which, when combined with an upward interest and capability in digital transactions and the sudden availability of the time to ponder/review such personal planning contingencies, has resulted in an acceleration of personal Estate & Wealth Management planning.

My posts of May 13th, 2020 (Things To Keep In Mind ) and June 9th, 2020 (Just In Case Planning) and Brian Etherington’s post of May 14th, 2020 (Just In Time vs. Just In Case Planning: Incredible Times and Consequences) summarize how Canadians, having witnessed the fault lines of “just in time” medical equipment supply lines, are reviewing the risk protection aspect of their own estate plans in light of the incredible fluctuations/forecasts of equity markets, business valuations and investment portfolios in a “just in case” manner.

As Clare O’ Hara’s reports in her article in the June 29th Report on Business “How COVID Advanced Wealth Management”, in a quote from Joanna Rotenberg, group head of BMO Wealth Management, “The what-ifs” of the pandemic have accelerated certain areas of estate planning. Clients are also discussing the impact that becoming sick would have would have on their financial goals, as well as the need for power of attorney forms, business succession plans and philanthropy.”

by Paul Etherington