March 07 , 2023  /   Best Practices

Learn How to Strengthen Relationships and Attract Prospects Using Social Media

Social media has become an essential marketing tool in the financial services sector. From mortgage brokers to wealth advisors, financial professionals understand the benefits of using social platforms and digital assets to market their services and grow their practices. And while signing on to a social platform and clicking a few “likes” is a great start, it likely won’t prove effective in marketing your business. As with any marketing effort, having – and sticking to – a plan is key. To get you started, we’ve identified a few tips and strategies to help you make the most of your social and digital marketing.


Benefits of social marketing

Social media marketing isn’t just for big businesses. More than 70% of small-to-mid-sized companies use social media, according to Hootsuite, and more than half post to social platforms at least once a day. Social marketing offers many potential benefits to financial advisors:

  • Helps you stay in contact with current clients and strengthen relationships with them
  • Helps attract prospects and reach new audiences
  • A showcase for your insights and expertise
  • A more cost-effective way to market than traditional channels


Start with a plan

Before you start marketing via social media, it’s important to think about your strategy and identify your objectives. Ask yourself these questions. Who do you want to target? What benefits will you offer your audience? What kind of content will you use to reach them? The next step is choosing the social platform that best suits your objectives.

If you want to produce and share videos, YouTube might be a natural fit. If you want to write short pieces of content that link to other resources, Twitter might be a good place to start. If your goal is to nurture professional connections and identify important milestones in your clients’ lives and careers, then LinkedIn is probably best.

If your audience demographics skew older, Facebook may offer the most benefits, as two-thirds of Canadians 55+ have a Facebook account, and almost 60% say they use it daily. And if you want to stay in regular contact with existing clients, old-fashioned email is an excellent way to go. Almost half of all businesses use email to support their marketing strategy.

Whatever course you take, don’t spread yourself too thin when you’re starting out. Choose one or two social platforms where you feel most comfortable and learn them well.


Content is king

As part of your strategy, you’ll want to focus a big part of your efforts on the content you want to share. Overall, your content should be authentic and helpful and offer value to your audience. Here are some guidelines to follow.

Identify your specialty. Is retirement planning your strong suit and the area where you offer the most value to your clients? Then create and share content that focuses on retirement planning – whether it’s the financial aspects of retirement, lifestyle tips on how to stay active and engaged, or how to turn a hobby into a business.

Keep it concise. Whether creating a paid ad for Facebook or posting a link to your timeline, keep the messaging concise. Many people turn to social media as a break from their daily lives; they don’t want to be intimidated by what they read or view online.

Demonstrate your expertise. Share information that educates your clients and prospects. Canadians 55+ are more likely to share and “like” social content if it addresses issues they care about. Today, for instance, rising interest rates and inflation are top of mind for many Canadians. Offer tips on dealing with these concerns and link to other educational resources.
The more you can help clients and prospects solve their pain points, the more likely they will use your services and refer you to their networks.

Share, don’t sell. When posting content, focus more on building relationships and rapport as opposed to going for the hard sell. Social media is a conversation where listening and interacting are just as important as talking. Thoughtful and timely interactions with prospects can help build trust – and business – over time.


If you want to learn more, check out our webinar on how to grow your business with digital tools and if you’re not already, sign up to receive monthly Broker Launchpad email content to support your social media journey.


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  • On March 07 , 2023
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March 14 , 2023   /   Best Practices

The Importance of Power of Attorney in Financial Planning Discussions

A power of attorney (POA) is one of the most important yet dreaded documents your client may ever have to sign. I have seen it all too often. Clients spend a lifetime building their nest eggs and handling their financial affairs with care and precision. The last thing they want to do is lose financial control at any point in their life. However, the reality is that having documents signed where a trusted person could step in to make financial and medical decisions for your clients if they are unable, or unwilling, to do so will bring peace of mind for not only your client but you as their trusted advisor. Of course, we hope it will never be needed, but it may prove invaluable if required, as it will take all the guesswork out of decision-making. As an advisor, I have always believed that the mutual respect we build with our clients is a powerful bond. Discussions around possible life events make it personal. We are in a privileged position to listen first and respond later. We all know how a power of attorney works, and a candid discussion addressing your client's fears can go a long way. I would suggest that no limitations are put in place so the attorney can act financially on their behalf. They can write cheques, buy or sell real estate, and even purchase consumer goods. However, their attorney does not own their money or property; they are simply acting on their behalf. Their attorney cannot change their will, make a will, change a beneficiary on an insurance plan, or elect a new power of attorney. Those are decisions your client must make. Clearly, this is an essential financial planning document and a powerful one that requires careful consideration. No one should ever be pressured into a decision if they are uncomfortable, but as an advisor, you are the person your client will turn to if they know you have their back. Like any financial tool, there are pros and cons: Pros: The document makes it clear who is responsible for their money and property if they are unable to manage them on their own, even temporarily. Their attorney must manage their money and property responsibly and for your client's benefit. If questioned, they may be required by law to account for their actions. The document can be as flexible or time-sensitive as they would like or as general or specific as they need. They can choose to appoint multiple attorneys and can request they make decisions in unison or highlight that they can act separately if one attorney is unavailable. They can also appoint an alternate or successive attorney. This may help to reduce the chance of fraudulent activity. Cons: There is a risk that if the wrong attorney is designated, they become vulnerable to financial abuse. The fear for many is the mismanagement of their money or property if the attorney they choose is untrustworthy. It can happen where an attorney makes decisions based on their best interest rather than the interests of the estate they manage. If their document lacks clarity, there is a risk that their finances could be managed in ways you do not simply agree with. If multiple attorneys are appointed, disagreements between them could cause problems or delays in the management of financial affairs. The bottom line is this: Your clients should get independent legal advice to ensure their needs and expectations are outlined clearly, and advisors can play an important role here, too. This is a dynamic document; it can be changed or revoked at any time. As your client ages, if their financial situation changes, if their family dynamics are altered and if they are able, they will need to review the plans they have put into place with you to ensure they still represent their wishes. It is their money, their life and, with your guidance, should be their decision on how it will be managed. Looking for opportunities to grow your business? Visit to learn how HomeEquity Bank fits into your financial planning. ~ Pattie Lovett-Reid Chief Financial Commentator HomeEquity Bank
February 21 , 2023   /   Best Practices

The Benefits of Exploring Home Equity Options for Your Retired Clients

Even in the best economic environments, your clients may have trouble funding their retirement. But, with high inflation, market volatility, and interest rate hikes, today’s economic environment is far from ideal. That’s why it’s even more important than ever to leave no stone unturned and explore all your clients’ options. For most of your clients, retirement income is likely made up of savings, money tucked away in a TFSA or investment portfolio, RRSPs, or even pension plans. However, for many of your clients, even if they were successful in accumulating all these assets, it still may not be enough. Why?   Canadians are living longer than ever According to StatCan life expectancy data, Canadians who retire at 65 can expect, on average, to live an additional 20 years. And this does not even consider future mortality improvements. Your clients, and all Canadians, are living longer, healthier, and more productive lives, and there’s a growing need to explore products that could help them live out retirement without fear of outliving their money, given that their retirement could represent up to a third of their life.   Canadian homeowners have options   Downsizing For many Canadians, a reasonable retirement strategy was to build up the equity in their home and then, when the time came to retire, downsize and use the excess proceeds to help fund their retirement. This could absolutely work for your clients if they not only downsize their space but their lifestyle and cost structure as well. If clients still have a mortgage, they could spend less on payments. Less space also can reduce costs by lowering utility bills and consumption, while also freeing up time otherwise spent on home maintenance. However, there are definite downsides to downsizing. Clients must be comfortable with less space and the expected lifestyle change. Downsizing also means your clients leave the home and community they love. While some clients will still elect to downsize their homes, the majority of Canadians report a desire to age in place. Many of your clients may not want to move but need a solution to help them remain in their homes. There are products designed specifically to address this challenge.   Home Equity Line of Credit (HELOC) Many retired Canadians explore a Home Equity Line of Credit (HELOC). HELOCs are a good short-term borrowing option for people who can pay the interest and loan back in the near future. Some of the highlights of the product include lower interest rates than credit cards, tax-deductible interest, and flexible withdrawal and repayment programs. However, it is equally important to appreciate the downside risks for your clients. For example, their home becomes collateral for the loan, their home equity stake is reduced by the amount borrowed, interest rates could continue to increase, and there are still monthly payments required.   CHIP Reverse Mortgage by HomeEquity Bank Unlike a regular mortgage or HELOC, the CHIP Reverse Mortgage does not require the homeowner to make regular mortgage payments. The loan is repaid only when the homeowner no longer lives in the home. The funds received are tax-free, and your clients can rest assured that they’ll maintain full ownership and control over their homes. The CHIP Reverse Mortgage also comes with a No Negative Equity Guarantee, so your clients will never owe more than the fair market value of their property. The best part is that your clients can use the funds from a CHIP Reverse Mortgage for whatever they need, such as debt consolidation, home renovations that allow them to age in place, or even leaving a legacy by way of an education fund or helping grandkids get into the real estate market. When helping your clients fund their retirement, it’s important to show them that they have options and, by empowering them with an understanding of the pros and cons of these options, they can make the choices that are right for them and their families.   To learn more about how the CHIP Reverse Mortgage by HomeEquity Bank can help your clients fund their retirement, speak with a HomeEquity Bank BDM. ~ Pattie Lovett-Reid Chief Financial Commentator HomeEquity Bank
January 13 , 2023   /   Best Practices

Here’s how to set the foundation for a successful 2023

The new year is often a time to reflect on past successes and challenges and set new goals for your business. With that in mind, we’re sharing tips to help you boost your financial planning practice for a successful and productive 2023.   1. Stay top of mind with clients. While many financial professionals expect growth in assets under management to come from new clients, improving relationships with existing clients should be a priority in the new year. Maintaining regular contact with your clients has never been more important in today’s environment of high inflation, rising interest rates and a slowing economy. The kind of contact will depend on the client. A call or in-person meeting may be best if your client is less comfortable with technology or needs more hands-on support. For other clients, personalized emails may be the preferred option. Virtual meetings are also growing in popularity. Connecting through social media is also an effective way to strengthen relationships, reach new audiences and showcase your expertise. If your clients are older, Facebook may offer the most benefits to your business, as two-thirds of Canadians 55+ have a Facebook account, and almost 60% say they use it daily.   2. Practice active listening. Whichever way you choose to connect with clients, remember that communication is a conversation. Listen closely to what your clients tell you, show empathy, and be responsive to their concerns. Today, almost 50% of Canadians say they are falling behind financially and can’t handle unexpected expenses. Older Canadians living on a fixed income are facing even tougher choices. Understanding these new realities is important to build trust with your clients. A recent study found that planners greatly underestimated their clients’ financial anxiety. When surveyed, planners thought financial stress affected about half of their clients; in fact, more than 70% of them reported experiencing anxiety over money matters.   3. Share your expertise. With so much happening in the world, share information and advice that educates your clients. Today, inflation is top of mind for many Canadians. Offer practical tips on dealing with your clients’ concerns and link to educational resources. For instance, show your clients how to establish or review their budgets to reduce discretionary expenses and find more cash flow. Help them learn the value of financial preparedness and the importance of building an emergency fund. Above all, let them know you’re available to talk them through their difficult financial choices. The more you can solve clients’ pain points, the more likely they will refer you to their networks.   4. Consider unique cash flow solutions. One of the challenges facing Canadians 55+ is the lack of viable options to help them boost cash flow and maintain their standard of living. Some may be tempted to take on debt, but this can be stressful – especially in a rising interest-rate environment. And most loans and credit cards require monthly payments at a time when cash flow is tight. Another route for those in need of cash flow is to sell investments, but doing so in a volatile market can lock in losses and erode nest eggs. That’s why the CHIP Reverse Mortgage by HomeEquity Bank is growing in popularity. This unique solution allows Canadian homeowners age 55+ to access up to 55% of their home’s value and turn it into tax-free cash. Plus, there are no monthly mortgage payments with a CHIP Reverse Mortgage. The full amount only becomes due when the home is sold, or clients move. Best of all, your clients get to stay in the home they love. Because homeowners are unlocking home equity with a CHIP Reverse Mortgage, the funds are not added to their taxable income and do not affect government-tested benefits such as Old Age Security. Tapping into home equity also allows their registered investments to grow tax-free, giving homeowners time to wait out market volatility. Contact a BDM today to learn how the CHIP Reverse Mortgage from HomeEquity Bank can be an ideal solution for your 55+ clients.