Episode 179: Two Smart Strategies to Unlock Family Wealth—Without Triggering Conflict

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Are you struggling to help your aging parents make smart financial decisions—without damaging trust or creating tension?

Many mid-life wealth builders face a unique challenge: balancing their own financial growth while stepping in to guide a parent’s conservative but tax-heavy investment portfolio. This episode unpacks one listener’s real-world situation, offering ways to approach these delicate conversations and uncover better legacy planning solutions—without stepping on emotional landmines.

Here’s what you’ll walk away with:

• A practical framework to open estate planning discussions without triggering resistance
• Two creative, real-life strategies—intergenerational lending and participating whole life insurance—that can benefit both generations
• Coaching-style questions that build trust, surface financial fears, and clarify legacy goals

Press play to learn how to guide your loved ones—and your family’s financial future—with confidence and care.

Resources:

• Ready to take a deep dive and learn how to generate personal tax free cash flow from your corporation? Enroll in our FREE masterclass here. 
• Book a Discovery Call with Kyle to review your corporate (or personal) wealth strategy to help you overcome your current struggle and take the next step in your Canadian Wealth Building Journey!
• Discover which phase of wealth creation you are in. Take our quick assessment and you’ll receive a custom wealth-building pathway that matches your phase and learn our CRA compliant tax optimized strategies. Take that assessment here.
• Dig into our Ultimate Investment Book List
• Follow/Connect with us on social media for daily posts and conversations about business, finance, and investment on LinkedIn, Instagram, Facebook [Kyle’s Profile, Our Business Page], TikTok and TwitterX. 
  

Calling All Canadian Incorporated Business Owners & Investors:

Consider reaching out to Kyle if you’ve been…

• …taking a salary with a goal of stuffing RRSPs;
• …investing inside your corporation without a passive income tax minimization strategy;
• …letting a large sum of liquid assets sit in low interest earning savings accounts;
• …investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting cordporate passive income taxes at greater than 50%; or,
• …wondering whether your current corporate wealth management strategy is optimal for your specific situation.

Navigating the path to financial independence in Canada requires more than just smart saving—it demands a holistic approach to estate planning, wealth optimization, and financial literacy. Whether you’re managing parental finances, seeking financial coaching, or building intergenerational wealth, it’s essential to align your goals with proven investment strategies and retirement planning tools. This includes everything from RRSP optimization, salary vs dividends decisions, and capital gains strategies, to more advanced moves like corporate wealth planning, tax-efficient investing, and corporate structure optimization. By setting a clear financial vision, using structured investment bucket strategies, and engaging in open financial conversations, Canadian entrepreneurs and families can preserve their family legacy, reduce financial fears, and pursue early retirement—even on a modest lifestyle wealth model. Whether you’re into real estate investing in Canada, curious about personal vs corporate tax planning, or just want to build long-term wealth in Canada, the right plan—your Canadian wealth plan—starts with strategy, clarity, and action.

Transcript:

Kyle Pearce: Today we dig into a common but tricky situation. What happens when your aging parent has significant assets locked in conservative investments and you’re over there on what seems like a treadmill trying to grow your own wealth during your prime years. In this episode, we’re going to be sharing a real life conversation with a listener of the podcast who’s trying to not only help her mother navigate

her finances after the passing of her father, but also to try to help her find and reach her real later in life financial goals. We’re gonna introduce ways to introduce.

We’re going explore ways to introduce strategic final moves like intergenerational lending, how participating whole life insurance could fit into the mix and estate planning without triggering emotional or relational resistance. If you’ve ever looked at your parents GIC portfolio and wondered how to help them and you and your family, then this one is for you.

Jon Orr: Yeah, I think, I think this is a common, you know, a common scenario is that, is that many of us are in this situation where we are looking at our parents’ portfolios, we are looking at our parents’ finances. And you’re starting to, you know, you’re starting to realize that one is, that we, they, we need to secure their finances so that they’re like comfortable, they’re living the life that they want. And if you’re doing that managing like this, this person was or is, then you’re also saying like,

how do I grow that pile to make sure that I account for their lifestyle? But then how do we use it to help the family in general? And this is the tricky situation because how do you have these types of conversations? Because you don’t want to come across as this pot of money is here and it will eventually pass to your heirs. And if you know who the heirs are,

you know what that will looks like because you know, you’re you’re managing it for them like this client is then you’re wanting to see like I we how do we structure this so that they’re safe but also we’re not passing more money to the government in terms of taxes than we need to or we could be growing it in a different way to to help you know pad the financials freedom numbers or the financial stability of the heirs. I think estate planning

is an essential component of a healthy well system. have those four stages that we often talk about, know, stage one being the vision and the goals. Like what are we trying to do with our finances? What is that financial freedom number look like? What are the pathways that we’re trying to go down to get to those numbers? Stage two is about establishing and making sure that you’re structuring a reservoir, a corporate reservoir or a personal financial reservoir, which is your opportunity to find your emergency fund. Stage three,

is optimizing the pieces, optimizing the structures, optimizing the tools that you have to achieve the goals quicker or in line with the pace. But the stage four is that estate planning, that legacy planning. We have to do it for ourselves. And we have to do also help our loved ones do this as well. So this episode is really about unpacking the learning that we all need to take into account.

around estate planning and legacy planning? And what are some of those options? And how do we have those conversations with our loved ones? And that’s what we’re going to dig into.

Kyle Pearce: Yeah, and you know, this conversation really began with and this is a client who has been working with us for quite some time now, has put some of their own strategies in play. And they sort of came out of the woodwork a little bit because it’s been a little while since we had heard from them. And this is, you know, this is a lady and her husband that we were working with. And now they’re kind of bringing in her mother into the picture after

exploring and sort of reviewing their financial situation. It sounds like her father who had passed away in the past couple of years was sort of the, you know, the financial sort of controller in the household or the person who wore that hat anyway. And therefore they’ve stepped in to do a little bit of helping and they’re seeing they themselves as very creative, you know, investors, they’re real estate investors, they are

wealth builders, they listen to this podcast. So these are the type of people that are looking and seeing opportunities to optimize. And they know some of what her mother would like, but in a way they’ve never actually had an opportunity to get into this conversation. One negative we have here in North America is that, you know, finances isn’t something that you openly talk about.

you know, it’s something that doesn’t come up a whole lot when you’re in groups of people. But it’s also something that doesn’t come up at the kitchen table so often, right?

Jon Orr: Or you might have rules. No finance talk at the kitchen table. That was a rule at my house.

Kyle Pearce: No finance talk. Well, you know, and my wife does not want to have that conversation just more out of just not being interested. But then you also think about, you know, things that we probably should be having, like conversations we should be having with our own children when they’re young, and hopefully being able to continue those conversations well into adulthood so that there is an openness there so that they do have an understanding

of what’s happening. Like, here’s the interesting part is that, you know, the way we run our household financially, if it’s a mystery to the children, it’s like they have to then figure it out on their own. Right? We know school doesn’t do a great job of helping students to become financially responsible or to understand how finances work. And in many households, even you know, the parents might not feel super confident in this, but by opening that door and opening that conversation,

I’m gonna bet that this particular client and her mother, they probably wouldn’t be in this tough situation because I’m gonna argue that while her and her husband are looking at her mother’s finances and they’re seeing clear opportunities for both the mother to continue getting the returns that they’re getting and the safety that they’re getting, they can get that. But what the issue is is that

I don’t think they know how to actually get to this conversation without it potentially turning her mother off. And maybe it’s sounding bad, because let’s be honest, right? You’re trying to help them manage their funds, but you’re also in your mind seeing an opportunity for the legacy of the family. And that could seem very self-serving. And if I haven’t had these conversations for my entire, if you know, I think she’s somewhere around 40 years old.

40 years on this earth and she’s never had a conversation like this with her mother and then suddenly she is now, this could be a really, really challenging conversation to get into. And I think most people would just completely avoid it. But today, I think what we’d like to do is talk about, first of all, maybe the opportunity they’re seeing for both her mother and for her family, but then also some of the ways that you might be able to get closer to this conversation. unfortunately,

I don’t think it’s gonna be a one conversation sort of process. This will probably take some time and some effort in order to make sure that it’s done well tactfully and appropriately and to make sure that everyone feels good and confident upon completion.

Jon Orr: You’re right. You’re right. Because it’s in a way this is can’t be a all of a sudden let’s go have a talk about finances. It has. And if you want it to seem like you’re you’re in this client wants to do it this way is to seem like I am I am here to support. I am here to guide. I am here to help and structure. I had you know she this person saying I have knowledge that we can be putting to use. But then how do I

how do I bridge the gap when we have a history where we haven’t had these types of conversations? Because if you had that history, and this is going back to what you were just talking about, when I grew up in that household, which was we didn’t talk about finances at the table, we had to learn them on our own. And if I didn’t, I’d be in a similar situation to go back to my household and have this talk with my parents to say,

this is where we want to go because it’s just has that history hasn’t been developed, which means like if you’re now wanting and knowing it’s important to talk about these things, you know, easing into it in a type of coaching environment or listening environment is going to be the move to make. So I would say like, you know, that we’ve got a book that we’ve relied on for a number of different things that

comes to mind when I think about, you know, starting conversations like this, which was called The Coaching Habit by Michael Banyay Stannier. And The Coaching Habit gives you seven guiding questions that ask you to do a little bit more listening and a little bit and hold back on advice giving. And that book could be like a nice entry way to have these types of discussions because it positions you as the…

I want to learn, I want to learn more, I want to like understand where we’re coming from and in all of the actual coaching or the support comes from a place of let’s address the concerns you have and what you want to see moving forward. And I can maybe hold back on any advice because I want to learn about those concerns. And then we can talk about some strategies to overcome those concerns. That’s what really the book is really about is really like being a great listener. And then, and then

providing that nugget when needed and only really when asked. And that’s kind of the way that you might want to step into this is to start having these small little bite-sized conversations where you might be asking some questions about what this looks, what are your hopes when your dreams about what this looks like down the road, what are your financial numbers. Hey, I would be a fan of going back and going like when you were 40,

You know, what were some of the things you were doing to set up for your financial success so that I can maybe learn as well? So now all of a sudden it’s like I’m putting you in the coaching spot or the parent in the coaching spot to allow them to start and give that information because if we haven’t had the history of having those conversations, asking for guidance and asking for support early might be that way to like all of a sudden go back in time.

to start those types of conversations. But I think one of those big guiding questions would be like, you know, to start that conversation if you’re not, say, going like, well, what were you doing back then? But if you wanted to broach it now, I think the big question would be like, thinking about your estate, what would you say is like the number one goal for your estate? You know, like what are you hoping to achieve? Or what are you hoping to, you know,

to do with this estate value that you’re having because that can be the gatekeeper, the opening the door to saying like, this is what I’m really hoping. And then we can start to go, well, what does that next step look like? Or here’s what it could look like if we go down that path. And that could be a nice opener to kind of keeping these conversations flowing.

Kyle Pearce: The book you referenced and the quote that sticks with me is staying curious just a little bit longer and holding off on advice giving just a little bit longer. that’s the one that I think is, it’s a really important aspect here if you want this conversation to go well. Now, remember, the conversation could go really well and the outcome might not still be what maybe you see as optimal. So I just wanna be clear on that, but we don’t want the conversation

when you’re done to be like, shoot, like I really, you know, I really messed that one up, right? Like we don’t want that to happen here, but just to bet, get a better understanding of where her mother’s mind is, is really important. Cause you can make some assumptions about what they might want. Right? So for example, there’s a lot of money in GICs in this particular instance. It’s like, we can assume that they pick GICs because they want safety, but

We might find out through this exploration and through the questioning of just asking and saying, like, what do you like most about having 50 % or 70 % or whatever the number is of your investments in GICs? Like, what do you like most about it? And you might learn something. Maybe she really likes the fact that she sees the income coming in every month or every quarter or whatever it is. It’s secure. But you also could learn that she’s like,

I don’t know, that’s just what your dad, you know, like what your father had when he passed away. Like if you learn that, it might open the door to a conversation and saying like, like, did you want to hear about some other options that might be out there? Right. And then that now she’s still in control, right? Like she’s still in control of this conversation. And we’re learning about what’s happening in the background to sort of allow us to have enough information to try to figure out how can we best cause like,

If we come into this conversation, if the ultimate goal is to help the mother, which I think has to be primary concern here, she has to feel good and confident about what she’s doing. These questions can really lead you down a path that could potentially open the door to some other opportunities as well. And I think one of the other follow-up questions would be something like, what do you dislike about

these investments the most, you know, to really just get a sense of like, what does she know about them? What doesn’t she know? And, you know, do you feel like this investment is your best opportunity to reach like some of the questions you had asked, which is like, what is your goal for your right now we can tell we already know the mother’s not spending anywhere, you know, close to what she’s generating. So that’s awesome, positive. But

When you ask the goal about the estate, now we can sort of go, well, you you had mentioned this as one of your goals and you know, you’re talking about some of the things that you like and dislike about this particular asset class. This might give you the opportunity to introduce an idea that’s only an idea at this stage and just sort of get a sense to how that makes them feel.

whether they’re interested in exploring it anymore, whether they’re getting anxious, you know, if you start noticing that they’re starting to, you know, speak quickly or starting to get a little bit sharp with their language, like you get a sense to, you know, maybe we’re moving a little too fast here and maybe we want to, you know, put a pin in that for now and maybe come back to it a little bit later. But I think through questioning, you’re allowing the individual to be more vulnerable.

and really to share some of what they’re really liking. And then you had mentioned this before we hit record, but like, what are your like, maybe greatest financial fears, you know, is like another great question that you could be asking is like, what, what, what concerns you the most about, you know, the money that you have currently, the money you have invested the home, you know, any of these assets that they have, so that you might be able to provide them some sort of comfort or again, next step with what they might be able to do to help them get closer to the goals that they’re actually after.

Jon Orr: Yeah, yeah, like I think that the fear question actually, you know, steers a lot of these types of choices, especially when you’re talking about estate planning with a person who maybe hasn’t done the managing of that estate or the finances in the past is I just want to know, you know, because this is likely what the that, you know, that outcome of a fear is like, I think most of us

would say like, I just want to know that I can live the lifestyle that I currently live and not have to worry about whether I can do that or not. And up to this point, this individual likely has lived that type of lifestyle and not had to worry about that. It’s like, can I just keep doing this and not have to worry about the not running out of money? Because I think that’s the biggest fear that we all have is that if I stop having an income,

will I have enough to last, right? And so if that’s the biggest fear, because it’s likely that might be the biggest fear, it’s like now we can go, okay, let’s make sure that we account for that. And that usually dictates the like, or because it’s like when you ask the, do you like about these investments? If I haven’t been managing it, it’s like, I don’t even know, right? So it’s like, all I care about is that we haven’t run out of money, but I do know that safer is better. So if I am going to say that,

I don’t want to run out of money because that’s my biggest fear, then we better be talking about how safe my finances are. So those are the options that I would want. don’t often we hear in these types of conversations is that I’m not going to be risk. I’m not a risk taker here. We’re not we’re not going to be going down the risk route, you know, with my like our state because I don’t want to run out of money because I don’t want to have to worry about the, you know, the fear of ever running out of money. So pairing those two things.

is usually or could be the case of like where this conversation ends up going is like, let’s talk about like, we’re not gonna run out. Let’s keep it safe. All right, if we can satisfy those two scenarios, this is like, imagine this, so I’m gonna put you in the hot seat, Kyle. Let’s say this person said that, let’s person say like, you know what, I just don’t wanna run out of money. I wanna make sure everything is safe. Now what does this? say daughter, say next. It’s like, okay, let’s account for that, but what do we do now?

Kyle Pearce: Yeah, yeah. And I think you start with what they’re doing now and how it’s working well for them. So in this particular case, and again, every case is a little different, but in this case, they are not going to run out of money based on their current spending and based on the amount of tax they’re paying on the GIC. So there’s a lot of unregistered funds there. They have a lot of GICs, both sides of the registered and unregistered buckets. There’s no corporation here.

And we want to reassure that what you’re doing right now will allow you to accomplish that goal. That’s a really important thing. And then it allows you to open the door to if, let’s say, hey, what’s one thing that you’re not liking about the current investments you have? And one that I anticipate that this person may say, this is really the importance of when you’re

engaging in this process, like you don’t just want to be asking aimless questions, right? We want to do it so that we learn more about the individual, but we also want to anticipate what might come of it. Because on paper to this particular client, you know, we should have made a pseudonym because we don’t want to say any names here, but we didn’t from the start, John. So I keep saying this client and I’m almost saying her name. That client can see that her mother’s paying a lot in taxes.

So it’s bothering her that her mother is paying a lot in taxes. What we want the mother to be able to do is either recognize that she’s paying a lot in taxes, or maybe she already knows that she’s paying a lot in taxes, right? So like if that comes out through the like what you’re not liking, that introduces the opportunity to now talk about some of the other things that they could do. So for example, if they talked about this individual saying like, I really,

Okay, not only do I not want to run out of money, John, I want to make sure there’s enough money so I can leave money to you and your husband and the kids, let’s say. Okay, now we’re talking about, okay, here we are and we’re going, okay, as of now, that looks like that would be a reality. However, imagine if you could maybe save more and pay less tax because you’re paying tax on GIC income that you’re just

reinvesting into GICs. Imagine we could do it and put it into something safe, allowing you to lower the amount of tax that you’re paying, meaning not wasting more money, and also help the estate now. Like imagine if you could help us a little bit. Right now we have about a $250,000 mortgage that we’re paying monthly on and it’s a very, very safe asset. It’s our home.

And you know, what if we were to like pay you the same interest rate you’re earning in your GICs? And now here’s the nuance. If she’s open to this idea, you get to decide how that’s structured. Is it something written out? Is it a contract? it, how do we do this? And there’s a lot to learn. This is why this wouldn’t be a one-time conversation, right? It’s a lot of thinking. Sometimes the older we get, the more these types of conversations stress us out.

you know, and it’s like they get they get scary. We don’t want to get in fights with family. There’s all kinds of things that could happen. But by being able to try to show how there could be some benefit to her not paying any additional tax, while also getting some of what she’s after, which was like sort of having some money left for the estate, but being able to do it now, and allowing the family to then redirect some of those funds towards

more assets for the family. There could be a way that you know she might be able to see this as like actually a nice benefit for her while she’s here to be able to feel good about what she’s doing for the family. But again we have to make sure that we’re doing this in a very very methodical and very very slow process through questioning and not through just throwing an idea down on the on the kitchen table you know out of the blue.

Jon Orr: Got it. what I think what you’re saying is one option that this family could do is to satisfy the, really, I really like the fact that we have safe, safe assets. have, I’m not going to run out of money. I like the idea of this GIC. It’s just income that that’s coming to me on a regular basis. I don’t have to worry about all these other fears that I have. You’re, you’re saying

one option that they could do is that the, the, manager of these finances, the daughter could then, you know, basically borrow the money instead of put it in a GIC, they borrow that, that money and then pay GIC interest like, and in terms of a loan and pay the interest or in a payment, let’s say back to the family or back to the, to the mother.

so that she has exactly the same setup that she currently has. And the family then can repurpose that money in like almost like shift that into their, their, their wealth reservoir. Now this reservoir is now primed to be able to go and do what it needs to do at say that family level, the managers level, the daughters level to say, I’m going to now invest it for our family. And I’m going to pay

the interest to my mother so that she has exactly what she needs. That’s what you’re suggesting. Like that’s you’re saying that is one of the strategies. I just want to make sure it’s clear for the listener here.

Kyle Pearce: Yeah, definitely. Definitely there’s this idea of optimizing on the daughter’s mind who’s seeing this as a way for a win-win. Now, where we’re not getting further ahead is the mother is still going to have to pay tax on that interest, right? So there’s still going to be this taxation aspect. So there is that. However, what the mother could see in this is going, you know, like, I mean, when I buy a GIC, I am lending my money to a bank.

you know, and then what the bank is then doing, and sometimes it’s important for this understanding to be clear to the mother too, right, is to go, do you know what the bank is doing with that money? Like the money you’re giving to the bank, the bank is giving it to me, you know, me and my husband to, and they’re taking a cut on it. So, so it’s like, imagine, you know, like, would that be something of interest to you if we were able to like cut out the bank?

Jon Orr: Exactly. Yeah. Right. And they’re taking a cut.

Kyle Pearce: And we were able to, like, here’s the other part is like, I have to pay to the bank. I have to pay not only the interest that you like you’re earning interest on the GIC, I have to pay a higher amount of interest, but I also have to pay part of the GIC back to them, you know, so they the principal portion. So it’s like, my payment is like a lot bigger than what the bank has to pay you. So imagine if like my home was your GIC, and we could do this in some families, like the mother might be like,

I love this idea. And she might be like, I don’t even care if we write it down, just, you know, like, I think, I think this is great. And I feel good about it. Other people might be like, want that ownership aspect and going, no, I’d like it to be written up. And we can write this like either way, there can be a great opportunity there. But again, it can’t be just something that comes out of the blue. Like you really have to be strategic about it because you don’t want to make it look like it’s just self-serving. However, if both sides can win,

and it helps her get to her goal, her legacy goal, that’s a huge, huge win. Now, I wanna give an example where the mother says, know that, I don’t know, like you can sense there’s a little bit of stress or there’s a little anxiety in her voice and you’re going, okay, okay, you know, like maybe that’s too complex. Like we don’t wanna go down this complex route. Well, there is this other option.

Right? If you’re going to be investing in GICs and if these GICs are coming back and you’re paying interest on all of the GIC interest each and every year, even though you don’t need it all for your income, which in this case they don’t, what if we were to take a portion of it and we were to open up permanent, highly cash value policies on myself and the husband, right? So this is the daughter and her husband going,

you get to own the policy. So you get to own the GIC, except this GIC is now going to be with an insurance company. And if either of us pass away, there’s a death benefit, which, we don’t want that to happen. That’s not the goal here. However, down the road, not only is this going to grow tax free, so now instead of us losing a percentage of the interest on these GICs,

we can earn GIC-like returns, sometimes more than GICs on average, tax-free over time, and the policies can move outside of probate right to the daughter and her husband or the children or whoever she wants in her will, or not in the will, but actually telling the insurance company, the contingent owner, if she were to pass on.

down the road. So this is a great way to move that wealth on and then what am I doing if I’m the daughter? I’m going, okay, so this isn’t going to help us with the mortgage side of things right now. But if these policies were set up in such a way that the goal is that they will eventually move and help the mother to attain the legacy goal that she’s after, which is helping her daughter and her husband and the family.

I can now think to myself, you know what that means for my mortgage is that there’s going to be a chunk of money that will eventually come to us through this process. It might actually have me reconsider the amortization on my mortgage. And what I mean by that is let’s say there’s 15 years left on this $250,000 mortgage. I might actually go back to the bank next time we refinance and go, you know,

keep the $250,000 balance the same, right? Unless you need to borrow more for some other reason, but you keep it the same and you say, let’s stretch it out to 30 years. So I went from a 15 year amortized mortgage to a 30 year amortized mortgage, and I’m gonna take my payment and about half the payment. And what we’re gonna do with the other half of the payment that we saved is what we were gonna do anyway if the mortgage.

was taken on by the mother. We are gonna introduce more cash flow to our life so that we can then take those dollars and reinvest them into, this particular case, their real estate, you know, sort of focused investors. We can accomplish the same thing. It’s gonna be in a different way, but we’re able to still try to help mom keep her, you know, feeling comfortable, confident, and comfortable with the scenario, but then also helping her to better reach her goals by also eliminating a lot of the tax drag that she’s experiencing from year to year.

Jon Orr: So that’s two different strategies that we unpacked here with this client is one was maybe the intergenerational lending can be an option to help meet the mother’s goals, but also help meet the family goals in repurposing and structuring the finances to kind of streamline both families’ goals at the exact same time.

which is the concern that we had, you know, that the client originally had through intergenerational lending. Second option here was the, the, the, the mother could be the, the, the owner of a life insurance policy, especially designed life insurance policy that we’re on the life of her daughter or her husband. And then therefore, you know, that eventually when, when say the mother passes on, it’s not like the life insurance isn’t on her.

but then the owning of that life insurance will pass to the family. And we now have some stability, some safety around their own finances because they now know that they’ve been building or transitioning some of that wealth that was over with the mother into the family name through this particular structure, which like you said, Kyle, grows at a kind of a GIC type level because of the dividends that gets paid out. And then at some point,

you can borrow against that cash value once it’s in say your name or it’s also at some point you know that that’s going to pay out upon your death and that will pass to your heirs at that point. Which is a, know, these are two different creative strategies to help navigate and optimize the structures that these family members are having right now.

Kyle Pearce: So one of the key pieces I think here is if you are thinking about some sort of intergenerational wealth planning strategy, the sooner you can start these discussions, the better. And so that might mean you sitting at the kitchen table with your own children who might be young and really helping them to understand sort of your philosophy, your thinking behind wealth.

and getting those conversations started because if they start early, this is going to be something that won’t be such a difficult conversation later. However, if you’re in a scenario where you’re going, know, wish wish we would have, could have, should have type thing, you know, you can still start this conversation now, but definitely consider being more curious and less like an advice giver because that is certainly not going to get you much further ahead.

but learn as much as you can about if it’s your parents that we’re talking about or in-laws or whoever it might be, but what it is that they are hoping to achieve. And if you can offer any opportunities for them to be able to essentially expedite that without additional risk, because that’s gonna be a really, really important thing. They’re probably not gonna wanna trade being safe for more risk in order to achieve some of those goals.

Keeping yourself and the strategies and the ideas conservative is helpful. Sometimes bringing in a third party can also be really helpful. Maybe working with their trusted advisor that they’ve been working with for decades can be helpful. And getting them on board with some of the ideas and getting them to vet through some of these ideas can be a really, really helpful use. If you’re looking for any guidance yourself,

feel free to reach out to us over at CanadianWealthSecrets.com forward slash discovery. While we are all about optimization and taking an appropriate amount of risk, we also understand that different people at different stages of life have very different risk tolerance and risk capacity. The older we get, oftentimes the greater the risk capacity is, meaning they could take on the risk.

because it works mathematically, but actually the lower the risk tolerance. So they’re not willing to take on that risk. And it’s really important for us to find a and strike a healthy balance so that they feel as comfortable and confident in the financial decisions that they’re making. So head on over to canadianwealthsecrets.com forward slash discovery. If you’d like to reach out to us for a consultation, we would be more than happy to help.

And if you’re wondering where you are along your wealth building journey, you should head over to our pathways page over at Canadian wealth secrets.com forward slash pathways. You can take a short assessment to get your own wealth health report that will tell you where you’re doing well and the next step in your wealth building journey.

Jon Orr: Just a reminder, the content you heard here today is for informational purposes only. should not consider any such information or other material as legal, tax, investment, financial, or other advice. One more reminder, Kyle Pearce is a licensed life and accident and sickness insurance agent and the president of corporate wealth management here at Canadian Wealth Secrets.

Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

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