Canada had the seventh highest net inflows of private wealth migration worldwide in 2022 and is expected to jump to sixth spot this year, according to a new report
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The country had the seventh-highest net inflows of private wealth migration worldwide in 2022, behind the United Arab Emirates , which was in the top spot, followed by Australia, Singapore, Switzerland, the U.S. and Portugal. Canada is seen as a stable place to invest Growth of HNWIs in Canada comes despite ongoing economic concerns and market volatility caused by runaway inflation and rapidly rising interest rates. Mr. Archambault says Canada remains an attractive destination to live, work and invest in and is relatively stable compared with other parts of the world.The rise in affluent newcomers comes as Ottawa seeks to attract more immigrants to help broaden the workforce and drive economic growth.
How to attract and retain newcomer clients The newcomers and influx of capital will generate more demand for wealth management services. Mr. Archambault says advisors should be strategic about what services to offer and consider broadening their expertise and partnerships to include international tax, estate planning and legal, as well as real estate and business services.
“You need to be more understanding and educate them on things such as registered retirement savings plans and tax-free savings accounts,” which he says are structured differently than similar vehicles in the countries they’re from.Maili Wong, senior wealth advisor and senior portfolio manager with The Wong Group at Wellington-Altus Private Wealth Inc. in Vancouver, has taken on several newcomers over the years from countries such as the U.S. and Hong Kong, among others.
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