{"id":4014,"date":"2024-02-28T17:58:46","date_gmt":"2024-02-28T17:58:46","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/thewonggroup\/?p=4014"},"modified":"2024-02-28T17:58:46","modified_gmt":"2024-02-28T17:58:46","slug":"the-globe-and-mail-supporting-elderly-parents","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/thewonggroup\/the-globe-and-mail-supporting-elderly-parents\/","title":{"rendered":"The Globe and Mail: How Supporting Elderly Parents Can Affect a Financial Plan Drastically"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-4015\" src=\"https:\/\/advisor.wellington-altus.ca\/thewonggroup\/wp-content\/uploads\/sites\/31\/2024\/02\/globe-and-mail-supporting-elderly-parents.jpg\" alt=\"How supporting elderly parents can affect a financial plan drastically\" width=\"1200\" height=\"800\" srcset=\"https:\/\/advisor.wellington-altus.ca\/thewonggroup\/wp-content\/uploads\/sites\/31\/2024\/02\/globe-and-mail-supporting-elderly-parents.jpg 1200w, https:\/\/advisor.wellington-altus.ca\/thewonggroup\/wp-content\/uploads\/sites\/31\/2024\/02\/globe-and-mail-supporting-elderly-parents-300x200.jpg 300w, https:\/\/advisor.wellington-altus.ca\/thewonggroup\/wp-content\/uploads\/sites\/31\/2024\/02\/globe-and-mail-supporting-elderly-parents-1024x683.jpg 1024w, https:\/\/advisor.wellington-altus.ca\/thewonggroup\/wp-content\/uploads\/sites\/31\/2024\/02\/globe-and-mail-supporting-elderly-parents-768x512.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"font-weight: 400\">In a recent article from the\u00a0<strong>Globe and Mail<\/strong>, Maili Wong was asked how financial advisors are handling an increase in clients seeking guidance on supporting their aging parents.<\/p>\n<p style=\"font-weight: 400\">Click\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/globe-advisor\/advisor-practice\/article-how-supporting-elderly-parents-can-affect-a-financial-plan-drastically\/\" target=\"_blank\" rel=\"noopener\"><strong><u>here<\/u><\/strong><\/a> to find out what Maili had to say on the topic:<\/p>\n<p>&nbsp;<\/p>\n<blockquote>\n<p style=\"font-weight: 400\">Maili says her practice has started to have more of these conversations with clients, particularly those whose parents are now in their 70s and 80s and may require home care or admission to a long-term care facility.<\/p>\n<p style=\"font-weight: 400\">\u201cExacerbating that is the pandemic,\u201d Maili notes. \u201cThat took a toll on the mental, physical and emotional well-being of folks. I do see the need for advice for clients who are taking care of their parents financially and emotionally as well.\u201d<\/p>\n<p style=\"font-weight: 400\">Maili points to life insurance, which she says can be a useful tool to give the client financial flexibility to support their parents and be replenished later with a tax-free lump sum after both parents have passed. Life insurance can also act as an equalization strategy between siblings who can\u2019t contribute at the same level, she adds.<\/p>\n<p style=\"font-weight: 400\">Maili also often helps the parents of clients invest the proceeds of the sale of their home into a diversified portfolio that pays out a\u00a0<strong><u>monthly cash flow<\/u><\/strong>\u00a0geared toward their needs \u2013 whether that\u2019s to help pay for renovations on their child\u2019s home, or to cover the cost of a retirement home or assisted living facility.<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><i>If you have any questions about how this relates to you or your investment portfolio and financial plan, please give us a call at <\/i><a href=\"tel:7786552410\"><span class=\"s1\"><i>778 655 2410<\/i><\/span><\/a><i>\u00a0or email us at\u00a0<\/i><a href=\"mailto:thewonggroup@wellington-altus.ca\"><span class=\"s1\"><i>thewonggroup@<\/i><\/span><\/a><a href=\"http:\/\/wellington-altus.ca\/\"><span class=\"s1\"><i>wellington-altus.ca<\/i><\/span><\/a><\/p>\n<p class=\"p1\">Sincerely,<br \/>\n<b>Maili Wong<\/b>, CFA, CFP, FEA<br \/>\nSenior Portfolio Manager &amp; Senior Wealth Advisor<\/p>\n<p class=\"p1\">Wellington-Altus Private Wealth Inc.<\/p>\n<p class=\"p1\">Board Director<\/p>\n<p class=\"p1\">Wellington-Altus Financial Inc.<\/p>\n<p><strong><em>Maili Wong is a senior portfolio manager and senior wealth advisor at The Wong Group at Wellington-Altus Private Wealth and the Amazon best-selling <\/em><\/strong><strong><em>author of \u2018Smart Risk.\u2019 She has over two decades of experience in the finance industry and was named a Top Wealth Advisor and one of the Best in Province in the 2022 rankings produced by The Globe and Mail and SHOOK Research.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent article from the\u00a0Globe and Mail, Maili Wong was asked how financial advisors are handling an increase in clients seeking guidance on supporting their aging parents. Click\u00a0here to find out what Maili had to say on the topic: &nbsp; Maili says her practice has started to have more of these conversations with clients, [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":4015,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","footnotes":""},"categories":[421],"tags":[491,67,486],"class_list":["post-4014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press","tag-globe-and-mail","tag-maili-wong","tag-press"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Globe and Mail: How Supporting Elderly Parents Can Affect a Financial Plan Drastically | The Wong Group<\/title>\n<meta name=\"description\" content=\"In a recent article from the Globe and Mail, Maili was asked how 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