On November 8, our firm sponsored the Portfolio Management Association of Canada (PMAC) annual National Conference in Toronto. Managers Kristin Berry, Romy Waxman, and Noha Yahia Abji represented the firm and interacted with sponsors and attendees.

The sessions were very relevant to today's business environment and the issues that portfolio managers are facing. In fact, as CPAs and business advisors to our clients, we face similar challenges.

The first session of the morning dealt with the impact of current geopolitical issues, such as the potential withdrawal of the US from NAFTA and continuing unrest in the parts of the world, on global financial markets. The importance of keeping up to date on world affairs and tracking changing geopolitical environments was emphasized.

Other topics presented that resonated for us were about considerations advisors should be focussing on when dealing with clients of diminishing capacity, and the continuing inter-generational transfer of wealth in Canada. With Canada's aging population, this is a growing issue in the industry and it is important for the managers to recognize the red flags in identifying and dealing with these clients. Furthermore, the increased percentage of women making key investment decision in these high net worth households, will have a significant impact in advisory relations. In managing changing client expectations, advisors need to be aware that clients are interested in technology, expanding relationships, and other guidance that can be provided by their advisors.

The information gathered and relationships formed will be instrumental in help helping Shimmerman Penn's Investment Manager industry sector team to continue developing our services offered to portfolio manager clients.

Shimmerman Penn is an affiliate member of PMAC. You can find out more about the conference here.