Highlights from Dr. Tom Deans’ Talk on Intergenerational Wealth
On June 5 at the Terminal Club in Vancouver, BC, the team at Financial Confidence had the privilege of hosting Dr. Tom Deans, best-selling author, and expert on intergenerational wealth, for a private session with our extended network of professional advisors as well as our valued business family clients.
The event was a tremendous success. Dr. Deans delivered a powerful, candid talk that cut straight to the heart of an issue we see far too often: what happens when families don’t plan for the future.
One of the most urgent takeaways from his presentation? The cost of silence.
The Pitfalls of Not Having an Estate Plan in Canada
In Canada, when individuals die without a will or a clearly communicated estate plan, their wealth doesn’t just “transfer”, it often unravels. Dr. Deans emphasized how a lack of planning, documentation, and open dialogue can lead to:
- • Family conflict and legal disputes: Without clear instructions, family members may disagree over intent, fairness, or division of assets leading to court battles, fractured relationships, and expensive delays.
- • Tax inefficiencies: Assets may be subject to unnecessary capital gains tax, probate fees, or other avoidable costs if not structured correctly.
- • Unintended beneficiaries: In the absence of a will, provincial intestacy laws dictate who receives your estate. This may not reflect your personal or family wishes.
- • Business instability: For business families, failing to plan for succession can jeopardize the future of the enterprise, damage value, or force a sale under unfavourable conditions.
Wealth Transfer Is a Process, Not a Transaction
Dr. Deans challenged attendees to reframe the idea of wealth transfer. Rather than a moment in time (often at death), he argued it should be an intentional, multi-generational conversation. His message was clear and echoes something Keith Brown of Financial Confidence often says, “Failure to plan, is planning to fail.”
He encouraged business families to have structured, transparent discussions that go beyond the numbers. These conversations are most effective when they include values, responsibilities, and long-term stewardship accountability. Professionals in the room echoed the importance of facilitating these conversations now, not later.
Continuing the Conversation
Following the presentation, our guests gathered at a wine reception where the conversation deepened. Many shared stories of planning gone right and wrong, and everything in between.
The enthusiasm and engagement we saw reinforced just how vital this work is, and how much our clients and colleagues care about doing it well.
At Financial Confidence, we specialize in working with business families and professionals to help them:
- • Build tax-efficient estate and insurance strategies
- • Protect family relationships through thoughtful planning
- • Ensure business and legacy continuity across generations
We’d like to extend our heartfelt thanks to Dr. Deans for his candid, insightful presentation and to all who attended and contributed to the dialogue.
If you’re ready to begin – or revisit – your estate and legacy plan, we’re here to help guide the way.