In this episode of BNN Bloomberg Advisor, the panel discusses how to build a business, keep your best clients happy and how to find new clients. In this segment, the panel focuses on the first meeting, the types of questions to ask, the importance of listening, how to discuss fees and the importance of referrals.

Millennials are now the largest generation of Canadians. The BNN Bloomberg panel members discuss how advisors can help millennial clients get on the right track. They break down the concerns that many younger clients may have, including how to manage debt and how to invest ethically.

The unfortunate reality is that 38 per cent of marriages — almost two in five — end in divorce, according Statistics Canada. And while it takes an emotional toll, it can also take a financial toll. This is where a trusted advisor can help clients get their financial life back on track. The BNN Bloomberg Advisor panel discusses the changes in the Divorce Act, issues surrounding the split of a family home, and even how custody of the family pets are awarded.

The BNN Bloomberg Advisor panel discusses ways to engage with female clients when making financial and investment decisions, which may require more time and effort to connect on a personal level as women tend to be more emotional when making investment decisions. The panel also talks about how they connect with female clients at different ages and single versus married women.

Real estate is often the biggest investment that people make, whether it be in the form of a family home, cottages, investment properties or investments in the real-estate sector. The BNN Bloomberg Advisor panel discusses several topics including how real estate fits into a financial plan, taxation, helping adult children buy their first home, and speaking with clients about the value of real estate — especially in cities like Toronto and Vancouver, where prices have risen dramatically.

The BNN Bloomberg Advisor panel discusses ways advisors can help clients reduce their overall tax bill, which often happens well before T4 slips come out and tax returns are filed. The panel discusses the importance of a financial plan, TFSAs, RRSPs and corporate-class mutual funds.

Helping clients save for retirement is one of the most important aspects of an advisor's job. The BNN Bloomberg Advisor panel discusses the importance of both the Tax Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP). The panel also discusses the tax implications of each savings vehicle.

There are two things for certain in life: death, and taxes. When it comes to a financial plan, insurance can help with both inevitable issues, but it can be an extremely difficult topic to discuss with clients. The BNN Bloomberg Advisor panel members discuss how insurance — which includes life insurance, disability insurance and long-term care insurance — can help mitigate the risks to financial plans and how to best prepare for those risks.

Keeping and attracting the best clients is the life blood of most successful advisors. The BNN Bloomberg panel members explain the type of clients they try to attract, how they build trust over time with their existing clients and the reasons clients become unhappy with services, which may include a lack of contact, a lack of good ideas, fees for service versus performance and aversion to losses.