Wealth transfer at death, minimizing taxes and preparing for retirement are key concerns of high net worth individuals in Canada, according to a recent survey by RBC Wealth Management.

Based on responses from approximately 2,500 one-on-one planning sessions conducted with RBC Wealth clients over the past 12 months, the study found that HNW individuals are most concerned about what will happen to their wealth during retirement and after they are gone. 

"Clients tell us that they want to make sure their families are appropriately taken care of and that their financial plan is as efficient, effective and prudent as possible," said Howard Kabot, vice president for financial planning.

With life expectancy rates rising to the mid- to late-80s, the need for a sound retirement plan has become all the more pronounced. In an earlier study by RBC titled Retirement Myths & Realities, Canadians aged 50 and above and who have not yet retired expect to have a successful retirement, with 90 per cent of the 2,245 respondents polled saying so. However, 36 per cent had said they were worried that they do no have enough money to live well and do what they want. 

Other issues identified in the latest survey as highly important to the company's wealth management clients include planning for disability, tax minimization and philanthropy. This tallies well with the July 2011 Canadian Consumer Outlook by the bank, which showed that 32 per cent of Canadians want to reduce their debts, 28 per cent want to spend less, while 24 per cent want to save or invest more.

The most common sources of income among pre-retirees are registered retirement savings plans, government and employer pension plans, old age security and equity from their homes.