An advisor’s guide to passion assets

Advisors dedicate their time to cultivate trusted relationships with their clients. While time and results establish credibility, trust often reveals itself in unexpected ways. Sometimes it surfaces when an advisor poses a question that moves the conversation beyond documents and balance sheets and into the realm of memories, values, and legacy.

Scotia Wealth Management is built on a promise of trust and to deepen this commitment, the business is the first in Canada to formally integrate art and collectibles into holistic wealth planning. This innovative approach allows collectors to access a fully integrated suite of solutions -ranging from acquisition and valuation to art-secured lending, succession planning, and charitable giving. By bringing art and collectibles into the wealth conversation, the business aims to preserve client collections as part of their broader legacy.

Providing clients with deeper insights for managing complex portfolios was a natural next step,” says Erin Griffiths, Executive Vice President, Global Wealth Solutions, Scotia Wealth Management. “By making these discussions a core part of the wealth management experience, we’re creating tangible value for our clients.”

A watch or painting inherited from a parent or family member. A collection assembled over decades that has quietly appreciated. When clients talk about legacy, these are items they may reference in addition to financials.

Collectors are driven by a blend of emotional motivations like patronage, cultural legacy and social impact, alongside financial goals. Deloitte’s 2025 Art & Finance Report shows that for collectors and art professionals under 45, 87% say emotional value is their leading motivator for purchasing. This is not a passing trend. It reflects a growing appetite for advice that respects personal identity while maintaining financial discipline.

Robyn McCallum, Director of Art and Collectibles at Scotia Wealth Management, sees this often. “Clients are shocked when they discover the current value of items they’ve lived with for years. Once they see the numbers, they understand these pieces belong in their planning conversations. We’re already seeing a shift in how art and other collectibles are perceived, from solely an expression of identity towards an understanding that it can carry substantial financial and tax implications.”

This clarity provides advisors with a more accurate view of an overall portfolio. Many families hold significant value in art or collectibles without recognizing how these pieces shape estate or insurance considerations. Without documentation, heirs face confusion, disputes and preventable financial friction. Advisors who raise these issues early build more meaningful client relationships and uncover planning opportunities.

Where advisors can start

• Start with curiosity. Ask the question. Many people may not recognize collectibles as assets that should be included in a wealth plan.
• Move from story to structure. Once items surface, help clients distinguish between sentimental objects and pieces with financial, cultural, or legal implications.
• Document early and comprehensively. Encourage clients to gather documentation, as it supports authenticity, valuation work, insurance reviews, resale, and estate settlement.
• Probe for red flags. Ask about shared ownership, prior loans or consignments, and any cross-border movement that may trigger customs or cultural property considerations.
• Support due diligence. When clients buy on the secondary market, recommend independent verification through reputable dealers.
• Review insurance, storage, and transport. Many collections are underinsured or covered only by homeowners’ policies that do not include transit risk, breakage, or climate-related issues.

Arts and collectibles, or passion assets, offer a direct route into deeper dialogue and a clearer picture of a client’s priorities. It turns sentimental items into strategic insight and reinforces a simple truth: modern wealth planning is about more than numbers. It is about the stories clients want to preserve and the legacy they hope to leave.

Learn more about how Scotia Wealth Management provides tailored expertise at the intersection of finance and culture.