If you are unhappy with your financial advisor’s service, don’t have a comprehensive financial plan, an estate plan, or if your portfolio is not optimized for taxation, there has never been a better time for a second opinion on your financial strategy.
Dan Keil, senior wealth advisor and associate director at Scotia Wealth Management, shares how one can assess their financial picture. "Everything for us is driven from a comprehensive financial plan that looks at a client's family dynamics, income streams, tax situation, and their goals - both short and long term," says Keil.
"These elements lead to a review of their current financial picture with a focus on risk levels and income needs, which determines if their current plan is on track to achieve their goals, or if it needs to be improved."
Keil also notes that most investors have an investment plan but fail to have a financial plan, a critical and potentially costly error.
Examine your current situation and develop a strategy for where you would like to be in the future—from your wealth-building years, to retirement, to the transfer of your wealth to the next generation. Keil’s upcoming webinar topics will provide insight into whether your existing strategies are in line with your goals. To RSVP for the upcoming webinars, visit dankeil.com/events.
The webinar "Investing for Income: A Pay Cheque for Life," addresses the common issue of not generating enough income from your portfolio. Income generation is particularly important for retirees or those preparing for retirement. Why erode your capital to fund your expenses when you can live off income generated by your capital? Too many investors are forced to sell their investments when they could be funding their lifestyle with dependable and consistent dividends. Join the webinar on Sept. 29 to learn more.
Keil shares that his Estate Planning webinar will help those who don't have an estate plan that is integrated with their financial plan or those who want to know if their estate plan needs to be updated. In general, most people make short-term goals without considering the future, which can be problematic. It is imperative to plan for end-of-life decisions, including care costs, powers of attorney, health directives and family dynamics.
"A client may have a will, but that is a far cry from an integrated estate plan because wills alone do not optimize end-of-life taxes," Keil explains. When you register for the webinar, "Estate Planning: Protect Your Family's Financial Future," you will be better positioned to start preparing your family’s complete plan. Join the Webinar on Oct. 14 to learn more.
"We identify potential issues before they arise and steer clients in the direction of resolving these issues by way of integration within a financial plan."
Investing has evolved materially over the last 20 years with one consistent trend - more retail and institutional money moving from mutual funds to Exchange Traded Funds (ETFs), a lower cost alternative.
"There are several flaws with traditional mutual funds, and that is why we champion superior investment strategies like ETFs," says Keil. "When we compare mutual funds versus ETFs, the choice is clear.” Join the webinar on Oct. 28 to learn more.
Keil observes that overpaying in taxes when you’re a Canadian business owner is a common fundamental financial issue. Burdened with a unique problem, business owners pay an enormously high tax rate on passive income within their corporations and retained earnings and then pay tax again when they pull money out of their corporation.
"We strategize to reduce the taxes owed when investing within the corporation and for when funds come out," says Keil. Knowing how to reduce taxes owing and how to efficiently pull money out of the corporation are extremely important to all business owners
"We strongly believe that a financial plan is paramount for business owners for succession planning, tax optimization and retirement strategies when they are ready to transition, exit or sell the business.” Join the webinar on Nov. 10 to learn more.
Overall, Canadians pay too much tax, and with the government’s high debt levels, tax rates will likely rise in the future; precisely why tax-efficient portfolios require a progressive mindset. "It's incumbent on us as advisors to provide solutions that will allow clients to pay less tax on their wealth," says Keil. Learn more at the webinar, "How to Tax Optimize Your Portfolio." Join it on Nov. 24 to learn more.