Sample Client Solutions
Each of my clients is different and brings their own unique financial situation and life dreams and objectives to the relationship. What follows are a sampling of some of the client solutions I’ve created with the support and expertise of my extended team so that my clients can live their lives secure in the knowledge that their financial future is being taken care of and they can put their time and energy into living a great life rather than always worrying about tomorrow.
You may find that some of the scenarios described are similar to your situation. And it just may be that you haven’t yet found the financial advisor who is willing to work with you to custom develop the solution that is perfect for your situation. In either case, it would be my honour and privilege to have the opportunity to hear from you if you think that I can be of help.
Solution #1 – Growing wealth while reducing taxes
Herb & June were a couple in their early 50’s who were clear that they wanted to leave as much of their money as possible for their children. They were relatively risk averse, had a high net worth, and therefore a high tax bracket. They had no real debt and had maximized their RRSPs. They had no employer pensions. While income was not a major issue for this couple, they knew they had to manage their finances effectively to continue to live the lifestyle they desired and to meet their intention of leaving assets for their family.
What I did
In conjunction with my extended expert team, I developed a strategy for meeting this couple’s long term goals and then I consulted with this couple’s accountant and lawyer to ensure that my financial strategy was in line with their professional opinion and knowledge of this couple’s unique needs, situation and frame of reference.
The results
I selected an Estate Bond Solution which moved this couple’s savings from a tax-exposed investment to an exempt life insurance policy. The clients were provided with immediate life insurance protection and are now accumulating substantial savings within the plan that are tax deferred. Upon their deaths, their heirs will receive the vastly accumulated savings tax-free. In working with me, this couple was able to not only increase the size of their estate, but have reduced the amount of tax that they are paying.
Solution #2 – Predicting, sustaining and potentially increasing retirement income
Sarah is in her early sixties and plans to retire from her service industry job in about a year. A divorced woman with adult children who are financially independent, Sarah has no mortgage but finds that she is worn out, fed up and looking forward to a life that is less stressful. She has lived through a major market downturn where she saw a significant portion of her portfolio decline but with my advice has held firm and seen her portfolio recover. Sarah is clear that while she wants to indulge her love of travel in retirement, she also needs to create a financial solution that protects her equity while offering sufficient income to fund her lifestyle, and ensuring that she has the income she’ll need in future decades.
The Solution
Beginning with the development of her own customized, comprehensive financial plan which was arranged through one of my extended expert team, I identified and recommended a Guaranteed Investment Fund solution for Sarah. This solutions provides Sarah with a predictable and sustainable income stream guaranteed not to decrease. Unlike an annuity or GIC, this solution holds the possibility for potentially increasing guaranteed income to help offset inflation.
The Result
Sarah can now look forward to the retirement future she dreams about, free from the constant worry that downturns in the market may erode her financial stability. She is thrilled that the undesirable alternatives that she has feared such as needing to take in a boarder or remaining in the job she dislikes don’t now have to be entertained.
Solution #3 – I have money but I also have debt
Fred & Wilma are a couple in their mid-50’s. They continue to financially support their children who are in university; they have a mortgage and RRSPs. They were long-time employees who moved to a different part of the country to launch a franchise business. Unfortunately, their attempt at entrepreneurialism didn’t work out and they were left with significant debt. They are both once again working in well-paying employee positions but have no pensions and continue to have on-going legal and financial obligations to their business venture.
The Solution
We began working with Fred and Wilma by working with my extended expert team to develop a customized, comprehensive financial plan which includes a debt repayment component and an insurance review and analysis. Fred and Wilma required my on-going support and monitoring to ensure that the principles and “to do” items agreed to in their financial plan were carried out. In addition, I restructured their investment portfolio in line with their current needs and risk tolerance.
The Result
Fred and Wilma are well on their way to retiring their debts and have the security of knowing that their children are cared for with appropriate insurance coverage. They are achieving the rate of return on their investment portfolio that was identified in their financial plan. They report that they have a much greater peace of mind regardless of what is happening in the markets and they are pleased to know that the end of their indebtedness in now in sight. They are significantly less stressed and are beginning to plan vacations which were not previously possible for them.
