Does your Advisor see you like this?
Paul Dwyer • December 12, 2020
Fees and Returns for December Statements will tell you what you need to know.
Friendly Advisor?
So what? Used car salesmen, realtors and lawyers are friendly too. Are you getting value for the fees you're paying? How do you know?
it's a question of relative not ABSOLUTE VALUE.
Financial planners are paid to plan?
Even up to 5 years ago planners were compensated by the sale of investments, and they performed planning services for free. That's completely opposite today. Because of computer literacy, and the internet... all ages and stages of society have direct access high quality investment strategies, with or without a plan. Are you getting planning value? Is your financial plan still relevant? How would you know?
Fees... Touchy subject?
Not if you're keen on the comparative value versus alternatives.
The TRUTH is. Relationship quality is a binary qualifier, and not an indicator of value. Friends - should be and are - FREE.
Not all Advisors are the same.
They vary in:
So what? Used car salesmen, realtors and lawyers are friendly too. Are you getting value for the fees you're paying? How do you know?
it's a question of relative not ABSOLUTE VALUE.
Financial planners are paid to plan?
Even up to 5 years ago planners were compensated by the sale of investments, and they performed planning services for free. That's completely opposite today. Because of computer literacy, and the internet... all ages and stages of society have direct access high quality investment strategies, with or without a plan. Are you getting planning value? Is your financial plan still relevant? How would you know?
Fees... Touchy subject?
Not if you're keen on the comparative value versus alternatives.
The TRUTH is. Relationship quality is a binary qualifier, and not an indicator of value. Friends - should be and are - FREE.
Not all Advisors are the same.
They vary in:
- Qualifications and Professional Development
- Experience
- Platform
- Specialization
- COMPETENCE
- WORK ETHIC
- ASSOCIATED LICENSING.
Access to:
- Experts
- Suitable Products
- Pricing
- Related Services
This January... when you open your Investment statements... Find out what your Fees are and get mad enough to seek better value elsewhere. or... Not. Its a question of Relative Value...
Paul
LET'S CHAT
Earning is inevitable. No planning involved. Retaining, deploying compounding, leveraging takes planning. Time efficient, risk efficient.
Is it possible to accomplish:
· In less time?
· More in the same time?
· This goal more reliably?
· This goal more consistently?
· What would it take?
· How to get what it takes?
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· In less time?
· More in the same time?
· This goal more reliably?
· This goal more consistently?
· What would it take?
· How to get what it takes?
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A Financial Planner is a trusted role. Empathy, understanding, free of judgement or blame. The advisor must embrace the client and fearlessly know the client to the point that the client can feel safe enough that they will permit their best interests to be served, beyond and often contrary to their pride and ego.
Planning Is Important... At this time of year, finishing up with a good grip of your basic numbers for planning next year is CRITICAL. As a Professional Corporation, planning your tax obligations and Pandemic support qualification. are just a few areas where Knowing your basic numbers are critical... Take the time get close and personal with your business. We're here if you need to ask questions or just talk an idea through. Salary and Dividends Mix... TOSI - Tax On Split Income - demands reasonable wages be paid to family staff members. There's a Schedule at this link. PWC Year End Tax Tips . Be sure and consult your qualified professional before any tax strategies are implemented. Passive Investments in your Corporation.. PIT - Passive Income Tax, within your Corporation is a serious issue. Staying under this year's threshold is critical. While its late, its never too late... and you're better off knowing where you stand than not. Check out the PWC Year End Tax Tips to be clear. Pandemic Response... CEWS - Canada Emergency Wage Subsidy CEBA - Canada Emergency Business Account (interest free loans) CERS - Canada Emergency Rent Subsidy and more. See the Federal Government's Guide Here . Again seek guidance from your professional advisor to be certain what you should be aware of Depreciation and Operating Expenses... Amortization, CCA, or Depreciation is a deductible expense. You should have an understanding of what your deductions are on Capital Assets annually. This informs you of budgeting for other programs like Employee Benefits and Elastic Expenses. And while you're at it. Call your Business Insurance Broker. Tell them you love them and ask for a Claims Experience Letter - Just for file purposes. It serves to remind your broker that you are always evaluating their value... (Keeps them on their toes) and it keeps you informed of how all insurers see you, just in case there's a mistake on the file you'll know it. Happy Year End. Paul
