Questions to Ask When Interviewing a Financial Planner
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Deciding on which financial planner to hire is a particularly important decision for families to make. The following are key questions that FP Canada has designed to help in the selection process. How to Interview a Financial Planner Financial planners can […]
Why Probate may be a good thing!
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Much has been written about the various strategies to avoid probate fees or the estate administration tax. The reason is simple, in Ontario, probate fees are 1.5% of the estate over $50,000. This fee is applied to assets that are transferred […]
COVID-19 and the Essential Family Conversations You Should be Having
COVID-19 has brought family planning and care issues to the forefront for many families as concerns for their loved ones and their economic well being have become top of mind. Everyone’s life has been impacted, regardless of age. As a result, families realize they should focus more on these concerns, but are often unsure where […]
If you are within 5 years of retirement, do this now!
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Track your expenses!! If you are thinking about retiring within the next 5 years, you need to determine how much you spend in a year. Your day to day living expenses is the starting point to determine if you are on-track, […]
What are the different investment classes?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Before you invest your money, you should understand what the actual investment is. The following passage describes the three basic investment classes. Alice had listened politely but was clearly getting impatient. “So, Uncle Wayne, you know our situations. What should we […]
What is the process once you Hire a Financial Advisor?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® I was speaking to someone on the phone a couple of weeks ago, and the question they asked was “what is the process after we hire a financial advisor?”. This is a very important question to have answered, and the response […]
How do Financial Advisors get Paid?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® It is important to understand how a financial advisor is compensated if you hire one. The following is a summary from FP Canada. How will I Pay for Your Services? Your planner should disclose in writing how s/he will be paid […]
What is the Next Gen Education Conversation?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® It has been my experience that personal finance has not been taught well in high school or even University. I know that our kids had no such education at school. Simple ideas such as paying off your credit cards monthly, compounding, […]
Are Tax Free Savings Accounts Misnamed?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Ok, smarty pants, what about TFSAs? How do they fit in?” I added. Sandra glared at me and continued. “TFSA stands for Tax Free Savings Account. You don’t get any tax deduction for the money you invested into a TFSA; however, […]
Why the Legacy Conversation is Important
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® The Legacy conversation is an important talk to have with your children and beneficiaries in order to reduce stress and potential conflict in the future. It will put your children at ease and provide for peace of mind as they know […]
