Questions to Ask When Interviewing a Financial Planner

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 help you plan for retirement, find the best way to finance a new home, save for your child's education or simply help put your finances in order. Whatever your needs, working with a professional financial planner is a crucial step in helping you meet short-term and long- term goals that will help ensure your financial well-being. Finding the right planner is extremely important because your choice will almost certainly affect the security of your financial future. The following questions will help you interview and evaluate financial planners to find a competent, qualified professional with whom you feel comfortable and whose business style suits your needs. Don't be afraid to ask these...
Read More
What are the tax and withdrawal strategies for Retirement Income?

What are the tax and withdrawal strategies for Retirement Income?

Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP® The following is an excerpt that describes retirement tax strategies. Tax and Withdrawal Strategies “This all sounds very complicated,” Mark commented. “How do you review the various tax strategies?” “First of all, you need a great accountant and CFP, and there are some great financial planning software packages that good financial planners can use to model the different options.” Uncle Wayne then added, “Many retirees like me will develop a plan where they may utilize a combination of the above options to create their lifelong income and cash-flow plan. For example, retirees may decide to cover some of their essential expenses with an annuity or a guaranteed income product and then invest the balance in a total return portfolio, perhaps using a bucketing approach. “A key part of this approach is the coordination from a timing, sequencing, and tax standpoint, as retirees may have numerous income sources, such as: Old Age Security and...
Read More