Advisors need to be able to help their clients meet not just their short-term goals, but also their long-term wealth management goals, and that means building strong relationships with clients and having a clear understanding of their needs and priorities. Today’s guest has built a successful practice doing just that.   

Daryn Form has built a successful financial advisory business over the past 20 years. In 1999, he earned the Certified Financial Planner™ professional designation. In 2011, he earned the Canadian Investment Manager (CIM™) offered by the Canadian Securities Institute; this professional designation is required to be licensed as a discretionary portfolio manager in Canada. Daryn uses a scientific process-driven approach to investing—along with his breadth of experience and knowledge in wealth management and advanced financial planning—to help his clients achieve their financial goals. 

Topics Discussed in This Episode:  

• Who Daryn’s firm serves (1:14)
• Why Daryn decided to become an advisor early on (3:24)
• Daryn’s onboarding process for clients (9:36)

• How Daryn approaches client acquisition (14:18)
• Why Daryn decided to switch to an AUM-based model (20:53)

• How would he start in the wealth management industry today (32:07)   

Links and Resources: 

  Assante First Avenue 

 Quotes From the Show:  

“In some ways the business has changed dramatically, in some ways it hasn't changed at all - this is still a relationship-oriented business.“  

“The majority of our new clients come from our overwhelming effort to do terrific work for people, such that they want to tell other people about it.” 

“Their problem is unique to them, but it’s not unique to others, which means it wasn’t unique to us.”   

With over two decades of industry experience, Daryn’s expertise stemming from building his own successful practice is useful to advisors of all different levels. Today, he is sharing his experience and wisdom with us.  

Below, we’re sharing three key ideas from the episode: 

• Daryn’s clientele and how he approaches serving and acquiring them 
• How to build a business that is a good fit for you
• Daryn’s advice for young advisors breaking into the industry  

To listen to the full episode, find us on iTunes or Stitcher, or click the link at the top of the page. 

Financial advising isn’t just about what an individual should do with their money while they’re still alive. It’s also about their family and what happens to wealth after an individual passes away. Wills, estate planning, powers of attorney, and healthcare directives are all important things that a financial advisor’s clients should be thinking about, and that means that financial advisors need to think about them as well.  

Today’s guest is Tom Deans. Tom is a professional speaker and the author of two best-selling books that deal with the intergenerational transition of family wealth: Every Family’s Business and Willing Wisdom. Listen to the episode to hear what Tom has to say about why there’s an estate planning gap, how advisors can fill that gap, and what kind of effect the COVID-19 crisis has had on the subject of estate planning.  

• How Tom became focused on the issue of estate planning (3:37)
• Why Canada has an intergenerational wealth issue (6:10)
• How advisors can fill the estate planning gap and provide advice to their high net-worth clients (12:01)
• What Tom has noticed about the culture of families that transfer wealth successfully (15:16)

• What is The Willing Wisdom Index (23:09)
• Whether there are any trends over the last few months related to COVID-19 (26:57)

For a free software trial: Sales@willingwisdom.com 

Call Tom: (519) 938-2069 

Willing Wisdom 

“Estate planning isn’t just about answering the question ‘Who gets my stuff when I’m dead?’ There’s a whole part of estate planning that’s very much about the living.”  

“A will is like an MRI for a doctor - the will and a conversation about a will reveals everything.” 

“Wealth has always been about family and family relationships.” 

Tom provides a unique perspective from outside of the traditional financial planning industry at how advisors can grow into an untraditional niche. His many successes in publicizing the issues facing intergenerational wealth position him to provide insight to all advisors on how they can grow their business by opening discussions on estate planning with their clients. 

Below, we will be discussing three key ideas from today’s episode:  

• The Biggest Problem Facing the Transfer of Intergenerational Wealth 
• What Successful Advisors Are Doing Right With Estate Planning

Eight years ago, it would have been nearly impossible to imagine the incredible impact fintech would have on the financial services industry today. And even now, we’re just scratching the surface of what this industry can become in the future. 

In a change of pace, today’s episode is an introduction to one of our favourite podcasts: Fintech Impact. You’ll hear host Jason Pereira interview Tea Nicola, CEO of Wealthbar, and our own Pawel Brzeminski, CEO of Snap Projections.

The Fintech Impact Podcast is hosted by Jason Pereira who explores the fintech space and interviews its major players — both incumbents and newcomers. Whether they’re trying to make existing finance players more efficient or looking to disrupt the industry altogether, this show explores their impact on consumers and the industry as a whole.

Listen in to hear about Wealthbar’s acquisition of Snap Projections, what that relationship will look like going forward, and Tea and Pawel’s shared vision for how fintech can impact the industry — and the lives of average Canadians.

What You’ll Learn in This Episode:

• Why a partnership between Wealthbar and Snap Projections makes sense (2:05)
• What the end product looks like for both clients and advisors (6:30)
• Pawel’s product-building philosophy (16:40)
• Revealing Tea and Pawel’s wishes for their industry (23:00)
• The biggest challenges Tea and Pawel have faced in scaling their companies (27:05)
• What gets these founders out of bed every morning (30:55)

Links and Resources:

Wealthbar

Tea Nicola

Snap Projections

Pawel Brzeminski

Fintech Impact

Jason Pereira

 Quotes from the Episode:

“It just made sense to basically own software that is going to eventually become what I want to see, which is a vision for a full practice management platform for an independent financial advisor.” — Tea Nicola 

“This is technology that’s gonna enable you, not threaten you.” — Jason Pereira

“In a lot of cases, it actually takes an advisor to make adjustments. I don’t think we can really have a fully automated tool that can provide the best solution for every single case.” — Pawel Brzeminski

With their shared goal of transforming the financial services industry in Canada and making the lives of both advisors and consumers easier, Tea and Pawel’s recent partnership is a match made in heaven. Today, they’re opening up about what that vision is, how it brought them together, and the impact they hope to have on Canadians.

Bel...

It’s one thing for the general public to misunderstand what financial advisors do or be mistaken about important principles of personal finance. But what about financial advisors? What myths and misconceptions do you believe that might be holding you back from giving your clients the best advice? That’s what today’s guest is here to talk about.

John De Goey is a Portfolio Manager with Wellington-Altus Private Wealth. He has built a national reputation as a trusted authority on professional, transparent and evidence-based financial advice. He’s written for publications including Canadian MoneySaver, MoneySense and The Globe and Mail, and appeared on television programs like CBC’s MarketPlace, News World and BNN’s Market Call. He’s the author of The Professional Financial Advisor, now in its fourth edition, and STANDUP to the Financial Services Industry, released last year.

In today’s episode, he’ll discuss misconceptions commonly held by financial advisors, why advisors might hold these misconceptions, and what you should believe instead. Listen in to hear more about John’s work, research and advice for advisors and investors.

What You’ll Learn in This Episode:

• The unglamorous yet insightful reason behind John becoming an advisor (3:35)
• Common myths and misconceptions in financial advising (5:00)
• What advisors get wrong about cost (9:15)
• Why advisors ignore the evidence and recommend activities that don’t add value (18:20)
• The key beliefs advisors should focus on improving (26:35)
• Why investors will need to be part of the solution (21:55)
• Why the reason for advisors’ beliefs isn’t the most important question to explore (38:20) 

Links and Resources: 

Standup Advisors

STANDUP to the Financial Services Industry: Protecting Yourself From Well-Intended But Oblivious Advisors

Email John

Quotes by John De Goey:

“There are a lot of advisors that should be part of the solution, want to be part of the solution, but the really ugly secret that a lot of people in the industry don’t want to come to terms with is that there are many advisors that are themselves part of the problem.” 

“Any advisor who is worth his or her salt would do very well to understand that where the rubber hits the road is in the behaviour that they help to enforce or disabuse their clients of.”

“This is perhaps the only industry in the world that I’ve ever found where the low-cost products are the best products.”

What unique financial planning challenges do individuals face when they live full- or part-time in the US but have Canadian citizenship (or vice versa?) How can you help clients who straddle two countries? And more to the point – should you always be the one to help them? Today’s guest is diving in deep to help you understand the pertinent issues around cross-border financial advising.

Terry Ritchie is a Partner and Director of Cross-Border Wealth Services for Cardinal Point, with offices in Toronto, Calgary, Irvine, Phoenix, and Boca Raton. He is a Registered Financial Planner in Canada and is enrolled to practice before the U.S. Internal Revenue Service as an Enrolled Agent. Terry is also a Trust and Estate Practitioner affiliated with the Society of Trust and Estate Practitioners. He has been practicing cross-border financial, investment, tax and estate planning for more than 30 years. 

What You’ll Learn in This Episode: 

• What actually drives people to move between Canada and the United States (6:45)
• Why cross-border work matters to Terry (10:10)
• What advisors need to know about visas and green cards (13:40)
• Important elements of U.S. income tax (23:50)
• Investment limitations of Canadians in the US (28:10)
• How cross-border living affects estate planning (37:10)
• The biggest cross-border planning mistake you can make (43:45)
• Terry’s #1 tip for growing a career you really love (53:20)

 Links and Resources: 

Cardinal Point

Email Terry

Quotes by Terry Ritchie: 

“I can quantify the numbers that you might be better off from a tax perspective in that jurisdiction or country versus this one. But really at the end of the day, it’s truly around lifestyle. Where are they going to be happiest?”

“It’s just the nature of the business. Markets go up and down... Tax laws change. Family dynamics change.”

“Advisors have a right to say no,” he says. “There has to be a fit – on both sides.”

Terry’s firm, Cardinal Point, offers a total solution to individuals who have Canadian and American financial matters – snowbirds, those who have dependants in one country while living in the other, and those who move between the two countries. And as someone who has financial matters in both countries himself, he has unique insights into what it takes to plan for people like him.

Below, we’re sharing three key ideas from this episode:

• What actually drives people to move between Canada and the United States
• The biggest cross-border planning mistake you can make

It’s one thing to build up your own practice. But as we approach the end of the year, we’re taking a step back to look at what it takes to build an entire profession. Today’s guest is here to show us what the financial planning industry can become at its best.

Jason Pereira is a Senior Financial Consultant with Woodgate Financial Inc and IPC Securities Corp. He is one of Canada's most respected authorities on financial planning, the financial industry, and financial technology. He’s been awarded 7 industry designations including the CFA, CFP, and RFP. He has won and been named a finalist for several industry awards, and he is the only 3-time winner of the PlanPlus Global Financial Planning Awards. 

Jason is also the leader of a growing group of financial advisors seeking to improve financial planning, both for advisors and consumers. As the president of the newly launched Financial Planning Association of Canada (FPAC), he’s here to talk about his hopes for the future of financial planning in this country.

What You’ll Learn in This Episode: 

• Why FPAC exists and what its goals are (2:40)
• Why FPAC needed to be a new organization in order to reach its goals (10:30)
• How FPAC will benefit the public (15:30)
• How FPAC plans on handling enforcement (17:05)
• The benefits of FPAC membership to advisors (21:40)
• What types of memberships are available (27:05)
• What the reception for FPAC has been like in the industry (29:45) 

Links and Resources:

Financial Planning Association of Canada

FPCA Charter

Email Jason

Woodgate Financial Inc

 Quotes by Jason Pereira: 

“This is a coming together of like-minded individuals who want to see the professionalization of planning in Canada, and to basically move this industry and this country forward.”

“We’re trying to create the member body that basically is going to push for active change.”

“We’re not going to be able to build the industry up if we don’t provide the resources to do that.”

You might remember Jason from an earlier episode of the show (and if you didn’t, do take the time to hear his advice for competing – and winning – in the Canadian HNW segment). However, today’s show is a little different as we’ll be hearing from Jason about his passion project of transforming financial planning from a sales-based industry to a robust profession in Canada.

Below, we’re sharing three key ideas from this episode:

• ...

Family businesses inevitably come with complex scenarios for a financial advisor to sort through. But the biggest complications may not be what you expect: the emotional aspect of family, business, and money is often the foremost concern when beginning conversations around business transitions. Today’s guest brings a rock-solid technical background and soft skills that helps her see the full picture and help families navigate the wealth transition landscape.

Cindy Radu is a family wealth transition advisor. She works with individuals, family enterprises, business owners and family offices to maneuver the complexities and opportunities of multi-generational wealth. Cindy has over 25 years of legal, fiduciary, trust and governance experience, giving her a bird’s eye view of the many issues families can face.

Listen to the episode to hear how Cindy frames wealth, family enterprise, and success in a way that helps her clients handle the complicated financial and emotional factors involved in transitioning family wealth.

What You’ll Learn in This Episode: 

• Rethinking the key issues around transitioning wealth and family businesses in Canada (8:05)
• The difference between a family business and a family enterprise – and why it matters (11:10)
• Cindy’s first steps when advising clients (18:45)
• How Cindy bridges critical gaps by working effectively with other advisors (25:25)
• Helping families avoid assumptions and get on the same page (33:40)
• What wealth and wealth management really mean (39:30) 

Links and Resources: 

Cindy Radu

Cindy on LinkedIn

Email Cindy

Quotes by Cindy Radu:

“Way too many families are willing to stake everything they work so hard for on basically a hope and a prayer that everything is going to turn out alright.”

“Referrals from clients are frankly the strongest possible referrals that you can get.”

“I’ve been successful in my practice because I’m able to bridge those emotional and technical aspects of the wealth planning and transition.”

Cindy has been a Chartered Accountant and estate planning lawyer, and she’s also worked with large financial institutions. And yet all of her work has had one common goal: helping families through transitions. Today, she shares her experience to reframe the conversation around family wealth transitions.

Below, we’re sharing three key ideas from this episode:

• Rethinking the key issues around transitioning wealth and family businesses in Canada
• The difference between a family business and a family enterprise – and why it matters
• What wealth and wealth management really mean

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit...

Everyone says they put their clients’ best interests first, but what’s the best way to set yourself up for success in this regard? By introducing portfolio management companies into his business model, today’s guest has structured a financial advisory practice that allows him to focus on his clients first.

Peter Cishecki started Everything Financial Group in 1996 after working for many years at one of Canada’s leading insurance companies. He has created an all-in-one financial experience for his clients where he built trusted, long-term relationships by providing complete financial strategies and solutions for financial peace of mind.

Listen to the episode to hear about how Peter came to work with portfolio management companies on a referral basis and how it’s affected his business. 

What You’ll Learn in This Episode: 

• Why more advisors don’t work with portfolio management companies (9:30)
• Why your clients wish you worked with a portfolio management company (14:35)
• How Peter structures his fees – and how he provides enough value to earn them (18:55)
• How Peter’s work culture transformed when he began working with portfolio management companies (27:30)
• The biggest challenges Peter has faced in his career (30:40)
• Three misunderstandings about wealth management (33:50)
• How Peter gets in front of prospective clients (35:20) 

Links and Resources:

Everything Financial Group 

Quotes by Peter Cishecki: 

“When I can get people to change their outlook on life and start to enjoy their money while they’re young and healthy, that’s huge satisfaction.”

“If you’re going to collect a fee, do something for the person.”

“Truly look yourself in the mirror every day and say ‘What am I gonna do today to make a client’s life better?’”

In late 2010, Peter noticed he was already running his practice like a portfolio management company – offering six different model portfolios and spending all his time on administrative work. He realized that by working with an actual portfolio management company, he could let other professionals handle that work while focusing his efforts on what he really wanted to do: building financial plans.

Since making the switch, his practice has grown by at least 500%, and his entire office culture has changed into less of a team and more of a family.

Below, we’re sharing three key ideas from this episode:

• Why your clients wish you worked with a portfolio management company
• Why more advisors don’t work with portfolio management companies
• How Peter makes sure he provides value and earns his pay

When growing your book of business, you can either build it from scratch yourself or join up with another advisor and purchase their practice. Today’s guest is most experienced in the latter, and he’s here to share the insights, benefits, and perils of buying (and selling) your business.

Brad Amlin has put in more than 17 years in the financial services business. His primary area of expertise is financial, estate and tax planning, focusing on strategies that include the use of life insurance and investment vehicles. He works with both business owners and high net worth individuals.

Brad has also been through numerous business transitions, both as the advisor buying practices and, more recently, as the one selling his own business. Listen in to hear how Brad built a $30 million AUM business to $150 million – and why he decided to sell.

What You’ll Learn in This Episode: 

• How Brad sought out clients in his early days as an independent advisor (8:15)
• How Brad built Cornwall Wealth Management from $30 million to $150 million AUM (12:35)
• What Brad looks for in clients (24:45)
• How to help your clients through a business transition (28:50)
• Why Brad’s practice has both MFDA and IIROC advisors (31:30)
• Major challenges when undergoing a business transition (33:35) 

Links and Resources: 

Email Brad

Cornwall Wealth Management

The Personal Coach 

Quotes by Brad Amlin: 

“Success really revolves around the continuity of who the client’s dealing with.”

“Even if you do want to, over time, rebrand the company, I think maintaining the brand… for a specified period of time post-transition really helps the continuity and maintains that client.”

“I find the challenge to be maintaining confidence and maintaining that ‘up’ feeling in an environment that seems to be rapidly shifting through regulatory change.”

While Brad started his financial services career working for a bank, he’s since had quite the career building and buying financial advisory businesses; at its peak, his practice had $150 million AUM. In his mid-forties, he decided it was time to sell his business to another advisor and get back to what he loves best: time and working directly with clients.

Below, we’re sharing three key ideas from this episode:

• What Brad looks for in clients
• How to help your clients through a business transition
• Solutions to 3 major business transition challenges

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link above.

You’re an expert in your field, but what do you do when you come across a planning situation that’s out of your depth? Today’s guest works with advisors and their clients to create better financial and retirement plans.

Yvonne Martin-Morrison is a financial planner with Raymond James Ltd.’s Retirement and Financial Planning Group. In 2019, she was the winner of the PlanPlus Global Financial Planning Award for Canada. She provides planning services, advice, and tax intelligence for Raymond James advisors and their clients. Her work also involves creating educational materials, presentations, and publications to empower advisors and help them better serve their clients.

Listen to the episode to find out what Yvonne has to say about her no-nonsense approach to financial planning, her principles of good financial planning, and how to approach decumulation. 

What You’ll Learn in This Episode: 

• How Yvonne approaches working with advisors and their clients (5:25)
• When advisors should reach out to Yvonne for support (13:20)
• Overcoming clients’ objections to planning (17:35)
• Yvonne’s basic, no-nonsense definition of financial planning (19:45)
• Yvonne’s approach to decumulation in retirement (36:20)
• The power of principles (40:40)
• Common mistakes advisors make when bringing in an outside expert (50:45)

 Links and Resources:

Raymond James

 Quotes by Yvonne Martin-Morrison:

“It’s very important that I avoid getting lost in the details right at the beginning.”

“What is the point of planning if you’re not implementing the strategies and solutions?”

“When we get those outputs and those software results, that allow me to really dig into analysis. And I think that’s one of the challenges for a lot of advisors is they think an output is the end. For me, that’s the beginning.”

Yvonne has been through it all as a financial advisor – from her uncertain rookie years to taking on some of the most complex situations in the business. Now, she steps in to help other advisors create integrated and comprehensive financial and retirement plans for their clients.

Below, we’re sharing three key ideas that Yvonne has to share in this episode:

• How Yvonne approaches working with advisors and their clients

• Overcoming clients’ objections to financial planning

• The power of principles in retirement planning

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link above.

Yvonne approaches working with advisors the same way you probably approach working with your clients. She asks them about where they are at in their planning, how they’ve been doing, what’s been...

Helping people succeed financially isn’t about dollars and cents or numbers on a spreadsheet. It’s really about uncovering and understanding where clients are in life and how they’re feeling about it. Today’s guest runs a practice that helps his clients uncover their goals and find smarter ways to achieve them.

Mark Shimkovitz has been providing financial planning advice and managing investment portfolios for 25 years. He works together with his wife Robin, a life coach, to take a life-first approach to financial planning. This approach allows him to build personalized financial plans and investment strategies.

Listen to the episode to hear what life-first financial planning is, what it was like for Mark to start an independent practice after over twenty years working for banks and why he’s excited about giving back.

What You’ll Learn in This Episode: 

• How Mark compares working for a bank to running an independent practice (5:10)
• How Mark brings his philosophy into the conversation with clients (12:30)
• Mark’s three-dimensional planning process (14:45)
• How Mark and his team help clients create – and stick with – a budget (26:10)
• Why investment management is just a small slice of the wealth management pie (31:15)
• Mark’s focused approach to acquiring clients (37:40)
• How giving back is – and isn’t – part of Mark’s business (49:25) 

Links and Resources: 

Mark Shimkovitz

Living Richer Podcast

 Quotes by Mark Shimkovitz: 

“I’m very clear, in fact, in saying that you know when you’re hiring me, the investment management component is only one slice, and it’s not a very large slice.”

“We need to be able to articulate and demonstrate why we deserve to be paid more than, you know, 30 or 40 basis points that could perhaps be attributable to the investment management.”

“Let’s really look at the big picture. Let’s look at what’s really most important to you. Those should be your benchmarks for measuring success.”

With plenty of experience working for banks and now running his own financial practice, Mark has figured out a lot about what works in financial planning – and what doesn’t. He has a clear philosophy and strategy for his own business, so it makes sense that’s exactly what he helps his clients with in their own lives.

Below, we’re sharing three key ideas from this episode:

• A three-dimensional planning process

• How Mark and his team help clients create – and stick with – a budget

• Why investment management is just a small slice of the wealth management pie

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link above.

Most people know that divorce can take a financial toll. So what’s the best way for clients to protect their assets during a divorce? And more importantly, how can you help your clients plan for the future given their new financial reality?

Today’s guest will answer these questions and more. Debbie Hartzman is a financial advisor, holding CFP, CLU, CDFA (Certified Divorce Financial Analyst), TEP and CEA designations. She’s also an author and a national expert on helping individuals undergoing separation or divorce proceedings. Listen in to hear what she has to say about becoming an advisor, understanding the nuances of working with divorcing or separating couples, and the benefits of using a financial advisor during separation or divorce. 

What You’ll Learn in This Episode: 

• Understanding the difference between separation and divorce (12:30)
• The benefit of having a financial advisor during a divorce (16:20)
• The tax implications of divorce (29:10)
• How Debbie approaches potential conflicts of interest (23:30)
• How new advisors can begin specializing in divorce (48:30)
• Staying focused when helping clients through a separation (53:40) 

Links and Resources: 

Hartzman and Associates

To order Debbie’s book, Divorce isn’t Easy, But it Can be Fair, contact her through her website above. 

Quotes by Debbie Hartzman: 

“If I’m going to be in this business, I’m going to be that bus driver. I’m going to be the coordinate between the lawyer, between the accountant, and the client so that there’s somebody watching the big picture and helping the client make good financial decisions.”

“That’s where my value comes in. It’s being able to help them understand how that’s going to impact them not today, not tomorrow, but in ten or fifteen years down the road.”

“I wouldn’t be a good planner if I didn’t plan for myself. So my plan for myself was: I love this business, I love giving back, I love helping people, but I also want to do it on my terms instead of the business running me.”

Now approaching a quarter-century in the business, Debbie has (literally) written the book on having a divorce that is fair and ensures long-term financial stability. Coming from a legal background, she understands how to work with lawyers to help clients make the most of marital separation.

Below, we’re sharing three key ideas from this episode:

• The benefit of having a financial advisor during a divorce
• Staying focused when helping clients through a separation
• How new advisors can begin specializing in divorce

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link above.

Is it possible to make investments and get good returns while investing in assets that reflect your values? Today’s guest says that it is. Tim Nash is the founder of Good Investing, an investment planning firm with a focus on sustainable investing. 

Tim's blog The Sustainable Economist has inspired thousands of Canadians to invest according to their values with model portfolios to reflect different definitions of sustainable investing. Tim writes a bi-weekly column for The Toronto Star and is regularly featured in publications such as CBC’s The National, BNN Bloomberg’s Market Call, and the Globe and Mail. Listen to the episode to hear what Tim has to say about what’s involved in sustainable investing, what kinds of returns can be expected from those investments, and how Tim approaches helping his clients invest in a way that reflects their values.

• What Tim and his firm do (1:09)
• How Tim got into his niche of the industry (3:22)
• Terms of Socially Responsible Investing (8:50)
• Where socially responsible investing is in terms of returns (14:20)
• Tim’s approach to advising and serving clients (20:00)
• Tim’s sliding scale (24:45)
• Tim’s advice for investors (46:19) 

Good Investing

The Sustainable Economist

“The number one indicator that is most correlated to financial outperformance is gender diversity on the Board of Directors." 

“You don’t need to sacrifice financial performance. You can do at least just as well, and most socially responsible funds have outperformed by a little bit.” 

“I very much believe in price discrimination- that some people can afford a higher price, and some people can afford a lower price.”

From his unique business approach to his success in the sustainable investing niche, Tim Nash offers insights backed by years operating in the industry. Advisors at any career stage can benefit from learning from his expertise, along with hearing about the potential performance implications of cultivating a sustainable client portfolio.

Below, we will be discussing three key ideas from today’s episode: 

• How Tim Breaks Down Sustainable Investing 
• Expected Returns in Sustainable Investing
• How Tim Structures his Business to Serve People from All Walks of Life 

To listen to the full episode, find us on iTunes or Stitcher, or listen with the link at the top of this page. 

<...

What’s the best way to offer financial advice to business-minded clients? For starters, it helps to be clear on what it means to be a business owner yourself. Today’s guest has taken serious steps to develop himself as an entrepreneur, which helps him work with his own clients, most of whom are business owners. 

Dustin Serviss of Serviss Wealth Management has been featured as the number 1 Top 40 Under 40 leader in 2014 by the Kelowna Chamber of Commerce. In 2017, Serviss Wealth Management was awarded the Top 10 Wealth Builder Award by its previous investment dealer (consisting of over 800 advisors). Serviss Wealth Management was also voted one of the Top 3 Micro Businesses in Kelowna by the Kelowna Chamber of Commerce in 2018.

Listen in to hear how Dustin helps business owners manage their wealth – and their businesses. 

What You’ll Learn in This Episode: 

• How Dustin went from day trading as an engineer to running a successful practice (4:10)
• Dustin’s unique approach to leadership (11:25)
• Three lessons learned from working with a business consultant (20:20)
• How Dustin leverages what he learns from his clients to offer even more value through consulting (28:15)
• Why ongoing learning is critical to business success (33:35)
• Overcoming the grind of the first few years in business (36:35) 

Links and Resources: 

Serviss Wealth Management 

Quotes by Dustin Serviss:  

“Now when we are going and talking to clients, we are talking on a level that is business-minded first, financial planning second.” 

“When you’re exposed to bigger stuff you realize that other people think differently than you do.”

“As entrepreneurs, we have a lot of good ideas and we have even more great ideas… And before you know it, you’ve got so many things to do, so many processes, so many touchpoints, so many this, so many that.”

Serving business owners and lawyers, Serviss Wealth Management is a powerhouse of an independent financial planning firm. Acting as the quarterback (as he puts it) for his clients’ financial affairs, and taking his own entrepreneurship very seriously, Dustin has a lot to share about the business side of financial planning.

Below, we’re sharing three key ideas from this episode:

• Three lessons learned from working with a business consultant
• Dustin’s unique approach to leadership
• Why ongoing learning is critical to business success

Two years ago, Dustin decided that he wanted to rewrite his business plan. And he certainly didn’t do it half way.

...

For many families, the wealth-building process is one that crosses several generations. It’s just not always easy to keep everyone on the same page. However, the benefits of building on family values and past lessons is a huge advantage that family businesses can tap into.

Jamie Townsend is an advisor who recently completed his designation in the Family Enterprise Advisor (FEA) program, which focuses on helping families manage their greatest asset through continuity. Jamie works with business owners and professionals to help simplify their financial lives. He was recently recognized by Wealth Professional Magazine for his work as a Top 50 Advisor in Canada.

Listen in to hear what Jamie has to say about the challenges that family businesses face, the best ways to help, and the part of financial advising where shortcuts just won’t cut it. 

What You’ll Learn in This Episode: 

• Why Jamie got the FEA designation and how it has served him (2:35)
• What it’s like being in business with a parent (5:45)
• Insights gained from serving multiple generations of families (9:25)
• Why success is never a finite state (14:55)
• Why Jamie accepts new clients by referral only (17:35)
• How financial information is different from financial knowledge (24:10)
• Jamie’s advice for new advisors (26:35) 

Links and Resources:

Lawton Partners Wealth Management 

Quotes by Jamie Townsend: 

“We are able to have an incredible impact on people when it matters most.” 

“If you think about this conversation in terms of generations, you have the next generation coming up with their own energy, their own ideas, their own goals. And sometimes those align perfectly with the generation above, and sometimes they’re completely different.” 

“When you spend time with someone, if they’re ultimately going to work with you, they need to get to know you, they need to like you, and then eventually they start to trust you.”

Jamie Townsend is well-versed in family business. Not only does he run a practice with his dad, but also between the two of them, they’ve worked with some families over as many as four generations. Don’t miss out on learning from his unique perspective. 

Below, we’re sharing three key ideas from this episode:

• Insights gained from serving multiple generations of families
• Why success is never a finite state
• Why Jamie accepts new clients by referral only

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link abo...

How does charitable giving factor into wealth management? How can you help your clients pursue their charitable goals and earn great financial returns? Today’s guest has mastered helping clients balance their finances with their values—something that most financial advisors aren’t doing because they’re not taking the time to even understand their clients’ goals.

Ryan Fraser is a nationally known Planned Giving expert. His firm, Quiet Legacy, helps individuals incorporate their personal values into their financial planning experience. Ryan is a past president of the Estate Planner Council of London and a past chair of the Canadian Association of Gift Planners (CAGP) London Roundtable. He has served extensively in leadership positions on boards and committees of numerous not-for-profit organizations including the Brain Tumour Foundation of Canada, London Heritage Council, Trillium Plus Music and Letters and many others.

Listen in to hear what Ryan has to say about how his firm serves clients, how to balance personal values with financial returns, and what is most misunderstood about charitable giving.

What You’ll Learn in This Episode::

• Why Ryan’s firm focuses so much effort on helping charities (3:15)
• Niching down by purpose and outlook—rather than demographic (6:10)
• Ryan’s top tools and strategies for prioritizing clients’ values (19:00)
• The major challenge around balancing values with returns (29:00)
• Why and how you should calculate the cost of serving your clients (39:50)
• What people misunderstand about charitable giving (45:55)

Links and Resources:

Quiet Legacy Planning Group

Canadian Association of Gift Planners (CAGP)

CAGP Conference

Ted Talk: The Way We Think About Charity is Dead Wrong (Dan Pallotta)

Quotes by Ryan Fraser:

“Before we have the numbers conversation, we’ve had some really deep conversations about what are the motivating factors in their lives and what are the things in their past that led these values to be really strong for them.”

“The thought that the most important thing to a client wasn’t the return is not something our industry ever contemplates.”

“I like to joke that my underlying business plan is I don’t want to deal with jerks.”

For some time now, Ryan’s career has been partly in the not-for-profit world and partly in financial services. His current practice, Quiet Legacy, is the perfect blend of the two: about 30% of his firm’s time is spent working with charities, including audits of their charitably owned life insurance policies, and talks on planned giving for their donors amongst other services. The other 70% is helping individuals with wealth management, in...

Compliance has a bad rap in the financial services industry, but today’s guest has a unique perspective. Now a compliance officer, he actually started his career in the financial services industry as an advisor, so he understands exactly how compliance affects—and can even improve—your business. He’s also passionate about helping advisors run their own independent practices while staying compliant. 

Joining the podcast today is Eric Wachtel. Eric is the national chief compliance officer for IDC WIN where he is responsible for maintaining and strengthening IDC WIN’s compliance programs and initiatives. He has 24 years of experience in the life insurance industry and has worked steadily to build IDC WIN’s compliance programs while maintaining a pro-business environment.

Eric is also the compliance chair of Legislative Affairs for the Canadian Association of Independent Life Brokerage Agencies (CAILBA) where he participates in numerous insurance industry working groups and committees which help shape the direction of compliance in the life insurance industry. 

What You’ll Learn in This Episode: 

• What fair treatment of consumers means and why it’s becoming so important (3:55)
• What exactly you need to do to be compliant (11:00)
• How templates can make compliance a lot easier—but they don’t do the work for you (17:10)
• How good compliance is good for business (33:05)
• Why Eric is excited about how the insurance industry is handling compliance lately (39:15)
• Why it’s critical to have the right support when it comes to compliance (41:10) 

Links and Resources: 

Email Eric

Call Eric at: 905-366-3866 EXT#3228 

Quotes by Eric Wachtel:

“Good compliance equals good production and good service to consumers.”

“I tell advisors to resist the temptation to take your template, customize it, get it done, then throw it in a drawer and don’t look at it for a year. Because that is a pitfall.”

“Compliance these days is synonymous with professionalism.”

Historically, there has been a lot of angst around compliance because advisors haven’t been clear on what exactly they have to do. That’s because insurance compliance is principles-based (rather than rules-based like securities), which can lead to ambiguity and uncertainty. But Eric is here to share the exact steps you need to take to be compliant and have peace of mind.

Hint: If you’d like to hear more about compliance in wealth management, listen to our episode with Jamie List where he explains how high service standards make compliance a cinch.

The conflicts of interest within embedded compensation models are well known, but how can you actually get away from it and maintain a stable and comfortable revenue stream? Today’s guest mastered his business’ transition to a fee-based model, and he’s on a mission to share what he’s learned with other advisors. 

Adam Chapman is a native of London, Ontario, where his practice is currently located. He completed his B.ACS at Western University, back when it was UWO, and has added his CFP and CLU designations since starting his business back in 2005.

Adam focuses on retirees and people who are about to retire. He's paired this niche audience with a business model that has him focused on switching his services over to an almost exclusively fee-based and fee-for-service offering in the next one to two years. 

What You’ll Learn in This Episode: 

• Why a young advisor like Adam is the perfect fit to work with retirees (3:45)
• Adam’s transition to a fee-based practice (7:10)
• Adam’s process for wealth management (17:15)
• The psychology behind transitioning to retirement (22:00)
• Why Adam has left behind the transactional model of financial planning (26:20)
• 3 compensation mistakes Adam sees other advisors making (34:05)
• How the delivery of financial advice is evolving in Canada (42:50) 

Links and Resources: 

Email Adam 

Quotes by Adam Chapman: 

“It didn’t seem fair that I have to take a pay cut just to do what’s right for the client.” 

“That fear of running out is what prevents people from using the money.” 

“If we can help clients step out of their comfort zone a couple times in retirement and do something they never thought they could ever do, that’s phenomenally motivating and powerful for me.”

Over the last three years, Adam has entirely switched his practice over to being 100% fee-based. This unique experience, along with his insight into the psychology of retirement, has brought advisors to him asking for advice about running their own fee-based practices; today, he’s sharing these insights with you.

Below, we’re covering three key ideas from this episode:

• Transitioning to a fee-based practice

• 3 compensation mistakes Adam sees other advisors making

• The psychology behind transitioning to retirement

About five years ago, Adam became frustrated with his commission-based compensation. Since he works with retirees, he was helping clients take money out

Estate planning can cause rising tensions within a family. It’s not necessarily that people don’t know what needs to be done (though that can be an issue, too); it’s that the decisions are emotional and often difficult to think about.

So how can you make the process as painless as possible for your clients and help them start the conversations that will make things easier for them and their families down the road? This is what today’s guest, Bill Green, tackles in today’s episode.

Bill is a Certified Financial Planner, Financial Management Advisor, and Chartered Financial Divorce Specialist. With over 29 years of experience in the industry, he holds his Chartered Investment Manager designation and is a member of the Nazrudin project, an international advisory think-tank. Bill is the author of two books and now works as a fee-only financial planner on an hourly basis, largely offering second opinions and financial plans for other advisors’ clients.

What You’ll Learn in This Episode:

• The biggest mistake people make in tax and estate planning (6:55)
• Bill’s response to the idea that working with a financial planner is too expensive (10:50)
• How Bill helps his clients involve their families in the estate planning process (12:35)
• Strategically using charitable donations (18:15)
• How Bill successfully combats misinformation about personal finance (22:10)
• Why Bill believes mentorship is critical to both new and experienced advisors (31:10)

Links and Resources:

Bill Green

The Success Tax Shuffle

I Am… Three Little Words from A to Z

“Just because something worked for somebody doesn’t mean it will work for you.”

“We are stewards for our economy and stewards for the people out there who aren’t as fortunate as some other people, and I think that the people that have the money should share with the charities that are out there.”

“We all go to school and get an education, but they teach us how to get a job. They don’t teach us how to manage money.”

With nearly 30 years of experience in the financial services industry, Bill has the experience — and plenty of great anecdotes — to help dig into estate planning and the joys of pure financial planning.

Below, we’re sharing three key ideas from this episode:

• The biggest mistake people make in tax and estate planning

• How Bill successfully combats misinformation

• Using charitable donations strategically

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link ab...

The vast majority of consumers, other than those in the high net worth segment, will only ever know about investing in the public market. However, alternative investments can diversify a portfolio and help it withstand typical volatilities. Today’s guest explains how and why she decided to make private investments available to all of her clients.

Janea graduated from the University of Saskatchewan with a degree in Marketing, then decided to start her own financial advisory firm in 2008. She started as a personal financial advisor offering independent insurance and investment product, but after obtaining her CFP in 2012, she decided to drop her mutual funds license and become a private wealth advisor with Raintree Financial Solutions.

Janea is listed as a top advisor within her investment dealer and her managing general agency, she has been nominated for the Women in Wealth Management Young Gun of the Year Award, and received the Saskatchewan Award of Merit for Business Leadership in 2016.

What You’ll Learn in This Episode:

• Why Janea decided to drop her mutual funds license (3:40)
• The reason Janea always focuses on cash-flow first (12:10)
• The tools Janea uses to serve her clients (18:40)
• How the former marketing student markets her business today (21:05)
• Janea’s unique approach to compensation (23:50)
• The most difficult aspect of offering alternative investments (25:10)
• Why Janea recommends new advisors grow their book of business organically (32:00)
• The place Janea sees for alternative investments within the evolution of the financial services industry (33:45)

Links and Resources:

Janae Dieno

Brightrock Financial

Finding the Money to Fund Financial Planning Webinar Registration

Quotes by Janea:

“All my friends are, you know, buying gas and cigarettes and trying to get booze and I’m opening an RRSP. Ok, sounds good.”

“You really have to go through... educating them on the fact that investments don’t just end with stocks, mutual funds, bonds, and GICs. There’s a whole other world out there of investments.”

“If you’re willing to kind of pull up your socks and do a little bit of hard work in the beginning, growing your book organically I think has so much more meaning because then you really get to work with the clients you want to work with.”

Janea Dieno always had an interest in finance — first from listening to her father and uncle talk about it at the kitchen table, and then at the age of 16 when her uncle helped her open her first RRSP account. She’s now owned her own practice for 11 years, and considering that she’s “never done anything easy in [her] life,” she has a lot of lessons to share...

Working well with other professionals is critical to helping your clients and growing your financial advisory practice. But how can you earn the trust and respect of specialists in other fields? Today’s guest will give you practical advice for working effectively with both your clients and other professionals for the benefit of everyone involved.

Jamie Robb is the Principal and Senior Wealth Advisor at FIDUCIA Wealth Management. Since he began his career in 1999, Jamie has worked with Canadian business owners and families to help them successfully manage their wealth. He’s also an expert at working with other professionals and acting as the cohesive force that brings their knowledge together to help his clients achieve their vision of financial success.

Listen in to the episode to hear how Jamie manages relationships with clients and other professionals, how he helps his clients decide what financial success means for them in the first place, and how he managed to build a successful business as an independent wealth advisor.

What You’ll Learn in This Episode:

• How Jamie went from working in a nickel smelter to running a successful financial advisory practice (4:20)
• The importance of having a philosophy for financial decision-making (10:00)
• Jamie’s value-first approach for working with clients (15:45)
• Why Jamie doesn’t believe in niching down (23:35)
• Working effectively with other professionals (28:10)
• The mantra Jamie feels has brought him success (36:50)
• The major gap in the value proposition of robo-advisors (43:00)
• Jamie’s mission to make sure everyone he knows has an up-to-date will (50:25)

Links and Resources:

Jamie Robb

Jamie on Twitter

FIDUCIA Wealth Management

Willing Wisdom Index

Quotes by Jamie:

“When we have specialization, it really falls to the client, the end user, to be the general contractor who’s directing all these people building the house.”

“The only way you’re going to be a long-term client for me is if you really trust me and if you trust that I can deliver value for you.”

“If you just do the right things over and over again, eventually the right things will happen.”

Having spent 20 years in the business and holding seven different professional designations, Jamie has a lot of experience to draw from to help us understand more about the financial advisory business.

Below, we’re...

How much have you thought about marketing your practice? Do you have a plan for finding potential clients, building trust with them, and retaining them? Maybe you’ve resisted because you think a marketing plan is unimportant, takes a lot of time, and costs a lot of money.

Today’s guest not only understands why a marketing plan is critical to your business’ success, but he also has a simple framework for a 1-page marketing plan that you can create quickly and easily.

Joining the podcast today is Allan Dib. Allan is a serial entrepreneur, rebellious marketer, and best-selling author. Over the course of his career, Allan has founded and grown businesses across several industries, including IT and telecommunications.

His book, The 1-Page Marketing Plan, offers a simple, fast, and reliable way to implement a marketing plan that works for your business. Listen in to hear how the plan can work for you, a simple question to help you to identify your ideal target market, and how you can differentiate yourself from your competitors.

What You’ll Learn in This Episode:

• Why Allan wrote The 1-Page Marketing Plan (5:25)
• How the 1-page marketing plan works (8:05)
• The “Before” phase: Finding and reaching your target market (10:15)
• The “During” phase: Building trust with potential clients (19:00)
• The “After” phase: Why marketing doesn’t end when you get the client (30:25)
• The #1 mistake that small business owners make (39:40)
• What you might not know about successfully implementing your marketing plan (44:00)

Links and Resources:

Allan Dib

The 1-Page Marketing Plan: Get New Customers, Make More Money, And Stand Out From The Crowd

Successwise on Facebook

Download The 1-Page Marketing Plan Canvas for Free

Quotes by Allan:

“If you only ever got paid for getting results, who would you work with?”

“When your target market sees your ad or sees a message from you, you want the reaction from them to be, ‘Hey, that’s for me.’”

“You’re in the business of marketing financial services. You’re not in the business of just doing financ...

Everyone wants to build wealth for their family, but so many investment portfolios have nothing to do with clients’ lives and the goals they are trying to achieve. Too often, advisors just sell financial products without looking at the actual needs of their clients. Today’s guest is an expert in creating a good financial planning foundation for his clients’ investments.

Gregg Filmon is the President of Value Partners Investments, one of Canada’s fastest-growing financial firms. Gregg works side by side with his clients, helping them build wealth to finance their dreams for the future. Value Partners Investments has already created over $820 million in investment gains for families across Canada. Listen to the episode to hear Gregg’s insights about the critical importance of planning and how he leverages second opinions to bring in new clients.

What You’ll Learn in This Episode:

• Why Gregg’s firm’s structure is so unique (1:10)
• What goes wrong for families who are trying to build wealth — it actually has very little to do with money (9:05)
• Where Gregg starts the planning process with clients (11:20)
• Why investors need to develop an ownership mentality (12:10)
• Why good investment advice starts with good planning (23:40)
• Gregg’s foundations for building a successful business (28:00)
• How Gregg recommends new advisors get into the business today (35:50)
• Why Gregg is becoming an expert in offering second opinions (39:05)

Links and Resources:

Gregg Filmon

Value Partners Investments

Quotes by Gregg:

“We fundamentally believe that the financial decisions that people make in their lives should reflect their values. It should reflect who they are and what they’re trying to accomplish.”

“We’re going to change their lives by helping them make the most of their life’s work.”

“I could make the argument that you should not be investing anybody’s money until you understand specifically what the money is intended for.”

Owned and operated by independent financial advisors across Canada, Value Partners Investments is a great example of a firm that centers financial planning in everything they do. As the president, Gregg has a unique view of how critical this is both for clients and for the company’s sustainability.

Below, we’re sharing three key ideas from this episode:

• Why good investment advice starts with good planning
• Gregg’s foundations for building a successful business
• Why Gregg is becoming an expert in offering second opinions
  

Sometimes, you may encounter an idea or opportunity that hasn’t yet been adopted by the mainstream, but you just know that it makes sense. Having the vision to know when something makes sense for your practice or your clients even though it isn’t yet mainstream in your field is a quality that can separate the average advisors from the exceptional ones. Today’s guest – an early adopter of ETFs – has insights to share about the importance of knowing when to swim against the tide. 

Keith Matthews is a Partner and Portfolio Manager at Tulett, Matthews & Associates. He has an MBA from the Richard Ivey School of Business and is a Chartered Investment Manager. For close to 25 years, Keith has been working with his clients to deliver leading-edge wealth management strategies to help his clients reach their long-term goals. Listen to the episode to hear Keith talk about why he decided to become an advisor, what attracted Keith to ETFs in the early days, and how clients respond to Keith’s book, The Empowered Investor.

Topics Discussed in This Episode: 

• Why Keith decided to become an advisor (3:22)
• What attracted Keith to ETFs early on (5:57)
• How Keith approaches advising and serving his clients (12:08)
• Why doing taxes for clients gives you an edge (15:53)
• The role of Keith’s book in the client acquisition process (21:17)
• How Keith leverages software at his practice (32:11)
• Advice for new advisors (40:11)

Tulett, Matthews & Associates

The Empowered Investor

“All of the early advisors that were doing this knew it made sense, knew it was the right thing, knew it was very friendly for clients.” 

“The idea of at least understanding tax sensitivities is huge for an advisor, and it’s a huge value-add for clients.” 

“If a client buys into all the following things and wants to have the sort of comprehensive approach that we’re dealing with, wants to be engaged, is serious, wants to see themselves reach their goals, and subscribes to the investment approach, then I think we’ve got a really nice connection.”

With an expansive career in the industry, Keith has become an expert on ETFs and passively managed strategies. His knowledge and experience can help you evaluate your processes, no matter what career stage you are in. 

Below, we’re discussing three key ideas from today’s episode: 

• How Keith Pioneered the use of ETFs 
• How to Set Up Clients for Success with a Thorough Onboarding Process
• Keith’s Advice for New Advisors

You’re a pro at helping clients handle change in their financial plans, but how can you navigate major transitions in your own business? As an entrepreneur and advisor, you have to continue to give clients excellent service even during times of change; today’s guest is very familiar with this professional challenge.

Jim Greenwood is a Managing Partner at Blue Sky Lasting Wealth. A CFP with 25 years of experience, he most recently transitioned to IPC Securities and founded BlueSky Lasting Wealth. Listen to the episode to hear what Jim has to say about managing changes — both in your career and in the industry.

What You’ll Learn in This Episode:

• How Jim is handling major changes to his business (1:25)
• How Jim got into wealth management — and how the landscape is different today (4:10)
• Meeting high service standards with amazing communication (7:00)
• Approaching transition and succession plans (13:40)
• How a financial plan is like a marathon (16:05)
• The most difficult aspect of advising clients — and how to overcome it (19:50)
• Combatting clients’ number one concern about referring you to their friends (24:10)

Links and Resources:

Jim Greenwood

Blue Sky Lasting Wealth

Quotes by Jim:

“Our clients recognize the need for professionals or specialists in all areas of their life – doctors, accountants, mechanics, you name it – and we are that person for them when it comes to their financial situation.”

“I didn’t necessarily identify exactly what I wanted to do, but I knew what I didn’t want to do, and that was be in some sort of unionized or corporate situation where all of the hard work I do wouldn’t really be reflected in my level of success.”

“I think too many people who might want to call themselves entrepreneurs or businesspeople are afraid to take chances.”

Jim not only has 25 years of experience in the business — he is also in the thick of some major changes in his practice, including moving to a new office, transitioning to serve more and more high net worth clients, and working with another advisor on a succession plan. Today he’s sharing his advice for keeping your clients happy while navigating major transitions in your business.

Below, we’re sharing three key ideas from this episode:

• How Jim got into wealth management — and how the landscape is different today
• Prioritizing values during a succession
• Meeting high service standards with amazing communication

For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link abov...

You can promise a lot as a financial advisor, but do you always provide the value your clients are paying for? Today’s guest, Dean Trudeau, thinks the key is as simple as setting out clear expectations ‒ and then making sure you meet them.

A Certified Financial Planner, Dean began his career in the financial services industry in 1987. Over the years, he has served as Principal of Horizon Financial Services, Sales Manager of Manulife Financial/Manulife Securities, and District Vice President of RBC Global Asset Management. His firm, OPES Wealth Management, is a boutique wealth management firm that caters to business owners and professionals.

Listen to the episode to hear what Dean has to say about providing value to clients by always delivering on what you promise.

What You’ll Learn in This Episode:

• Dean’s 3-step process for providing integrated advice (5:50)
• How Dean makes sure his services are worth the fees (9:20)
• How Dean identified his sweet spot of 125 clients (15:55)
• Applying Investment Planning Counsel’s Total Client Experience in the field (20:20)
• How Dean’s practice is moving toward a family office structure offering a lifestyle concierge service (23:45)
• Planning social events to engage with prospects (29:20)
• The emerging 3-tiered financial advice system (35:15)

Links and Resources:

Dean Trudeau

The OPES Wealth Management

Quotes by Dean:

“I love when we put a plan together and people share their goals and dreams with me, and we’re able to find out where they are, figure out where they want to go, and then put a great plan in place and have it get there.”

“Everybody pays fees. And we want to make sure that they get the value of the fees they’re paying.”

“Most advisors actually don’t do that. They don’t create a plan, they don’t follow the plan, and they don’t update the plan.”

It’s Dean’s passion for delivering on promises that has made his practice so successful, and he’s here to share his insights with you.

Below, we’re sharing three key ideas from this episode:

• How Dean makes sure his services are worth the fees
• How Dean identified his sweet spot of 125 clients
• Planning social events to engage with prospects
  
  

For the rest of the episode, find the podcast on iTunes or Stitcher, or click the link above.

Dean suspects there are advisors who don’t necessarily earn the high fees that they charge.

When it comes to building a successful wealth advisory business, most advisors have the planning and one-on-one relationship side down pat. But what they’re often missing is the business know-how and the ability to systematically build a great client experience. Today’s guest has not only done this as a successful advisor himself; he’s also dedicated his career to helping other advisors build better businesses.

Chris Reynolds is the Co-Founder, President, and CEO of Investment Planning Counsel. With over 25 years of experience in the business, he uses his knowledge and skills to work one-on-one time with advisors, helping them improve their businesses. Under his leadership, IPC has become one of the fastest-growing wealth management companies in Canada.

Listen to today’s episode to learn from Chris about what advisors can learn from Disney, simple steps that can make a big difference in your business growth, and new opportunities in the sudden money segment.

What You’ll Learn in This Episode:

• Why wealth management is as important as healthcare (5:10)
• IPC’s Total Client Experience system and what it borrows from Disney (6:55)
• Four factors that will make the biggest difference in client experience (15:45)
• How financial advisors can improve the digital experience to stay relevant (19:45)
• The simple change that helped one advisor grow his business by 33% in one year (28:15)
• Why commodified offerings like best returns or lowest fees are a bad idea (30:15)
• Where the biggest opportunities for advisors are right now (32:00)

Links and Resources:

Chris Reynolds

Investment Planning Counsel

Quotes by Chris:

“Well, my personal view is wealth management and financial planning is one of the most critical services that can be provided to consumers.”

“What makes a business great is the experience a client has with that business.”

“You’re supposed to give great advice to clients, but if you can combine that great advice with a great experience, that’s what puts you ahead of everyone else.”

Chris has spent a lot of time figuring out how Canada’s best financial advisors ‒ and indeed, the world’s top companies ‒ set themselves apart. At IPC, he has developed systematized processes to help advisors grow their business by creating an unbeatable client experience.

Below, we’re sharing three key ideas from the show:

• Four factors that will make the biggest difference in client experience
• The simple change that helped one advisor grow his business by 33% in one year
• Where the biggest o...

An effective financial advisor does more than help their clients prepare for their own futures: they also help them allocate their assets in accordance with their values. Today’s guest is here to share how he helps his clients live by their values, from setting their goals to planning their estates.

Sterling Rempel has more than 30 years of experience in the financial services industry. Twenty years ago, he founded his own independent financial planning firm, Future Values Estate & Financial Planning, where he serves as the principal advisor.

Sterling is a Certified Financial Planner, holds the distinction “Fellow of FPSC” and is a two-time finalist in the PlanPlus Canada Financial Planning Awards. Listen to the episode to hear what he has to say about estate planning practices, the importance of education for bringing in new clients, and more.

What You’ll Learn in This Episode:

• What planners get wrong about the financial planning process (7:05)
• The three questions to address in estate planning (10:50)
• Sterling’s transition from mutual fund dealer to securities dealer (18:15)
• How Sterling has evolved his methods for finding new clients and leads (23:25)
• Sterling’s “fee-agnostic approach” to pricing (25:55)
• The ongoing opportunity for advisors in an increasingly tech-driven industry (29:55)
• Why successful advisors are never satisfied (33:10)

Links and Resources:

Sterling Rempel

Future Values

Quotes by Sterling:

“Estate planning is more than the tax and the charitable giving; it is how to transition that wealth to the next generation most effectively.”

“I find that clients aren’t as hung up on the nature of the compensation, more so they just want to understand it.”

“We as an industry have to do a better job of identifying that financial planning is a valid exercise no matter what a person’s financial net worth statement says.”

Celebrating 20 years as an independent financial advisor this year, Sterling Rempel jokes that he thinks he “might survive in this industry at this point.” Far more than surviving, he’s built a successful business doing what he loves and helping people feel confident in their financial future and the legacy they’ll leave behind.

Below, we’re sharing three key ideas from Sterling:

• The first step of financial planning: How Sterling identifies values and goals

• Three critical questions to address in estate planning

• What Sterling wishes he knew about transitioning from mutual fund dealer to securities dealer
  

For the rest of the episode, find the podcast on iTunes or Stitcher, or click the link above.

Growing your advisory practice is certainly challenging, but there are some clear differences that separate out the most successful advisors from everyone else. Today’s guest is an expert in how advisors  rise to the top, as he spends his time developing tools, resources, and training for advisors, focusing on client relationships.

Chris Paterson is the National Director of Sales Development for Ivari. He’s worked in the industry since 1995 and has many years of experience working in advisor support roles. He worked with one of North America’s largest financial services organizations where he led a multi-channel national wholesaling team of 30 specialists that doubled the number of advisors selling living benefits insurance from 7,000 to 14,000 over two years.

He’s also been an advisor, consulted in the private wealth management industry, and has been an advanced case consultant for high-end financial professionals. Listen to the episode to hear Chris’ thoughts about what separates the most successful advisors from the rest, whether you should implement financial planning into your service offerings, and how to best market yourself online.

What You’ll Learn in This Episode:

• How the most successful advisors rise to the top (3:05)
• How you should be thinking about financial planning in your business (11:30)
• Common advisor misunderstandings about financial plans (16:55)
• How you can leverage stories and research to show the value of financial planning to clients (20:45)
• The 3 tech must-haves in 2019 (23:45)
• Online marketing best practices (28:00)
• 3 key opportunities in Canada’s evolving financial services industry (34:10)

Links and Resources:

Chris Paterson

Ivari

Quotes by Chris:

“It seems all too often that many advisors, when you ask them what their business plan is… they say ‘I want to grow by 10%.’ And that’s barely a goal, and it certainly isn’t a plan.”

“People can’t expect that there’s a magical potion called the internet that then people are going to come on and ask to buy product from... It’s just a destination ‒ they have to help people get there and then interact with them.”

“What is your changing lives forever number? What is the impact you have for your clients in your community?”

With a proven track record of helping advisors grow their businesses, Chris Paterson can help you grow your practice with simple, actionable advice. Today, he’s sharing the importance of a solid business plan, how you can leverage technology to grow your business, and more.

Below, we’re sharing three key ideas from the show:

• How the most successful advisors rise to th...

Building and managing a successful financial investment firm is easier said than done, but today’s guest has the experience and actionable tips to help you do it. Tom Bradley, president and co-founder of Steadyhand Investment Funds, joins the podcast today to tell us how his firm differentiates itself among other investment management firms by committing to radical transparency and always working in the best interest of the client.

In addition to being President and Co-founder, Tom is a director and shareholder of the firm. He holds a Bachelor of Commerce degree from the University of Manitoba and an MBA from the Richard Ivey School of Business. Prior to founding Steadyhand, Tom worked first as an equity analyst at Richardson Greenshields, then at Phillips, Hager & North as a research analyst and institutional portfolio manager. While at Phillips, Hager & North, Tom eventually became the COO and later president and CEO before resigning in 2005. All told, he has more than 30 years of experience in the investment industry. Listen to today’s episode to hear why Steadyhand’s long-term clients see their fees decrease over the years, why Steadyhand is so transparent about co-investing, and how his firm helps clients who need financial planning.

What You’ll Learn in This Episode:

• What prompted Tom to resign as the leader of one of the largest asset management firms in Canada to start Steadyhand (5:00)
• Tom’s investment philosophy of undexing (6:20)
• Steadyhand’s unusual pricing model ‒ why long-term clients pay less (8:40)
• Gaining trust through transparency and co-investing (13:05)
• How Steadyhand partners with financial planners… and whether you’re a good fit to work with them (14:45)
• What investors misunderstand about the market and how you can help manage their behaviour (20:45)
• How Steadyhand differentiates itself in a world where banks are king (26:10)

Links and Resources:

Steadyhand

10 Years Wiser

Quotes by Tom:

“I really do believe that behavior – investor behavior – is the most important variable in returns.”

“As much as I was well-known in the institutional world ‒ I had more of a brand there ‒ I just felt that there was such an opportunity to make a difference.”

“I’m sure many of your listeners think it’s heresy, but the reality is, a client that’s been with us five years does not cost us as much to service, and we tell them that up front.”

An experienced, successful and well-respected voice in the financial services industry, Tom Bradley has important and unexpected tips for running your business. Today, he’s sharing his thoughts on partnering with financial planners, managing investor behaviour, and more.

Below, we’ll take you through three key ideas from the show:

More education can give you more prestige as a financial advisor, but even more importantly, it gives you the knowledge and skills to better meet your clients’ needs. But what’s the best way to gain these skills? When is the right time to pursue additional designations? And how will the recently announced changes to designations affect your education opportunities?

Today’s guest can help you answer all of these questions. Jason Watt is the CEO and a full-time instructor at Business Career College, delivering web-based training to students across Canada who are in pursuit of their certifications. Jason has been at Business Career College since 2006 after 14 years serving in the Canadian Armed Forces. He also spends time providing pro bono financial planning services to disadvantaged populations. In today’s episode, you’ll hear what Jason has to say about the cost and time investments you’ll need to make to earn a CFP designation, how you can get more from your continuing education, and how to pick the best business model for your practice.

What You’ll Learn in This Episode:

• The best time to start pursuing designations (6:45)
• Two things the most successful students have in common (11:30)
• What to prioritize when considering continuing education (15:00)
• How changes in designations will affect the industry (17:20)
• Why some people think they don’t need to continue learning ‒ and why they’re wrong (19:20)
• How you can earn CFP Continuing Education credits by listening to a podcast (22:45)
• The different advising models Jason has seen work (26:20)
• Why it’s important to plan out your education (35:05)

Links and Resources:

Jason Watt

Business Career College

CE Drive With Jason Watt

Business Career College YouTube Channel

Quotes by Jason:

“Even if you’re in a fee-based or fee-only model, I think this is largely true: your first responsibility has to be to build a business.”

“If you feel like you’ve learned everything, that there’s nothing more for you to accomplish, then you’re going to be frustrated in class.”

“I would really love to see people plan out their education the same way that they help their clients to plan for retirement.”

Jason Watt has worked with many financial planners and advisors over the years as an instructor, and today he’s sharing why you should plan for your education just as you encourage your clients to plan their finances. Below, we’ll take you through three key points from the show:

• Why it’s important to plan o...

The comprehensive services offered by family offices have traditionally only been available to high-net-worth individuals. But today’s guest, Marc Lamontagne, was determined to offer full-service fee-based financial planning to the emerging affluent ‒ folks who may not be millionaires yet but who have some investable assets built up. In this episode, you’ll hear how he built an accessible yet profitable family office practice into Ottawa's largest fee-based financial planning firm.

Marc is a founding partner of Ryan Lamontagne Inc. He specializes in comprehensive financial planning, investment counseling, and tax planning. Marc has also delivered numerous seminars and workshops across Canada. He’s a recognized expert in the field and has appeared in publications such as the Globe & Mail, the Financial Post, CBC, Ottawa Citizen, Toronto Star, CTV Morning Live, and MoneySense magazine. Listen in to hear why he wanted to offer a comprehensive financial planning service that even includes tax preparation, how he gets clients to implement all the recommendations on his financial plan, and how he ensures his business is always growing.

What You’ll Learn in This Episode:

• Why Marc offers tax preparation as part of his financial planning offerings (4:00)
• Marc’s trick for getting clients to implement his recommendations (7:25)
• How a financial plan is like a new car (12:45)
• What people often misunderstand about fiduciaries and financial planning (14:20)
• The unexpected way Marc found his niche (20:35)
• Marc’s multi-pronged approach to marketing (23:50)
• The two questions Marc asks himself to help him reinvent and grow his business (29:30)
• How recent changes to the FPSC will impact the industry (31:55)
  

Links and Resources:

Ryan Lamontagne Inc.

Quotes by Marc:

“One of the things I always tell clients is that the implementation process is just as important as the planning process because all the planning in the world isn’t going to do you any good unless you implement it.”

“I always used to joke that a financial plan is kind of like a new car: it loses about 20% of its value the minute you drive off the lot because as you know, over time, your financial situation may change, your life may change, your goals change.”

“Sometimes what you have to do is look around you and say is there some sort of structure that's preventing me from expanding my business? Because if a business isn’t growing, it’s dying.”

Marc’s mission with Ryan Lamontagne Inc. was always to offer as much as possible to his clients in one place so that they wouldn’t need to seek out teams of people to help them with their finances. T...

Because many people mistakenly believe their money is safer with big banks than with independent financial planners, it’s important to show clients the benefits of a more personal touch. Today’s guests had a vision for differentiating themselves from bank-owned financial advisory firms. They saw a conflict of interest in a profit-obsessed industry and set about creating a practice that would remove that conflict and center the client experience.

Chris Rawles and Spencer Tilley are co-founders of RT Mosaic. Chris is a CFP, RFP and CIM and has 15 years of experience in the industry. In 2018, he was named a finalist for the "Multi-Service Advisor of the Year" award through Wealth Professional. Spencer, a CFP, RFP and CFA, has extensive experience in the areas of retirement analysis, tax minimization and corporate planning.

Together, Chris and Spencer strive to provide their clients with an unbiased wealth management experience. Listen to the episode to hear how they show clients the benefits that independent portfolio management and financial planning firms have over the big banks.

What You’ll Learn in this Episode:

• What unbiased wealth management means to Chris and Spencer (4:30)
• The value of screening clients (7:00)
• The best way to show clients the value of financial planning (12:00)
• What new advisors misunderstand about the industry (12:55)
• The four keys to a successful partnership (17:30)
• Getting to know your clients outside of the office (19:50)
• Preparing clients for inevitable market downturns (22:45)
• How Chris and Spencer want to help other advisors start their own practices (24:30)

Links and Resources:

RT Mosaic

Quotes from the Show:

“There’s an inherent conflict of interest in the industry from my perspective as far as third-party compensation, and so that was one of our core pillars ‒ removing that inherent conflict.” – Spencer Tilley

“Everyone’s unique and each engagement’s different, so that’s where the human element comes in to juggle everyone’s unique needs and what their goals are.” – Spencer Tilley

“Really, we want clients who are actually going to listen to us.” – Chris Rawles

Chris and Spencer have known each other for 25 years and have worked together for nearly a decade. In this episode, they share their expertise from running their boutique portfolio management and financial planning firm in downtown Calgary. Here, we’re highlighting three key ideas from the show:

• The value of screening cl...

When an individual seeks out financial advice, they want to know that their planner has more than just the expertise needed to help them with the numbers. They also want to know that they can be fully understood without being judged and that their advisor walks the talk and knows what it’s like to track and manage cash flow. Today’s guest understands that desire and believes in practicing what she preaches to her clients.

Diane Dekanic is a professional fee-only financial planner who’s been in the business for twenty-five years. Diane is the president of Financial Health Management Inc. and has extensive experience dealing with clients in a range of financial circumstances, including expatriates and clients who have been downsized or are retiring. She’s also provided more than 8,000 workshops to date.

What You’ll Learn in This Episode:

• What Diane’s financial planning process looks like for her clients ‒ and why it may not include a follow-up (5:40)
• The importance of helping clients solve their cash flow problems (12:50)
• The unconventional advice Diane gives her clients (20:20)
• How Diane sets her flat fees (34:20)
• The key to running a successful fee-for-service practice (37:50)
• How Diane walks her talk when it comes to cash flow management (40:40)
• Myths and misunderstandings about financial planning (44:00)
• Diane’s advice for managing the variable income of an independent financial planning business (47:50)

Links and Resources:

Financial Health Management

Email Diane at: ddekanic@fhminc.ab.ca

Quotes from Diane:

“The client is using a very different part of their brain than I’m using, and I have to understand what that part of their brain requires to have a satisfying life.”

“My philosophy and my experience say if we can keep the tax man off the dinner table, then we need a lot less money to retire on.”

“When you’re fee-for-service, you only have so many hours in a day that you can bill, and so you really have to work at innovative ways to keep your costs down.”

Over the last twenty-five years, Diane has worked with a wide range of clients ‒ corporations and private clients, executives, expatriates, soon-to-be-retirees, people who have just been laid off, and everyone in between. This episode is full of her advice for running your own practice, and below we’re sharing three highlights from the show:

• The importance of helping clients solve their cash flow problems
• The unconventional advice Diane gives her clients

People in different fields and with different types of learning styles think about finances in different ways. There is more than one right way to talk about finances and financial planning – the trick is finding the language that works for you and the language that can best speak to your segment of clients. And that’s what today’s guest is here to talk about.

Chris Enns is not just a financial planner – he’s also an opera singer. Over the last 10 years as a performing artist, he’s learned the hard way that ignoring money doesn’t really work. That’s why he founded Rags to Reasonable - an advice-only financial planning & money coaching firm that specializes in working with creatives and people with other non-traditional financial situations. Listen to today’s conversation to hear what Chris has to say about non-traditional financial planning, Chris’s biggest challenges and successes, and what it’s like to speak a different kind of financial language. 

• Who Chris’s firm usually serves (8:48)
• Chris’s strategies for coaching and planning (14:30)
• What happens after clients improve their financial stability (19:50)
• Using different financial language for different kinds of people (28:55)
• What things Chris believes have contributed to his success (31:37)
• The biggest challenges Chris is facing (35:37)
• Chris’s advice for financial planners (49:53)

Rags to Reasonable

“The truth is, the things that make people great artists, and really good at their craft, are the exact things that are going to make them good at their finances.”

“I think that one of the things we need to think about more in the financial space is that the answer cannot be that we talk about money in one way.”

“I have never had a real job in my life – I’ve worked for myself my entire life.”

Chris is using his performative background to portray a new type of story - a story of financial success for his clients. By helping his fellow artists rethink their ability to handle money, he has found success in the niche he has created to help those with unique financial situations. His experience in growing his advisory practice teaches businesses both young and old that customizing a client’s experience and solidifying a client/planner relationship is the key to maintaining success.

Below, we’re sharing three key ideas from this episode: 

• How to work with variable income clients
• How mentorship and financial independence helped Chris start his practice
• How to use relationship building as a client acquisition tactic in times of market instability

The biggest reason for clients to seek out financial advice is that they want clear answers to the big questions in their lives. This is especially true when the markets are volatile or take a downturn ‒ people usually have no idea what that might mean for their lives or their ability to retire. Today’s guest shows us that an effective and successful financial advisory practice must be based on demonstrating clear and measurable progress for clients.

David Christianson is the Portfolio Manager and Senior Vice-President of Christianson Wealth Advisors at National Bank Financial. He was named one of the top 50 financial advisors in Canada by Wealth Professional Magazine in 2014 and 2017. David has written a course for advisors called The Structure of the Client-Centered Practice, as well as a book called Managing the Bull – A No-Nonsense Approach to Personal Finance. In today’s episode, David talks about measuring client progress, what it means to build a client-centered practice, and what David thinks will happen in the future of the financial services industry.

What You’ll Learn in This Episode:

• How David qualifies clients in his onboarding process
• What it means to build a practice that focuses on clients’ needs
• How you can measure client progress and help keep them on track
• What David finds most challenging about advising clients
• How to battle clients’ biggest misconceptions about financial planning
• David’s predictions for the financial services industry over the next five to ten years
• David’s advice for people thinking of joining the industry
• The importance of finding great people to work with you

Links and Resources:

Christianson Wealth Advisors

David Christianson

David.Christianson@nbc.ca

Quotes from David:

“People really want clear answers. They want some certainty, and they want an honest appraisal of where they are and where they’re going.”

“When I was a fee for service advisor, people would come to us not knowing how they were doing on their investments, not knowing if they were going to be able to retire… we developed a process of monitoring and reporting on those investments for them even though we weren’t the investment broker.”

“Information is free now, but wisdom is not.”

In today’s episode, David draws on nearly forty years of experience in the financial services industry to share his invaluable strategies for giving c...

More and more activities that previously took place in person are happening online these days. But is it possible to be an effective financial advisor and build strong relationships with clients online? Today’s guest believes that it is, and he has the experience to back that up. David Dyck is a Certified Financial Planner and a Chartered Investment Manager. He joins the podcast today to talk about working at the Canadian robo-advisor service WealthBar.

David is a Financial Advisor, Portfolio Manager and Head of Client Services at WealthBar. David began his career in financial services with CIBC where he held a number of positions. He was awarded an Unsung Hero Award for his work helping clients and colleagues improve. In his current position at WealthBar, he works with clients all over the country and helps to develop technologies that will transform the financial advice industry.

Topics Discussed in This Episode:

• What brought David to WealthBar
• Why planning is an important focus at WealthBar
• How to help people understand the value of financial planning
• How to get clients engaged in the planning process
• How to make planning more accessible to clients
• How working with clients online increases trust
• Improving communication with clients, including the importance of timing and placement
• How advisors can work with WealthBar
• Combating the biggest risk to client success

Links and Resources:

David on LinkedIn

Meet David Dyck

WealthBar

Email David at David.Dyck@wealthbar.com

Quotes from David:

“I wanted to be somewhere where I felt my philosophy really aligned with the company’s.”

“We offer financial planning services to people who aren’t even clients yet.”

“I believe that working online and having phone calls with clients makes it easier to build trust than in person.”

Some financial advisors see robo-advisors as the enemy, but they don’t have to be. In today’s show, David shares what he’s learned as a Head of Client Services at WealthBar that can help you better run your financial advisory practice. Here, we’re sharing three highlights from the episode:

• Combating the biggest risk to client success
• The 2 main concerns clients have… and how to help overcome them
• Enhancing communication with your clients

Helping people improve their financial literacy and understand the best ways to use their money is a powerful way to help improve people’s lives. Often, the people who most need this kind of advice are those who are least able to afford financial planning services, or who are in demographics that may be ignored by traditional financial planners. Today’s guest is a money coach who feels called to use his considerable skill and knowledge to help others.

Trevor Van Nest is a Certified Financial Planner and professional money coach who founded Niagara Region Money Coaches. Trevor has been the recipient of several awards for his unique education-based approach to financial planning, including Professional Services Business of the Year in Newmarket. Trevor was also a Finalist for Outstanding New Business of the Year for the Greater Niagara Region in 2015. Before becoming a money coach, Trevor spent 20 years at American Express – 8 of those years as Vice President of Marketing. In addition to his work and family life, Trevor is an active member of his Rotary Club in St. Catharines and has been involved in board work for several philanthropic organizations.

Topics Discussed in This Episode:

• What Trevor’s firm does and who they serve
• Why Trevor doesn’t have a target market
• What made Trevor get into the financial planning field
• How Trevor structured his business in order to provide value to clients who may not have much money (while still making a profit)
• How Trevor initially got discovered by clients
• What the first few meetings look like for Trevor’s clients
• What happens after clients sign a letter of engagement
• How Trevor prices his services
• How Trevor stays organized
• How Trevor sees the financial planning industry evolving
• The most exciting thing in Trevor’s business right now
• Trevor’s advice for listeners

Links and Resources:

Niagara Region Money Coaches

Quotes from Trevor:

“I feel better now than I ever have about not having a target market. I think I’m a better money coach because I don’t have a segment that I focus on.”

“I’m assessing people all the way through from the first contact until the last so that I can provide the best and most customized advice I can.”

“My primary objective with this company is not to make as much money as I can. It is to help people. That really is the reason I’m doing this.”

Trevor’s frustration with the financial industry and his passion for helping people led him to leave a VP role at American Express and offer flat fee financial coaching. Read below to...

Who needs financial planning advice? Realistically, everyone, no matter their income level, can benefit from financial planning advice – so why not make financial planning more accessible, even to people who aren’t necessarily in higher income ranges? That’s what Shannon Lee Simmons set out to do.

Shannon is recognized as a trailblazer in the financial planning industry. She is a Certified Financial Planner, Chartered Investment Manager, and founder of the New School of Finance. She is also an author. Her book Worry-Free Money is a national bestseller. Shannon has built her career around helping ordinary people navigate the economic climate. Listen to today’s episode to hear more about how Shannon arrived at her business model, why she believes emotions matter in financial planning, and her unique approach to referrals.

Topics Discussed in This Episode:

• What Shannon’s firm does and who they serve
• What prompted Shannon to start a financial planning firm
• How Shannon makes her business model work
• Why emotions matter in financial planning
• How to provide financial advice that takes emotion into account
• How Shannon’s courses relate to her practice
• What the client experience looks like for Shannon’s clients
• Why Shannon doesn’t take referral arrangements
• Shannon’s thoughts on paying down debt
• Shannon’s upcoming book, Living Debt-free, coming out in January 2019
• Upcoming projects that Shannon is excited about
• Shannon’s words of wisdom for financial planners who want to grow their business

Links and Resources:

New School of Finance

Worry-free Money

 Quotes from Shannon:

“It’s easy for me to look back now and say “you can have it all, it’s a balance, blah, blah blah,” but I worked my butt off for a very long time working outrageous hours and evenings and doing free talks at every condo party room for a long time.”

“Never take any client – anything – for granted.”

“I think there’s nothing worse in the world than trying to get financial advice and then being priced away from it.”

Shannon is a known financial planning innovator, pursuing her own vision of what great financial planning advice looks like. Below we’ll share three highlights from our conversation with her:

Building your own practice can be a delicate balancing act. You want to give your clients the best service possible while also expanding your client base and making enough money to cover your own needs and expenses. Today’s guest understands what it’s like to grow a business that does both: maintains high standards for serving clients and benefits from meeting those standards.

Jamie List is the co-founder of the wealth management firm Bearing Capital Partners. Bearing Capital is a multi-disciplinary, team-based financial consulting practice. Jamie has many credentials and accreditations: he is a Certified Financial Planner, Canadian Investment Manager, Fellow of the Canadian Securities Institute, Chartered Life Underwriter, Financial Management Advisor, and Chartered Professional — Strategic Wealth. Listen to the episode to hear about how Jamie’s firm works, how he developed high service standards, and what he believes helped him achieve success in his career.

Topics Discussed in This Episode:

•      What Jamie’s firm does and what kind of clients they serve
•      How Jamie founded his firm
•      How Jamie decided to focus on his particular niche
•      How the fees work in Jamie’s firm
•      How Jamie thinks about serving clients
•      Designing and developing a high level of service standards
•      The benefits of having a high level of service standards
•      How Jamie handles conversations about expanding services for clients
•      Whether it’s preferable to do financial planning up front or spread it out over a longer period of time
•      How to keep clients accountable and on track
•      Some of Jamie’s biggest challenges
•      What Jamie is excited about right now
•      What Jamie believes made him successful in his career
•      Jamie’s advice for listeners

Links and Resources:

Bearing Capital

Quotes from Jamie:

“I think I’ve always thought about the challenge, if you will, of maintaining a client as a conversation that you have to maintain over a very long period of time.”

“Service tends to beget new clients.”

“Let’s just say that the service model obviously speaks very much toward keeping people happy, but deals less with the transactional and business-building nature of what we do.”

Jamie’s firm Bearing Capital is all about serving clients’ needs, as the clients themselves define them. Today Jamie shares with us what it means to offer a high level of service and how that doesn’t have to compete with your business’ needs. Below we’ll share three highlights from the episode:

• Designing a business with a high level of service standards at its core
• The benefits of having high service standards

Financial advisors ask their clients to place a large amount of trust in them. When you’re advising someone about how to manage their assets and investments, they’re entrusting you with their future and with their security. To advise your clients effectively, you need to build trust first. Starting with financial planning lets you builds trust quickly.  

Adam Schacter is a Financial Advisor with Mandeville Private Client Inc. and a Certified Financial Planner with Mandeville Insurance Services Inc. in Ottawa. Adam is an experienced financial advisor and financial planner. In today’s episode, he talks about his approach to financial planning and wealth management. Listen to the episode to hear why Adam recommends starting with financial planning first, what Adam teaches other advisors about compliance, and where advisors can add the most value for their clients. 

Topics Discussed in This Episode: 

• Adam’s process for approaching financial planning with clients

• Benefits of starting with financial planning as a financial advisor
• Whether millennials are more skeptical than older generations
• What Adam teaches advisors in his course
• How to stay compliant
• What Adam learned through teaching advisors

• Who Adam’s ideal clients are
• How Adam acquires his clients
• Where advisors can add the most value for their clients
• The effects of being direct with clients
• Why it’s important to educate clients 

Links and Resources:

Adam Schacter

Mandeville

Quotes from Adam:

 “We live in a world of skeptics, and so to really gain trust early on is an invaluable resource.”

 “People, they don’t care really what you know until they know that you care.”

 “In all facets of life, if you’re not going to be you, then you’re not going to be happy.”

In today’s show, Adam tells us what he’s learned from running his own practice and teaching other advisors. Here, we’re sharing three highlights from the episode:

• The benefits of starting with planning
• Adding value with vivid scenarios
• Educating your clients so they stick with you and bring you more business

For the rest of the episo...

In order to be a successful financial advisor, you need to be able to find and acquire the clients who are right for your practice, service those clients, and manage your business efficiently. That can be harder than it sounds, especially for new advisors or for those who have hit a plateau in their growth. Today’s guest provides coaching services that are aimed at helping financial advisors manage their practices in a way that ensures they are prepared for the future.

Grant Hicks, CIM, is an author, coach, and speaker. Before he began coaching financial advisors, he had his own successful advisory practice. Now he runs his own financial coaching and consulting firm, Advisor Practice Management, and speaks at conferences and workshops for financial advisors. His book Guerrilla Marketing For Financial Advisors is part of the Guerrilla Marketing series, which has sold over 21 million copies worldwide.

Topics Discussed in This Episode:

• What Grant’s firm does and who they serve
• How practice management helps advisors
• Why Grant switched from being an advisor to being an advisor coach
• The biggest mistakes advisors make when it comes to finding clients
• The six people you need to have in your database
• What metrics can be used to determine who your ideal client is
• What an advisor can do to find more ideal clients
• How to quantify value for a new prospect
• How to educate prospective clients about what they’re not getting from their current advisor
• What made Grant successful in his practice before he became a coach
• Grant’s e-book, Guerrilla Marketing for Financial Advisors
• The most exciting things about Grant’s current business
• Grant’s words of wisdom for advisors

Links and Resources:

Email Grant at: Grant@ghicks.com

Advisor Practice Management

Free E-book: Guerrilla Marketing for Financial Advisors

Bill Bachrach’s Advisor Roadmap

Quotes from Grant:

“What I discovered that was lacking in the marketplace was the need for solid metrics to measure success for the financial industry.”

“I’d say the first thing that I see all the time is that advisors are target...

As a financial planner, you become accustomed to seeing certain types of financial situations over and over again. However, some clients have very complicated and singular financial situations that can prove challenging. For example, planning for elderly parents brings out unique challenges. Business owners often have more complex tax situations. Expats who retain investments in their home country may have a tangled investment situation. Today’s guest knows a lot about dealing with some of these more complex financial planning situations and most importantly he knows how to make the client engagements profitable.

Jason Heath is one of Canada’s best-known fee-only financial planners. He is a Certified Financial Planner (CFP) with Objective Financial Partners in Toronto, a personal finance columnist for the Financial Post and MoneySense, and a regular contributor at RetireHappy.ca. Jason has been providing fee-only, advice-only financial planning since 2001 and has a particular interest in working with clients with complex planning issues. Listen to the episode to hear more about Jason’s background, how he overcame the challenges to build his practice from the ground up, and how financial planning has changed over the last 20 years.

Topics Discussed in This Episode:

•     What Jason’s firm does for their clients
•     What type of clients Jason’s firm serves
•     Jason’s background and how he got into financial planning
•     How to distinguish fee-only financial planning from fee-based investment management
•     How a financial planner can collaborate with other professionals, including accountants, insurance agents, and investment advisors
•     The kinds of issues a planner can encounter when working with Canadian expats
•     Financial planning issues that business owners deal with
•     Jason’s approach to planning for elderly parents
•     How Jason’s firm can serve a range of client types profitably
•     How to approach pricing for different levels of client engagement
•     The average flat fees and annual review fees for Jason’s firm
•     How financial advice delivery has evolved over the last 20 years
•     Challenges Jason has encountered while building his practice
•     To what Jason attributes his success
•     Jason’s advice for listeners

Links and Resources:

Jason Heath

Jason’s Twitter

Insurance is an important part of financial planning and wealth planning. Technology can help insurance brokers more effectively bring useful products to their clients, which can in turn help those clients maintain and protect their wealth. Today’s guest understands how cutting-edge technology can help advisors streamline processes, manage tasks, and discover unexpected efficiencies. Most importantly, he recognizes the importance of maintaining a human touch in the process.

Aly Dhalla is the CEO and Co-founder of Finaeo, a startup that was created to help insurance advisors thrive in a digital world. Finaeo provides advisors with a digital tool-kit and an on-demand concierge back-office. This enables advisors to create what Aly calls the Bionic Advisor – a human advisor empowered by technology. Listen to the episode to hear more about what Finaeo is all about, what a bionic advisor looks like, and how technology impacts the advisory field now and in the future.

Topics Discussed in This Episode:

•     What Aly’s firm does and who they serve
•     The core problem that Finaeo seeks to solve
•     The typical process for a financial, wealth, or insurance planner
•     How Finaeo reinvents the front end of the planning process
•     How advisors can work with Finaeo
•     What a bionic advisor is and does
•     How technology is impacting the financial advisory space
•     How data can be leveraged to power advice
•     The customer personas that Finaeo targets with their services
•     Characteristics of successful insurance advisors
•     Aly’s advice for advisors who want to scale their business
•     Lead acquisition tips for advisors
•     The importance of continually learning new things about your field

Links and Resources:

Aly Dhalla

Finaeo

Finaeo Waitlist

Quotes from Aly:

“Our vision and mission is to empower advisors around the world with technology that makes their lives easier.”

“I think technology is a great solution to do the same activity over and over again without making a mistake. And effectively, that’s compliance.”

“Go back to your last five sales, go back to your last ten clients, and ask yourself: which one of these ten did I go above and beyond for?”

We haven’t spoken much about insura...

With 27 years of experience in the industry, today’s guest Rona Birenbaum explains the importance of technology in the financial services field, as well as how financial planners can stay relevant through all the changes. Rona is an honours graduate of York University’s Business School, a CFP, and an insurance advisor. In 2000, she founded Caring for Clients, a premier fee-only financial planning firm. In 2016, she started Viviplan, a low-cost, fee-only financial planning fintech company that’s the first of its kind in Canada.

Wealth Professional Canada named Rona a Woman of Influence in Financial Services and one of the top 50 advisors in Canada for three years running. Rona is also a guest personal finance columnist for both The Globe and Mail and The Medical Post. Hear what she has to say about her two businesses, how she builds relationships with clients, and how she’s using technology to help bring financial planning services to more Canadians.

Topics Discussed in This Episode:

•     How Rona came up with the business name Caring for Clients
•     How Viviplan makes financial planning more affordable for all Canadians
•     Rona’s high-level financial planning process
•     How Rona builds relationships with clients
•     The types of questions that Rona asks clients to build engagement
•     How to make sure that financial advisors really care about clients
•     The importance of patience in building Rona’s companies
•     Whether it would be easier to run a financial planning company today
•     The challenges of scaling Viviplan’s services and how technology fills the gaps
•     Viviplan’s service tier structure
•     What Rona thinks about how financial planning will evolve in the future
•     What kind of person would be a good investor or partner in Viviplan
•     Rona’s words of wisdom for financial planners getting into the business now

Links and Resources:

Caring for Clients

Viviplan

Rona Birenbaum

Rona on Twitter

Quotes from Rona:

“The idea and the concept is to use technology to bring down the cost of delivering that advice.”

“What really sets us apart, and what I think needs to set anybody apart in a service business is the degree to which they get to kno...

What does it mean to think outside the box when it comes to financial planning? And what do financial advisors need to know about working with clients through turbulent and volatile events, such as the coronavirus pandemic? Today’s episode will explore some of those questions.

Lucas MacMillan has been working in personal finance for 10 years. He is a Certified Financial Planning Professional and graduated from the University of Manitoba with a Bachelor of Science. Lucas manages Camber Private Wealth’s financial planning effort; where all prospects are given a financial plan before investing and all clients receive ongoing financial planning support using Camber’s immersive custom financial dashboards. Lucas also leads Camber’s data science team.

• How Camber approaches building a plan with clients (5:43)
• How client dashboards work and what their goal is (12:06)
• How Lucas starts with dashboards (14:30)
• The client response to recent market volatility (24:20)
• The goal of Lucas’s data science project (30:49)
• How Lucas’s firm has been acquiring clients (37:35)
• Lucas’s advice for listeners (43:31)

Lucas MacMillan

Camber Private Wealth

“We really wanted to go way outside the box on financial planning.”

“Just getting people a financial plan is a huge win.”

“It isn’t extremely important that you get their financial life 100% accurate the first time you touch them. It’s something that you can massage over time, as you get to know the client.”

Lucas provides a fresh perspective on the future of the financial planning industry. His practice is using technology and data science to change the way their clients interact with their financial plans, creating a unique way to attract and retain clients. Whether you’re a seasoned wealth manager who is comfortable with status quo, or you are building your financial advisory practice and want to employ fresh tactics, you can learn from the innovative ways Lucas approaches his work.

Below, we’re sharing three key ideas from this episode:

• How Lucas customizes client experience using data visualization
• How Camber is leveraging data to combat low conversion rates in the financial industry
• The importance of client education and continuous marketing during times of financial instability

To tune in to the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link at the top of this post. 

Coming from a background working in a centralized planning division at a larger firm, Lu...

Howard Dixon grew up in England and came to Canada as a W.H. Rhodes scholar in 1961. He holds a joint honours degree in physics and applied mathematics from the University of London, and he earned a Certificate of Education at Cambridge. He had a career in education before beginning his financial training as a rural agent for Mutual Life of Canada. He opened his own financial planning practice over 30 years ago in 1987, worked for two years as a senior financial consultant for MD Management starting in 1994, and became a Registered Financial Planner in 1996.

In addition to running his practice, Howard has also taught CFP courses at the University of Victoria and created a certificate-level course called Financial Plan Development. Howard joins the podcast today to discuss retirement income planning. Listen to the episode to hear what Howard has to say about the financial planning process for retirement income planning, the importance of cash flow during retirement, and why retirement planning is an ongoing process.

Topics Discussed in This Episode:

•     How much effort Howard’s firm puts into retirement income planning
•     The financial planning process for retirement income planning
•     The types of questions clients ask about retirement
•     What happens during a first meeting at Howard’s firm
•     Why cash flow is so important in retirement
•     How to approach showing the client how much money they’ll need in retirement
•     Why retirement income planning needs to be an ongoing process
•     What can be learned from a clients’ income taxes
•     How to think about investment and risk
•     How to approach the conversation about tapping into home equity in retirement
•     How to approach insurance for someone who is retired
•     The biggest mistakes advisors make when it comes to retirement income planning

Links And Resources:

Howard Dixon

Dixon, Davis & Company

Quotes From Howard:

“The most common question is ‘I’m 55, how much money do I need to retire?’”

“What I’m really doing is I’m doing a business plan for a personal situation.”

“It still startles me how many Canadians, at the age of 50, have credit card debt.”

Howard estimates that retirement income planning constitutes 65-70% of what his firm does, so you can be sure he knows his stuff. Before checking out the full episode above, have a read below where we’ve compiled...

John De Goey is a portfolio manager at Industrial Alliance Securities. He’s also an author and a recognized Canadian authority on the subject of professional, transparent, and evidence-based financial advice. John has received numerous awards for his contributions to the financial planning field, including the Donald J. Johnston Lifetime Achievement Award. He’s also been named one of the top 50 advisors in Canada by Wealth Professional magazine.

In today’s episode, John will be talking about the assumptions advisors need to make when developing financial projections. Tune in to the episode to hear what John has to say about the key assumptions an advisor needs to make before developing any financial projections and advisors’ biggest mistakes when making assumptions. John will also share some information about his upcoming book.

Topics Discussed in this Episode:

• The key assumptions an advisor has to determine before developing any financial projections for their clients
• How to come up with reasonable assumptions about the rate of return
• The biggest mistakes that advisors make about assumptions
• How advisors can keep clients accountable
• How different expenses can change as clients age
• How taxes can affect the rate of return
• The difference between nominal rates of return and real rates of return
• The rates of return for income
• How it’s possible for the real rate of return on income to be negative
• How to approach adjusting long-term projections for different types of clients
• How to adjust long-term projections to meet the needs of clients with short-term needs
• John’s new book about the financial advisory industry, coming out in late 2018

Links:

John De Goey

John on Twitter

Projection Assumption Guidelines

The Professional Financial Advisor III: Putting Transparency and Integrity First

Quotes From John:

“The thing that I think is most important, and this is where the rubber hits the road, is the rate of return that you should be expecting when you actually do these projections.”

“I don’t think it serves anyone’s purpose to be unrealistically optimistic.”

“The mistake that advisors make is tha...

In today’s episode, I’ll talk to two financial planners who merged their individual businesses to create a new practice together.

Julia Chung is a partner and senior financial planner at Spring Financial Planning. Julia has been working in financial services since 1997. In 2011, she left traditional financial services to form a fee-for-service financial planning firm in partnership with an accounting firm. She made JYC Financial entirely independent a few years later, eventually merging with Spring Personal Finance to become Spring Financial Planning.  

Julia is also co-founder of Admin Slayer Services and a charter member of Lead Family Enterprise Advisors. She has co-authored several e-books, including “Women & Money,” “Art of Delegation,” and “The Entrepreneur’s Survival Guide.”

Sandi Martin is a partner and financial planner at Spring Financial Planning. After joining the industry, Sandi quickly realized that she could either help clients or get good performance reviews… but not both. Sandi founded Spring Personal Finance, an independent, advice-only financial planning practice, to help ordinary Canadians make the best financial choices with the best information possible. Sandi built a virtual practice so she could serve clients from across the country, and five years later Spring Personal Finance merged with JYC Financial to become Spring Financial Planning.

Sandi is the co-host of the Because Money podcast and co-founder of Autoinvest (now sold), which helps investors compare the services of Canadian robo-advisors. She also co-authored the ebook “Women & Money.”

Topics Discussed in This Episode:

•     Spring Financial Planning: what they do and who they serve
•     Why fee-for-service planning is important
•     The building blocks of the process at Spring Financial Planning
•     How clients find Julia and Sandi’s services
•     The approach Julia and Sandi took to merge their practices
•     How Julia and Sandi integrate working with other professionals
•     The pros and cons of working with robo-advisors
•     How the financial advice market is changing in Canada
•     The technology, tools, and software that Julia and Sandi use in their practice
•     The features that Julia and Sandi want in financial planning software
•     The Spring Financial Planning Forum and how Julia and Sandi are using it to help                     financial planners who are new to the field
•     What new financial planners should be paying attention to
•     How financial planners should think about setting prices
•     

Today's guest is David O'Leary of Kind Wealth. His story shows that it’s possible to make a difference in the world through financial planning.

In cliché fashion, David’s life was transformed after a trip to Africa. His ensuing soul-searching led him to quit his Bay Street career on a quest to effect positive change. Currently, there are three levers David is pulling to make a dent. As Director of Impact Investing at World Vision Canada, he is mobilizing capital to help the world’s most vulnerable people. He also founded Kind Wealth, a not-just-for-profit business helping millennials manage their finances in alignment with their values. David also sits on the board of Parker P. Consulting, a social enterprise helping organizations of all shapes and sizes achieve gender equity.

David has lived, worked, and volunteered at various times throughout Africa. One of his proudest accomplishments is founding and running Grassroots Youth Development while living in South Africa. David is a frequent speaker at conferences and in the media. He spent 13 years as Director of Manager Research with Morningstar, a global investment data and research provider. David holds a BA in English Literature from the University of Toronto, an MBA from the Rotman School of Business, and a CFA designation.

Topics Discussed in This Episode:

•     How David’s experiences in Africa and with volunteering helped shape Kind Wealth
•     What Kind Wealth is and what it does
•     Why David started Kind Wealth and what the core values are
•     What prompted David to focus his business on an X, Y, Z demographic
•     How Kind Wealth’s business model can be applied to older demographics
•     The fees and plans offered by Kind Wealth
•     How flat fee pricing removes the conflict of interest between the advisor and the client
•     David’s long-term asset management goals and building portfolios consisting primarily  of SRI/purpose/impact investments
•     Compliance issues that Kind Wealth had to consider
•     What type of financial planners would be good fits for Kind Wealth
•     Some of the biggest challenges David faced when starting Kind Wealth
•     Advice for financial planners who are looking for ways to grow their fee-for-service practice

Links:

Kind Wealth

17 sustainable development goals (SDGs)

Email David at dave@kindwealth.ca

Quotes From David:

...