Mike Flux – General and Investment Alternatives Update Q1 2014

MichaelFlux_1000x1230In this video, I speak with Mike Flux, Senior VP of Connor Clark & Lunn Private Capital to chat about their investment outlook from Q1 of 2014. We also discuss how to interpret the current events, and how to properly position portfolios to take advantage of these market events.

In this second video, Mike gives an update on the alternative strategies that they are using in their portfolios, to help reduce the effects of the current volatility without sacrificing returns.

IRONSHIELD Financial Planning’s “Fly On The Wall” update call.
These calls are recorded by Scott Plaskett and allow you to get a behind-the-scenes look at one of his professional update calls. Watch and listen as a “fly on the wall” and get some of the most valuable information you will find on the Internet.

KEY047 | Financial Planning Software

Financial Planning Software

IN THIS EPISODE OF THE KEY TO RETIREMENT™ PODCAST…

I interview Dave Faulkner, President of FPAdvantage and creator of the financial planning software ‘The Razor’.  Find out how this software evolved and how the financial planner should be the force of direction in creating the actual financial plan, not the software.

And if you’d like to get a jump start on finding the answers to your key financial planning questions, using our proven system, you can book your risk free, no-obligation initial meeting. One of our specifically trained Certified Financial Planners will be pleased to walk you through The KAIZEN Financial Planning Process™.

Visit us online, at www.ironshield.ca, to obtain our contact information, then simply call or email to book your free initial meeting.

To subscribe to the podcast, please use the links below:

If you have a chance, please leave me an honest rating and review on iTunes by clicking here. It will help the show and its ranking in iTunes immensely! I appreciate it! Enjoy the show!

ITEMS MENTIONED IN THIS EPISODE

Franco Lombardo – The Great White Elephant

Franco Lombardo - Headshot (closeup)Today I have an update call with Franco Lombardo, Managing Director of Veritage Family Office Ltd. In today’s discussion we go into detail about Franco’s latest book, “The Great White Elephant – Why Rich Kids Hate Their Parents”. In this book he offers a methodology for improving your chances in achieving success in your succession and estate planning for the next generation. The goal of leaving your children properly prepared both intellectually and emotionally is often eluded when you talk about how to protect against this real world challenge.

IRONSHIELD Financial Planning’s “Fly On The Wall” update call.
These calls are recorded by Scott Plaskett and allow you to get a behind-the-scenes look at one of his professional update calls. Watch and listen as a “fly on the wall” and get some of the most valuable information you will find on the Internet.

KEY046 | The Great White Elephant – Why Rich Kids Hate Their Parents

The Great White Elephant – Why Rich Kids Hate Their Parents

IN THIS EPISODE OF THE KEY TO RETIREMENT™ PODCAST…

I have an interview with Franco Lombardo, Managing Director of Veritage Family office Ltd.  We will be talking about his latest book called, “The Great White Elephant – Why Rich Kids Hate Their Parents”.  In this book he offers a methodology for improving your chances in achieving success in your succession and estate planning for the next generation.

And if you’d like to get a jump start on finding the answers to your key financial planning questions, using our proven system, you can book your risk free, no-obligation initial meeting. One of our specifically trained Certified Financial Planners will be pleased to walk you through The KAIZEN Financial Planning Process™.

Visit us online, at www.ironshield.ca, to obtain our contact information, then simply call or email to book your free initial meeting.

To subscribe to the podcast, please use the links below:

If you have a chance, please leave me an honest rating and review on iTunes by clicking here. It will help the show and its ranking in iTunes immensely! I appreciate it! Enjoy the show!

ITEMS MENTIONED IN THIS EPISODE

Dave Faulkner – Financial Planning Software

Dave FaulknerToday I have an update call with Dave Faulkner, President of FPAdvantage and creator of financial planning software (The Razor).  Dave is a pioneer in the financial planning software industry and the original designer of the most well-known financial planning programs available in Canada.

We will be discussing how the software has evolved, and how the financial planner should be the force of direction in creating the actual financial plan, not the software.

IRONSHIELD Financial Planning’s “Fly On The Wall” update call.
These calls are recorded by Scott Plaskett and allow you to get a behind-the-scenes look at one of his professional update calls. Watch and listen as a “fly on the wall” and get some of the most valuable information you will find on the Internet.

Financial Goals VS. Financial Objectives

In our previous blog post, we discussed how to set yourself up for a successful first meeting with a financial advisor, and how to be sure you’re choosing the right one.  The next step in this decision-making process is to ensure your planner knows how to get you to where you want to be, and that’s where a second meeting is crucial.

Many people think the terms ‘financial goals’ and ‘financial objectives’ are interchangeable.  Most investors come into their meetings with their financial planner – especially their first few meetings – and spend the majority of their time together talking about goals.  Retirement goals.  Savings goals.  Lifestyle Goals.  While goals are a key part of the process, where is the talk about objectives?  The two terms are not the same.  And great financial planners know the difference.

Simply put, goals without objectives cannot be accomplished.  Objectives without goals may result in you never getting where you want to go.  The main difference can best be explained in their level of concreteness.  Objectives are concrete, whereas goals are less so.  Goals are about the ultimate journey and the destination, not just the checkpoints along the way.  A plan without concrete objectives will often miss the mark.  Why?  Because there is no mark.

The results you achieve with your financial plan depend on knowing the difference between your objectives and your goals.  You may have a goal to have sufficient funds to send your children to great Universities, but without specific objectives to hit along the way, you are unlikely to move in the right direction, and at the right pace.  You won’t have milestones to measure against that will help you identify if you’re where you need to be at any given point in time.

An objective is something tangible – something measurable – something you can hold in your hand.  This tangibility provides a great deal of clarity and helps you see whether you’ve hit the mark.  If your goal is to afford to send your kids to University, you won’t know whether you’ve achieved it until they’re 17 or 18.  That leaves a lot of room for guesswork and uncertainty between now and then.  But if you set specific objectives to hit along the way, you’ll be able to measure your progress at each stage and feel a much stronger sense of certainty about whether that goal will be met.

Before you make a final decision about whether to work with a prospective financial planner, set up a second meeting.  Revisit the goals you spoke about in your first meeting, and ensure the planner truly understood what your goals are.  Once they’ve done that, it is then time for them to show their level of expertise by helping you set objectives.

Let’s explore a more detailed example.  Perhaps you told the planner in your first meeting that you want to ‘retire comfortably’.  That’s your goal.  The planner should then work with you to clarify what ‘comfortably’ really means to you.  They need to ask questions to quantify what your level of comfort requires.  This may result in you identifying that you need to retire on an after-tax, inflation-adjusted income of $60,000/year.  This objective can now be measured and a retirement income plan can be created to determine if this is an attainable goal.

So when you head into that second meeting with a financial planner to determine whether they’re the right one for you to be working with, be sure you look for their understanding of the differences between goals and objectives, and that they are able to help you identify both.

To hear my free podcast on this topic, please visit the The Key To Retirement Podcast and listen today.

Mike Flux – General and Investment Alternatives Update Q4 2013

MichaelFlux_1000x1230In this video, I speak with Mike Flux, Senior VP of Connor Clark & Lunn Private Capital to chat about their investment outlook from Q4 of 2013. We also discuss how to interpret the current events, and how to properly position portfolios to take advantage of these market events.

In this second video, Mike gives an update on the alternative strategies that they are using in their portfolios, to help reduce the effects of the current volatility without sacrificing returns.

IRONSHIELD Financial Planning’s “Fly On The Wall” update call.
These calls are recorded by Scott Plaskett and allow you to get a behind-the-scenes look at one of his professional update calls. Watch and listen as a “fly on the wall” and get some of the most valuable information you will find on the Internet.

Picking the Right Financial Planner for You

In thinking about working with a financial planner, you’ve decided you want to take control of your finances, build your wealth, and plan for a secure retirement.  This is a great decision.

Who you choose as your financial planner is not a decision to be taken lightly.  You want to be sure it’s the right person for you, personally, and that there is a good fit.  To help you in this process, I want to discuss how to approach the interview process with prospective planners, and help you prepare for all the questions you’ll be asked.  I cover many of these points in a comprehensive and free Consumer Awareness Guide I created on How to Choose and Work With a Financial Planner You Can Trust.

Often times when you meet with someone you are considering for your financial planner, you will be presented with a lot of questions, and/or questionnaires.  Topics will range from your satisfaction with your current tax bill, whether you are taking advantage of all the available tax strategies that apply to you, whether you have a pension plan, what age you would like to retire, whether you have education savings for any children or relatives, and how organized you are in terms of your financial paperwork.  This information will help the planner understand your level of awareness, your needs and your objectives.

Reasonable questions you could expect to be asked when it comes to your existing investments are how those monies are invested, how you have made those decisions up to now, whether you’re protected from inflation or a market crash, and if you’re comfortable with where the money is invested.

If you are a business owner, expect to discuss succession planning to a certain degree.  You should be prepared to explain what thoughts (if any) you’ve had or what planning you’ve done at this point around what will happen to the business when you retire, and how you will get equity back out of the business to fund your retirement.

Insurance coverage would be another topic of discussion, to see where you’re at in terms of being protected from risk.  For example, if you are faced with physical limitations or disabilities down the line, do you have solutions in place to pay your bills and still maintain a comfortable retirement?

Speaking of retirement planning, we’ll also want to talk about how retirement will impact your mortgage.  If you will still expect to have a mortgage at that time, perhaps you’ll be considering downsizing to reduce or eliminate that mortgage or even just because you expect to be traveling more and don’t want such a big house to maintain when you won’t be there as often.

Estate planning is the last topic we would cover in that first meeting, and we would look at how you will want your assets disbursed when you eventually pass on, not just to other family members but to any charities you feel strongly about or other people or organizations you feel strongly about.  We want to make sure those objectives are clear and that they’re in writing, so we’ll discuss whether you have a will or not as well.

One of the things I like to stress during that question-and-answer process is to feel free to answer “I don’t know” to any question.  You aren’t expected to know everything – if you did, you wouldn’t need a financial planner.  Be honest and don’t be afraid to admit what you don’t know.  That level of openness will help the planner identify if they are equipped to help you, and it will also help you identify how willing the financial planner is to educate you, partner with you, and empower you with the knowledge and options you need going forward.

Throughout the discussion, a good sign that you’re working with someone compatible and competent is if you find new things coming to light as you talk more and more about your goals and objectives.  If you start noticing how you feel about your present financial situation and the planner has given you some tools and assistance in getting clearer on what your goals and objectives are, that’s a good sign you have found a strong match.

Another thing I like to let people know is that the first meeting is not the time to have a detailed look at all your financial statements.  You should never feel pressured to bring all your statements to that first meeting, nor should you expect to walk out of that meeting with specific recommendations from the planner about how to plan for your retirement and where to invest your money.  The first meeting is about getting to know one another’s communication styles, needs, goals, history, personality, and abilities, and then determining if it feels like a good fit.

If you find that during the interview process with a prospective financial planner you are not asked these types of relevant questions, or are pressured to hand over financial statements or make decisions on the spot, take a moment to reflect.  Are they demonstrating the level of interest and knowledge required to help you with what you need?  Is their communication style one you are comfortable with?  There’s no rush.  Take all the time you need to find the person best suited to you and to help your financial well-being in the future.

For further information and advice on choosing the right planner, download the free Consumer Awareness Guide I created by clicking here.