Financial Services FAQ
Keep it Simple! A client needs to remember two things:
- Get enough life insurance to cover what you need to protect.
- Make sure the policy is affordable and fits into your budget.
This is where I come in. I will help you figure out what coverage you need and what type of policy is the best fit for your situation. From here we compare insurance companies and find which one has the best price.
This depends on your situation. A financial needs analysis should be completed. This will give us a starting point as far as coverage goes. From here we look at your options and find a policy that fits your budget.
That depends on the person… ie: your date of birth, sex, smoking status, requested amount of coverage, and health status all affect the price of a policy.
Anyone who is married, has children, or any type of debt obligations (loans, mortgages, credit cards, etc.) NEEDS to have a personal Life Insurance policy in place, to protect his or her family and assets! This goes for business owners and partnerships as well.
A Health Spending Account (HSA) is a product that allows incorporated business owners to claim out-of-pocket, personal medical expenses as a deductible business expense. And an HSA isn’t just for owners of businesses. Owners can also offer HSA’s to their employees as well.
Plans are actually more affordable than people would think. By doing the product & rate shopping for my clients, I am able get the Insurance Providers competing for their business. I find the right Benefits Plan that fits into the company’s budget. By representing multiple companies I am always able to find the right product for the best price. Perks of using a broker!
The ManulifeONE Account has the convenience of having a chequing account, savings account, mortgage, & line of credit all combined into one account. This all-in-one account allows clients to free up money by saving thousands in interest costs versus a traditional mortgage. A client who is a responsible spender who lives within their means and owns a home would benefit a great deal from the advantages of a Manulife One Account. Ask me how!
We have to consider a few things before choosing RRSP or TFSA. For example: what is the client’s income? What is the investment goal? What is the investment timeline? Etc.
There is no right or wrong answer; however, a majority of my clients invest into both a TFSA & RRSP.
There are many advantages for companies to offer benefits to their employees.
For example: 1. to stay a competitive employer in the job market. 2. To encourage the health and happiness of their employees. 3. Lower employee turnover rate. Etc.
Not hard at all! A majority of my clients contribute to their investment accounts on a monthly basis. They don’t have to write cheques, it simply comes out of their banking account automatically just like a bill payment. Clients can also contribute by writing a cheque to the investment company. It really comes down to a person’s cash flow and when they feel comfortable about contributing.
The type of investment fund chosen depends on the client. Some clients are aggressive risk takers and other clients are risk averse. It’s my job to find out my client’s risk profile, and then we invest according to that specific risk profile for my client.
The amount of investment strictly depends on a person’s specific financial situation and goals. Many things need to be considered. For example: what is the investment timeline? What is the financial goal? How much money is available to invest? Etc.
I always say, the more you invest the better you’ll be. If the ability to invest is there, then people need to take advantage of it.
The most important tool an investor has on their side is time! The sooner someone starts investing, the longer they have to take advantage of compounding returns over time. There is no specific answer for this question; however, my personal opinion is that if a person is making an income, then that person should be taking advantage of investment opportunity