Here's an interesting article on the differences between Permanent and Term life insurance. Talk with you financial advisor to see which type of coverage makes the most sense for your situation. Click the link below for the full article.
Term or Permanent Life Insurance - MSN Money
Tuesday, February 21, 2012
Thursday, February 2, 2012
Deadline for 2011 RRSP Contribution is February 29th
The deadline for your 2011 RRSP contribution this year is February 29th. This deadline is always 60 days into the new year, but it just happens that 2012 is a leap year.
With so much attention to the markets and the changes to our government retirement benefits in the media these days, it pays to speak to a professional investment advisors about your options and how you can best develop a retirement plan that will meet your needs.
Algoma Financial and Manulife Securities have many vehicles for your RRSP contribution this year including better-than bank rate GICs, Mutual Funds, Principal Protected Segregated Funds, and new investment fund offerings that provide a guaranteed income at retirement. As always, we have access to all of the top investment providers and can find the best product for your needs.
Call or email us today to make an appointment see how Algoma Financial and Manulife Securities can help make an informed RRSP decision this year.
With so much attention to the markets and the changes to our government retirement benefits in the media these days, it pays to speak to a professional investment advisors about your options and how you can best develop a retirement plan that will meet your needs.
Algoma Financial and Manulife Securities have many vehicles for your RRSP contribution this year including better-than bank rate GICs, Mutual Funds, Principal Protected Segregated Funds, and new investment fund offerings that provide a guaranteed income at retirement. As always, we have access to all of the top investment providers and can find the best product for your needs.
Call or email us today to make an appointment see how Algoma Financial and Manulife Securities can help make an informed RRSP decision this year.
Thursday, June 30, 2011
Have The Discussion
A recent article I came a across was somewhat timely, as I had just met with a young woman who had recently lost her husband, and his premature death was coupled with the reality that he was severely under life insured.
The situation was compounded with the fact that they had a child, and the income potential for the new widow was not going to be adequate enough to meet their needs.
It is stories and situations like that, that makes a financial advisor realize the importance and impact they can have with the recommendations they make for their clients.
Although life insurance involves having a discussion that is around the death of a loved one, I would encourage you to have it. Having it in place will make for peace of mind, and many less worries in the event something should happen.
Please read it, have the discussion, and put a plan in place.
Couples avoiding insurance talk
When it comes to communication skills, women are often considered innately advantaged. Except when the subject of discussion is life insurance.
According to a TD Insurance poll, it’s men who are driving the conversation about insurance on the rare occasions that it is broached.
Aptly titled Look Who’s Talking, the poll revealed discussing life insurance is still considered a taboo for Canadian couples. Thirty-one per cent of Canadian couples have never discussed life insurance with their partners, many of whom have children; among those who did, men led the conversation 57% of the time, as opposed to 43% women.
“It doesn’t matter who’s driving the conversation, the important thing is to talk about it,” says Dave Minor, vice-president, TD Insurance. “Considering how integral finances are to a family’s well-being, it was surprising and concerning to find that some couples aren’t talking about life insurance at all.”
The situation was compounded with the fact that they had a child, and the income potential for the new widow was not going to be adequate enough to meet their needs.
It is stories and situations like that, that makes a financial advisor realize the importance and impact they can have with the recommendations they make for their clients.
Although life insurance involves having a discussion that is around the death of a loved one, I would encourage you to have it. Having it in place will make for peace of mind, and many less worries in the event something should happen.
Please read it, have the discussion, and put a plan in place.
Couples avoiding insurance talk
When it comes to communication skills, women are often considered innately advantaged. Except when the subject of discussion is life insurance.
According to a TD Insurance poll, it’s men who are driving the conversation about insurance on the rare occasions that it is broached.
Aptly titled Look Who’s Talking, the poll revealed discussing life insurance is still considered a taboo for Canadian couples. Thirty-one per cent of Canadian couples have never discussed life insurance with their partners, many of whom have children; among those who did, men led the conversation 57% of the time, as opposed to 43% women.
“It doesn’t matter who’s driving the conversation, the important thing is to talk about it,” says Dave Minor, vice-president, TD Insurance. “Considering how integral finances are to a family’s well-being, it was surprising and concerning to find that some couples aren’t talking about life insurance at all.”
Wednesday, June 1, 2011
Are your plans lagging?
Many Canadians plan for many things. We plan to escape our crazy northern winters, we plan weddings, we plan birthday parties, we plan homes or even decks for our homes.
The reality is we don’t plan for a time that in some cases may be a third of our life; retirement. Or if there was a sudden unexpected death/disability of an income provider in the family, are we or our loved ones taken care of financially with our current insurance coverage?
These issues and others require investigation of current circumstances, design of a plan, and implementation and review. Check out this article showing that Canadians need to address their financial plans...
Canadians Lag in Financial Planning
http://www.advisor.ca/news/canadians-lag-in-financial-planning-49372
… should this article motivate to you review your current plans, don’t hesitate to give us a call.
The reality is we don’t plan for a time that in some cases may be a third of our life; retirement. Or if there was a sudden unexpected death/disability of an income provider in the family, are we or our loved ones taken care of financially with our current insurance coverage?
These issues and others require investigation of current circumstances, design of a plan, and implementation and review. Check out this article showing that Canadians need to address their financial plans...
Canadians Lag in Financial Planning
http://www.advisor.ca/news/canadians-lag-in-financial-planning-49372
… should this article motivate to you review your current plans, don’t hesitate to give us a call.
Friday, May 13, 2011
It's been awhile but we're back!
Over the last few months, we have been working on reorganizing the flow of our office and revitalizing the services that we offer our clientele. In the midst of all of that, some of our client communications were put to the back burner while we endeavored to ensure that our message remained clear and consistent.
Now that that much of the hard work is behind us, we felt that our first new message here should be directed at what we believe our core value is to you, our valued clients.
Yes, it is true that Algoma Financial offers one of the largest selections of financial products in Northern Ontario, from nearly every available financial institution. But it is not financial products selection that make us different than our competition, it is the fact that our focus is to understand your unique financial needs, and to put together personal recommendations that will help you achieve your financial goals. The products that we recommend are nothing more than a solution to your financial planning needs.
To give you some examples of how we can help you, please read the article linked below. It demonstrates how a financial advisor can help simply and streamline your financial life and how we can help you stay focused on your long-term goals.
http://dl.dropbox.com/u/29129394/ws_nolookingback_e%5B1%5D.pdf
If you haven't reviewed you financial plan in while, or would like a second opinion on things you already have in place, please don't hesitate to call and make an appointment to speak with us. We always look forward to seeing you and listening to your needs.
**Debt Management Luncheons Spring/Summer 2011**
Many people these days are interested in getting their debt and mortgage payments under control. And with the threat of potentially higher interest rates in the the future, this is becoming a growing concern among Canadians. If you find yourself in this situation and would like to learn more about some unique tools that we have to help you save on interest payments, consolidate debt and help you get out of debt sooner, please consider coming to our Debt Management Luncheons schedule through out the Spring and Summer, held here at the comfortable confines of the Algoma Financial Group boardroom. There is no charge for these luncheons and we offers a great menu from Panna Bar & Grill. All luncheon take place from Noon to 1pm so you can get back to work on time.
Our luncheons on Debt Management are scheduled for:
May 17th
May 31st
June 14th
July 12th
August 18th
If you are interested in attending, please RSVP with Clare Weatherby here at Algoma Financial. Our phone number is (705) 949-1316 or by email at cweatherby@algomafinancial.com
We are excited to be back and writing for you once again; and you can look forward to more exciting changes coming from Algoma Financial and Manulife Securities in the coming months. In the meantime, please consider follwing us on Facebook and Twitter.
Cheers,
Kevin & Ellen
Now that that much of the hard work is behind us, we felt that our first new message here should be directed at what we believe our core value is to you, our valued clients.
Yes, it is true that Algoma Financial offers one of the largest selections of financial products in Northern Ontario, from nearly every available financial institution. But it is not financial products selection that make us different than our competition, it is the fact that our focus is to understand your unique financial needs, and to put together personal recommendations that will help you achieve your financial goals. The products that we recommend are nothing more than a solution to your financial planning needs.
To give you some examples of how we can help you, please read the article linked below. It demonstrates how a financial advisor can help simply and streamline your financial life and how we can help you stay focused on your long-term goals.
http://dl.dropbox.com/u/29129394/ws_nolookingback_e%5B1%5D.pdf
If you haven't reviewed you financial plan in while, or would like a second opinion on things you already have in place, please don't hesitate to call and make an appointment to speak with us. We always look forward to seeing you and listening to your needs.
**Debt Management Luncheons Spring/Summer 2011**
Many people these days are interested in getting their debt and mortgage payments under control. And with the threat of potentially higher interest rates in the the future, this is becoming a growing concern among Canadians. If you find yourself in this situation and would like to learn more about some unique tools that we have to help you save on interest payments, consolidate debt and help you get out of debt sooner, please consider coming to our Debt Management Luncheons schedule through out the Spring and Summer, held here at the comfortable confines of the Algoma Financial Group boardroom. There is no charge for these luncheons and we offers a great menu from Panna Bar & Grill. All luncheon take place from Noon to 1pm so you can get back to work on time.
Our luncheons on Debt Management are scheduled for:
May 17th
May 31st
June 14th
July 12th
August 18th
If you are interested in attending, please RSVP with Clare Weatherby here at Algoma Financial. Our phone number is (705) 949-1316 or by email at cweatherby@algomafinancial.com
We are excited to be back and writing for you once again; and you can look forward to more exciting changes coming from Algoma Financial and Manulife Securities in the coming months. In the meantime, please consider follwing us on Facebook and Twitter.
Cheers,
Kevin & Ellen
Tuesday, June 15, 2010
It's time Canadians think about debt elimination
When most people think about retirement planning, they think of building a retirement nest-egg through RRSPs and pension plans. While these are key pieces of the puzzle, it’s important not to forget about another important element of retirement planning – debt elimination. After all, the less you spend on interest payments, the more you can allocate to your retirement savings.
With rising interest rates on the horizon, uneasiness on the job and income front and record levels of debt held by the average person, it's important that we rein in our spending and concentrate on eliminating debt.
A debt-elimination plan doesn’t have to be complicated. But you should have one or you’ll likely be in debt longer than you have to. There are a few simple strategies for getting out of debt sooner, such as:
• Building extra debt payments into your budget.
• Consolidating all of your debts at the lowest rate possible.
• Using your income and savings to automatically reduce your debt (without giving up access to that money).
When you’re planning for retirement, don’t forget about the impact that your debt has on those plans. With a strategy for becoming debt-free sooner, you may even be able to retire earlier than expected. It's not hard to develop a debt-elimination strategy that complements your overall retirement savings strategy, but it does take a change in attitude concerning your money.
With rising interest rates on the horizon, uneasiness on the job and income front and record levels of debt held by the average person, it's important that we rein in our spending and concentrate on eliminating debt.
A debt-elimination plan doesn’t have to be complicated. But you should have one or you’ll likely be in debt longer than you have to. There are a few simple strategies for getting out of debt sooner, such as:
• Building extra debt payments into your budget.
• Consolidating all of your debts at the lowest rate possible.
• Using your income and savings to automatically reduce your debt (without giving up access to that money).
When you’re planning for retirement, don’t forget about the impact that your debt has on those plans. With a strategy for becoming debt-free sooner, you may even be able to retire earlier than expected. It's not hard to develop a debt-elimination strategy that complements your overall retirement savings strategy, but it does take a change in attitude concerning your money.
Tuesday, July 7, 2009
Protect Yourself from Investment Fraud
In the news, both in Canada and internationally, there have been many high-profile cases of investment fraud that have grabbed the headlines causing the average investor to consider if they have been misled in the advice and products they have purchased in hopes of achieving their investment goals.
The good news for investors in Ontario is that we have one most rigorously tested financial industry in the world and the vast majority of money invested in the province is with legitimate sources.
If you invest with our firm, either though the purchase of investment funds (both Mutual and Segregated Funds), GIC’s or other financial products, you can rest assured that you are dealing with qualified, licensed investment advisors with a process for selecting the best investment vehicles for our clients that is based on strict financial planning guidelines.
Our recommendations and trades on your behalf are approved by a branch manager who ensures that your stated risk tolerance is suitable for the investments chosen and our practice is enabled by a reputable, nationally registered mutual fund dealer in Manulife Securities, who approves the acceptable investments available for our clients’ consideration.
All of this activity is overseen by the Ontario Securities Commission who administers and enforces securities legislation in the province of Ontario. The OSC’s mandate ‘is to provide protection to investors from unfair, improper or fraudulent practices; and to foster fair and efficient capital markets and confidence in capital markets’.
However, we continue to hear about investors who have been duped by rogue advisors, internet scams, mortgage fraud and other untoward activity. If you have investments elsewhere and you are concerned that you may have received unscrupulous advice, or, if you or a loved-one have been approached to invest in what you are concerned might be a scam, it’s important to recognize the signs of investment fraud.
According to the OSC’s website (www.osc.gov.on.ca) you should ask yourself the following questions before you investment.
1.Are you dealing with a registered advisor?
Anyone selling securities or offering investment advice in Ontario must be registered with the Ontario Securities Commission (OSC), unless they are exempt from this requirement. To check whether someone is registered, call the OSC Contact Centre at 1-877-785-1555
2.Can you verify the investment with a credible source?
If you receive an unsolicited investment opportunity, get a second opinion from your registered financial advisor, lawyer or accountant, or call the OSC Contact Centre for assistance.
3.If you are promised a guaranteed return, is the guarantee given by a reputable financial institution?
Ask for proof of the guarantee in writing (it should be included in the prospectus or offering sheet) and remember, a guarantee is only as good as the person or company offering it.
4.Is the risk you are taking reasonable for the expected return?
In general, returns on low-risk investments are in the range of current GIC rates. If the expected return is higher than these rates, you are taking a greater risk with you money. Make sure you understand and can afford the amount of risk you are taking on.
5.Is the investment opportunity based on facts?
The sources of ‘hot tips’ or ‘insider news’ often have ulterior motives.
6.Do you understand how the investment works?
If you don’t understand how the investment works and the seller cannot explain it to your satisfaction, this should be a warning not to invest.
7.Have you had enough time to make a decision?
Don’t give in to high-pressure sales tactics like limited time offers. Take your time making investment decisions and never sign documents you have no read carefully.
All investors should be engaged with their advisors in developing their investment plan. They should take the time to understand the details in the information folder or prospectus that must be given to the client before they invest. As most client/advisor relationships are based on trust, it can be easy to want to just ‘take their word for it’ but this approach can lead being taken advantage of.
And most importantly, all investment advisors must work though a bank, credit union or investment dealer. When a client purchases an investment all cheques will be made out either directly to their advisors employer or firm or to the investment company.
Never write a cheque to your advisor directly or to his or her operating company. This is the most common way for clients to be taken advantage of.
If you would like a second opinion on any investments or other financial product that you current own, please don’t hesitate to call and arrange a meeting.
The good news for investors in Ontario is that we have one most rigorously tested financial industry in the world and the vast majority of money invested in the province is with legitimate sources.
If you invest with our firm, either though the purchase of investment funds (both Mutual and Segregated Funds), GIC’s or other financial products, you can rest assured that you are dealing with qualified, licensed investment advisors with a process for selecting the best investment vehicles for our clients that is based on strict financial planning guidelines.
Our recommendations and trades on your behalf are approved by a branch manager who ensures that your stated risk tolerance is suitable for the investments chosen and our practice is enabled by a reputable, nationally registered mutual fund dealer in Manulife Securities, who approves the acceptable investments available for our clients’ consideration.
All of this activity is overseen by the Ontario Securities Commission who administers and enforces securities legislation in the province of Ontario. The OSC’s mandate ‘is to provide protection to investors from unfair, improper or fraudulent practices; and to foster fair and efficient capital markets and confidence in capital markets’.
However, we continue to hear about investors who have been duped by rogue advisors, internet scams, mortgage fraud and other untoward activity. If you have investments elsewhere and you are concerned that you may have received unscrupulous advice, or, if you or a loved-one have been approached to invest in what you are concerned might be a scam, it’s important to recognize the signs of investment fraud.
According to the OSC’s website (www.osc.gov.on.ca) you should ask yourself the following questions before you investment.
1.Are you dealing with a registered advisor?
Anyone selling securities or offering investment advice in Ontario must be registered with the Ontario Securities Commission (OSC), unless they are exempt from this requirement. To check whether someone is registered, call the OSC Contact Centre at 1-877-785-1555
2.Can you verify the investment with a credible source?
If you receive an unsolicited investment opportunity, get a second opinion from your registered financial advisor, lawyer or accountant, or call the OSC Contact Centre for assistance.
3.If you are promised a guaranteed return, is the guarantee given by a reputable financial institution?
Ask for proof of the guarantee in writing (it should be included in the prospectus or offering sheet) and remember, a guarantee is only as good as the person or company offering it.
4.Is the risk you are taking reasonable for the expected return?
In general, returns on low-risk investments are in the range of current GIC rates. If the expected return is higher than these rates, you are taking a greater risk with you money. Make sure you understand and can afford the amount of risk you are taking on.
5.Is the investment opportunity based on facts?
The sources of ‘hot tips’ or ‘insider news’ often have ulterior motives.
6.Do you understand how the investment works?
If you don’t understand how the investment works and the seller cannot explain it to your satisfaction, this should be a warning not to invest.
7.Have you had enough time to make a decision?
Don’t give in to high-pressure sales tactics like limited time offers. Take your time making investment decisions and never sign documents you have no read carefully.
All investors should be engaged with their advisors in developing their investment plan. They should take the time to understand the details in the information folder or prospectus that must be given to the client before they invest. As most client/advisor relationships are based on trust, it can be easy to want to just ‘take their word for it’ but this approach can lead being taken advantage of.
And most importantly, all investment advisors must work though a bank, credit union or investment dealer. When a client purchases an investment all cheques will be made out either directly to their advisors employer or firm or to the investment company.
Never write a cheque to your advisor directly or to his or her operating company. This is the most common way for clients to be taken advantage of.
If you would like a second opinion on any investments or other financial product that you current own, please don’t hesitate to call and arrange a meeting.
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