The TK Advisor - The TK Group Ottawa Blog about Life Insurance, Critical Illness Insurance, Wealth Mangement and Estate Planning

Sole Proprietor and her/his insurance needs !

As a Sole Proprietor , there are a number of insurance coverages you should examine : life insurance , disability insurance , critical illness insurance and long term care insurance . It would be nice to be covered for all eventualities but that is sometimes cost prohibitive . Here are the needs I feel you should examine . Life insurance : what type , how much and for how long . Life insurance should cover off your debts and provide your family with a standard of living they are currently accustomed to. There is a product out there which can do this for you and the type of coverage you ultimately choose is going to be based on availability of premium dollars . If you get disabled , your business and family are effected . Properly drawn up disability policy will help you through those difficult times . Critical Illness coverage will provide you with a lump sum of cash on a occurrence of a critical illness and 30 day survival . Long Term care is relatively new coverage in Canada which can be of exceptional value . To find out more about these coverages , www.thetkgroup.com . DO NOT EXPOSE YOU AND YOUR FAMILY TO RISK !

Is your bank investment advisor a specialist or a generalist ?

I ran into a client of mine yesterday who is a investment advisor with a bank and he told me that he was just going to write his license to" sell " life insurance . I know that the banks are pouting the heat on their " investment " advisor's to sell insurance and if the investment advisor was to send this work to a insurance specialist like me , they could lose their job . I find it unfortunate that the financial world is becoming one filled with generalists that feel getting any sale to a client is worth it regardless of their skill set .

I am a insurance specialist that has a knowledge in areas which pertain to corporations , professionals and self employed . I work regularly to assist clients with shareholder agreements , partnership agreements and will planning in a way that they understand the provisions and are able to go to their accounting as well as legal professionals to get the work completed . Often , we are the ones that bring their lawyer and accountant in the same room to do planning work which we have suggested to our prospects and or clients . You would be surprised to find out how many times the prospect or clients  lawyer and accountant have never met . Build a strong team of advisor's that are specialists and this is the secret to a successful financial plan.

Banks have hired people to sell insurance for their clients and I can guarantee you these advisor's are typically ones that would never survive in the open market where they have to compete on their own merits . Insurance people at the bank support limited number of insurer which could mean you are paying too much for your product .

Financial industry has strong regulatory body but they missed the boat and if medical community did this we would be in trouble . Imagine if a heart specialist was also asked to do hip replacement   !

Why do people accept bad advice or no advice !

We live in a age of information and yet so many people settle to deal with professional advisers who are not providing them with exceptional value or service . Bad advice costs you a lot of money , time and grief . When you are looking for a advisor , ask for references and do not only focus on educational certifications or credentials . Ask about the individuals personality and make sure you can work with them. Are they going to be truly committed to your well being ? Are they going to go that extra mile to assist you ? How interested are they in learning new things and are they keeping on top of their game ? Are they going to focus on your needs or theirs ? Are they going to only call you at year end like some accountants and or time of a sale like some " sales agents " . There is no set formula but use your resources to find out why that advisor should have the privilege of being hired by you . There are  many good professional advisor's in our city but there are also some that I would certainly not have as part of my team . Speaking of team , when was the last time you had your lawyer , accountant , banker , investment advisor , insurance professional in one room working on a plan to help you get ahead in life and protect you ? Never ? Time to build a strong advisory team that make you the center of their universe .Have a wonderful year and do not settle for less then the best!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!