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

Economy in tough times , what do we do ?

There are situations we can not control and there are things we can do . We can chose to work smart and hard to be better at what we do . Provide a service that can not be matched and you will have to focus less on the economy troubles . You can control your reaction and your resulting action will determine if you are a participant in the economic challanges .

Canada's No Call Registry is a bad solution which will cost small business

This is a negative piece of legislation that was not well thought out . Many small business just had their cost of doing business increased and ability to contact potential clients reduced .At the time when our economy is already going through trying times , Canadian business did not need this punch in the gut . I understand the purpose behind the legislation but it was not well planned . As a business owner I object to having this legislation and then certain groups being exempt . Why should I be treated differently from other exempt groups ? Welcome to Canada where business have to fight to earn a decent dollar !

Why is our delivery system of financial services screwed up ?

In todays environment there are too many generalists and not enough specialists . The bank teller sends the client to the investment adviser who then sees client has open money so they promptly call in the " insurance specialist" to sell the client a maximum funded Universal Life or Whole Life policy . The fact that the client has a 250000 k mortgage on their principal residence does not come into play with the bank planning and client is convinced they should buy a life policy for 70000 annual premium . The investment adviser is rewarded by their " fine  work " through points given to bank employees as well as commission split with the so called " insurance specialist ".

Planning before you buy insurance!

When you are considering your options to buy an insurance product, plan before you buy. The planning process requires you sitting down with your financial advisor and letting her/him know the BIG picture. How much insurance should you own and what type? Can I buy more insurance which is designed for my needs? How long do I need the coverage? Mortgage insurance at the bank is expensive; how much premium can I save by going to an " independent" broker ? Who should be owner and beneficiary of my policy? Do I have a holding company that can pay for my insurance with lower after tax premiums?

Working with all your professionals to get maximum results!

You will gain best results by bringing to the meeting your lawyer, financial advisor and accountant. Why? They are obliged to work for you in a team environment and hopefully on the same page.  Make sure there is no posturing as to who is in control or smarter.  Each professional should be able to add valuable insights to create a better plan which takes care of your needs.  Make sure all advisor's are kept in the loop as you move through development of the plan.  Since a number of professional advisor's are not accustomed to working in a team, sometimes they forget to tell the rest of the team what they are attempting to do for the client.