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

Relationships are wonderful most of the time !

Have you ever hung on to a relationship longer then you should ? Why do we hold on to some relationships when clearly we should say no more ? Being a relationship person it took me way too many years to be able to cut out relationships which served no purpose , were one sided or were simply harmful . I have had relationships which cost me over a million dollars and I look at them as just expensive education . We work hard to forge relationships so it is hard to say goodby or acknowledge they are done . I have had to say goodby to friendships and at times to clients that no longer appreciated what we did for them . It feels liberating once we decide that we are severing a relationship and surprisingly peaceful . If you are in stressful relationships try to understand why and make a move !

What is a professional advisor ?

I believe they are someone who is a specialist in their area of expertise and looking out for your best interest . They are someone who will treat you like part of their family . They are someone who will listen to you with objectivity and not push any agenda . They are someone who can guide you to people that can assist you in whatever area you may be needing assistance in . Most of all , professional adviser must have your best interest at heart and be trustworthy !

Insurance Planing should be done yearly !

As a professional in the insurance industry , I have delivered some large cheques for life insurance , disability insurance and critical illness insurance over last 30 years . It is never easy and seams to get harder . In last month I have had four of those "I have some bad news " which shake me up to my core . People I know are facing difficult times : families , businesses and individuals I care for . My only consolation is being able to say that the financial responsibilities are going to be able to get taken care of by proceeds from insurance . I am strong in many things but sitting with a man who is dying to make sure all paperwork is done is one of the toughest things in the world . For people that think insurance profession is about the sale or commission we make think again ! Do your insurance audit on a regular basis as it is something you do for yourself , your family and your business .

Being a business owner not a easy game !

Over the last 30 years I have worked with hundreds of business owners and have been consulted on many issues and topics which expand beyond my normal core business . My clients have come to know that their conversations with me do not go further outside our conversation . One thing is certain , being a business owner can be a lonely experience as every day you are expected to be on top of your game and rarely can you talk to someone about your deepest challenges . What is a trusted advisor ? To me it is someone who will : listen , care for you and is willing to do what is necessary to assist you . A business owner needs to surround themselves with right advisors they can access and trust their judgment . Having a board of advisors is the best method to build a business and run it to be profitable . There are advisors you can count on and others .......

Sales people fail because ......

Sales managers try to motivate sales people with quotas and numbers . Sales people are being led by managers who have forgot or maybe never learned the essence of being a professional sales person .RELATIONSHIP is the most important component of sales . If the relationship gets properly developed and a win win strategy gets developed you will be a success in sales . Sales people rarely have a business plan which is also a must . What is it you are offering to provide me ? So what ? Who cares ? Why you ? Are you passionate about your product and or service ? Old style managers are not able to attract young people into sales , why ? Sandler Sales Institute course by Terry Ledden and Dale Carnegie are great courses which every sales person who wants to be in the profession should take ! Sales make the world go around on personal as well as business level !

Life Insurance policies provide excellent value for leaving a charitable bequest !

Permanent Life insurance policies are excellent vehicles to provide cash to your favorite charity and bring you tax relief . The tax relief can happen when you are alive or on your tax returns upon your death . Do you have any policies you no longer need for estate planning and are wondering if you should cancel it ? Donate that permanent policy to your favorite charity and leave a legacy . We have worked with a number of clients to secure new policies for charities and places like the Ottawa Heart Institute . Charities also require money today to operate so the strategy of leaving them as beneficiaries on life policies is not meant to replace those much needed funds to operate today .

Coaching , mentoring and giving is rewarding !

Over the years I have had the privilege to coach many young people from local , provincial and University level sports . If you have not coached before please give it consideration and I assure you that you will have a lifetime of memories as well as relationships . I am proud to see and meet the "kids" that are now in twenties who still call me coach . I am always interested in hearing them tell me what they are doing today or even assist them in getting an interview for a job . As one of the players said when I was with Winnipeg Blue Bombers " it is not how you play the game of football but it is how you play the game of life ". Once a coach you never stop being a coach . Coaching is a rewarding experience if you decide to go beyond what we old football people call x's and o's . Community needs participation from good people to build our children to be proud and successful in life . Sign up to be a coach or a volunteer and reep the rewards !

No commission paid or sales person !

It is disturbing for me to here these ridiculous adds suggesting commission and no sales person will call you .Since when did this country turn on people like myself who earn a living , pay taxes , contribute to charities and more ? I give people a lot of valuable advice and if I charged a fee based on results who would pay that which would be often more then commission earned if and when a product is acquired . I have not purposely charged fees even when my client have said they would have paid for value provided . What about service during and after product is bought , oh yes you like being left on hold after calling 800-not-HERE !.

Insurance and tax deductability of premiums !

I can not count the number of times I have heard people ask if they can deduct life insurance premiums as a business expense . The answer is yes and no ! The rules are very clear what can be deducted and how to structure insurance policies to meet CRA guidelines . As a business owner , you need to be certain what the rules are for deduct ability and follow them . Over the years we have run into situations where someone says " my sales agent said I could deduct the premium on my life policy " and we have had to explain the rules regarding deductability which were painful wake up calls  . You are allowed to structure your affairs to take advantage of planning opportunities but my suggestion is do not push the envelope . I will walk away from a file before I will advise a client to do something which can be contested by CRA . I want to sleep at night knowing I have done a great service to my client and not put them in a adverse situation with CRA . PPROFESSIONAL INSURANCE PLANNERS WILL CLEARLY EXPLAIN TO YOU TAX AS WELL AS INSURANCE PLANNING OPPORTUNITIES !   

Health Care in Canada !

With natural aging of our population there is a train coming down the tracks through on a tunnel and I do not think we on the other end of the tunnel are prepared . Private health providing services in my opinion is the answer . People who can afford to pay for private health should not have to leave Ontario to get it and as they are doing this now millions of dollars are going elsewhere to providers of private health . If there was private health readily available this would elevate the demands on the social system as wait times would reduce do to people opting out to use private health care providers . To protect yourself and guarantee you will have funds to receive best treatment Critical Illness and Long Term care will provide you funds to get this coverage . Statistics say that a person with money will extend their life expectancy because they can get get best treatment , female life expectancy to 90 !