A Money Management Webinar for You

Creating an online Money Management seminar is something I have been thinking of for some time, and I think that now is the time to move ahead. I would, however, appreciate a little input. Here’s what I have in mind as an initial session.

Participants would be led through a process to identify their cash flow, their current net worth, and creating a household inventory. We would discuss RRSPs and the new Tax Free Savings Account. Income protection (paycheque insurance) will be covered, including group benefits from employment. Of course, other money tips could be expected.

You could help me by replying to this post on the blog, by email, or by phone. Please let me know if there are specific topics you would like to see in an initial or followup webinar. I would also like to know whether you would prefer to have an interactive session with others, watch a prerecorded broadcast, or actually attend a group seminar that is not online. If attending a live webinar, what time of day and day of the week is best?

Season’s greeting to all!

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Questions to ask yourself relating to Living Benefits

There are four questions that I like to pose. For most, the answers should lead to the conclusion that a discussion of Living Benefits with your insurance advisor is in order. Here they are:

1. Do you know someone who has had cancer, a heart attack, or a stroke, or another serious health condition?

2. Did he or she plan on it?

3. Did he or she go thorugh any unplanned emotional or financial distress at that time?

4. Would cash have helped?

The Living Benefits include Disability, Critical Illness, and Long-Term Care Insurance. One must also ensure they are adequately covered for extended medical and hospital, particularly when traveling. For a quick introduction to Critical Illness Insurance, I invite you to read my post and watch the short, linked movie: The Origin of Critical Illness Insurance.

 

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Succession plan for your business

“Due to the astuteness & foresight of the Founder this Business will go on forever!” This was the last slide in the presentation of Gordon Wusyk of The Business Family Centre, Predictable Futures Inc. Gordon was speaking to the Connections 4 Business meeting of the Edmonton Chamber of Commerce this morning.

Gordon enlightened the audience on the need to engage in succession planning to ensure the business passes to the next generations. It is a complex task that requires the consideration of family, business, and ownership interests. Ownership, management, and leadership succession must be addressed. I particularly liked the football analogy where the play is not going to succeed without a good receiver!

A reading recommended by Gordon is Beyond Suvival: A Guide for Business Owners and Their Families by Léon Danco (with Foreword by Gordon Wusyk). It is available for purchase from his website. I bought a copy to read in the very near future.

Insurance is an important part of succession planing, but Gordon explained why a more wholistic approach is required. A Family Business Advisor can coordinate the efforts of your trusted advisors (including financial, insurance, law, accounting).

 

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Uncomplicating Compliance

Continuing education is so important in the insurance and financial services industry. This morning, I attended a session on Uncomplicating Compliance, presented by Advocis, The Financial Advisors Association of Canada. This was a good review of the practices already followed. A lot is based on the requirements to know our clients and to ensure the suitability of any products recommended. This means knowing the clients and the products. We also reviewed privacy considerations and the new Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

What is the message? When you finding your financial advisor wanting to ask a lot of questions and really get to understand your personal situation, plese understand that it is a part of the process of getting to know you, presenting the correct prescription for your situation, and ensuring compliance with legislation, policies, and procedures that have the best interest of the client or potential client in mind.

 

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker, will not be held liable in any way for the opinions expressed herein.

Create a Household Inventory

My second tip in the 10 Tips for Women about Money is to create a household inventory. I ask you to create the list plus have back up support for it. The back up is going to be whatever receipts you can find, warranty documents, and photographs or videos of the items. We are doing this to help establish your net worth and to record your belongings in the case of future loss or warranty claims.

You may wish to organize your items by rooms in the home, types of items, values, or some other category. Record descriptions, serial numbers, purchase costs, and appraisal values if you have any. A later step could be to ascertain current market values and replacement costs for similar items. While knowing the current value of your possessions determining your financial position, you will also know what it would cost to replace them. Through your general insurance agent, ensure you have replacement cost insurance to replace items at current market costs.

Copy your receipts and warranty documents or, better yet, scan them to make digital files. As previously mentioned, photograph or videotape your belongings to help you prove that you owned them. Most importantly, keep a copy of all of this in a location away from your home. I like to use an online back up service. They are extremely reasonable nowadays, and you may even find a free service that meets your needs. If you ever have the unfortunate need of sitting down with an insurance adjuster, or to file a police report for stolen items, you will be prepared.