Eltero Financial

You can do your own financial planning.

Read David Martin - Fiduciary, Founder Eltero Financial Partners latest blog post.

Can you do your own financial planning better than a "professional financial advisor"?

Yes, if you can master the Triad of Effectiveness.

For more details, read my latest blog post:
https://elterofinancial.com/do-it-yourself-diy-your-financial-planning/

How can you trust the information you're getting has your best interests at heart?

Do you have a financial advisor or adviser? - MoneySense Regulators stress the importance of checking to see that your financial advisor is registered. But it’s important to see what they're registered to do.

Making the wrong choice on when to take CPP and OAS can significantly impact on your retirement.

Get the right information to live your best retirement.

How to double your CPP income - MoneySense New analysis from the National Institute on Ageing makes a strong case for delaying Canada Pension Plan payments to age 70. Does everyone else agree?

Do any of these warning signs ring true when it comes to your financial life?

Financial Coaching is an element of the fee-only financial planning we do at Eltero Financial Partners.

Intuitively, we know that emotions drive many of our decisions, and we then rationalize these decisions with facts that support our desired outcome.

When working with our clients, the emotional outcomes they desire are what we strive to deliver. Success is when they feel a sense of peace of mind regarding their financial future. People’s finances can be a very emotional topic, and leading with not just our heads but with our hearts is an important part of our leadership philosophy and value proposition.

It’s something we think can apply to almost any business - and life in general.

Loss aversion is a cognitive bias that explains why individuals feel the pain of loss twice as intensively as the equivalent pleasure of gain.

You’d assume the sweetness of a win outshines the sourness of defeat. But that’s not how we’re wired, especially with finances.

Loss hurts more than equivalent gain feels good.

It’s a reminder that when it comes to finances, it’s more important that we give peace of mind - that we remove fear so that our clients can rest easy knowing they have a plan in place.

We care for the families we serve and, above all, seek to understand and protect their dreams and financial security.

FHSA?? RRSP?? TFSA?? 🤷

What is the best account to use to save for your first house? 🏡

Like the answer to most financial questions... it depends.

Please use this brief overview of the basics of each type of account to help with your decision. 👨🏼‍🔬

Each account has tax benefits that you could use to your advantage to maximize your down payment and minimize your taxes and borrowing amount. 💰

IMPORTANT TIP: For those considering purchasing your first home in 2024, open an FHSA before Dec. 31, 2023 with at least a minimal amount (~$100).

Reach out if you have any questions.

Know when to walk away and know when to run!

IF... some of the first questions your financial advisor asks are:

🤑 "How big is your investment portfolio?"

🤑 "How much money do you make?"

🤑 "Do you have life insurance?"

Ask yourself, are they trying to determine out how they can help you, or are they trying to determine if you're worth their time?

Don't get me wrong.

These types of financial questions are important for eventually developing planning strategies. But I can think of 20-30 more pertinent and important questions to ask before these to determine how we can uncover whatever challenges you're having.

Building a foundation can take time and patience.

Set realistic expectations and break down your tasks into manageable steps.

Focus on the positive aspects of the situation and the progress you have made.

Remind yourself of the benefits of being patient and the consequences of being impatient.

Seek support from others who can encourage you and help you stay on track.

November 20 is Transgender Day of Remembrance

Please take a moment of silence to acknowledge and honor the hundreds of lives needlessly lost. Focus your mind for a minute on a world where all life is respected. Think of love, and send those thoughts out into the universe.

Peace.

Proactive planning!

Did you know there are only 30 TRADING DAYS LEFT IN 2023!!!

Have you planned out your year-end tax strategies yet?

I had a planning strategy meeting with clients today. We are going to convert a small portion of their RRSPs to a RRIF, and redeem another small portion from a spousal RRSP to realize additional income for them in 2023.

They don't need the cash this year, so we will be transferring these registered amounts to their joint non-registered account now to make 2024 TFSA contributions.

These moves will reduce their future tax bills and are projected to increase their estate value by $50,000. The tax hit for 2023 from these moves? $0!!

However, if we don't do these transactions by year-end, we lose these advantages forever.

It pays to proactively plan! Don't let this year go by!

NOTE: These strategies might not be suitable for you and will likely produce different results. Please consult a professional (preferably one who doesn't sell products) to determine tax strategies that could work for you.

Holiday budgeting thoughts…

BNPL - Buy Now, Pay Later

Smart Holiday gift buying strategy or Trouble?

Many people are looking for ways to make gift buying more affordable this Holiday season.

BNPL, or similar retail purchasing options, can spread out the payments of more expensive items over a period of time, this making them seem more affordable.

Without a measured plan to make the repayments, either as scheduled or accelerated, you could be creating future financial problems.

Read the fine print on any payment agreements. Like going to the casino, usually the odds are in the houses’s favour.

Business owners have options.
Planning and time can maximize those options.

"We must use time as a tool, not as a couch"
John F. Kennedy

Time is a great tool for effective planning. Will you use it to your greatest potential?

Where are the Kardashians when you need them? - Eltero Financial One of my guilty TV-watching pleasures is a show called “American Pickers”. It’s a reality show (supposedly) that follows a couple of guys who travel the

Canadians don't feel retirement planning is about them. - Eltero Financial Partners Inc. David Martin, Founder and Lead Partner of Eltero Financial Partners Inc. (https://elterofinancial.com/) discusses with Randy Taylor of Informed why Canadians...

NEWSFLASH:
Buying another investment product won't get you closer to your goals.

You know what will?

YOU!! 💪

Things you can do:

Define your goals - Both tangible and intangible. ✔️

Assess where you are currently and where you want to be - Get organized. ✔️

Develop your "WHY" - Your personal or family mission statement. ✔️

Start small - Nothing meaningful happens immediately. ✔️

Pay yourself first - Be deliberate. ✔️

Reduce your costs, where possible - Stop paying high management fees. ✔️

Use tax laws to your advantage - Improve your financial literacy. ✔️

Set timelines - Not finish lines but "Celebration" lines! ✔️

Monitor regularly - Failure > Complacency. ✔️

Adjust when needed - Flexibility is the key to stability. ✔️

Ask for help when needed - You can't be an expert in everything. Reach out to Eltero Financial Partners to see how we can help.

You got this!!!

Planning Illustration:

I was speaking with a couple, ages 54 and 52, who wanted to retire in 8 years. They’ve been with their current financial advisor for 12 years but still did not know if their financial goals were achievable.

We reviewed and optimized their budget, investment asset allocation, savings strategy, and retirement decumulation strategy to levels they felt comfortable with. They were disappointed that this planning work would still not produce the desired outcome for them. (See “Before” image.)

Feeling they already sacrificed enough, they now had to choose between:
Option 1: reducing their retirement lifestyle AGAIN (= less enjoyment),
Option 2: working longer (UGH),
Option 3: taking on more investment risk, both now and in retirement (EEK!), or
Option 4: magically finding a way to save an additional $32k a year.

In discussing Option 3, I asked them if they knew what their current investment management fees were. They didn’t really know. Upon further investigation, we determined they were paying 2.27% in investment and advisory fees each year to their current advisor.

Instead of taking on more investment risk to try to achieve an additional 1.19% return as suggested by Option 3, reducing their investment management fees from 2.27% to below 1.08% (saving >1.19% annually) would accomplish the same investment net growth and not change their risk profile. (See “After” image.)

The clients now have a customized plan and achievable action steps. And Eltero Financial Partners has a new client family to work with. Win – Win!

Disclaimer: This client example is for illustrative purposes only and will likely be different than your situation. Please see your financial advisor or contact Eltero Financial Partners Inc. to determine the most appropriate planning strategies for you.