When Is The McClelland Financial Group
a Good Fit for Your Family Wealth?

Whether through good planning, good fortune, hard work, or all of the above, are you and your family on your way toward experiencing, acquiring and affording your life's greatest goals?  What a wonderful feeling that can be.

Then again, with financial success, questions and complexities can arise as well: multiple accounts to manage, additional risks to avoid, legacies to leverage. How will you best invest and grow, preserve and protect, and spend and enjoy all that you've created … all at the same time?

As lifetime assets accumulate, most families seek an informed professional to help them bring order to their communal concerns and individual interests… someone who can remove rather than add to the challenges that accompany multi-generational levels of financial planning.

What does that "someone" look like? Every day, we dedicate ourselves to addressing that question for our clients. We have a refreshing way to determine how to best serve their needs: we asked them about it. Here's what some of our clients have said they appreciate the most about working with us (and you can read more here):

Proactive care – "Robert McClelland has an excellent team of dedicated and loyal staff members. Questions and concerns are always addressed promptly, and accurately, being passed to the 'expert-in-charge' of the specific issue. Various scenarios of investment strategies are often presented to us during our meetings, and we the client, choose what we feel best works for us."

"I had neither the time nor the desire to continue to manage my portfolio alone, although I certainly wanted to see it invested in a way to foster growth, while preserving the capital. I have found that Rob's understanding of my objectives has been excellent."

Multi-disciplined experience – "I am retired and want to make sure that I am investing wisely but also in the most tax efficient and estate efficient manner. It is also important to me to be prepared and ensure that I have Powers of Attorney and a Will that reflect my wishes. I have discussed these topics at length with Mike [Connon] and feel better prepared in these areas."

Multi-generational planning – "Rob always met with the two of us, and I began to see the wisdom of this method. A plan was formulated to make our retirement comfortable. … The second phase of our family investing came about when my widowed mother came to live in Thornhill. … The third phase of family investing has come with our children. … The bottom line is that we are all getting the best monetary care, and I believe when it comes time to pass on our investments, the family has the opportunity for the best advice." 

An emphasis on education – "[The McClelland Financial Group] tries to ensure that their clients are presented with opportunities to further their knowledge on a myriad of topics. Topics have been varied and always interesting. The impact of divorce on your finances, Wills and Powers of Attorney, tax efficiency in investing and in your estate, are among the best ones. I am anxious to attend a proposed session on downsizing and de-cluttering."

Of course we also have our own perspective on how we make financial planning happen. To name a few of our focal points, we bring together Rob McClelland's, Mike Connon's and Carlo Cansino's 55+ years as financial leaders, our team approach to enhancing client care, our processes and procedures for tending to each family's financial universe, and our evidence-based approach to building and preserving wealth in ever-volatile markets.

If you would like to explore how we might be able to help you and/or your family achieve your/their own levels of financial security, we would welcome your/their call any time.

Please be in touch to learn more.

The McClelland Financial Group of Assante Capital Management Ltd.
Tel. 905-771-5200

A life insurance update: 7 things to consider about converting from term to perm

Is it time to reassess coverage amounts under your
current life insurance policy?

We are well on our way to ushering in a new era in the insurance industry. After leaving life insurance tax laws largely untouched since 1982, the government has passed new rules to take effect on January 1, 2017. The changes are expected to reduce tax-favorable opportunities available to policy holders. Not surprisingly, insurance companies are busy re-evaluating their premiums and options as we speak.

In light of the impending changes, you may want to also re-evaluate your own coverage – and soon, as rates are expected to rise in the near term. One way you may want to manage your future premiums is by converting from term life to permanent coverage. We emphasize "may" because the most important component in the mix isn't the timing of government regulations or insurance company actions. Any changes you make should first and foremost be driven by your personal circumstances.

Here are seven questions to help you evaluate whether now may be a good time to alter your current life insurance elections, including whether it might make sense to convert from term to "perm".

1. Is it time to reassess coverage amounts under your current life insurance policy?

Your coverage needs constantly evolve with your life's natural progression. For example, maybe you're in a better financial position today than when you purchased your policy. Maybe your mortgage is now paid off and the children are out of the house. It's a good idea to periodically review your insurance options along with your financial plan, and keep both of them current.

2. Are you nearing retirement?

Upon reviewing your financial plan with your advisor, an inevitable word that comes up is TAXES. To be proactive, and to potentially ease your estate taxes, you might consider purchasing a permanent insurance policy to be paid off after ten payments. With a ten-pay plan, you should not have to worry about additional cash flow during retirement to keep the policy in force.

3. Is your term life insurance product approaching its renewal date?

Even if your current term life insurance policy is still a few years away from expiring, it may be worth obtaining a permanent life insurance quote at this time. With the new laws looming, term insurance premiums might double if not triple when they come due for renewal, whereas you may be able to lock in more favorable rates with a permanent policy … if you act soon.

4. What additional investment tools might you wish to take advantage of?

There are many investment opportunities available in a permanent life insurance policy. For example, you may seek a personally directed investment portfolio within a universal life insurance policy, or predetermined investment selections within a whole life insurance policy. Which product will be best suited for your individual needs depends on your financial goals as well as the nature of the investments themselves. Suffice it to say that some of the underlying investment selections are considerably more advisable than others.

5. Has your medical situation deteriorated since you initiated your life insurance policy?

In the new climate, if you've been diagnosed with even relatively minor health issues, your rates may skyrocket upon reapplication or, worse yet, you may be deemed uninsurable. As such, this is one of the largest benefits to already having term insurance in place as part of your greater financial plan. An existing policy may afford you the opportunity to convert all or part of your term insurance death benefit to a permanent insurance option, without requiring evidence of insurability. In this scenario, the sooner you secure permanent life insurance, the better.

6. How old are you?

Different insurance policies have a maximum age for converting current policies or applying for new ones. It is important to keep apprised of industry changes and to know what the age limits are, so that you can plan accordingly.

7. Do you have life insurance through your employer or group benefits?

Most people assume that their employer or group life insurance benefits will continue after retirement. Unfortunately, that is not always the case. Coverage may vary widely once you retire. Even if benefits continue, the coverage may decrease, and/or the payment schedule may increase. You may have conversion options through your current benefits; however, the associated costs may not always be your best bet. Again, careful planning is advised.

These seven questions introduce some of the most important details to be thinking through as the life insurance industry continues to evolve. How might the changes impact your own financial independence, risk management and estate-planning goals? These questions are best addressed in tandem with an advisor who can help you organize your life's many moving parts into a happy whole.

Carmen Cudmore
Insurance Advisor
Assante Estate and Insurance Services Inc.

CRM2 the full story. 

Effects on the financial services industry...

With the advent of CRM2 upon us, investors should have been provided more clarity and transparency when it comes to fees on their investments and their rates of returns. 

Unfortunately, CRM2 does not necessarily tell the full story. 

For more information on CRM2 and how it affects the financial services industry, read this article from Wealth Professional Magazine, written by our own Senior Financial Planner, Carlo Cansino.

The McClelland Financial Group of Assante Capital Management Ltd.

Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and is registered with the Investment Industry Regulatory Organization of Canada. This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

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