Sep 24, 2018
Ed Rempel from Unconventional Wisdom, is a financial blogger, a fee-for-service financial planner, and a tax accountant. His knowledge comes from helping thousands of Canadians with their financial plans. He creates solutions tailored for each particular client as opposed to a cookie cutter formula used by most of the financial industry.
His mission is to help his clients and protect them from the “financial quackery” - sales pitches by unscrupulous financial product pushers more concerned with making a sale than helping a client.
His experience includes:
25 years as a fee-for-service financial planner
15 years as a financial blogger
35 years as a tax accountant.
Writing comprehensive and personal financial plans for nearly 1,000 families.
Helping more than 600 clients follow their financial plans.
Managing more than $100 million in investments.
We spoke about:
"The Fake Financial Plan." Most advisors make their clients answer some questions, input the answers in a computer, and a 5-10 minutes later, there is a printout with beautiful color pages, a cover page, numerous graphs and charts, where the final recommendation is to buy the products of the company employing the adviser.
We build a scenario where recently landed immigrant wants to know how to invest in Canada
Open a bank account
Open a TFSA and an RRSP account
Prioritize the TFSA if earning less than $50,000
If the person doesn't save any money, the government will help but the help will be limited
After a person has contributed the max to their RRSP and TFSA, the next thing is to invest in non-registered accounts
For the stock sector, avoid Mutual funds with high expense fees. Favor low-cost index funds and ETFs.
Avoid individual stocks