May 21, 2018
Shannon Lee Simmons is amazing. She is a Certified Financial Planner (CFP), Chartered Investment Manager (CIM), speaker, media personality, entrepreneur, personal finance expert, financial literacy advocate, and founder/owner of Toronto’s advice-only financial planning practice - New School of Finance, the educational hub for Canadians to get advice and learn about personal and small business finance.
Worry Free Money
Author of the book: Worry-Free Money: The guilt-free approach to managing your money and your life
Shannon provides financial planning, cash management, portfolio assessment, tax planning and small business advice to professionals, small business owners, families, and retirees.
Shannon was named one of Canada’s Top 30 Under 30, the 2014
Notable Award for Best In Finance and New School of Finance won the
2016 Wealth Professional Award for Digital Innovation. She appears
as a financial expert in TV, and is a regular contributor for the
Toronto Star'Money Makeover, Cityline tv, BBC Capital, has a
monthly column for Globe and Mail and is a personal finance
columnist for CBC’s On the Money and Metro Morning.
Highlights from the interview
Her original plan was to go into medicine because that's what
people encouraged her to do, but then she took some economic and
finance courses that's what she ended up doing.
Found a job helping high net worth individuals with their personal finances.
The discovered that people who are not wealthy, don't have lots of choices of where to get financial help.
After the 2008 financial crisis, when she saw other people struggling with their personal finance, started to get the urge of helping different demographics, not just the wealthy.
Quit her work on 2010 and launched a project whereas she was trading financial advice in exchange of goods and services.
After a year of living on the barter system, she realized how many people needed financial advice.
She launched the New School of Finance, and the business grew by word of mouth advertising.
We discussed the conflict of interests faced by commission based financial advisers.
Shannon believe that fee-only financial advice is the only alternative. Where there is no conflict of interest and more transparency.
We discussed the high-fee mutual funds suggested by commission-based advisers vs. low-cost ETFs.
We described the process of becoming a client of New School of Finance.
How, though the support of her team and family, she was able to put time aside to write the book Worry-Free Money.
We go through the time break down of being a mom of a little baby, being an entrepreneur and a writer.
I would never expect an employee to work on the weekend, because it's not their business, it's my business.