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From Investopedia: “A financial plan is a document detailing a person’s current money situation and long-term monetary goals, as well as strategies to achieve them”.
Financial planning is a way to write down your goals and create a path towards them. For example, if you want to retire with $1 million in 25 years, you’ll need to figure out what amount of money you need to save per month, given a rate of return and inflation. The math behind this can get complex and it’s not as simple as $1 million divided by 25 years.
Working with a professional who understand the financial system could help you get there a little faster, with less stress.
The financial system can be complex and confusing. Working with a professional who explains things in plain language can help you get to your goals faster and with a deeper understanding of the reasons why. An advisor can help you avoid unnecessary risk, unnecessary tax loss, achieve better returns and avoid complex legal processes if your paperwork was not set up correctly.
Many goals are a multi step process over several years. There are subtle nuances to money management, most of which the general public don’t know about. Why work harder when you could work smarter?
For example, if you are saving for a downpayment, you might open an FHSA to get a tax refund, then reinvest the refund back into the FHSA to continue the cycle. This lowers your total tax liability (keep your money). If you just saved cash in a savings account, you would be losing money unnecessarily to taxes for the same goal!
In other words, if your kitchen sink started spraying water everywhere, do you want to DIY it or hire a licensed plumber?
For clients requesting fee for service (advice only, no investment management), there is no minimum investment amount required. Your comprehensive plan will be built based on your needs and goals, and fees for this service will be billed as a package rate, or hourly depending on complexity.
For those requesting investment management services, our minimum deposit is $500,000 per household (combined value of all household accounts under our management). Our financial planning services are included in the fees paid through the investment portfolios.
The above metrics are guidelines and some exceptions may apply, please get in contact with us to discuss the best arrangement for your needs and goals.
Village Financial is an independent financial services firm.
We are under contract with the Canada Life Assurance Company and Quadrus Investments. This means that your investment accounts will be held at Quadrus Investments and managed directly by us (we need a financial institution to hold your RRSP).
We are independent investment and insurance advisors. We offer investments from all financial institutions without bias. We are not compensated based on who we invest with, nor do we have any proprietary products.
We are contracted with several major insurance companies and will “shop the market” to find you the most suitable product.
This approach rewards the financial institutions who produce exceptional results and removes bias and conflicts of interest from our investment and insurance advice.
Village Financial is a registered financial services firm in the province of Ontario. You can see our licence by clicking here.
Amandeep Banwait is a registered life and accident & sickness agent in Ontario. Click here to view his license.
Amandeep Banwait is a registered dealing representative (mutual funds) in Ontario, click here to search him on the National Registration Database.
Amandeep Banwait is a Certified Financial Planner, click here to visit his FP Canada profile.
Given your situation, it may be advantageous to change where you’re getting your income from. For example, we might advise selling a rental property and using the proceeds to build a stock and bond portfolio. Or, drawing down your TFSA before taking extra from your RRIF.
Our goal is to manage your accounts to stabilize your income and provide financial security for the rest of your life.
Estate planning can be complex (your kids don’t just “get the cottage” after you die). If you have non-registered money, second or third real estate properties or a business, these things cannot pass down automatically and the tax burden on your estate can be extremely high. In some cases, your estate could be double taxed!
Getting advice now can help you keep more of your money today and after your gone.
Village Financial offers mutual funds from all the major financial institutions.
We also offer segregated funds on a case by case basis (usually for estate planning needs, risk averse investors or investors with significant non-registered money).
Village Financial offers life and accident & sickness insurance. These include term life, permanent life, critical illness and disability products. We do not offer auto, home or commercial insurance.
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We will take care of all account transfers.
Usually it’s as simple as signing the required paperwork. We will fax, email and call the institutions to facilitate your transfer. We will follow up with them on your behalf and keep you informed on the status.
In some rare situations, we may ask for your help in speeding up transfers. We’ll communicate with you if this is ever necessary.
For clients requesting fee for service (advice only, no investment management), you can continue working with your investment advisor without issue. We may recommend changes to your investments in your financial plan, which you can discuss and implement with your investment advisor directly.
For clients requesting investment management services (minimum $500,000 required), we would become your advisor of record and the relationship with your previous advisor would end.
There may be unique circumstances where some accounts are managed by other advisors, this would be discussed and agreed upon before any steps are taken. Ex, if closing an account will result in exorbitant fees, we may advise leaving the account with the previous advisor.
Village Financial is under contract with IPC Wealth Inc, a national mutual fund and securities dealer. Your investment accounts will be at IPC Wealth and you will receive an online profile to check your investments 24/7. You can also receive statements by mail, if you prefer.
Village Financial is strictly committed to your personal and data privacy.
Your entire client file and all conversations had with us is held in the strictest confidence. We will not release any details about you (including your identity) to anyone outside of our organization or the institutions you chose to work with.
Some of our current data privacy policies:
If there is something more we can do to protect your personal or data privacy, please let us know.
For fee for service arrangements (advice only, no investment management), we charge an hourly, or package rate to create your financial plan. This would be agreed upon before the engagement begins, you will be invoiced after the financial plan delivery.
For clients choosing the investment management model, our annual trailers are listed here:
$500,000 – $1,000,000 = 0.9% / yr
$1,000,000 + = 0.5% / yr
Please note that fees are charged on the entire account balance, not the investment performance. This is standard practice in the industry, since work is being done for you continuously, regardless of market swings.
There are no fees to transfer in your accounts or buy/sell investments.
We also earn commissions on any insurance products we sell. If you purchase a policy, the insurance company pays us a commission for selling it. You do not pay us any commission for these products.
Village Financial does not charge any fees to deposit money, transfer in accounts, sell your investments or rebalance your portfolios.
You might incur fees from your financial institution to sell your investment accounts in order to bring it to us. We will look over your statements in detail to determine any potential fees. We will advise whether or not it makes economic sense to do so, we don’t want you losing your money arbitrarily.
Village Financial is located at First Canadian Place, in Toronto’s Financial District.
100 King St W, Suite 5700, Toronto, ON, M5X 1C7
We serve clients and businesses in the entire province of Ontario. Whether you live in Toronto or Sudbury, we’re here to help you.
Click here to book an appointment or:
Email Aman directly: aman@villagefinancialtoronto.ca
Text or WhatsApp: 647-612-8856
