CDA Essentials 2017 • Volume 3 • Issue 4

41 Volume 3 Issue 4 | S upporting Y our P ractice We probably should have done it sooner. Jon Zilkey , Hamiota, Manitoba Jon Zilkey is a school principal who had been working with a financial advisor from an insurance company. His wife, whose father is a dentist, had been investing in CDSPI Funds so they decided to combine their investments under the umbrella of a joint financial plan. “We had two different scenarios in mind, so our advisor created two distinct plans,” said Mr. Zilkey. “We were thinking about buying a house in a southern location when we retire, but we weren’t sure we would have enough saved to do that. Our advisor showed us one plan without the house purchase, and one with it, and what we would need to do to make the house scenario happen.” Since the Zilkeys live in a small town in Manitoba, all correspondence was done by conference calls and email. But they didn’t find it a hindrance not to meet in person. “We took a look at the plans, then called our advisor and went through them in detail. He answered all our questions, suggested funds, and explained how and why they fit into our portfolio.” With Cumberland I was impressed that they invested their own money in the assets they were recommending. Dr. Ramon Humeres , Toronto, Ontario “I had tried everything from doing it myself to working with an advisor at a major bank,” observed Dr. Humeres, “but I found he was always pushing their products. It was difficult to get personalized service and I was never comfortable that he was being objective. That changed with CDSPI.” Dr. Humeres was on the verge of selling his practice so it was important to know how that would fit into his overall retirement picture. A CASI advisor visited him and his wife at their home, and after determining their goals, provided a plan that looked at different scenarios based on the selling price of the practice. Once they have a financial plan, some higher-net-worth dentists choose to work with a private wealth management service to make their investments. In this scenario, a portfolio manager provides discretionary wealth management, building a portfolio of stocks and bonds according to the dictates of the plan. Dr. Humeres wanted to explore this option, so his CASI advisor introduced him to Cumberland Private Wealth Management. “Cumberland is focused on capital preservation, which is what we wanted. We understand that the market could go up or down, but with a solid plan and a portfolio manager guiding our investments, we’re comfortable knowing that we’re in a safe range.” Financial plans are typically developed by professional advisors, so choosing the right one is critical. You should expect an advisor to have a Certified Financial Planner®/CFP® certification and enough experience in the industry to have seen multiple market cycles (15–20 years). It’s best if their compensation is not tied to particular investments, so they can remain objective about their recommendations. The final questions you’ll want to ask are: “Do I see myself working with this advisor over the long term? Do I feel they will understand my needs and work in my best interests in the years ahead?” If you can answer yes to both these questions, then you’ve found yourself an important ally in achieving your financial goals. a Advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Information in this article is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice. Restrictions to advisory services may apply in certain jurisdictions.