BEST FINANCIAL JOBS IN THE MARKET

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http://www.radio-shalom.ca/mp3/Programs/1042/2012-04-04-Best-Jobs.mp3
　


MONEY MONEY AND THE JOB MARKET
INTRODUCTION　
http://www.radio-shalom.ca/site/emissions-1042


Bill Gates once said "It is the people with whom you work with, that makes a difference". People are the power behind any company, it’s the employees of the companies which helps a company grow. This signifies the importance of hiring a good and right candidate for an organization. Employees are the real assets of any company, that is why most of the bigger companies does everything to retain a good candidate.

Globalization has increased the demands for manpower. Selecting and Hiring a right employee has always been a challenge. It still is a challenge, that is why majority of companies hire placement consultant for hiring the right candidate for their organization. It doesn't make any difference what position you are recruiting for, it is a difficult task to determine a persons qualifications simply by asking a few questions during the interview(s). From the small business mom and pop operations to the large corporation, there are basic recruiting procedures that can be used to help you identify the right person for the right job.




The hiring process can be approached from many different angles depending on the skill level, job responsibilities, and educational requirements necessary to fill the job opening. In todays show we will address a couple of key elements that can be used to find good quality people. I personaly feel the secret to finding a good employee is in discovering their inner character, what drives them, what makes them tick. Once you know a little bit about who they are, you can then move on to determine if they have the work experience and or skills necessary to perform the job.

Today Canadians have taken alot of personal debt in the past year from buying overpriced houses and condos to piling up credit card debt charges , but a 1/3 of canadians feel in 2012, that they're still worried over what they see as a stalled national economy that has left them standing still , instead of getting them ahead.

 According to the RBC Canadian consumer confidence index, released in february 2012 , the number of Canadians who feel confident about the domestic economy's prospects over the next year dropped to 32 per cent in January 2012 from 43 per cent in January 2011 — and 56 per cent from January 2010, when canada was exploding out of the recession with strong economic activities.

Craig Wright, RBC senior vice-president and chief economist said "We're becoming more concerned about employment prospects in Canada," "The past two years have started out with strong employment numbers and then finished on a weak note.

Unfortunately, we've now seen 2011's year-end weakness spill over into the beginning of 2012. This, combined with the current unsettled environment due to ongoing concerns about the U.S. and European economies, leaves us cautious about our job outlook for 2012.

My name is Samuel Ezerzer, your host to the Money & Business show on Radio Shalom, CJRS 1650 AM. Thank you for tuning in live with our Business studios headquarters in Montreal, the financial capital and the home to the greatest hockey team, the Montreal Canadians. We have another great show for you today and as always, you can call if you have any questions, comments, or criticisms on today's topic. Please call us direct at514 738 4100 ext 200.
today we have live from Toronto , canada in his corporate head office is Mark Toren president of Altura search partners,we will discuss ,The best jobs are in health care , Technology and Financial services but today we will focus more on the financial services , the financial sector it is one of the biggest and fastest growing sectors of the economy , an aging population is creating a huge and urgent need for finacial planning and investment services. or email me at moneyandbusinessshow@gmail.comif you have any inquiries. You can also visit our website at www.radio-shalom.ca– all our shows are archived there. I work as Financial Consultant for T.E MIRADOR or TE WEALTH. TE MIRADOR has been providing Corporate Executives, CEO ‘S, families, employers and employee with independent wealth management and Financial education services since 1972. You can visit our website for my contact information atwww.temirador.com,　

Biography 　 　

　

　

Mr. Mark Toren, President of　 Altura Search Partners and is considered a leading authority on executive search matters to the Asset Management Industry in Canada. Mr. Toren is an affiliate member of Canada's prestigious Portfolio Management Association of Canada, an affiliate member of the CFA Institute, the Investment Advisor's Association, member of the Association of Canadian Employment Search & Staffing Services, the Human Resource Professional Association, the National Club, Montreal's Atwater Club as well as the Toronto Board of Trade.　
He has been involved with various educational & University events: he remains a guest speaker at various educational and industry events. His articles have been featured in the investment industry’s leading publications, including the Globe & Mail, Advisor’s Edge, the Investment Executive & The CFA Journal.






QUESTIONS
 

Mark you are the founder and president of Altura Search Partners a specialty boutique firm that specializes to the asset & wealth management industry in North America, you started the business in 1999, how did that come about?

　

　
Mark According to the RBC Canadian consumer confidence index, released in february 2012 , the number of Canadians who feel confident about the domestic economy's prospects over the next year dropped to 32 per cent in January 2012 from 43 per cent in January 2011 — and 56 per cent from January 2010, mark are you getting a sence when you meet your clients , that they want to get rid off high saleried employees, thus making employees feel that the ax is coming soon?

Mark the question is what are the the benefits of hiring a placement consultant or an executive search company like yourself , is it really worth it for any companies to spend 10k, 15k or even 25k for top employees?
 
 
 (As a placement consultant myself, i definitely think its worth hiring a placement consultant. It is not that i am biased. I personally feel that hiring placement consultancy has many benefits.

Placement consultant takes off recruitment work load from the Overloaded company HR’sPlacement consultant does the initial screening of the candidate thus saving the precious time of HR personnelPlacement consultants have access to job portals like naukri, monster, timejobs thus ensuring that best quality candidates are available for the companyPlacement consultants co-ordinates with candidates from beginning to the end thus company HR’s can focus on other important workPlacement consultants can perform reference check to assure the authenticity of the details mentioned by the candidatesPlacement consultants generally give 3 months of free replacement of candidates in case the candidate leaves the organization　,, , , , ,

Private wealth Is one of the fastest growth sectors in the investment industry, we are very interested in Investment Counsellors, Portfolio Managers, Relationship Managers, Sales & Marketing professionals and client services that have specific experience within the private client and HNW arena. Candidates should have a minimum 2 years of industry and function related experience. A strong passion for sales, business development and client relationship management.

Mark what are the key elements that can be used to find good quality people?

Mark about Canada needing skilled professionals In the coming year, Canada will be needing around 10,000 professionals and skilled individuals to be employed at variou vacant positions of jobs in Canada. .Although, the rate of joblessness in Canada is high, but a point worth noticeable here is that Canada still has a great demand for skilled professionals because the economy is getting better ?

　

While there have always been parts of the country that export their skilled workers to where the jobs are, the RBC study found 30 per cent say they would have to move in order to keep or advance in their present jobs, or to find new work — and 50 per cent believe that Alberta is creating the most jobs ? Is Alberta still the king in job creation?

　

Mark 53 per cent of families say they will defere major purchases —such as a car, or a major appliance — because of the current economic conditions, and 47 per cent say they expect to spend less in the coming year, Mark at the end of the day its not good news for job growth in Canada if canadian will spend less and contribute less to the economy?

　

In Canada mark 20% of the working population hate where they are working and work in a field that does not fit there skills? what do you do at this point ?

　

The fields in greatest demand lies in the asset management & investment banking side-again particularly on the sales & marketing side. As companies see their earnings and revenues stay stagnant, the needand demand for increased sales and revenue increases substantially?

　

Just as a search firm should perform rigorous diligence on any candidate, likewise the candidate should also invest the time to ensure they are also working with the 'right' firm that represents their own goals and objectives. As a candidate, is it their responsibility to perform there own due diligence?

　

Top 10 Reasons Employees Quit, No Job Security mark ;In the 21st Century, we have circumstances such as downsizing, job outsourcing, decreasing profits, increasing corporate competition, and mergers and rumors of mergers. are you starting to see more employees stay on the lookout for new jobs constantly, even if they are happy with the one they have. it seems many have little to no confidence in upper management long-term.


Mark one signs that it's time to quit your job is You've recently felt so stressed out at work, that you are turning into an emotional employee. This is a huge sign that your current job is not working for you. I remember when the market collapse in 2007-2008 witnessing one of the brokers , burst into tears at work, in front of my manager. So mark Before you get to your breaking point, should you be aware of your stress levels, if they become unmanageable, to look for another new job ASAP, before your emotions get the best of you, and you get fired.

　

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Mark Adler

wednesday at 4:30pm -4:40pm House of Commons Finance Committee and Transport and Infrastructure Committee and actively represents York Centre residents in the community and in Ottawa. By sitting on the Finance Committee Mark is able to directly affect government spending through taxation and budgetary legislation, and thus help to improve the economies of both the riding and Canada as a whole.　

Mark Adler was elected as the Member of Parliament for York Centre on May 2, 2011. He is the first child of a Holocaust survivor to ever be elected as an MP. He is a member of the

The Conservatives released their 2012 budget last Thursday, promising cuts of $5.2 billion a year over the next three years, a return to surplus by 2015 and no significant tax changes for individuals.What is in the budget mark that can add up to 5.2 billion in savings over 3 years ?

-Eliminating production of the penny, for annual savings of $11 million.
-Raising the age of eligibility for Old Age Security from 65 to 67 beginning in 2023.
-Cutting 19,200 federal positions, or about 4.8 per cent of the federal workforce.
-Increasing the retirement age from 60 to 65 for individuals joining the federal public service in 2013 and beyond
Increasing duty-free cross-border shopping limits for 24-hour and 48-hour trips.
-Cutting CBC funding by 10 per cent over three years.
-Forcing public servants to pay more into their pensions under a 50/50 formula.
-Selling some official residences abroad and down-sizing others.
-Phasing out the Atlantic Investment Tax credit.
　　-There was bad news for the CBC: $115 million of the public broadcaster’s $1.1 billion in total funding will be slashed over the next three years. The cut, which amounts to roughly 10 per cent of the corporation’s total budget, Mark, Former CBC president Robert Rabinovitch Said quote " its A back door way of destroying public broadcasting" ! Mark what message to CBC is the government conveying from these budget cuts and would it be serve taxpayers if it privatized the cbc?
　
Some are saying mark that these cuts goes against the wishes of a majority of Canadians who want the CBC’s funding to be maintained or increased, and will do real damage to our news, culture and digital economy.?
　
-Finance Minister Jim Flaherty’s budget cuts were not as deep as expected but will see 19,200 Public Sector jobs lost over three years, Many of the cuts will hit the bureaucracy, not the front-line services? Right?　




-Bob Rae, the interim (at least for now) Liberal leader, directed his fire first and foremost on the budget’s failure to stimulate employment. he said "After Canada experienced zero job growth during the last six months, we expected this budget to have one focus – jobs, Didnt Flaherty mention that 205 million will go to extend a hiring tax credit for small business, and another $50 million over two years for youth employment?-
　
-The Government of Canada proposes to gradually increase the age of eligibility for the Old Age Security pension and the Guaranteed Income Supplement (GIS) between the years 2023 and 2029, from 65 to 67. How are canadians reacting to the new change in eligibility for old age security pension.

　
Age of eligibility for Old Age Security rises gradually to 67 from 65 starting in 2023 — but does not affect anyone 54 or older as of March 31, 2012.
　
-Under the proposal, anyone born in 1963 or later will be eligible for the Old Age Security pension and Guaranteed Income Supplement benefits at the age of 67.
Year of birth: 1962The following table shows the proposed age of eligibility for the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) for people born in 1962 (by month of birth). It also shows the month they will be eligible for the OAS pension and GIS and when they will receive their first payment.

Month of birth	Your age of eligibility	You will be eligible for the OAS/GIS in	You will receive the first payment in
January	66 + 11 months	December 2028	January 2029
February	67	February 2029	March 2029
March	67	March 2029	April 2029
April	67	April 2029	May 2029
May	67	May 2029	June 2029
June	67	June 2029	July 2029
July	67	July 2029	August 2029
August	67	August 2029	September 2029
September	67	September 2029	October 2029
October	67	October 2029	November 2029
November	67	November 2029	December 2029
December	67	December 2029	January 2030

　


-Canadians are being asked to round prices up or down to nearest nickel? Mark A thought for your penny , why is the penny being phased out? Why Canada has been behind the times times as of Israel , Switzerland and brazil even have successfully eliminated single digit coins.



Cost 130million /year to upkeep them.

-In new zeland they phased out the nickel , is it too soon to phase the nickel out in Canada as well or it may cause confusion or even damage to the economy if we phase it out too soon?

De-Mystifying Financial Education

Ismo Heikkila, CFP
National Director,
Financial Education & Employer Services
T.E. WEALTH
26 Wellington Street East | Suite 710
Toronto | Ontario | M5E 1S2
Direct: 416 640 8572
T: 416.366.1451 | Fax: 416.368.9801
Website: http://www.tewealth.com/

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http://www.radio-shalom.ca/mp3/Programs/1042/1441.mp3

Radio Shalom – Feb. 29, 2012 – Ismo Heikkila


The age old saying, "Ignorance is bliss", may apply to many things in life. However, when it comes to your finances, ignorance can be absolutely devastating. Even the government is calling the startling low rate of financial literacy among Canadians an epidemic that can have catastrophic consequences for the nation's economic future. There are many issues vying for our attention these days , Complex matters like healthcare, Old Age pension ,social security,rising taxes  and the European debt crisis — that inspire endless opinions but have no easy solutions. One issue that we should all agree on without any debate: the need for financial education in schools and in the workforce. As a country we are failing in financial literacy.
It is reported that over 50% of all Baby Boomers are financially ill-prepared for retirement and there are many canadian  Families left destitute because of inadequate life insurance on primary income earners.
Most of these people didn't plan to fail; the problem is that they simply failed to plan adequately. While 30 years ago it may have been enough to just save religiously, the economy and the financial markets have since become much more complex, volatile and uncertain. And, when you consider all of the moving parts of a family's personal financial situation, each effected differently by various economic currents, you can no longer just set it and forget when it comes to your finances.


The majority of North Americans do not plan for predictable events such as retirement or children’s education. Most importantly, people do not make provisions for unexpected events and emergencies, leaving themselves and the economy exposed to shocks. To understand financial capability, it is important to look not only at assets but also at debt and debt management, as an increasingly large portion of the population carry debt. In managing debt, North Americans engage in behaviors that can generate large expenses, such as sizable interest payments and fees. In  a survey done in America in 2011 , on the average, people where  able to correctly answer just three of five questions about fundamental financial concepts, according to a FINRA capability study , and yes less than 25 percent of students graduating from University say they are prepared to deal with the financial challenges that await them in the real world, imagine the other 75%, lets not go there thats another show entirely.
 If we want to succeed financialy in the real world , First, financial education starts at the home. But parents are often uncomfortable talking to their kids about money, in part because many of them lack confidence in their own financial situation. For many parents, it’s easier to talk to their kids about sex, drugs, and alcohol then financial education .Secondly , schools and corporations need to start making financial education a top priority and the true fact it  seems individuals who have more financial knowledge, have a greater likelihood of planning for retirement, according to a new National Bureau of Economic Research study.
So If I were to be 100% honest, probably the most valuable skill I learned in college was how to talk to girls (certainly a vital skill for happiness and success, but not what I was there to learn).
The economics classes? Nope, mostly academic mumbo-jumbo that is entirely useless to all but a handful of policy makers. The computer science classes? Hmm, maybe about 10% of that I’ve used, but it’s nothing I couldn’t have picked up with a couple good books, which I routinely do now. The history, English, philosophy, and physics? Aside from giving me a general understanding of the world and making me sound smart at cocktail parties, I can’t think of anything in there that I really use on a day to day basis. So who is to blame? “It’s hard to point a finger,” . But it’s certainly true that this economy in the past 10 years has made it very difficult for people to make decisions. We’ve shifted the responsibility to individuals and they don’t have the capability to make those kind of financial decisions Today live from the world business headquarters of radio shalom in Montreal Our guest speaker to talk about the importance and long term impact of Finacial education is Mr Ismo Heikkila a Financial Planner, and is now the National Director for Financial Education & Employer Services for T.E.WEALTH in Toronto and in Quebec is T.E.MIRADOR.
OUR TOPIC TODAY IS DE-MYSTIFYING FINANCIAL EDUCATION

                                          http://www.tewealth.com/experts/samuel-ezerzer-b-sc/
My name is Samuel Ezerzer, your host to the Money & Business show on Radio Shalom, CJRS 1650 AM. Thank you for tuning in live with our Business studios headquarters in Montreal, the financial capital and the home to the greatest hockey team, the Montreal Canadians. We have another great show for you today and as always, you can call if you have any questions, comments, or criticisms on today's topic. Please call us direct at　514 738 4100 ext 200　or email me at moneyandbusinessshow@gmail.com　if you have any inquiries. You can also visit our website at http://www.radio-shalom.ca/　– all our shows are archived there . I work as  Consultant for T.E MIRADOR or TE WEALTH , TE MIRADOR has been providing Corporate Executives , CEO 'S , families ,employers and employee with independent wealth management and Financial education services since 1972. You can visit our website for my contact information at http://www.temirador.com/



De-Mystifying Financial Education


BIO

Ismo Heikkila Born in Finland, raised in Rochester, New York, majored in English and Literature,
Started management consulting career in Finland , continued in Training and Development back in Rochester,
Ismo was in the insurance business working with small businesses –Left insurance field and joined a start up personal financial planning firm providing personal financial planning counseling to senior management at Eastman Kodak, Xerox, Bausch & Lomb – the financial planning industry wave had started and Ismo was the President of the planning division – the firm was sold a few years later to a major Savings & Loan institution and he started an investment management firm with a partner managing equity portfolios for high net worth clients – a career and lifestyle decision brought Ismo and his family to move to Toronto in 1990 where he was a consultant at an executive compensation firm- he was then recruited by an international human resources and benefits/actuarial firm to launch a personal financial education practice in Canada and the US. where he was a senior consultant and practice leader for 10 years.
He joined T.E. Wealth in 2004 and is a Certified Financial Planner, and is now the National Director for Financial Education & Employer Services. His clientele is comprised of both Canadian corporate clients and First Nations communities.

MAURICE COUSINEAU
Mr Ismo Heikkila, is a Certified Financial Planner for T.E. Wealth , and is now the National Director for Financial Education & Employer Services. His clientele is comprised of both Canadian corporate clients and First Nations communities.todays topic De-Mystifying Financial Education.


SMALL TALK
welcome to the Money and Business show Ismo
Aside for the financial planning aspect , I see that you took a personel interest in literature?
I’ve been fortunate that a major theme in my life has been “assisting others achieve their goals “…playing sports throughout high school and university allowed me to recognize how important interpersonal skills were in working with team mates….my choice to pursue a literature major was fortuitous in that I have always read a lot of varied literature which continually offers insight into the human condition – keeping in mind that my career has essentially been as a “financial social worker”. Service to others has also manifested in being on the Boards of The March of Dimes, The Rotary Club of Toronto, The Toronto Finnish Credit Union, The Finnish Lutheran Church Council, and currently with the Canadian Friends of Finland. Personal spiritual development continues to occupy much of my thoughts on this journey we call “life “




INTERVIEW QUESTIONS
Today’s topic is titled “De-Mystifying Financial Education” – how would you describe financial education and why does there seem to be some mystery around it? Is the mystery about information compared to education is that what it is?

Answer – let’s begin with a basic view of adult learning which will provide a base for today’s discussion – simply put, I find adult learning has at least these 5 components. Awareness – Understanding – Emotional Engagement – Intent – Action….to illustrate, let me use as an example the individual who has an opportunity to make a financial contribution here in Canada to what is known as a Registered Retirement Savings Plan aka an RRSP…they’re aware that they exist as a retirement savings vehicle; they understand the features and benefits of how it works: unless they are emotionally engaged and willing to take action, nothing happens – and the reason emotional engagement is complicated is that anxiety increases because they don’t know if it’s worth the rewards or risks of doing or not doing; which means in order to get to intent and commitment they need skills, tools, and motivation; so that when they do make a decision-take action- they are comfortable with that decision….which by the way, today is the last day to make that contribution and receive a tax deduction benefit on last year’s income tax return!


2.   Financial Literacy is an obvious skill that is needed in making financial decisions, –what does financial literacy really mean today?


      Answer – Back in 1995 the first IALS study was released. IALS is the International Adult Literacy Survey and they have released subsequent studies during the past 15 years…essentially the study identified literacy not as the basic ability to read and write, but as domains of behavior by categories – Prose, Documents, Quantitative…and recent studies now include a 4th element - Problem Solving. They ranked competency into 5 levels, 5 being the highest. As an example, a Level 4 Quantitative question asked the participant to calculate how much money there would be if $100 earned 6% interest annually for 10 years, and the participant had a years and % chart to access the information…80% of adults ages 16-64 got the question wrong! So consider the average person trying to decipher their investment statement or retirement projections from a variety of scenarios.
You mean ….
Next bus stop?


3.So why is so important that  companies offer financial education programs to their employees?

      Answer – There are essentially 2 primary reasons, one being good governance – this means that when an employer has a fiduciary responsibility regarding an employee benefits program, such as a pension plan, then there’s a governance and an implicit regulatory compliance aspect to providing employees with information and education about the features and benefits of the plan and the risks and rewards along with other criteria for making decisions when there are options available….and two, a company culture includes a philosophical position in determining how much of a role and obligation they have in providing financial education resources to the employees.

4.A company wants to know THE BOTTOM LINE , what corporations want to know if it will be worth it for them to have to pay for the financial education of there employees; and Is there a way to measure or quantify the value of a financial education program for a coprporation to actually say ok lets invest in our employees so they can be more productive and less stress?


       Answer – there are a number of ways depending upon the learning objectives. For example, let’s look at employee productivity…Tom Garmann at Virginia Tech has done studies where every $1 invested in an employee personal financial education program returns $3 - $4 dollars in increased productivity. Essentially it comes down to lessening the personal financial distractions and stress from reducing mis-management of one’s financial affairs and putting them in order and having less confusion and more control.
In addition, an employer may be spending an additional 25-30% on top of salary for benefits – if the employees do not understand and utilize the benefits appropriately they do not value them accordingly – therefore increasing employee appreciation and using benefit programs as an enhancement to total compensation improves new hire attraction and increases the retention rate of current employees.


5.Surely there is a difference in the financial planning needs of a young new hire compared to someone with many years of service approaching retirement – so how does an employer address that?

       Answer – One approach that is commonly applied is Life Cycle planning, that is, early career, mid career, late career, and at retirement – and while all phases require a review of the basic principles, each subsequent stage delves deeper into specific areas including addressing more complexity. The most fascinating and fun stage of counseling is at the point of retirement where the discussion includes the disengagement from work and a replacement of needs satisfaction in retirement, i.e. what are you retiring from and retiring to.

6. Let’s move the conversation away from the employer sponsored financial education programs into the more individual realm of personal financial planning;
What do you see as the most important elements of someone successfully managing their personal finances and please identify the issues and challenges that people are typically facing?

Answer – how much time do we have? 

Studies show that people who have a written plan are more successful in achieving their financial goals. The typical challenge is that most do not actually have an accurate assessment of their current financial situation, i.e. personal financial statements meaning a Net Worth Statement of the current value of their assets and liabilities, and a Cash Flow or Income Statement with the sources of income and a detailed listing of all expenses – down to the morning coffee purchase!

7. Really – that detailed?

Answer – well, if you really don’t know where that $60 you pulled out of the wall a couple days ago actually went, then how would you know if you have or how much you have every month of after tax cash flow after all expenses? A business knows how much profit it makes every month, so should everyone - and that’s because surplus cash flow ends up either as an asset in the bank , or pays down debt - meaning building net worth. The greater the net worth the greater the income that it generates and the longer period of time it will last on an inflation adjusted basis.
If there is no surplus, that there’s a shortfall, and since the money had to come from someplace -either from a bank withdrawal or an increase in debt, then running a deficit for the long term ends in financial disaster.
 
8.That seems reasonable as a concept – why are people having difficulty with the concept of planning and if they dont plan properly it ends in disaster?

Answer – here we go – mathematics is a language – symbols really – and when we’re talking about money we know that money has no intrinsic value in and of itself. We use money as an exchange for goods and services and we place a value on each exchange either individually and / or collectively as a society.
So what’s going through the cheque book is actually a reflection of that person’s or family’s value system. Values are hard to develop, keep, or change – since people don’t throw money away, they’ve made a cognizant decision to spend a certain way. In order for financial behavior modification to occur one needs to know what and why the current behavior exists, so what new rewards can be gained or unpleasant losses be avoided by changing the financial behavior.




9.That’s really interesting, can you share an example of how such a change actually took place?


Answer – of course, I had a University professor, age 66, come in for a retirement plan …we both knew during the initial consultation that his financial situation was very tight and prospects looked dim for a comfortable retirement.
The financial analysis using a retirement projection modeling calculator showed that he would run out of his personal financial assets within 4-5 years and would still be in debt with an annual cash flow shortfall of about $28,000 a year even after a good university pension and government benefits. The financial solution was that he needed to teach 3 more years, his wife would have to go from part-time to full time employment, the girls would not get the expensive weddings, and some real belt tightening was needed.
I received an email from him many months later telling me what his situation was and he said he was on track and thanked me for my help – of course I appreciated that but he and his family made the changes happen and he closed his message by saying that the best thing was that there was no longer any tension at home about money – everyone discussed the situation and agreed to share information about the family finances- no more “undiscussables”.
  




10.That’s a nice happy ending story Ismo , yet how does someone go about finding and
selecting a financial advisor? 
Answer  - I wrote an article many years ago titled “Abdicate, Delegate, or Go It Alone? “  What I meant was that a person shouldn’t Abdicate their financial decision making to someone else because “ I don’t like or understand money; I hate numbers; I have no interest in it” and “you seem like a good person who knows what they’re doing so here- you handle my finances”.
I also think Going It Alone is not for everyone…talking daily with an investment broker, learning and keeping up with the Income Tax Act and other regulation changes, drafting their own estate plan, etc. even Warren Buffet makes mistakes ( a well known billionaire investor / philanthropist)…and very time consuming.
So Delegate was the way to go for most people, where you hire a financial advisor who supports, administrates, and coordinates your financial plan with other advisors and acts as the Vice President of Finance and Administration and you are the CEO, Partner, or Managing Director who then has options and alternatives to analyze and make decisions with a group of people.
And if I was to write the article today I would add one more component called “The Wisdom of Crowds – or Not”

     
11.We have time for one more question so tell us about the Wisdom of Crowds ?–

Answer  - I came across the idea from James Surowiecki’s book The Wisdom of Crowds…essentially the premise is that individuals can no longer independently learn all they need to know. In a globally connected world, there is tremendous value in using technology to collaboratively connect and learn with others. He proposes that that the wisdom of crowds comes not from the consensus decision of the group, but from the aggregation of the ideas/thoughts/decisions of each individual in the group. I certainly believe in that premise, yet I also have a healthy skepticism about who’s actually in the crowd where I’m getting information. Technology has raced ahead in the financial services industry over the past 30 years, yet I’m convinced that human behavior and specifically financial behavior has not progressed nearly as rapidly and is unlikely to do so.

As the world and daily life changes and becomes more complex with more information to digest we will need an army of experts around us to support our health, our relationships, our careers, our finances, and our society.


FOLLOW UP QUESTIONS


Ismo, can you recommend any resources relating to our topic today that our listeners might find useful?
Answer – of course Sam, if anyone is interested in Adult Literacy, the website  http://www.nald.ca/  which is the National Adult Literacy Database – this is maintained by the Canadian government and is exceptional.
As for financial planning websites, the US financial services industry is more advanced as they also have many non-profit financial planning organizations that support the general public, so simply typing in personal financial planning or employee financial education will generate a number of sites from the US and Canada.


And what about finding a personal financial planner ?
 
      Answer – In Canada, there would be a couple organizations, the main one being the Financial Planners Standards Council http://www.fpsc.ca/ and the sister organization in Quebec http://www.iqpf.org/
I recommend that besides having professional credentials and licenses, ensure that the counselor communicates well and understands you and your value system and they should have a few years of scar tissue handling people’s finances. J
Fee Only planners have no biases and are objective, yet there are good professionals who are also compensated by product commissions which is fine as long as all fees and commissions and costs are fully disclosed, and they meet all your other criteria.
Sam – it’s truly been a pleasure – thank you for having me here today and I wish your listeners a successful financial future!


                 
 notes
Financial Literacy Begins with You
Understanding the financial world begins right at home with your own personal financial situation. Most of the people who fail out of ignorance probably did not have clearly defined financial goals. Without a vision for the future, there's little to motivate a person to learn and achieve. Establishing goals and then mapping out a plan to achieve them will force you to learn about your options and understand the possible obstacles. Many people have found it useful to have a qualified financial advisor guide them through this very important process.
Most people are unaware of many of the financial realities they face. For instance, while most people may realize that we are all living longer these days, they don't really know what that means in terms of their financial needs. A 35 year old male today, could expect to live until age 87. That translates into as many as 25 years in retirement on income sources that he must create.
Ignorance is Costly
The road to financial success is full of roadblocks, the biggest of which is poor budgeting habits. A shocking number of people don't budget, and, as a result most of them are swimming in debt, have little or no savings, and are just a pay cheque away from financial disaster. While this can be attributed to laziness, or lack of discipline, the fact is that most people don't understand the true cost of debt and the time value of money. If a young couple could budget to save just $500 a month for 35 years with an average return of 5%, they would accumulate nearly $600,000. When you have control of your finances, and have your priorities straight, saving $500 each month isn't very difficult.
Time is a very valuable, but diminishing resource that should not be wasted. The more quickly you can put your money to work for you, the longer it will have the magic of compounding interest working for it.
                                            samuel ezerzer