wealth advisor

In this episode, Leah Tolton shares insights on business governance and ownership transitions for family enterprises. We explore the importance of flexibility in shareholder agreements, setting clear expectations around participation to prevent disputes, formalizing information flow as more households get involved, and not letting perfect planning delay progress. Hear Leah's perspective on navigating fair vs equal dynamics, protecting assets in marriages, and bridging generational risk profiles.

How can transitioning from first to third-generation ownership be smooth? Leah offers examples of family and ownership meetings to align on goals. We also discuss prenuptial agreements, estate freezes, and special shares to balance liquidity needs across generations invested in the business.

About Leah Tolton

Leah has practiced corporate law for 30 years, with extensive experience advising family-owned businesses, lending clients, and real estate clients on a broad range of matters including business agreements, tax planning, equipment leasing, mergers and acquisitions, real estate joint ventures, business structuring, and reorganizations. Her practice emphasizes serving ultra-high-net-worth families and their companies across critical areas such as corporate governance, succession planning, reorganizations, strategic planning, risk management, and navigating mergers, acquisitions, and sales transactions.

Additionally, Leah negotiates and drafts commercial contracts advises on private financing and syndicated lending arrangements, earned the Family Enterprise Advisor designation in 2023, and sits on the Board of Advisors of the Alberta Business Family Institute. This wide-ranging expertise and dedication to serving family enterprises equips Leah to provide tailored legal advice and counsel to family businesses seeking to establish continuity across generations.

Resources discussed in this episode:

• Beyond Succession Podcast 

Contact Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd.

• Website: BeaconFamilyOffice.com
• LinkedIn: Cory Gagnon
• LinkedIn: Beacon Family Office
• Email: beaconfamilyoffice@assante.com

Contact Leah Tolton | Partner at Bennett Jones: 

• Website: bennettjones.com/ToltonLeah
• LinkedIn: Leah Tolton
• Phone Number: (780) 917-4272 
• Email: toltonl@bennettjones.com

In this episode of the Legacy Builders Podcast, we sit down with Trevor MacLean, a Partner at MNP's Agriculture team in Lethbridge. With over two decades of experience, Trevor is dedicated to providing creative, customized, and practical solutions to agricultural producers and agribusinesses throughout Western Canada. Drawing on his extensive background in agribusiness and financial services, Trevor excels in identifying key issues and crafting tailored solutions to manage risk, improve performance, and capitalize on emerging opportunities.

Trevor shares his motto of "be aware, be curious, and be inspiring," emphasizing the importance of lifelong learning and leadership in both personal and professional life. The conversation delves into the challenges of family farm transitions, the complexities involved, and Trevor's unique approach to initiating a family chemistry meeting to navigate these sensitive discussions. He highlights the significance of finding alignment on the purpose of the enterprise, advocating for a strategy that involves planned, interdependent systems to protect family and ownership.

Trevor's wisdom extends beyond the professional realm; he discusses the changing landscape of agriculture, the impact of technology, and the delicate balance between harvesting and planting wealth for future generations. As families embark on the challenging journey of succession planning, Trevor's insights serve as a valuable guide, reminding listeners that successful transitions require teamwork, vulnerability, and a focus on the long-term legacy.

About Trevor MacLean

Trevor MacLean, MBA, BMgt, is a dedicated Partner at MNP's Agriculture team in Lethbridge, bringing over 20 years of experience to provide specialized business and advisory services across Western Canada. With a focus on creativity and customization, Trevor empowers agricultural producers and agribusinesses by delivering practical solutions that enhance overall success. His role involves leveraging his extensive background in agribusiness and financial services to offer clients a unique and balanced perspective, excelling in issue identification and tailored risk management, performance improvement, and capitalization on emerging opportunities. Trevor's academic achievements include an MBA from Royal Roads University and a BMgt from the University of Lethbridge, specializing in accounting and co-op education. Beyond his professional pursuits, Trevor actively contributes to the local and agricultural community through various volunteer roles, showcasing a deep commitment to community development.

Resources discussed in this episode:

• Royal Roads University - https://www.royalroads.ca/?gad_source=1&gclid=Cj0KCQiAmNeqBhD4ARIsADsYfTflGXUiEibjZIcH7zJDKSz6MgbTP6NGLBzCmPSfWHuce1oOhhOMV4IaAp93EALw_wcB
• MNP - https://www.mnp.ca/en/personnel/trevor-maclean

Contact Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd. 

• Website: BeaconFamilyOffice.com
• LinkedIn: Cory Gagnon
• Linkedin: Beacon Family Office
• Email: beaconfamilyoffice@assante.com

Contact Trevor MacLean | Partner at MNP 

• Website: https://www.mnp.ca/en/personnel/trevor-maclean
• LinkedIn:  https://www.linkedin.com/in/trevor-maclean-mba-fea-14708220/
• Phone: 403-380-1642
• Email: trevmac4@gmail.com | Trevor.Maclean@mnp.ca

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie 
• Jeff
• Allie

Since its inception, the 529 has been a popular education savings vehicle. Over the years, it has received a few enhancements, but none better than the most recent one thanks to the Secure Act 2.0. We’ll talk about the 529, the changes, and how it might fit into a financial plan.

In 1996, U.S. Senator Bob Graham of Florida, where a prepaid plan was well established, and U.S. Senator Mitch McConnell of Kentucky, which had a savings trust, led a bipartisan effort to provide federal tax relief for all plans, resulting in the creation of Section 529 of the Internal Revenue Code (IRC).

Questions

• What have been the changes to 529 plans, previously and in 2023?
• How should a plan most appropriately be utilized? Who does it make sense for?

Resources:

https://www.collegesavings.org/history-of-529-plans#:~:text=In%201996%2C%20U.S.%20Senator%20Bob,Internal%20Revenue%20Code%20(IRC).

https://finaid.org/savings/state529deductions/

Making Margin Podcast
Episode 48 - The Psychology of Spending

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Natalie 
• Allie

“A subtle problem with money is that assets are easy to measure but liabilities can be hidden.”-Morgan Housel

Today we’re talking about the psychology of spending, and why setting arbitrary limits that are well below what you can currently “afford” can make it easier to build wealth.

Questions

• Do you set arbitrary spending limits on certain things, even those things that you enjoy and can afford?
• What influences cause people to overspend, either relative to what they can spend or what they should spend? 

Resources:

https://www.apa.org/monitor/2023/06/psychology-of-spending

https://collabfund.com/blog/rich-and-anonymous/

https://spectrum.mit.edu/winter-1999/the-psychology-of-spending/

• Shane Stolp introduces Bill Keen, the founder, and CEO of Keen Wealth Advisors.
• Shane talks about the importance of learning about money and planning for the future.
• Bill Keen shares his story of growing up with financial struggles.
• Bill's book called "Keen on Retirement" teaches people how to plan for their future.
• They teach the importance of trusting a financial advisor.
• They explain how to save money and make it grow over time.
• They talk about the stock market and why it's important to understand how it works.
• They address common fears about the stock market and explain why it's important not to be afraid.
• The episode ends with a reminder to believe in your financial plan and work towards building wealth for the future.

Making Margin Podcast
Episode 47 - These Are The Biggest Money Mistakes That We See People Make
 

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Allie
• Natalie 
• Drew

We often talk to our clients about the importance of avoiding mistakes with their money. So much about personal finance isn’t about trying to hit home runs; it’s consistently hitting singles and avoiding mistakes. But what are the most common mistakes we see people make with their money?

We’re looking at an old Nick Magguilli (Mah-Julie) post from his blog Of Dollars and Data to guide our discussion, and where we agree and don’t agree with his assessment. 

Discussion Topics:

• What does he get right, what does he get wrong?
• Any other things that we would add? 

Resources:

https://ofdollarsanddata.com/biggest-money-mistakes/

Questions

• What happened to SVB? Explain it to me like I’m 5.
   
• What’s the risk of broader contagion?
   
• How do these events impact your 2023 market forecast?
   
• What should we be doing differently with our money?

Resources:

https://www.investopedia.com/what-happened-to-silicon-valley-bank-7368676

https://www.investopedia.com/terms/t/twofactor-authentication-2fa.asp

Resources:

https://www.kiplinger.com/retirement/bipartisan-retirement-savings-package-in-massive-budget-bill

https://www.schwab.com/learn/story/secure-20-how-does-it-affect-retirement-plans

Marc Henein joined ScotiaMcLeod in 2004. He has been working with entrepreneurs and professionals since 2001. His expertise includes the management of significant liquidity events for clients. Working in partnership with clients’ tax and legal professionals, Marc manages portfolios focused on capital preservation and tax-efficient income generation. Marc has written investment and financial planning-related articles for the Globe & Mail, sharing his knowledge to help Canadians with their wealth management.

Marc graduated from Wilfrid Laurier University where he spent three years as President of the Wilfrid Laurier University’s Alumni Association. Marc spent ten years involved with the Georgetown Hospital Foundation, including two years as Chair. Currently, Marc is on the Board of Easter Seals Ontario. He has achieved some of the highest designations within the Investment and Financial Planning Industry. He has obtained Chartered Financial Planner (CFP) designation, is a Fellow of the Canadian Securities Institute (FCSI), and the Chartered Professional (Ch.P.) Strategic Wealth designation.

He currently resides in Georgetown and has two pre-teens keeping his hands full. In his free time, Marc enjoys riding the Peloton, golfing, running, playing squash, and traveling.

Here’s a glimpse of what you’ll learn:

• How Marc became interested in wealth management as a career
• The values Marc’s family instilled in him
• What financial literacy people should have at beginner, intermediate, and advanced levels of understanding
• The number one rule of business for CEOs
• The definition of “three-bagger” and “ten-bagger” and which one Marc prefers to see
• Why an exit plan is something CEOs need at the start of their company journey
• How automation gets missed in business development
• The value of a wealth advisor in terms of reaching your money goals
• The joy Marc derives from his work

In this episode…

Marc Henein, Wealth Advisor at Scotia McLeod, knew from the age of 16 that he wanted to be a financial advisor. That’s when he was first introduced to stocks and the stock market and it sparked a passion in him that has endured. What Marc values is being able to simplify things for his clients, speaking to them about what they want and need, and not simply handing them a sales pitch.

Marc explains that there is a lack of financial literacy in society today. Though he is happy to share his knowledge with his clients, he does also believe that there are basic things everyone should learn. He details exactly what people should understand and why. Especially in business, as wealth management pertains to entrepreneurs and CEOs.

In this episode of What CEOs Talk About, host Martin Hunter and guest Marc Henein break down the ins and outs of wealth management, the meaning of wealth, what a successful CEO will need to prepare for, the best kind of business growth to achieve, and how to factor philanthropy into your wealth plan. Marc has great insight into financial matters and, what’s more, he truly enjoys his work and sharing his wealth knowledge with others.

Resources mentioned in this episode:

• URGEO
• Contact email: info@urgeo.com
• Martin Hunter on LinkedIn
• Marc Henein on LinkedIn
• The Henein Group at ScotiaMcLeod
• ‘The 7 Habits of Highly Effective People’ by Stephen R. Covey
• ‘The 4-Hour Work Week’ by Tim Ferriss
• ‘The Secret’ by Rhonda Byrne
• ‘Think and Grow Rich’ by Napoleon Hill

Resources recommended for CEOs and leaders:

• Monday.com
• BambooHR

Sponsor for this podcast...

This podcast is brought to you by URGEO, Operational excellence in action through the Are you Ready Program!

Are you READY to free up your time?
Optimize your Organization?
Grow revenue and reduce costs?
Build your leadership team?

Partnering with organizations like yours, we work with you to implement our proven methodology designed to transform your operations, while providing accurate advice and support for real success.

Translating strategy into frontline operations, URGEO helps leaders and the people within their organization excel at safe, on-time, on-budget and on-spec delivery. Let’s touch base so we can learn how we can level up your business. Contact us today.

What should I look for when interviewing financial teams?

The financial team you hire should be Independent, Integrated, and Individualized.  If they aren’t, you are putting your financial security at risk.

Independent –The first question to ask a financial advisor is if they must always work under a fiduciary standard.  The fiduciary standard means that they are legally obligated to always work in your best interest.  Most people who call themselves “financial advisors” fit into the following categories:

1. Registered Investment Advisor (Always a Fiduciary, Continue the interview process)

2. Broker/Broker-Dealer/Registered Representative (Not a Fiduciary, Stop the interview process)

- Do not have a legal obligation to act in your best interests

3. Dually Registered as a Broker & Registered Investment Advisor (Not always a Fiduciary, Stop the interview process)

- Have a conflict of interest and can choose whether to act in your best interest or not

- As Peter Mallouk wrote in The 5 Mistakes Every Investor Makes and How To Avoid Them, “The dually registered advisor is the ultimate wolf in sheep’s clothing.”

Integrated – You should be hiring a complete team of people that will work together for you.  The experts on your team must include:

- Chartered Financial Analyst (CFA ®) (https://www.investopedia.com/terms/c/cfa.asp)

- Certified Public Accountant (CPA ®) (https://www.investopedia.com/terms/c/cpa.asp)

- Attorney

- Certified Private Wealth Advisor (CPWA ®) (https://smartasset.com/financial-advisor/cpwa)

- Certified Financial Planner (CFP ®) (https://www.investopedia.com/terms/c/cfp.asp)

The members of your team should all work at the same firm so that there is constant real-time collaboration.  If the financial teams you are interviewing are missing any of these experts, you should stop the interview process with them.  

Financial advisors that are not part of a Family Office and do not have a CPA® on staff will often make statements like:

- We work closely with a CPA® at an outside firm (Expensive, not effective, not efficient)

- There is a conflict of interest having your CPA® and Investments handled by the same firm (False Statement)

- Having a different firm handle your taxes provides checks and balances (False Statement, you need to hire a “Forensic Accountant”, not a “Tax Accountant” to perform the audit; ask them what checks and balances are provided by having an outside Tax Accountant) 

Individualized – You are in the 1%, you have a unique career, and your situation is different. You do not fit into one of 5 or 6 “Model Portfolios” from a limited menu of firm-approved investments that are offered after filling out a Risk Tolerance Questionnaire.

Because your situation is different, you require a different solution.  You have “One Net Worth and One Effective Tax Rate” and you should be receiving tax and investment advice simultaneously to maximize your opportunity. You need a tailored financial solution based on your life, career, and circumstances.  

What should I do next?

Email every firm that you are interviewing with the following “MLB Wealth Advisory Team Questionnaire” and request that they fill it out and send it back to you IN WRITING.  If they are not willing to put their answers in writing, that is a major red flag.

If you would like to receive a copy of AWM Capital’s filled-out questionnaire, please text or call Will McGuffey at (225) 326-0992 and he will send you a written copy of our filled-out questionnaire as well as help answer any questions you might have about the questionnaire so that you can feel confident when you sit down to interview Wealth Advisory Teams.

As the demand for personalization at scale increases, direct indexing and separately managed accounts are also becoming more popular. Tune into the latest episode of Big Picture in Practice to hear Syl Flood and Julie Willoughby discuss these strategies with guests Kaitlin Hendrix and Shawn Jaberzadeh.

In this episode of Big Picture in Practice, Julie Willoughby and Syl Flood discuss the role of behavioral finance as a science in managing wealth client relationships. Joining them are guests Sarah Newcomb, Director of Financial Psychology for Morningstar, and Stan Treger, a behavioral insights advisor with Northern Trust.

“People should understand how a recession is going to impact them personally: Is your job at risk? What is a high-inflation environment going to do to your expenditures? How is your commute to work? Can you carpool? Plan accordingly.” — Mike Rudow, Wealth Advisor

Welcome to The Financial Commute, where Wealth Advisor Chris Galeski gives you the rundown on what’s going on in the financial world, how it affects you, and what to do about it. Today, he welcomes fellow advisor Mike Rudow to discuss the upcoming recession, market volatility, and inflation. 

Mike says it’s easy to get bogged down by technical terms when it comes to a recession, when what truly matters is having a financial plan. Once you understand how a recession will impact your personal life and goals, building a plan and a resilient investment portfolio is essential. Recessions are a natural part of the U.S. economic cycle and it’s important to have a plan that will stay relatively stable in those periods. 

If you’re investing, you may consider using a bucket approach, where some investments are geared toward growth, some are geared toward the long term, and some are geared toward ensuring you have enough cash on hand for emergencies.  You may also want to consider investing in more high-quality, dividend-paying companies since they tend to be more resilient during recessions. Mike also reminds us that we must all make some sacrifices during economic slowdowns, and that’s okay. The key is to find areas of spending we are willing to compromise on.

Mike encourages listeners to reach out to a financial advisor to help them consistently update their portfolios and financial plans. Consistency is key here, as not reviewing your allocation and plan on a regular basis may mean that they start to differ meaningfully from your risk tolerance and goals. Having a second professional opinion is critical to assessing risk and reward and ensuring your portfolio is prepared for recessions.

Subscribe to our YouTube channel: https://www.youtube.com/channel/UClxz_9Jl9lW8lDwJ6qsOMHw

Connect with Chris personally on LinkedIn: 
https://www.linkedin.com/in/chrisgaleski/

Visit our website: 
https://www.mortonwealth.com

Follow us on our other social channels
INSTAGRAM: https://www.instagram.com/mortonwealth/
LINKEDIN: https://www.linkedin.com/company/mortonwealth/

Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your attorney, finance professional or accountant before implementing any transactions and/or strategies concerning your finances.

Making Margin Podcast
Episode 41 - Student Loan Forgiveness

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind Making Margin:

• Nick
• Jeff
• Drew

On Aug. 24 Biden announced that his administration will waive student loan debt for qualifying Americans — $10,000 for individuals earning less than $125,000, plus an additional $10,000 for those who had received Pell Grants, which support tuition for lower-income students. We discuss everything we know about it.

Resources

• https://www.cnbc.com/2022/08/30/how-to-get-ready-to-apply-for-student-loan-forgiveness.html?utm_content=Main&utm_medium=Social&utm_source=Twitter#Echobox=1661945050-1
• https://www.politifact.com/article/2022/aug/30/joe-bidens-student-debt-forgiveness-plan-legal/

Ken Kladouris recently developed an online course, Stillness to Success, to help people who are truly ready to make real change in their lives. The course can help you cut through the noise, find your stillness, and create the success you want. Ken compiled this course with practical and impactful lessons he gained from years of his own self-study.

During the interview, we discuss…

• gaining mental clarity in a hectic world
• balancing success at work and at home
• the benefits of stepping away from noise
• what you can gain form meditation

Get in touch after the episode…

• Website: https://kenkladouris.com
• Online Course: stillnesstosuccess.com
• Instagram: @kenkladouris

Claim your free gift!

We’re giving away a one-year membership to the world’s #1 business book summary service for leaders! Our gift will help you stay on top of the latest ideas, decide which books to read next, and engage your teams.

To get your gift:

1. Leave a rating or review on your favorite listening channel.
2. Take a screenshot of your review.
3. Share the screenshot on LinkedIn, and mention either “Allison Dunn” or “Deliberate Directions” and the “Deliberate Leaders Podcast”.

=============

Allison Dunn

• Executive Business Coach
• Deliberate Directions + Executive Business Coaching + Training Center
• 3003 W Main Street, Suite 110, Boise ID 83702
• (208) 350-6551
• Website https://www.deliberatedirections.com
• LinkedIn https://www.linkedin.com/in/allisondunn
• Podcast https://podcasts.apple.com/us/podcast/deliberate-leaders-podcast-with-allison-dunn/id1500464675

On today’s episode Ron Malhotra shares the key to embracing adversity, growing stronger, and investing in your emotional and mental health. Listen in as Ron and I explore that skill sets needed to thrive, why good times produce weak men, and how self-awareness can create resiliency and success. Ron also shares why we’re currently ill-prepared for adversity and how to know your blind spots when making decisions.

Ron Malhotra is an award-winning wealth planner, renowned thought leader, entrepreneur, international bestselling author, speaker and business mentor. He is also the founder of the successful male and the managing director of Mapletree Wealth Management and the Black Footed Business Advisors.

You can connect with Ron in the following ways:

Linkedin: https://www.linkedin.com/in/ronmalhotra/?originalSubdomain=au

Instagram: https://www.instagram.com/theronmalhotra/?hl=en

Learn more about the gift of Adversity and my mission to help my fellow humans create a better world by heading to www.marcusaureliusanderson.com. There you can take action by joining my ANV inner circle to get exclusive content and information.

See omnystudio.com/listener for privacy information.