Services and Fees

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We offer comprehensive and modular services.  Choose planning only or planning with wealth management.  We can help you select the service that best meets your needs.

Initial consultation

In a nutshell: Discussion of your current finances, expenses, and plans 

Big value: 

  • Look at all aspects of your financial life with an objective expert
  • Get a clearer view of where you are – highlight gaps and issues and hear ideas as to how you might address them – encourages you to clarify and/or refine your goals 
  • Leave the meeting better informed

We deliver: 

  • A clear-eyed, high-level view of where you are financially, based on years of experience 
  • An overview of how we’ll partner with you.

Cost:

  • Complimentary

Comprehensive personal plan – for individuals and couples

In a nutshell: Integrated review of your finances, expenses, and plans. Includes evaluation and comprehensive recommendations, with multiple scenarios 

Big value: 

  • Clarity – you know precisely where you are and what you need to do to meet current and future goals
  • Commitment – studies show that a clear plan and a commitment to implementing plan-driven recommendations are strongly correlated with savings success

We deliver: 

  • Integrated advice – Decisions in one area have a ripple effect on another. For example, an insurance broker might recommend an insurance plan that makes sense in isolation, but is not optimal in the context of the bigger picture. Ditto for an investment advisor, tax accountant, estate lawyer etc. 
  • We act as the quarterback, driving strategy to achieve your life goals, incorporating all aspects. Studies indicate1 this provides not only peace of mind, but more room for fun:
    • 81% of Canadians with a comprehensive financial plan feel on track with their financial affairs, vs. 44% with no plan
    • 65% of Canadians with a comprehensive financial plan said they would have enough money for splurges, vs. 31% with no plan
    • An aligned approach from a variety of resources; all professionals work together to serve your broader needs

Includes:

  • Cash flow management
  • Retirement planning
  • Tax planning
  • Estate planning
  • Risk management
  • Education planning
  • Elder care planning
  • Investment planning
____________________ 
1Results of a three-year study conducted by the Financial Planning Standards Council and the Financial Planning Foundation

 

Cost:

  • $4,500 for most (higher in certain instances, if there is particular complexity)

Comprehensive financial plan for business owners 

In a nutshell: Additional expertise for clients with additional complexities. Making sense of all the financial aspects of your business. Integrating the unique needs and concerns of a business owner.

Big value: 

  • Comprehensive – more services offered for amount paid. More information and advice for the business owner
  • Complications – perfect for financial planning requiring more involvement and particulars 

We deliver: 

  • Planning for the more complicated cases – incorporated operating companies, holding companies, family trusts and more
  • Considerations for compensation strategies, business succession planning, shareholder agreement funding and estate planning consideration
  • Integrating the specific and unique needs of every business owner

Includes:

  • Compensation strategies
  • Business succession planning
  • Shareholder agreement funding
  • Estate planning considerations

Cost:

  • $6,500 for most (higher in certain instances, if there is particular complexity) 
  • Thinking of scaling up? We’re happy to offer a credit if you go initially for the individual plan and subsequently find you want more

Retirement planning

In a nutshell: Discover the most tax-efficient, worry-free approach to ensuring a secure retirement

Big value: 

  • Get answers to all your big questions on retiring:
  • When? 
  • How much will I need? 
  • Can I afford to give my kids a gift and still retire comfortably?

We deliver:

  • Advice that details a number of scenarios illustrating your best approach to retirement
  • Assessment on all your retirement options, e.g. partial retirement, potential downsizing

Includes:

  • Multiple scenarios 
  • Answers to your most pressing retirement questions

Cost:

  • $2,500 for most (higher in certain instances, if there is particular complexity) 

Insurance planning

In a nutshell: Develop a strategy to manage risk while growing wealth, tax-efficiently. Identify coverage gaps and the major risks to financial security; find strategies to get better value for premiums paid

Big value: 

  • Manage risks – disability, death, critical illness – while building your wealth
  • Grow your wealth efficiently in order to leave a larger estate for your loved ones, and/or meet philanthropic goals 

We deliver: 

  • How to manage insurance as a defensive strategy
  • Identifying wealth-building opportunities when you have more money/assets than will be required in your lifetime
  • Assessing the merits of existing insurance policies

Includes:

  • Identifying the major risks to financial security
  • Identifying coverage gaps and strategies to get better value for premiums paid
  • Presenting options that align needs, objectives and budget

Cost:

  • $1,500 for most (higher in certain instances, if there is particular complexity)

Investment planning 

In a nutshell: Educational, second-opinion service. Analyze your portfolio composition. Identify gaps. Develop an Investment Policy Statement.

Big value: 

  • Education on the implications of portfolio restructuring
  • Full analysis of portfolio composition, asset allocation, returns and fees
  • Identify gaps between current portfolio and personal profile

We deliver: 

  • Help you understand the range of investment implementation options available in the marketplace – wealth manager, investment counsellor, robo-advisor, DIY, etc.
  • Professional opinion on the optimal structure for you
  • Implications of portfolio restrictions – cost, taxes, administration, regulatory

Includes:

  • Portfolio analysis
  • Develop Investment Policy Statement
  • Identify gaps and problems in portfolio

Cost:

  • $1500, for most (higher in certain instances, if there is particular complexity) 

Estate planning

In a nutshell: Educational service, designed to help you overcome obstacles so you can make the decisions you need to develop an estate plan

Big value: 

  • Evaluate the impact of taxes on your estate; learn practical ways to minimize 
  • Learn how to make your estate planning as smooth as possible

We deliver: 

  • A referral to a qualified estate lawyer (if required)
  • Preparation for meeting your estate lawyer
  • Estate Planning Workbook to capture all information your executor will require to fulfil their duties
  • Help in understanding the decisions that need to be made to develop your estate plan

Includes:

  • Understanding decisions that go into developing an estate plan
  • Evaluate the impact of taxes on your estate
  • Overcome estate planning obstacles

 

Cost:

  • $1,500 for most (higher in certain instances, if there is particular complexity) 

Hourly consulting

In a nutshell: By-the-hour service designed to deliver the information, answers and advice you need, in the most cost-effective manner

Includes: 

  • Review and build on an existing financial plan, rather than develop a new one from scratch; discover any gaps, new requirements, or critical changes 
  • Get answers to specific questions without the need for a more comprehensive plan

Cost:

  • $300 per hour

Wealth management

In a nutshell: Execution of your investment plan, once complete (minimum investment: $500,000)

Big value: 

  • Seamless advice and service – investment strategy dovetailed with the cash-flow, tax and retirement plan we have developed together 

We deliver: 

  • Integrated investment advice and ongoing financial planning

Cost:

  • Annually:
    • First $500K is 1%
    • $500K – $1 million is .75%
    • $1 million – 1.5 mill is .65%
    • $1.5 to $2.5 million is .50%
    • Customized pricing available for accounts $4 million and up
  • Once the financial planning engagement is complete, no further hourly fees for investment advice and ongoing financial planning 
  • Product costs:
    • Your product fees depend on the products needed to achieve your investment objectives
    • Actively managed portfolios (i.e. investment counsellors, f class mutual funds) have embedded fees that typically range from .4% to 1%
    • GICs and Annuities do not have embedded management fees.  A sales commission is factored into the yield of the product

Rona Birenbaum is a Certified Financial Planner. Rona offers products and services through separate organizations for each purpose and as such, you may be dealing with more than one entity depending on the products purchased. Rona offers financial planning services through Caring-for-Clients, and mutual funds through Queensbury Strategies Inc.  Financial planning through Caring-for-Clients is not the business of or under the supervision of Queensbury Strategies Inc. and Queensbury will not be liable or responsible for such activities.

 

   MoneySense Approved Financial Advisor     Top 50 2015

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