Season’s Greetings! This winter we would foremost like to wish all our clients a Happy 2017 New Year. A new year brings once again new opportunities and exciting new goals for us here at our office of HollisWealth.
Every year our goal is to meet with each and every client to review portfolios, update any information and catch up on any life changes. This is not only to ensure we have up to date information for compliance but to ensure we continue to build our relationships and to ensure your portfolio still matches your lifestyle and vision. We enjoy working with our clients.
Please let us know if you have any changes to your personal information such as address or phone number, or let us know if you would prefer to be contacted by email. If returning our call after hours feel free to leave a detailed message on how best to reach you. We genuinely look forward to hearing from you
Sarah M. Hardt and her Husband welcomed their third child Christmas Eve 2015 and spent 2016 nurturing this new life. While Sarah was off in 2016 we wish to congratulate Sarah on completing her IFC (Investment Funds Canada) course and in December 2016 passing her examination. Sarah is returning back to our office on January 9, 2017 and we look forward to her becoming a Licensed Assistant to Roman A. Groch. Sarah will be assisting Roman and the office with coordination of daily activies, reaching out to clients and further developing our relationships with investment and insurance companies and other associates.
Ashley A. Marquis joined the HollisWealth team in October 2016. She has 8 years of medical and reception experience and did a Coop at the St. Catharines General in the HIM department. Ashley also has worked 10 years in Customer Service within a doctor’s office in office administration. Ashley has been working hard over the last 3 months to learn all there is to know about daily operations, HollisWealth and our wonderful clients. She has come a long way in a short time and is looking forward to 2017. Some daily and weekly tasks you can find Ashley working on include daily transactions, annual review preparation, communicating with clients and fund companies, and running and analyzing reports. In the month of November Ashley attended in Toronto the My Admin Conference hosted by HollisWealth where she learned about new policies that are upcoming in the 2017 year as well as how we can add value for our clients. New upcoming software and systems were learned so that we may service our clients in a more efficient manner.
Michael R. Rutka, continues to cultivating new relationships with new and existing clients. Mike is supporting Roman A. Groch and very shortly, awaiting finalization of registration, also become his Licensed Assistant. Current priorities involve ensuring all client RRIF/LIF payments are updated, set and ready for 2017 to ensure prompt payments for the 2017 year. The first few weeks of 2017 have indeed been very busy for Michael to ensure our client’s needs are met without any delay. Michael continues to assist Roman and the office with coordination of our daily activies, reaching out to clients and further developing our relationships.
Another year of tax preparation is about to begin. Our office once again will be preparing Capital Gain/Loss Reports for client’s tax advisor for any account applicable. We thank you for your patience during this process as we prepare these reports. Please keep in mind that this can take time and we need at least 5 business days to properly prepare these reports for you and/or your tax advisor. Please contact Ashley should you have any questions.
TFSA Limit 2017:
The 2017 TFSA limit is has not changed and remains at $5,500.00. Reminder that TFSA contribution room carries forward annually automatically so there still is time to top up if the funds aren’t immediately available. Most people do not realize how much TFSA contribution room they actually have. Please confirm with your tax advisor for your actual limit, however we would be more than happy to assist you.
Estate Administrative Tax:
For those with concerns about estate taxes please contact our office to set up a time with Roman to discuss EAT: Estate Administrative Tax and how we can work together to minimize any cost to you. We have come across new opportunities for applicable clients to keep your money within your estate vs CRA. The Client Relationship Model – Phase 2 (CRM2):
This a regulatory initiative that is focused on providing you, the investor with greater transparency on the mutual fund fees you pay, the services you are charged for and how your investments are performing. Starting in January 2017, you will receive two personalized reports that detail the fees you pay for service as well as any administration charges (Fee Disclosure Report) and the performance of your investments (Annual Performance Report). This FAQ covers questions you may have related to the Fee Disclosure Report.
- What is in the new report? The annual Fee Disclosure Report is a summary of investment-related charges you have paid during the calendar year. This includes transaction costs, administration fees, and Trailing Commissions on mutual funds. All charges and Trailing Commissions will be reported in dollars. The new report will be mailed in January 2017 together with your Personal Portfolio Statement.
- What’s a Trailing Commission? Trailing Commissions represent the cost of the access and services provided by and advice offered by your HollisWealth Advisor. • Access includes the tools and resources available to help you become financially better off. Such as: Branch, online, phone and mobile access and financial planning tools • Service includes your quarterly account statements, tax slips and advisors who can answer your questions and address your concerns. • Advice includes the financial planning advice offered by your advisor to help you achieve your goals. It also includes product and strategy recommendations as well as regular reviews of your portfolio.
- What is an MER? The Management Expense Ratio (MER) represents the costs of running and servicing a mutual fund. It is made up of three distinct components: • Management Fee – This fee has two parts: the expertise of the fund manager (the company that manages the mutual funds that you own) and the dealer (the firm where your financial advisor is registered). Investment Management Fee – Covers the services provided by the fund manager, including the expertise of specialised investment professionals that make the day-to-day investment decisions for the fund. This includes research and analysis on domestic and/or global securities, ongoing monitoring and asset allocation decisions, where required. Trailing Commissions – Covers the services provided by the dealer. This includes the access, advice and service you receive on your account. Trailing Commissions will be stated in dollar terms on your Annual Fee Disclosure Report starting January 2017. • Operating Expenses – Covers the day-to-day administrative and operational costs of the fund. • Taxes – On the Management Fee and Operating Expenses. Taxes vary by province. The MER is expressed as a percentage of the fund’s average net assets for the year. A mutual fund’s price and performance are published after the MER has been deducted. The Client Relationship Model – Phase 2 (CRM2) is a regulatory initiative that is focused on providing you with greater transparency on the mutual fund fees you pay, the services you are charged for and how your investments are performing. This FAQ covers questions you may have related to the Fee Disclosure Report.
- What kind of fees will I pay? The Trailing Commissions you will pay are based on your specific mutual fund holdings. For example, a $1,000 investment in a hypothetical mutual fund that has a Trailing Commission of up to 0.8% would pay up to $8 in Trailing Commissions each year. Each fund or portfolio solution has a corresponding Fund Facts document which details the maximum Trailing Commissions per $1,000 invested.
- Are these fees new? No, all fees that appear on the annual Fee Disclosure Report already exist. Mutual Fund fees are currently disclosed in the fund’s simplified prospectus and Fund Facts documents.
Source: Fee Disclosure Report – Quick Reference Guide – Scotiabank®
Did you know? Tips to Plan the Perfect Get-Together
Hosting family and friends for a special holiday occasion can become a major source of stress. But you can pull off any party, from an elegant dinner to a casual potluck, without requiring post-holiday psychotherapy. Here are some tips to make your holiday party a success:
Choose your party theme. Different types of parties suit different spaces, personalities and budgets, so decide carefully. If you’re on a budget, a potluck might be a great idea -; just ask your guests to bring a dish and a bottle of wine or champagne, then provide punch, dessert and appetizers. Coordinate with your guests, though, so you don’t end up with five or six seven-layer dips at the buffet.
Pick foods to fit the theme. Serve tapas at a Mediterranean party or samosas at an Indian one. Holiday-themed parties delight everyone. Decide whether children will attend -; if so, you should provide kid-friendly finger foods. Typically, this is not the time to try out some elaborate new recipe for the first time. Go for family favorites that you can make in your sleep. Better yet, choose dishes that you can prepare ahead, so that you can actually spend time with your guests. You can also hire caterers or buy pre-made foods.
Serve options. Make sure your guests will arrive home safely by providing non-alcoholic options. One great option, Welch’s Sparkling Grape Juice Cocktail (www.welchs.com), comes in red and white grape flavors, and it lets kids, mothers-to-be and designated drivers participate in holiday toasts. If you serve coffee, make sure to have decaffeinated coffee and black tea on hand as well, especially because many people now steer away from caffeine for health reasons. Make sure you have a way to keep coffee warm for your guests such as in an urn or carafe.
Decorate to please. You need to create a festive mood, so pick decorations that match your party’s theme. Poinsettas or winter gourds make elegant center pieces, while holiday-themed plasticware might better suit a casual New Year’s get-together. Accidents can happen, so you might want to consider purchasing microfiber tablecloths, which resist spills.
Article by NewsUSA
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Jennifer Legge, Newsletter Editor for Age-Friendly Business®, Jennifer@AgeFriendlyBusiness.com
This newsletter was prepared by Roman A. Groch who is a registered representative of HollisWealth Advisory Services Inc. (a member of the Mutual Fund Dealers Association of Canada and the MFDA Investor Protection Corporation). This newsletter is not a publication of HollisWealth Advisory Services Inc. and the views and opinions, including any recommendations, expressed in this newsletter are those of Roman A. Groch alone and not those of HollisWealth Advisory Services Inc.
Investia Financial Services Inc. does not provide income tax preparation services nor does it supervise or review other persons who may provide such services.