Spring is here! A new season brings warm weather and exciting news for our HollisWealth office. We have outlined some recent changes and updates. If you would like to discuss anything you read in our newsletter feel free to call our office or stop in. We enjoy the break from a busy day to talk to clients. We are a small office but enjoy the company. We look forward to seeing you again!
Tiffany Lewis has decided to return to her roots and we wish her nothing but success.
RRSP and Tax Season:
Another RRSP season has passed. We worked hard to reach out to clients and ensure that all contributions were made by the tricky (Leap Year) February 29th deadline. We had a successful year and want to thank everyone for their continued business. If you have yet to receive any receipts, contribution or tax slips please contact our office as soon as possible. We will be happy to track down any missing document for you. If there is any confusion with any documents received do not hesitate to contact us. Megan has also completed all Capital Gain reports for the year so if any client is yet to receive theirs or has any questions please give her a call.
This is a great time of year as we have more foot traffic than usual. It is great to be able to meet and greet clients and put a face to a name (especially for our newest team members). Thank you again for your support, patience and continued business! A commitment for our team is to be there through the good and bad for our clients and welcome any opportunity to address concerns or needs.
HollisWealth is introducing a new state-of-the-art online platform for clients. WealthTracker will be phased out and Scotia OnLine will be introduced. Scotia OnLine will offer an improved online experience and supports multiple browser technologies, adheres to accessibility standards for online systems as well as supports multiple language requirements. You will be able to personalize and customize and it is fully scalable for tablets and smartphones.
We are looking forward to a smooth transition. For those clients who are currently using WealthTracker we will be contacting you this Spring to discuss the changes and provided you with detailed information. We will work together to ensure little to no disruption to online access. Unfortunately at this time we are not able to provide a date for the decommission of WealthTracker however by that time we will have all clients successfully transitioned to the new and exciting Scotia OnLine. For any clients who are not currently set up to view their accounts online and would like to discuss this possibility please contact Megan so she can setup a new Scotia OnLine account for you.
Growing technologically, professionally and personally:
In March Megan participated in an Excel course at Niagara College. She learned a lot and is looking forward to utilizing her knew knowledge in ways to improve and simplify our reporting to clients.
Also as technology grows so does our need for IT services and support. We would like to welcome and thank Bryan Lachapelle and his team from b4 Networks Inc. our new IT support company that ensures our office systems are up to date and working properly and systems well secured and backups are done accordingly.
Roman will be attending the Dynamic Leaders Council 2016 from May 27 to May 31 in Tucson, Arizona. The purpose of attending such conferences is to allow Roman the opportunity to spend time with our award-winning portfolio managers as well as a keynote panel of regulatory experts from around the world; to update, refresh and learn about areas such as new developments Tax & Estate Planning, Financial Planning, New tools available in the industry, updates on CRM2, Protecting Seniors from Fraud, Living Benefits, Insurance and Pension Benefits, Compliance issues. Roman will be joined not only by the Dynamic Funds Portfolio Management Team as well this year’s speakers include visionary Apple co-founder Steve Wozniak and US Navy Captain Mike Abrashoff, who will share his leadership and geopolitical views to help inform and broaden perspectives.
Steven is hard at work training under the watchful eye of Megan learning day to day activities, transactions, analyzing reports, learning our policies, procedures, systems and software. Steven will be enrolling into Canadian Investment Funds course at the end of March. Upon the successful completion of the course, goal being end of summer, Steven will become a Licensed Assistant for Roman A. Groch. This will enable Steven to be able to better service all our clients, especially during periods when Roman is away from the office.
Megan, Steven and Roman continue to further expand their education through online courses and seminars offered by HollisWealth as well as other educational firms to be able to better serve our clients in the ever changing world.
Tip of the Quarter: Talking to Parents about Their Eldercare Needs
My mom turned 70 last month and she is a highly active and vibrant senior. As a gerontologist, however, this particular milestone alarms me for the same reason I cause alarm to my friends and clients when I spout off, “If your parents are 70 years and over, you need to start talking about future care options. Don’t wait for a crisis, start now!”
If this seems premature or dramatic, consider this: over two-thirds of adult children haven’t given a moment’s thought about their aging parents and eldercare needs, let alone broached the topic in conversation.
Looking back, I wish I had. Our family was caught completely off guard when our 69-year-old father had a massive stroke. My three siblings, Mom and I handled Dad’s eldercare responsibilities while juggling family and work commitments. And then the worst happened: Dad suffered a massive seizure. Three days later, with no signs of hope, our family had to make the excruciatingly painful decision to take Dad off life-support.
With Mom as a widow, we discovered our father didn’t have a will, had cancelled insurance policies, had hidden debt and his small business had no exit strategy. Here are a few tips to consider as you initiate those sensitive discussions with your aging parents. Start Now! The first conversation is always the most difficult. Initiate a discussion now while they are still healthy and active. Emergencies rarely allow families the opportunity for full participation. You can start by asking the following questions:
- Will they want or expect a lot of involvement from their children?
- How do they feel about having a housekeeper or a private care provider coming into their home?
- If at some point they are no longer able to live at home, what kind of living arrangements would they prefer?
- What steps in the area of health care and financial planning have they taken?
Respect their decisions. It’s important to treat your parents like the adults they are. There is one thing most experts agree on — imposing your way of thinking or trying to control your parent’s decisions will yield undesirable results. Be patient and empathic. More than likely, it won’t be easy for your parents to accept your involvement in their private affairs and life decisions. Their greatest fears are probably loss of independence and control. It’s important the conversation aims at building trust and that you have a thorough understanding of your parents’ preferences and needs.
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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.