Can I retire?

The consumer has two issues related to securing lifetime retirement income.

1 - What does it take?

(a) It takes an understanding of the key deterrent to a successful plan.

(b) Most individuals know how to accumulate capital. Save as prudently and for as long a period of time as possible.

(c) However, what is less apparent is the prediction of whether or not our savings will be sufficient to allow us to sustain an income during the entire 2nd 30 - 40 years of our lives i.e. during retirement to age 90 - 95. 'Sustain' implies without any shortfall in any givem year.

2- Who can advise me professionally?

In Canada the financial services industry offers professional guidance in one of 4 ways.

#1- Through financial advisors who are compensated via commissions based upon the sale of a product.

#2 - Through independent financial advisors who are compensated based upon a fee for service and/or a commission based upon the sale of a product.
#3 - Through financial advisors who are compensated by a salary provided by their employer.
#4 - Through an independent financial advisor/investor consultant who is paid a fee only for service based upon the preparation of a financial plan and investment portfolio analysis which serve as a 'financial MRI'. The sole purpose of the financial plan and the portfolio analysis is to yield an answer to the issue described in 1 (c) above. The service may include continuous financial performance monitoring.

Financial health and personal health are the flip sides of the same coin - the achievement of personal dignity through well being. Hence the use of the term 'financial MRI'.

14,000,000 boomers in Canada are at or preparing for retirement.

Less than 12,000 financial advisors in Canada are dual designated professionally to serve both the capital accumulation and the guaranteed lifetime capital and income preservation needs of the large boomer demographic numbers.
Very few financial advisors in Canada are in the unbiased fee for service only sector.

The numbers alone make access to professionally unbiased advice a daunting challenge.

In Canada the Centre for Fiduciary Excellence (CEFEX) has at this time certified the first independent financial planning investor advisory firm in Canada as a certified financial planning fiduciary.

That firm is Weigh House Investor Services Inc. in Toronto.

The news release of the certification follows below.


TORONTO, April 19, 2010 – CEFEX, Centre for Fiduciary Excellence, LLC, has certified Weigh House Investor Services of Toronto ON for the provision of fiduciary Investment Support Services in adherence with a standard of excellence. Weigh House Investor Services (“Weigh House”) is among the first organizations globally to successfully complete this type of independent certification process.

The Prudent Practices for Investment Support Services are part of the Prudent Practices for Investment Fiduciaries series of standards published by Fiduciary360 (fi360) of Pittsburgh, PA. This global standard specifies how a firm can help investors and fiduciaries manage the overall investment management process, including the selection, monitoring and de-selection of investment managers as well as developing processes to implement investment strategies andfiduciary practices on an ongoing basis. The Practices have been substantiated by case law and the legislation of the Pension Benefits Standards Act, 1985 (Canada), the Pension Benefits Act (Ontario) and the Trustee Act (Ontario).

According to the General Manager of the Centre for Fiduciary Excellence, Carlos Panksep, “Through CEFEX’s independent assessment, the certification provides assurance to investors that Weigh House has demonstrated adherence to the industry’s best practices.”
Weigh House consults with clients on a one-time and continuous basis, in a fiduciary capacity, on preparation of the Investment Policy Statement, asset allocation recommendations, due diligence on Investment Managers, fee & compensation analysis, investment performance reports, advice on investment strategies, and education.

The annual certification process involves a detailed assessment of operational data, client files and procedures, followed by on-site interviews with key personnel. The process is based on the International Organization for Standardization audit process ISO 19011. Weigh House is registered at www.cefex.org where its certificate can also be viewed.

The Prudent Practices for Investment Support Services standard can be viewed by clicking on Weigh House’s on-line CEFEX certificate. More information on Weigh House Investor Services is available at:

About CEFEX:

The Centre for Fiduciary Excellence, LLC. is an independent certification organization. CEFEX works closely with industry experts to provide comprehensive assessment programs to promote fiduciary best practices. It certifies investment stewards, advisors, fiduciary advisers (PPA), managers, ASPPA recordkeepers, and support services firms. CEFEX has offices in Toronto, Canada, and Pittsburgh, PA.

No comments: