A New Regular Newsletter on all things Tax, Estate, and Financial Planning
Introduction
In this series, which we are calling Fireside Conversations, we provide a transcription of a conversation with a field expert. The goal of these conversations is to provide relevant and timely information around topics that address your financial situation outside of global financial markets.
Joshua Hosein is our guest today. Josh is a key member of our Tax & Estate Planning team here at Richardson Wealth. Josh will be a regular guest in this series moving forward.
The key intention of this initial conversation was to introduce this concept and format as well as to introduce Josh. Please enjoy.
Conversation
MPWC: Welcome to our initial Fireside chat on tax estate and wealth planning. The purpose of these fireside chats is to provide long term education and timely insights on relevant topics in tax, trust and estate, and financial planning.
To that end, we are pleased to introduce a key member of the Richardson Wealth Tax, Trust and Estate team, Josh Hosein. Josh, why don't you tell us a bit about yourself, your background, and how you got into financial planning?
JH: Thanks guys. It’s a pleasure to be a part of this new series. A bit about myself, I hold the Certified Financial Planner designation (CFP®) as well as the Chartered Investment Manager designation (CIM) and I am a Fellow of the Canadian Securities Institute (FCSI). I started in the industry back in 2002, where I started off as a marketing assistant and really haven't looked back.
For fifteen of those 20 years I have been working directly in the financial planning arena, working with clients like yourself, both as a financial planner as well as an advisor. I've also spent some time managing a team of financial planners with one of the big six banks. I was responsible for a team of 25 planners in the southwest Calgary region. I joined Richardson last October. While new to Richardson, I am not new to planning.
As you mentioned, I'm part of a team, there are 19 of us across the country. Some of us are Certified Financial Planners like myself, but we also have CPAs and CAs as well as lawyers that we rely on for specific transactions and situations, such as cross-border tax planning, trusts, estate planning or business succession planning. We have all the resources in-house to provide best in class information to you and your families.
MPWC: That's great, Josh, thanks. We know when dealing with the overall concept of financial planning, it can really cover a wide range of topics. For today, while we primarily wanted to introduce you to everyone, if you could speak a bit to what you would say are the most common questions that you have been receiving from clients that you deal with recently?
JH: I would say first and foremost, the question that everybody has is when I can retire and how much can I spend during that retirement. But that is really the start of the conversation. Financial planning is a long and evolving process, with distinct periods that require different conversations. In the accumulation phase of life, it’s about optimizing your living and saving needs, including insurance considerations to protect your family’s income earning ability. As we move into retirement, it's not necessarily about the money that you have. It's about deciding how do you actually want to spend your retirement years. What are you going to fill your days with? What sort of hobbies and that sort of thing. So, while the question may start how much and when, it really does transition to what we are going to do with the rest of our life type of conversation.
Then from there, that's where it gets really interesting because there can be some conversations around specific questions such as how we transfer the cottage to the next generation. How do we transfer our business to the next generation or perhaps to an outside third party? How do we minimize the taxes we will need to pay and maximize our after-tax cash flows? Should we setup up a trust to protect and transfer assets? There are a lot of one-off issues that we are and could talk about, and I believe our intention is to dig into these concepts and considerations in more detail in future conversations.
However, we always want to hear from our clients on what is on the top of their mind. We're more than happy to have one off conversations with you. So please reach out to Garry or Brenden with questions, and they can connect with myself or another member of team.
MPWC: Yeah, that's certainly the plan going forward, and our intent with these conversations is to provide a platform for consideration, reflection, and discussion. Going forward, you can expect regular fireside conversations on a range of topics within the tax planning, estate planning, and financial planning arenas designed to provide education and awareness.
Also, we expect these conversations to hit on more timely topics as well. As you know, we have a federal budget coming out soon and if there are significant changes and that we believe you should be aware of going forward, then we want to address those too.
To conclude, Josh, thanks so much for your time. We look forward to you being a regular contributor to the team.
JH: Thanks Garry & Brenden, looking forward to it.
Conclusion and Key Takeaways
In conclusion, this was our initial foray into what we hope will become a beneficial format for bringing to light topics of interest and consideration for you as you look at your financial situation and your financial plan moving forward. Please feel free to reach out to us directly with topics you may want to discuss, either with us or with Josh and the TEP team here. Also, any comments you have on this type of content or the format of it, please let us know as we can continue to work to bring relevant and impactful content and information.