MCO Private Wealth

My total debt service ratio is like 70 percent, here is why that's amazing If you're a business owner or an incorporated advisor, you control your own salary My salary is quite low I don't need much to live off After my mortgages and car, most of my expenses are quite low I look like a financial disaster to the bank, on paper Because they only care about what I pay myself, for some reason Not how much I have in retained earnings It's a strange balance trying to get debt, while keeping your tax bracket low So I am asking all advisors What do you do? Take a huge tax bill to take on debt Or focus on tax planning? MCO Private Wealth Our focus is on paying less taxes Not looking good to the bank #CFP #taxes #debt

Everyone's got a story to tell until you tell them a better story I was convinced for a long time there was no better story for my practice That's the problem when you trust only one teacher It pays to be willing to question your own beliefs So when someone tells you they know everything you/they need to know Question them on the opposite of their beliefs To know something is the truth, is to know the opposite to be untrue If they can prove that, question yourself as to why you are following their lead MCO Private Wealth We have lived both sides of the investment world, and can unequivocally say, we are finally on the right side #CFP #weknowthetruth #doyou

Want to know the easiest way to lose a prospect? Interrupt them There is no worse sales technique than not letting someone finish their thought Next time you find yourself wanting to interrupt someone Think to myself I am interrupting the sales process, not another person Give everyone the respect to finish their thought MCO Private Wealth 15 years of financial planning and I am sure a few clients lost in my earlier years by interrupting What do you think is the worst thing you can do as a CFP during a prospect meeting? #CFP #interrupting #badsalespractice

Is your business prepared for the baby boomer work force exodus? Amy Altwerger Zoë Share have a wonderful vision If you are a business owner, senior advisor or senior executive looking to understand how to approach your work force and their next steps, as some of them start thinking about their own future retirement, dont sleep on Rosie's Roadshow Providing literacy, education and all things next steps for retirement, I am proud to be working a long side these two ladies to see their vision grow They are specialists in their fields and full of energy to see the retiring generation become more accomplished in their non working or part time working life chapters We would love to see you at the next road show. Reach out to myself or the two ladies above if you have any questions https://lnkd.in/gHtszVRJ

Everyone wants to poop on term insurance, until they need it My neighbour at the cottage had a fire last week Everyone is safe, but they lost almost all of their belongings Have you ever seen a grown man cry because you handed him a garbage bag of used clothes for his kid? I have Whether it's life, disability, home, auto, etc, I hope you never need it But don't tell any advisor with integrity insurance is a scam It's meant to be a scam for 98 percent of people It's meant to save the future of the 2 percent I am ok with you hating insurance It means you've never needed it I am not ok with hating myself for never educating a client and not letting them make their own decision But don't worry, I'll document everything for compliance, haha MCO Private Wealth CFPs first, investment managers and insurance agents can be CFPs too #CFP #insurance #thechoiceisyours

Judging someone by their material possessions is a sure fire way to make bad decisions, here is why I have two buddies One looks dirty most of the time Wears clothing that you could find in a vintage store or Walmart Drives a 10 yr old car, "because it works" But lives in a 2 million dollar paid off home that anyone not close to him will never see He's worth 10 million, brilliant and doesn't care about material things He spends most of his time travelling, so no one ever sees his home I have another buddy Drives a nice car (that he parks in his parents driveway) He has nice clothes and a huge credit card debt to go with the clothes He gets attention from people when he goes out, only to get dropped by those who find out he isn't who he projects himself to be So what's the moral of the story? Stop judging people for what they look like and start learning who they are MCO Private Wealth If I don't wear a suit to a meeting, it's because my brain is worth the fee, not the designer who made my suit So let me ask you Do you want a high fee so I can have fancy things Or do you want a reasonable fee so you can have everything you've earned, for yourself? #CFP #fortheclients #notthedesigner

The practice reps you do better seem easy, because reality hits much harder If you can't nail it in practice, what happens when the pressure is on? Have mock meetings Role play with business partners Make mistakes But never give up Never think you're too good to grow Never think you're too smart to learn something new You can always be a better version of yourself MCO Private Wealth We seek to get better every day And if you don't know why you need to be better Be a better version of yourself for someone else Our future generations are relying on us #CFP #growth #mindset

What kind of CFP do you want to be? Having been one I wasn't proud of, when I worked for a company that my goals didn't align with, I quickly learned I wanted to be 5 things: 1) A CFP that could set my own fee structure and pricing 2) A CFP that could do fee for service and still get paid even if I didn't bring on assets 3) A CFP that could say and do what I wanted on social, without fear of repercussions from head office 4) A CFP that could work anywhere in the world 5) A CFP that had an entirely open investment shelf If you don't have all of these things as an advisor and would like them all, reach out I can show you how MCO Private Wealth Fulfilling our vision to our clients and ourselves #CFP #vision #goals #growth

Stupid but super easy money saving hack, you ready? Call your credit card company and tell them your card was lost They will re-issue you another one However, all your pre authorized contributions will start from scratch From personal experience, I just saved 52 bucks a month Is it big money, no Was it wasted money before, yes MCO Private Wealth We don't let dollars slip through our fingers Not for fees, not for credit card companies, not for anything Unless you make 600 an hour after tax, you're better off spending the hour resetting up the contributions you need then sweat the time spent #CFP #moneyhacks #creditcard

It's the first day back in school for most Canadian kids and this is what they won't learn Budgeting Understanding Debt How mortgages work How taxes work About insurance Credit Cards Lines of Credit Credit Scores Collateral Should I keep going? And we wonder why we are one of the most indebted citizens of the world The government is imposing some financial literacy changes, but they can't come soon enough Fidelity Canada and Fidelity Investments has been a fantastic resource for providing tools for young Canadians to learn about money Lauren Gardy, CIM® has been a fantastic resource in bringing literacy to their adult parents through seminars MCO Private Wealth would be happy to provide you or your children resources to improve their financial understandings Financial education starts at home in this household I'd encourage you to do the same, as a parent Do we look alike? #CFP #likefatherlikeson #education