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The Process
It is important that clients understand up front what we should expect from each other, and what kind of process we will go through as we move towards doing business together.
The first meeting should be all about getting information. I need to know your investment experience, and what kind of current investments you are currently holding. Statements should be brought to this meeting, or forwarded in advance, so that I can get a clear picture of your entire financial situation. Are there RRSPs, RIFs/LIFs, RESPs? Other cash accounts? Do you have a pension, and if so, what are the details? What about wills*? Insurance*? What are your sources of income, and what are the
forecast expenditures?
You, on the other hand, will be interested in discussing further my approach and experience. What are my particular areas of expertise? What fees are there? Can you access your account on-line? What kind of reports are there? What kind of service levels can you expect? How often will we meet?
During the second meeting, I'll present a plan based on the needs and goals we discussed in the first meeting, which takes into account your income and risk tolerances. I'll go through it step-by-step, checking to see if it matches your requirements. Once we've gone through the plan and everything is in order, we can do the paperwork and open an account.
There are some common misconceptions concerning moving an account. The most important is that many people don't understand that you don't have to liquidate your holdings to transfer them over to us here at Manulife Securities Incorporated. A transfer in kind means that your holdings are moved intact - nothing is sold or liquidated in any way. That way, we can gradually implement the plan developed earlier as and when it is prudent to do so.
Secondly, you don't have to contact your current advisor. Manulife Securities Incorporated's head office will perform the transfers automatically, and you don't have to sign-off on anything from your existing investment dealer.
Thirdly, if you are transferring from/to a Registered Account, the transfer does not represent a withdrawl from the account for tax purposes. Nor does a transfer from an ordinary, cash account represent a capital gain or disposition (if transferred in-kind).
Finally, we'll agree on a schedule of future meetings. Perhaps you will want to meet quarterly, or not at all. You may prefer phone consultations every six months or so, or just emailed comments as events unfold. That's fine. We can also agree to discuss specific topics at later dates, such as tax, estate planning*, or insurance*.
Manulife Securities Incorporated
11 Bond Street, Suite 104
St. Catharines ON L2R 4Z4
Toll-Free: 1-866-864-9652
Telephone: (905) 704-6650
Email: scott.swallow@manulifesecurities.ca
The information contained herein is for Canadian residents only and does not constitute an offer to sell or a solicitation in any foreign jurisdiction, or in any Canadian jurisdiction where Scott Swallow, is not qualified to effect sales.
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