Here’s a question for you… Who does your financial advisor work for? And who pays their salary?

It’s one of the first questions Tom Manion from Manion and Associates Financial Services asks when people him why they should trust their money to his team.

"It's actually not a question many people ask themselves because they just assume their financial advisor is working for them, but that’s not necessarily the case," says the veteran financial advisor. "If you think about it, anyone who has to answer to a manager or meet a sales quota is actually serving two masters – the client and a third party that has its own set of interests.

"Do you really want your financial advisor giving you advice based on what is good for the company, and not ncessarily for you?"

Tom notes that Manion and Associates Financial Services is completely independent of any particular financial product supplier, and are Financial Planners, first and foremost. This means the best interests of the client come first, even if that just means answering questions. "Unlike the advisors for numerous financial institutions, we are free to recommend any financial product we believe will serve the particular needs of a client. We're not limited to specific corporate brands, and we're not required to push certain products because they're the 'product of the month.'

"At Manion and Associates you have choices because we have choices, and that means we make recommendations based on what is best for your portfolio, your lifestyle, and your family's needs."

Here’s another question for you…Who is your financial advisor today, and who will it be next year?

"One of the problems with a lot of the big financial institutions is turnover," says Tom’s partner, Allen. "You develop a relationship with someone over the course of a couple of years and then one day you phone and that person is no longer with the company."

Which wouldn't be that big a deal if everyone else in the office knew you, your situation, your file and so on. But chances are they don't, because you are just a file to the company, and you're back to square one in an effort to bring the new person up to speed. At Manion and Associates Financial Services that isn't likely to happen. It's a close knit team, a family run local business, with a family-friendly atmosphere, and the whole team is involved in the care of each client's needs.

"It's all about consistency," says Tom. "The members of our team have been together for a long time, they each bring specific strengths to the team, and each is fully capable of working with each of our clients to ensure continuity and seamless service."

At Manion and Associates Financial Services they practise what they preach – service, integrity and knowledge – and they have only one boss… you, the client.

Proper estate planning is a way to ensure a simple, organized and tax efficient transfer of your assets to your loved ones on your passing. Proper estate planning should also be updated on an ongoing basis, especially when the circumstances change in your life. The following are some points to think about when developing your estate plan:

Your Will

Your will is a legal document setting out your wishes on how your assets will be distributed upon your death. A will generally contains the following: 

• who will be responsible for administering your estate (choosing an Executor)
• how your estate and property will be distributed
• the beneficiaries of your estate

Naming Beneficiaries on Insurance Contracts

Naming specific beneficiaries on your insurance contracts (such as life insurance or segregated fund contracts) can allow death benefits to bypass your estate. By bypassing your estate the beneficiary will receive the funds privately and avoid probate, which can significantly reduce administration fees. Also, by avoiding your estate the death benefit proceeds can potentially avoid claims made by any creditors.

Minimize Taxes Owing on Death

There are different strategies you can use to minimize taxes owing on your final tax return thus leaving more money to your loved ones. Some of these strategies can include:

• Maximizing "spousal roll-overs" on eligible assets such as RRSP's
• Giving gifts and cash away while you are still alive
• Making charitable donations 
• purchasing life insurance that has death benefits payable directly to a beneficiary