December 2014

Season's Greetings! This winter and with a New Year 2015 brings new opportunities for us to better service our clients here at our branch of HollisWealth, some of which we would like to share with you. We would like to give thanks to everyone who have been so patient and understanding about the transfer from Paul Favero to Roman A. Groch and our office here in Welland. It has been brought to our attention that for many of Paul’s former clients yet another change, yet another advisor. Roman has been in the financial services industry here in Niagara for over 24 years and will try to keep things as stable as possible. Most importantly we believe two way communication is very important so please do not hesitate to contact our office with any questions, concerns or just to say hello.

We have enclosed our Annual Skating Event invitation for anyone who is interested in coming out and sharing a fun family filled afternoon with your HollisWealth Team.

Recent & Upcoming Changes:

Our office continues to further our knowledge through educational courses and seminars since our previous newsletter, we will expand on this in a few paragraphs. Recently our office has made the changeover to Windows 7 Operating System as well upgraded our Client Relationship software to Maximizer. Maximizer our new client relations software will help us better service our clients keeping better notes with regards to personal preferences, client life events, conversations and milestones!

Our client profile forms have yet again been updated due to regulation requirements. We are now required to ask some additional questions on the new forms one of which is how long you have lived in Canada for.

A reminder to clients when booking appointments with Roman we require 7-14 business days to properly prepare for your appointment. This ensures sufficient time in preparing everything needed for your appointment which includes a mailed Agenda before your meeting to ensure efficient use of our time together as well ensuring all relevant questions, concerns and reports are properly prepared and ready when you meet with Roman.

It is that time of year again where we can help our clients with their Tax Preparation by preparing the Capital Gain/Loss reports for their tax advisors. Please keep in mind that this can take time and we need at least 5 business days to properly prepare these reports for you and/or your tax advisor.

Please feel free to visit our updated and website which can be located at which now includes a Twitter feed.

Paul G. Favero Clients of HollisWealth - Welcome once again.

We have been working strenuously to get all of Paul's clients in to meet with Roman, this has been a big challenge for us over the last few months. We would like to thank all clients that have come in. Not only did we get to meet with our new clients and get to know you better but we got to verify that all information we have on our files is correct, accurate and up to date.

CRM2 (Client Relationship Model) – What is all the hype about ????

Regulatory Focus:

CRM2- is intended to increase transparency for clients regarding the fees they pay and provide standardized reporting with regards to the performance of their accounts.

Client Impact- CRM2:

  • HollisWealth advisors hold themselves to a very high standard and maintain open communications and transparency regarding commissions
  • Additional transparency will be provided regarding how fees are determined
  • While HollisWealth advisors often provide performance and account reporting for clients, additional standardized reporting will be available in 2016

At our office we continue to disclose any fees that our clients can be subject to both verbally and/or in writing. In order to stay current with the latest requirements (CRM2) Fund Facts (information sheet) will now be given to clients on any new investments to ensure a better understanding of the investment being made.

Financial Life Planning:

To have a successful succession plan it is very important to get your entire family involved in the process. Everyone wants to do what is best for their loved ones, but how do you know what is best for your family if you never ask them what is important to them. We continue to develop a process to better assist our clients and their families in reaching a common goal for family financial life planning.

We have been initiating our goals to helping our clients in protecting their family, estate and assets. These steps can be as simple as making sure your Wills and Power of Attorney are in place to a Financial Plan to Life Insurance. We will continue to develop new solutions to new circumstances as they arise with our clients and family. Our goal is to help our clients make decisions to reach their goals in family financial life planning.

Growing technologically, professionally and personally:

Roman will be attending the "Insurance Education Schedule Conference" in Burlington on January 14th. Roman will on January 19th be attending the "HollisWealth Year Ahead Investment Conference" in Toronto. The purpose of these Conferences is to allow Roman to update, refresh and learn about areas such as new developments within HollisWealth, Tax & Estate Planning, Financial Planning, New tools available in the industry, updates on CRM2, Protecting Seniors from Fraud, Living Benefits, Insurance and Pension Benefits, Compliance issues.

Chelsey & Emily continue to further their knowledge of our newest client relationship software Maximizer to better service our clients and be more efficient. Chelsey & Emily continue to review Online Educational Modules to ensure their knowledge is up to date with our head office requirements as well as programs that are being utilized. Congratulations to both Chelsey & Emily for earning their designation of HCA (HollisWealth Certified Administratorin in 2014.

What's New? Tip of the Quarter:

Effective January 1, 2015, executors who apply for a Certificate of Appointment of Estate Trustee With (or Without) a Will (ie. "Probate Certificate") will be required to file an "Estate Information Return" with the Ministry of Finance within 90 calendar days after the Certificate of Appointment of Estate Trustee is issued by the government. That is, once the executor applies for and receives a Certificate of Appointment of Estate Trustee, the executor must submit a detailed Estate Information Return within 90 calendar days to provide details of how the estate's value was determined. Failure to do so can result in a fine and/or imprisonment.