June 2023
Barbeque season is in full swing, but that doesn’t mean we aren’t still working for you.
Around the Office:
Keith McConkey Joins our Welland Office! – We would like to welcome Keith & his clients to our office.
Keith joined the office at the end of April 2023. Keith a CERTIFIED FINANCIAL PLANNER professional, best-selling author and accomplished baseball umpire. He dedicates himself to providing financial coaching to families and entrepreneurs encompassing business planning, debt management, investment management, legacy planning, wealth protection and tax minimization strategies.
Keith is a CERTIFIED FINANCIAL PLANNER professional (CFP®), Responsible Investment Specialist (RIS®) and has held the Personal Financial Planner (PFP®), Registered Retirement Consultant (RRC®) designations ensuring he has the expertise to address all of your most complex financial planning needs.
Keith is active in amateur baseball as both an umpire and teacher. His baseball experience includes six seasons in professional baseball, including the 2005 Futures All-Star Game. He is still active with Baseball Canada and represents Canada internationally with the World Baseball Softball Confederation. He has umpired a world championship, the Pan-Am Games in Peru, an Olympic Qualifier and will be heading to Taiwan later this year for another world championship. He currently holds his Master Course Conductor status with Baseball Canada.
Keith has been a resident of Niagara for almost 40 years and currently resides in Welland with his wife Kerri and two daughters, Abigail and Madison. Keith can be reached at our office number 905-735-5555 or directly by email
With Keith joining our office, this will allow Roman some more free time to spend with his parents, and his family. Roman’s eldest daughter, Anastasia has graduated with a second degree, this one in Nursing, and his youngest, Oksana, is about to graduate in the next few years. Although Roman is slowing down, don’t worry, he isn’t ready to retire yet. Keith has stepped in to service some of Roman’s clients thus ensuring we as an office continue to provide exceptional service. During times when Roman is away from the office, Kristin has been asked to help answer any questions you may have or book a time with Roman. The days Roman will definitely be away from the office are Wednesdays and Thursday afternoons, effective immediately. For those clients that will now be serviced by Keith, they have been contacted. As well as having family time Roman, will also now have an opportunity to update his knowledge with further education. He has therefore enrolled into the Canadian Institute of Certified Executor Advisors (CICEA) program. The role of the Canadian Institute of Certified Executor Advisors is to aid Executors and to educate to a standardized level of care, conduct and professionalism. It also provides current and relevant updates, tools and resources to facilitate and foster networking among qualified, dedicated professionals across Canada.
Reminder - Daily Office Staff Meetings - 9:30am to 10:30am
Should you call during this period, please leave us a message on our voicemail. We conduct our daily office meeting during this time and phones will not be answered. This time allows us to organize our day’s tasks, review the previous day’s work, discuss and complete client reviews and enquiries, as well as review current rates, markets and updates on the latest news.
Annual Reviews
Should you call during this period, please leave us a message on our voicemail. We conduct our daily office meeting during this time and phones will not be answered. This time allows us to organize our day’s tasks, review the previous day’s work, discuss and complete client reviews and enquiries, as well as review current rates, markets and updates on the latest news.
As a reminder, every year we prepare an Annual Review for each of our clients. This is an important process to ensure we are up-to-date with the most current information, as well as ensuring your information is accurate and meeting your Financial Lifestyle needs. Preparing your review involves a detailed process that not only has us look back on the past year but also look at the upcoming year for potential needs that might arise and ensuring client files are up to date and accurate. Spending the time to go over your entire portfolio is even more important given the current situation in the world. A lot has changed for many people, and many things that may have not been thought about before have come to the forefront. To help ease some of your scheduling stress, we are currently booking Annual Reviews via virtual meeting, telephone, or in person, depending on your preference and comfort level. For those doing their Annual Reviews by Zoom/Microsoft Teams or by telephone, the reviews will be uploaded to your Client Portal and/or mailed before the scheduled meeting date.
Our office remains closed to public/walk-ins however, we are available by telephone and in person meeting by appointment only.
For clients requiring an evening appointment, Roman has set aside Monday and Tuesday evenings during the next few months to be available. Please be advised that due to the high demand for evening appointments, availability maybe limited.
System Updates and Protection of Client Data
Our office continues to invest heavily in systems to protect your data. To protect your digital information, we use a VPN, firewall, and various other encryption methods. We also protect the physical premises by keeping the office locked at all times, keeping physical files locked up overnight and as well as an alarm system and multiple high-definition cameras throughout the building. We take your privacy very seriously, but as time moves on, it may never be 100% in protecting your data. Sometimes even the most secure data can be exposed.
This isn’t news anymore as I’m sure many of you have heard about the “GoAnywhere” software breach which affected Mackenzie Investments as well as others. The silver lining in all of it is that Mackenzie was transparent about it and has taken steps to help protect anyone who may have been exposed. If you’ve received a letter from them or any other company about you potentially being exposed, please take advantage of their creditor monitoring and protection offer through TransUnion.
If you weren’t exposed in this breach but still want to sign up to monitor your credit, Equifax can offer you access to view your credit history for free. Type the link into your browser to get started.
https://my.equifax.com/consumer-registration/UCSC/#/personal-info
Steps One Can Take to Deter Ransomware
Many clients are already aware of the fact Roman likes his IT Technology and gadgets. One question asked of him lately is “what can I do to prevent getting Ransomware?”. Well, the bad news is that eventually most of us will be “hacked”. That said, there are measures we can take to deter but most importantly restore our compromised computers. Two such measures are purchasing/subscribing to Antivirus and Backup software. For Antivirus, Roman recommends Norton 360 Deluxe which protects up to 5 computers, though other Antivirus software does exist Roman has personally used this one. As to Backup software, the purpose of this is when your computer gets compromised you can restore your computer and data to a previous date prior to your computer being compromised and risk only losing some data. Acronis Cyber Protect Home Office is software Roman has used. Remember to set the backup software to back up your computer daily, encrypt your backup and store on an external hard drive, or better yet, the CLOUD.
The Value of Advice
Did you know?
We do more than just manage your money. Both Roman and Keith are CERTIFIED FINANCIAL PLANNER professionals and this means that they have the knowledge and experience to help with your most complex financial planning needs. This includes retirement planning, estate/legacy planning, tax strategies, as well as debt and cash management.
Why is this important?
Russel Investments Canada just released the results of their 2023 Value of an Advisor study. They did the math and determined that full-service advisors added value of 3.90%. This is over and above the rate of return on your investments. If you’re interested in reading the full article by Russel Investments, you can check it out at the following link. https://russellinvestments.com/ca/resources/financial-professionals/value-of-advisor
So, if you’ve got questions, please reach out. We’re here to help!
Retirement spending and how to plan for it
Historically, retirement income planning typically starts with setting an amount of money you need to fund your optimal retirement lifestyle. Then we index it to inflation to determine whether you can fund those goals or not. But that’s not really the way most people spend in retirement. It likely will look more like the “Retirement Spending Smile” below.
1 http://www.rbc.com/newsroom/news/2019/20190228-parental-paradox.html
2 https://www.ontario.ca
3 https://hoopp.com/docs/default-source/about-hoopp-library/advocacy/retirementsecurity- longtermcare-feb2018.pdf?sfvrsn=397a7d47_2
One of the most important things to plan for in retirement is the rising cost of healthcare later in life. In his book, “Life Simplified – Protect Your Retirement Income” Keith introduces the idea that planning for the inevitable rise in health care costs, should start well before retirement. Call us to find out how.
Client Portal, E-Signatures and KYC (Know Your Client) Form
If you haven’t done so yet, we encourage you to set up your “Client Portal” and take advantage of its many features. We can securely upload important documents to you through this portal and you can do the same for us. You will have access to certain tax receipts, statements and more.
The Electronic Signature process for electronically signing order instructions and updating your Client Information makes things easy to do – even from the comfort of your couch. Should you need assistance in using this form, please do not hesitate to contact us. Please note that our E-Signature documents now come from “Electronic Signature” and not from “E-Sign” as they did previously.
June 2023 Quarterly Statement
Similar to the first quarter of this year, April through June has seen volatility in both equity and fixed income. Even though we are seeing higher yields on fixed income, we have seen shifts between short- and longer-term bonds, creating some additional volatility in bonds. Equity investments continue to be impacted by sticky inflation. Typically, interest rate increases take 12-18 months to fully take effect. May’s reports showed inflation dropped to 3.4%, which is still higher than the 2% target. So, the higher interest rates appear to be working. It appears people are making up for lost time in 2020 and 2021 as travel spending is still high, though. We aren’t economists, but we expect central banks may continue to raise interest rates slowly, but we may be nearing the end of the rate hikes.
As stewards of your money, we have a process to make sure we are recommending the best investments to support your goals. We monitor the markets and screen our funds for trends to ensure they continue to perform as expected. We believe that sticking to Strategic Asset Allocation (diversification) and long-term returns. A company called Dalbar has measured the average “guess right ratio” of market timers, back to 1996. That number is 75%. And the results are well below the buy and hold method. Time in the market is a far more reliable strategy than timing the market. Let us stress over the day-to-day concerns of the market, and politics. Enjoy your time on your hobbies, work, and most importantly, taking care of your loved ones.
As a reminder to all of us though, easier said than done:
Patience is a person's ability to wait something out or endure something tedious, without getting riled up. Having patience means you can remain calm, even when you've been waiting forever or dealing with something painstakingly slow.
Perseverance is persistence in sticking to a plan. Steady persistence in adhering to a course of action, a belief, or a purpose; steadfastness.
Supporting Our Community – Pathstone’s River House RENO
Pathstone has purchased 102 River Road in Welland in order to help Niagara’s youth in South Niagara.
With mental health struggles on the rise, Pathstone is making a commitment to bring mental health services closer to families in Niagara South.
Pathstone‘s goal is to ensure kids are in care and not sitting on a wait list which has begun to happen over the past two years. (current waitlist is just under 800 kids)
Pathstone‘s solution is to reach into every corner of our community, enabling them to see more kids and keep them closer to home. Nearly 40 percent of the kids and families they see are from Niagara South. That means, parents and caregivers are investing endless hours driving children to and from St. Catharines for mental health support.
Roman, Anna and Family are honoured and proud to support Pathstone Foundation right here in our City of Welland.
If you are interested in supporting Pathstone Foundation or learning more about the services Pathstone Mental Health provides, contact Kim Rossi at: or directly at 289-969-8342
Expanding Definition of Family
As we age, the need for connection, acknowledgement, and engagement becomes even more pronounced. At the heart of this connection is the construct of family, becoming increasingly vital to our sense of self and well-being as we travel through all life stages. But what is family’ in our modern context? Are we ready to embrace a broader definition?
Redefining Family: Beyond the Traditional
Traditionally, the notion of family was tied to our nuclear family, established through blood, adoption, or marriage. Today, it has transformed significantly, becoming a blend of chosen relationships defined through shared experiences and mutual respect. While our traditional family may still form our key association, additional definitions of family are emerging and offering meaningful places within our inner circles. Indeed, those estranged from their traditional families for any variety of reasons can develop new families to provide a critical environment of caring, support, comfort, and connectedness.
Creating Our Own Families
Our families, by design, can emerge from any number of associations. Friends, especially long-time friends, have known us through good times, bad times and everything in between. There is often a sense of unconditional love and acceptance, holding a space for our challenges while encouraging an even grander vision of ourselves. The workplace can present a ready-made family with a shared commitment to the objectives and goals of the company, business, or organization. During our working life, we spend more waking time with our colleagues per week than with our own nuclear family, presenting an engineered opportunity to develop family types of relationships.
At a community level, service clubs can foster special friendships as we band together in expressions of shared values of service and mutual commitment to social causes.
Embracing a Broader Family
This broader interpretation of family has a unique significance for many boomers and seniors. As we journey through life, we experience a variety of losses. It could be the loss of a spouse, other loved ones, or children moving away, leading to loneliness and isolation. Embracing the idea of a more comprehensive family network can help mitigate these feelings and provide a rich continued social engagement.
Adopting a pet, for instance, can not only contribute toward keeping us active, a pet typically offers a unique type of companionship and unconditional love. Volunteering in community services and joining hobby groups or special interest clubs provides new opportunities for connection, fun, and belonging. In the era of digital connection, many also find a sense of family in online communities, bringing together like-minded individuals without the limits of geographical boundaries. While a digital family cannot bring over chicken soup when you are ill, these ‘families’ can still provide levels of support, love, and engagement. Don’t underestimate the ability of social media to create new communities with the potential to grow into deeper qualities of interactions and perhaps even establish new families.
Cherishing Our Families
Whether our families are traditional, non-traditional, childless, multigenerational, blended, step, or families of choice, they contribute to our happiness and well-being. They provide a sense of identity, a feeling of belonging, and a network of support that is invaluable today, especially in later years. After all, it’s not just about who’s in our family—it’s about how we nurture and cherish these relationships that truly counts.
So let’s consider, develop, and embrace this broader, more inclusive definition of family. Let’s cherish the diverse connections we already have and continue to foster new ones. Because, after all is said and done, family is less about who we share our genes with and more about who we choose to share our lives with.
Rhonda Latreille, MBA, CPCA
Founder & CEO
Age-Friendly Business®
Managing Our Biology
We can manage our biology! To trigger a hit of oxytocin to ‘feel the love,’ try playing with a dog, holding hands with someone, giving a hug, enjoying a baby, or complimenting someone.
Trust
“Trust is earned in the smallest of moments. It is earned not through heroic deeds, or even highly visible actions, but through paying attention, listening, and gestures of genuine care and connection.”
Brene Brown
This article is reproduced with permission from Age-Friendly Business, no reproduction in part or in whole is permitted without consent.
This newsletter was prepared by Roman A. Groch and Keith McConkey who are registered representatives of Investia Financial Services Inc. (a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). This newsletter is not a publication of Investia Financial Services Inc. and the views and opinions, including any recommendations, expressed in this newsletter are those of Roman A. Groch alone and not those of Investia Financial Services Inc. Investia Financial Services Inc. does not provide income tax preparation services nor does it supervise or review other persons who may provide such services.