What Wealthy People Do That Others Miss

Retirement Income Planning, Calgary

Today's wealthy investors are usually very involved in their financial matters.

There is a tremendous amount of information available today on wealth management. Russ Alan Prince published, Wealth management, (Wealth Management Press 2003) and defines it as “ delivering a full range of investment, and advanced planning services and products to affluent people”. Russ describes advanced planning for the wealthy in four areas including “ Wealth Enhancement, Wealth Transfer, Asset Protection and Charitable Giving”. 

Wealth enhancement deals with taxation. What the rich do well is learn the strategies to minimize tax such as the use of dividend and capital gains income, systematic withdrawal plans, asset swaps, trusts, tax shelters, and advanced strategies to defer taxation.

Wealth transfer is more than just writing out a will. Having joint meetings with your advisor and lawyer at the same time accomplishes more in less time. It is a team approach the rich strive for. Using estate planning strategies such as life insurance beneficiary designations, life insurance, and annuity contracts, spousal trusts and segregated funds can help accomplish wealth transfer and peace of mind. 

Asset protection is defined as protecting your capital and safely knowing strategies for minimizing the risk of loss. These losses can include market risk as well as protection from creditors, ex-spouses or family members. The strategies can be directly related to the risk of a challenge from another party or a function of recognizing risk tolerance and matching your investments and portfolio asset allocation appropriately.

The fourth point is charitable giving. This can be more than just giving money. Several successful people in this great community donate their time and efforts to giving back. From a monetary point, clearly the rich want to give something back, sometimes with or without fanfare or prestige. Did you know that you can easily set up your own individual or family foundation? Strategies for charitable giving can include foundations, charitable tax planning, and charitable trusts. The rich do more planning and more one on one with their team of people to help them., Just as Lieutenant Columbo asks, “ oh, by the way, just one more question”. 

Can you imagine that some companies have only 4-6  investment models?

Attempting to use a conservative/balanced/moderate/growth/ aggressive platform is the same as saying that every consumer fits neatly into just five models. We believe that's silly.

That’s why you should consider values and goals-based retirement planning.

Each goal has a specific investment mix and so you may have several different portfolio needs, all with specific risk tolerances. For example, say Fred and Wilma from Okotoks were retired and wanted money for large trips or cruises. They also need money available for their executor for their estate and also wanted to put some money away for their grandchildren. The rest is to use for income in their retirement, some of their money is in non-registered investments outside RRSPs and some money is inside RRSPs. They have four or five specific goals. All of these categories have specific investment risks and time horizons. To put them all in one big investment model just doesn’t cut it. Yet, why do so many companies do it that way?

Managed Asset Programs usually offer multiple investment portfolios — each featuring a very specific, highly detailed asset allocation model for specific needs and goals. But which portfolios are right for you? Each goal is customized to your unique needs.

Let’s say the investment portfolio for the grandchildren is higher risk and has a 15-year timeframe because of the age of the grandkids. Then you can build the investment for the specific goal, which is different from your own retirement income objectives, which may have some short-term needs and longer-term targets depending on your age.

There is no guarantee that a specific portfolio will meet that objective but having one portfolio for multiple objectives definitely brings more worry than goals-based retirement planning which is to build a few specific portfolios for each goal or need. Consider asking your investment professional to develop goals - based on retirement planning for your specific needs.

Is your financial house in order? Are you confident in your current financial plan? Do you even know what your retirement income plan is?

If not, learn more about our flat-fee & all-inclusive retirement planning services. Click here.


Book an introductory meeting in our calendar below and at this meeting, we'll help you get clarity around your values and goals, we'll complete a financial summary so that you can see where you are and where you want to be and how a written quality financial and investment plan will increase your probability of successfully reaching your retirement goals and living your ideal lifestyle.


Retirement Income, Investment & Tax Planning for those 55+

Willis J Langford BA, MA, CFP

Nancy Langford CRS

"Helping you get your financial house in order and enjoy a worry-free ideal retirement lifestyle"


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My wife and I realized a long time ago the value of a financial planner over just a bank representative. We just felt like a number to the banks as every year it seemed we saw a different adviser with a different view. But finding a trusted, knowledgeable and personable financial planner took a lot of time and effort. It just seemed, so many large corporate Financial Planners were more concerned about what they could make off of us rather than what they could make for us.
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From the first time, we found the web site for Langford Financial Inc, we could see the knowledge of Willis and Nancy and a real effort to educate and pass on their knowledge through seminars, workshops and their personal service. Once I reached out through their web site for more information, Willis was quick to respond, offering and giving whatever information I was looking for and never was there pressure to commit to anything.
The feeling of comfort and ease when talking with Willis was inviting enough for us to want to meet with Willis and Nancy, just to see firsthand if there was a connection and what working with them would look like.
And when we did meet for the first time, that feeling of comfort and ease was very evident. It was a unique experience for us to be able to sit down and get to know a financial planner (or a team of both Willis and Nancy) and not have any sales pressure on us. Just getting to know Willis and Nancy was important for us. We needed to be comfortable with them and see their competence in the business, and it was obvious that Willis and Nancy wanted to know us better so they could know how best to help us.
Once we decided to move our accounts over to Langford Financial, we found their process was comforting and refreshing as Willis and Nancy first worked at evaluating our complete situation. They dug down to get a complete picture of where we were at, where we wanted to be and how to get there. This took some reflection on our part but once we saw how they put it all together in our “Financial House In Order” binder, we were confident we made the right decision to go with Langford Financial.
Since the time we started working with Willis and Nancy I have attended many of their seminars and can say the information they have been teaching has been amazing. Always relevant, and consistent with their desire to help those coming up to retirement, and covering so many different situations as everyone has a different life situation. I know more than one of the tax-saving strategies they taught at their seminars will work for my wife and I, so we are very happy about that.
We would definitely recommend Langford Financial, not just for all your retirement planning needs, but they have great ideas on savings for your grandchildren too!
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Paul & Elaine Radder
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