Frequently Asked Questions

Retirement Income Projections, Calgary

FAQs

1. Where's your office?

  • We are located at 300, 1210 8th Street SW, Calgary, AB
  • Street parking is available all around our office for a fee. There are even free 2 hour spots along 13th Ave.

2. How long are the meetings?

  • Most meetings are for 1 hour.
  • A plan presentation meeting is 1.5 hours

3. What are our fees?

  • We have 2 main tiers for our fee-only plans. Clients with less than $1 Million of assets and less than 8 sources of income have a range between $600-$1200. Clients with more than $1 Million in household assets and more than 8 sources of income range between $1200-$1800. This price will be finalized during the first meeting once we have an idea of the level of complexity with your plan.
  • The hourly rate is $250.
  • Full-service clients are fee-based. Depending on the investment platform our fee is no more than 1% of invested assets.

4. Is there is an off-line intake form?

5. What do I get?

  • At your second meeting, you will get a paper copy of your Retirement Income Projections Report along with any other pertinent recommendations for implementation. It's yours to keep and take home with you. The report is unique to you and your situation. The report is usually 30 pages in total. The report will outline your best order for taking your income in retirement. The amount of after-tax sustainable income you can during your lifetime. The best time to initiate each source of income available to you (CPP, Pensions, RRSPs, TFSAs, LIRAs, OAS, etc), in order to have the best tax-efficiency.

6. Can I email or call if I have questions about my plan afterwards?

  • Yes. The plans we create are not complicated and the recommendations are laid out in simple and easy to understand language. We are here to help in any way that we can, as it's our intention to help you retire with confidence so you can contact us for clarification on anything. 

7. What is the cost of an annual review of the plan and to update my situation?

  • We welcome you to return every year to update your plan and ensure you are still on track as the plan isn't a one-time thing, as the economic situation is always evolving. The cost is $250/hour.
  • There are never any out of pocket costs for full-service clients.

8. How long have we been in business?

  • We have been in operation since November 2014.
  • Willis has been in the business since 2014.
  • Nancy has been in this business since September 2003 at several large bank-owned firms.
  • We are an independent, private practice and there are just the two of us working in our business.

9. What is our specialty?

  • Our specialty is Retirement Income Planning specifically for those transitioning into retirement. If you start working with us before you retire we save you a lot of money by avoiding common mistakes.
  • Tax saving strategies is by far our value proposition. It's your after-tax rate of return on your total wealth that matters most. Taking income from your various sources in the right order will save you $1000's in taxes.

10. What are your educational qualifications?

  • We both studied theology first and spent nearly 20 years in pastoral ministry.
  • Nancy has completed numerous financial courses and has earned her certificate in Retirement Strategy from ICS.
  • Willis has a Bachelor's degree in Theology and an MA in Communication and is a Certified Financial Planner® 
  • You can check our credentials at FP Canada, and at Alberta Insurance Council.

11. What is your ideal client profile?

  • We mainly work with clients who are in their mid 50's and older, however we happy to help younger people as well.
  • Typically, couples and singles with some investible assets and several sources of retirement income and are ready to take action to create a plan to reach their goals. 
  • We enjoy working with people who love to travel, are generous with their time and money to be involved in charitable causes and are kind and respectful.

12. How many clients do you have?

  • We currently have about 30-40 households that we serve on a full-service and fee-only basis.
  • We also have an insurance only division that has several hundred policy-holders. 

13. What products/investments do we offer?

  • We do not sell investments with commissions or DSC charges.
  • As independent planners, we work with numerous financial institutions. We offer segregated funds from Sun Life, IA, Empire and Manulife. These funds are similar to Mutual funds but come with death and maturity guarantees.
  • We also work with a Robo Advisor platform called WealthBar, which offers 10 different portfolios with much lower fees. There is no minimum investment with this platform. We are also adding Wealth Simple in the near future.
  • We also utilize the services of Lonsdale Portfolios, a division of Newport Private Wealth. 
  • We are insurance licensed for Alberta only and offer various life and living benefits products as well as travel medical insurance. 
  • We sell annuities and cashable annuities.
  • We are also the only fee-only retirement income planners in Calgary. 
  • There is never any pressure to buy anything. We customize a solution that works for you and is best for you and we disclose our fee or commission upfront. This is to avoid any conflict with the solutions we offer.

14. What is your investment philosophy?

  • We lean towards a moderate risk tolerance. There is no need to take on more risk than necessary. If a 4% rate of return is what you need to reach your ideal income and growth projections, then we can align your investments with that requirement. 
  • We like the dividend growth model with reinvestment of dividends for continued long-term growth.
  • We are not stock pickers and traders. We prefer a buy and hold strategy for the accumulation phase.
  • During the income phase, we adjust the portfolio to preserve capital and focus on income generation. We can achieve this through several options. Cashable annuities from Sun Life and Empire. We use special portfolios from WealthBar that are only 50% public market exposed. The other 50% is investments in private equity assets that produce consistent cashflows.
  • Many of our lower-fee segregated funds have seen double-digit returns over the past 10 years. 
  • If you have less than 5 years until retirement than we believe you need to reduce your overall exposure to the public stock markets.
  • We also believe that the less money you have in your nest egg, the more of it needs to be locked up into guaranteed income. You just cannot afford to lose a large chunk of it if we have poor market conditions.
  • Most of our planning uses a 4-6% assumption for the annual rate of return.
  • We attend conferences and seminars on a regular basis to learn and to keep educated with micro and macro investment themes. We also meet with the fund managers and Chief Investment Officers of SunLife, Empire, IA and Manulife monthly.
  • There is currently an unhealthy focus on fees. It's your after-fee rate of return that matters. If 2 investments are equal and have the same risk profile than of course, you would take the one with the lower fee. Assuming that a lower fee will automatically mean a higher rate of return is a fallacy. Most of the fee jargon is a marketing ploy. The better question is what value are you getting for the fees you are paying? You should be getting a straight forward financial plan that is helping you reach your goals. You should have tax-planning strategies. Retirement projections and income ideas. You should be getting updates and annual meetings. If all you are getting is 2-4% returns and nothing else - you can do that on your own!

15. Where do we invest?

  • Our personal wealth is well diversified. We have some residential rental properties in Canada and the USA. We have investments at Sun Life, WealthBar and Manulife and own exactly the same funds/portfolios as our clients. We have several private equity holdings. We own stocks in individual corporations in Canada and the US through a discount brokerage. We are firm believers in multiple streams of income. 

Read our client Testimonials.

If there is something else you want to know, please send us an email or feel free to call us at 587-755-0159.

Willis and Nancy Langford

Fee-only Retirement Income Planners

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