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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If you are nearing retirement, newly retired, or well into that stage of life and need some honest, reliable financial advice and tax planning services, I highly recommend Willis and Nancy Langford at Langford Financial. I have been working with them since the fall of 2020 and am really happy I made the switch.

I needed much better advice than I was getting from my new bank rep as I was actively preparing for retirement. I found Langford Financial online and booked a review meeting. I was happy that I was sent a complete list of all the information that would be needed prior to my initial meeting so I arrived prepared.

From that initial meeting, I decided to have Willis prepare a retirement plan for me. After we reviewed everything he had prepared, I felt much more confident in what was to come financially during retirement and how I could manage it. That's when I decided to transfer my investment portfolio from my bank to Langford Financial so they could manage it with and for me. I felt they really had my best interests at heart.

It was a pleasant surprise that their approach combined both income planning for retirement and tax planning for both the immediate future and well into retirement. This has proven to be very helpful as it has ended up saving me a lot of money (a lot!) by using credits that had been missed by the company I previously used to prepare my taxes.

I really like working with Willis and Nancy. They are very quick to answer any questions I have and can accommodate virtual or in-person meetings based on what is needed. They also produce a regular newsletter that I really enjoy. It has lots of tips in it and some very good in-depth information that helps me make better decisions---or at least ask better questions!

Moving to Langford Financial was a great decision for me. It has lead to better financial planning and decision-making and much greater peace of mind for me at this time of life.
Sharon Stroick
Full Service Client Since 2020

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