The Wealthy Barber Podcast

Our guest this episode is Jason Heath — Founder and Managing Director of Objective Financial Partners, one of Canada's largest advice-only financial planning firms. A Certified Financial Planner with more than 20 years in practice, Jason is a longtime personal finance columnist for the Financial Post and MoneySense and one of the country's most consistent voices for conflict-free financial advice. He last joined us on Episode #27 for Financial Planning 101, and this time the conversation looks ahead.

In this episode, Dave and Jason dive into where financial planning is headed. They explore the role of technology in democratizing planning, from financial planning software to the future of AI in financial advice, including a look at The Wealthy Barber's own AI planning tool. Along the way, Jason shares how often a plan should be updated, why implementation matters as much as the plan itself, how tax optimization gets trickier with corporate assets and why even financial professionals need advice. They close with the chronic gap in life and disability insurance and the secret behind Jason's famously calm demeanour.

Whether you're weighing the cost of an advice-only plan, curious how AI will change the way Canadians get financial guidance or simply want to make sure your retirement projections are realistic, this episode is full of clear, practical insights. 

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Jason Heath

(02:49) Projected Rates of Return in Financial Planning

(05:06) Are Retirees Taking on More Investment Risk?

(06:10) The Danger of Forgetting Prolonged Market Downturns

(07:24) The Rarity of Average Stock Market Returns

(08:49) The Advice-Only Financial Industry

(11:07) Conflicts of Interest and Biases in Wealth Management

(13:50) The Evolution of Financial Planning

(15:30) Democratizing Financial Planning with Technology

(17:11) The True Cost and Value of an Advice-Only Financial Plan

(18:18) How Often Should You Update Your Financial Plan?

(21:00) Implementation and Financial Planning Through Conversation

(22:57) Why You Need a Solid Plan Before Retirement

(24:59) The Future of AI in Financial Advice

(29:17) Conquest Financial Planning Software

(32:06) Navigating Tax Optimization and Corporate Assets

(33:32) Even Financial Professionals Need Advice

(35:18) The Challenge of Asking AI the Right Financial Questions

(37:58) The Wealthy Barber's AI Tool for Financial Planning

(40:15) The Chronic Gap in Life and Disability Insurance

(43:18) Jason's Calm Demeanour

(45:45) Conclusion

Our guest this episode is Leanne Kaufman — President and CEO of RBC Royal Trust and one of Canada's leading voices on trust and estate planning. A lawyer by training, Leanne joined RBC Royal Trust in 1999 and has spent more than two decades helping Canadian families protect and transfer their wealth. She returns to the show after first joining us back in episode #32.

In this episode, Dave and Leanne dive into the estate planning issues that trip up Canadian families most often. They break down what probate actually is, and the risks of using joint accounts and gifting to avoid it. Leanne also explains how regular-income Canadians can use trusts, covering formal vs. informal trusts, multi-generational planning, the tax disadvantages, the 21-year rule and the legal duties that come with being a trustee.

The conversation also explores the practical side of getting your affairs in order, from what to do before naming someone as your executor to thinking through your beneficiary designations and building a "When I Die" binder. Along the way, Leanne shares her perspective on why you should talk to your beneficiaries while you still can, how to choose the right power of attorney for personal care and property, and the risks of naming co-powers of attorney.

Whether you're drafting your first will, updating an existing plan or have been named as someone's executor or power of attorney, this episode is full of clear, practical guidance to help you and your family avoid costly mistakes. 

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Leanne Kaufman

(03:16) What Is Probate?

(06:06) Dave's Policy Idea for Probate Fees

(07:26) The Risks of Joint Accounts

(08:47) Supreme Court Rulings on Joint Accounts

(10:24) Gifting to Avoid Probate

(11:34) Why Do Inherited Cottages Cause So Much Family Friction?

(15:27) Capital Gains Tax on Family Cottages

(17:57) How Regular-Income Canadians Can Use Trusts

(22:36) Multi-Generational Planning with Trusts

(23:49) The Difference Between Formal and Informal Trusts

(25:10) The Tax Disadvantages of Trusts

(28:47) The Legal Obligations and Fiduciary Duties of a Trustee

(31:14) How Much Do Corporate Trustees Charge?

(32:41) The 21-Year Rule for Trusts

(34:21) What to Do Before Naming Someone as Your Executor

(36:23) Naming a Lawyer as Executor Is a Personal Appointment

(37:38) Think Through Your Beneficiary Designations

(39:27) The Importance of a "When I Die" Binder and What to Put In It

(43:50) Why You Should Talk to Your Beneficiaries Before You Die

(44:46) Hiring a Corporate Executor or Agency Service

(49:16) Choosing the Right Power of Attorney for Personal Care and Property

(53:18) The Risks of Naming Co-Powers of Attorney

(54:25) Conclusion

Our guest this episode is Jonathan Chevreau — veteran personal finance journalist, author and founder of the Financial Independence Hub. Jonathan spent nearly two decades as the National Post's personal finance columnist, served as Editor-in-Chief of MoneySense and still writes the magazine's Retired Money column.

In this episode, Dave and Jonathan dive into the lessons of a career spent covering Canadian money, from Jonathan's early years sounding the alarm on mutual fund fees to the discipline of filing a story a day for a national newspaper. They explore why Jonathan sees a paid-off house as the foundation of financial independence, what the "12 good years" of retirement are, and what it looks like to keep working on your own terms well past the traditional finish line.

Whether you're planning your own path to financial independence or already living it, this episode offers a hard-won perspective from one of the most experienced voices in Canadian personal finance. 

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Jonathan Chevreau

(02:25) Jonathan Was Early to Criticize High-Cost Mutual Funds

(04:32) Jonathan's Semi-Retirement

(06:32) Handling the Pressure of Daily Writing Deadlines

(08:53) The 12 Best Years of Retirement & Travelling

(12:25) Exploring the Annuity Puzzle

(16:28) Home Affordability Challenges, FHSAs and the Bank of Mom and Dad

(20:39) Debating Downsizing Versus Aging in Place

(23:02) The Growing Strain on the Long-Term Care System

(24:55) Staying Active in Retirement

(27:04) Perspectives on Artificial Intelligence and the Job Market

(29:25) Sector ETFs vs. Index Funds

(30:48) Avoiding Crypto and NFT Investment Hype

(32:21) Long-Term Optimism for Canada's Economy

(33:28) Retaining Innovative Tech Talent and Funding in Canada

(35:03) Highlighting Outstanding Canadian Financial Educators

(37:47) Conclusion

Our guest this episode is Chad Wiebe — Certified Financial Planner and Founder of Pathway Wealth, a virtual, advice-only financial planning firm based in Winnipeg serving clients across Canada. 

In this episode, Dave and Chad take a deep dive into the fundamentals of retirement planning. They explore why so many retirees struggle to give themselves permission to spend, how to build a financial plan that accounts for spending shocks, and the massive potential costs of long-term care. Chad also breaks down the hidden benefits of downsizing your home, the factors to weigh when deciding how many more years to work, and the delicate task of telling a client they can't retire just yet.

The conversation also covers plenty of nuts-and-bolts strategy, including strategic RRIF withdrawals to smooth out your average tax rate, why the RRSP is still an outstanding vehicle for most people, whether everyone should delay CPP, and the tax disadvantages facing single seniors. Along the way, Chad shares his perspective on giving early inheritances to children, the assets you should consider selling before retiring, and the complexities of retiring with a corporate account.

Whether retirement is decades away or right around the corner, this episode is full of practical guidance to help you plan with confidence.

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Chad Wiebe

(02:44) Why Chad Left K4 Financial to Start His Own Firm

(04:43) Scaling an Advice-Only Financial Planning Business

(06:06) The Value of Advice-Only Financial Planning

(07:16) Specializing in Deaccumulation and Retirement Planning

(10:00) Common Pre-Retirement Mistake: No TFSA

(12:05) The Permission Problem in Retirement

(14:15) Creating a Financial Plan with Spending Shocks

(19:22) Planning for the Massive Costs of Long-Term Care

(22:29) The Hidden Benefits of Downsizing Your Home in Retirement

(25:50) The Factors When Deciding How Many More Years to Work Before Retirement

(29:51) How to Tell a Client They Cannot Retire Yet

(31:49) The Risks and Rewards of Giving Early Inheritances to Children

(34:35) Strategic RRIF Withdrawals to Smooth Out Your Average Tax Rate

(39:09) Why the RRSP is Still an Outstanding Vehicle for Most People

(40:53) The Tax Disadvantages for Single Seniors

(43:24) Should Everyone Delay CPP?

(48:41) Assets You Should Sell Before Retiring

(50:32) The Complexities of Retiring with a Corporate Account

(53:10) Growing a YouTube Channel

(54:21) Conclusion

Our guest this episode is Mike Lipkin — motivational speaker, executive coach and founder of Environics/Lipkin, a Toronto-based research and motivation company. Mike has spoken to more than a million people across 43 countries, authored 18 books on leadership and high performance, and has built his career around helping people play at their best.

In this episode, Dave and Mike dive into what it takes to build a life of purpose in retirement, starting with the sobering statistics linking retirement and depression and why so many men in particular struggle once they stop working. They cover the habits that keep you energetic and fit as you age, including six daily practices that can extend your life span, the case for mini home workouts and the neuroscience behind why personal growth matters more than ever in your later years.

The conversation also gets personal. Mike opens up about his own battle with severe depression and how he rebuilt his life, shares inspiring stories of lifelong learning and choosing impact over comfort, and warns about the atrophy that can set in early in retirement if you don't stay involved. He also reflects on balancing travel and independence in marriage, his spectacular success investing in tech stocks, lessons from 44 years of marriage and a preview of his upcoming book.

Whether you're approaching retirement, already there or simply want to age with more energy and purpose, this episode is full of practical wisdom you can put to work right away. 

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Mike Lipkin

(04:08) Retirement and Depression Statistics

(07:45) Staying High Energy and Fit as You Age

(09:39) Six Daily Habits to Extend Your Life Span

(12:08) The Benefits of Mini Home Workouts

(14:09) Mike's Story About Overcoming Depression and Rebuilding

(17:03) Why Men Struggle with Purpose in Retirement

(18:59) The Neuroscience of the Importance of Personal Growth in Retirement

(21:23) Staying in Shape as You Age

(23:29) Inspiring Stories of Lifelong Learning

(26:17) Impact Over Comfort

(28:06) The Danger of Atrophy in Early Retirement if You Don't Stay Involved

(31:44) Balancing Travel and Independence in Marriage

(33:53) Mike's Spectacular Success Investing in Tech Stocks

(39:51) Lessons From 44 Years of Marriage

(42:35) Mike's Upcoming Book

(45:21) Conclusion