Stages | Simple advice to help you win financially

Carte Wealth Management Inc. advisor Jackie Porter named Female Trailblazer of the Year

Mississauga, Ontario, July 31, 2019 – Carte Wealth Management Inc. (“Carte Wealth”) is pleased to announce that Jackie Porter, CFP was named winner of the Mackenzie Investments Award for ‘Female Trailblazer of the Year’ category in the 2019 Wealth Professionals awards.

These awards celebrate the top advisors and wealth management professionals across the country. Each year more than 1,000 professionals vie for a place in one of the 20 award categories.

The Female Trailblazer category recognizes advisors who demonstrate the promotion, influence and championing of women within the wealth management and financial planning industry.

“I am honoured to have been chosen for this award,” says Porter. “It’s a confirmation that my commitment to delivering top-notch service and the very best value to my clients, as well as my dedication to educating women about financial issues, have been acknowledged by the industry, and I’m very grateful to have that recognition.”

In addition to her work with families, professionals and businesses in the Greater Toronto Area, Porter’s financial advice and strategies have been featured in top financial publications, including The Globe and Mail, Wealth Professional, Investment Executive, and the Ontario Bar Association. She is also a speaker and recently co-authored the book, Single by Choice or Chance: The smart woman’s guide to living longer, better.

“This award is validation of Carte Wealth’s commitment to hiring top-tier advisors and providing the resources and support that help them achieve professional success,” says Kirk Purai, President of Carte Wealth Management Inc. “I am very happy for Jackie and incredibly proud to have her as a member of our Carte team!”

About Carte Financial Group

Carte Wealth Management Inc. is a mutual fund and exempt market products dealer in the provinces of Alberta, British Columbia and Ontario and a mutual fund dealer in the provinces of Manitoba, Quebec and Saskatchewan, providing clients with mutual funds, Exchange-Traded Funds (ETFs), principal protected notes (PPNs), guaranteed investment certificates (GICs), and private placement. Carte Risk Management Inc. is an insurance managing general agency licensed in the province of Ontario, providing clients with life insurance products and services as well as segregated fund investment solutions.

Carte is ranked as the #1 Full-Service Independent Dealer with Investment Executive’s Dealer Report Card. Are you ready to grow your business? Carte cares - just ask our advisors! www.CartePartners.ca

How women can plan for a longer retirement
Canadian senior women live an average of three years longer than men, while their annual retirement income is significantly lower. That means careful planning is even more important if you’re a woman. Make sure you’re on track for a long — and financially secure — retirement.

1. Know your CPP, OAS, GIS
These important acronyms stand for Canada Pension Plan, Old Age Security and Guaranteed Income Supplement. You can learn more about these public pensions, find out which ones you qualify for and estimate how much you could receive at the Government of Canada site.

2. Choose your investments
An investment strategy can help you achieve the growth you need to build a nest egg that will support you through 20 or 30-plus years of retirement. It should also consider how your investment mix will change over time, so that the proportion of safer investments increases closer to retirement. Your investment advisor will work with you and recommend investments based on your comfort with risk, your savings goals, and your time until retirement.

3. Use registered funds
The Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) were designed to help people maximize long-term savings. It’s important to understand how these tools work and how to best use them for your situation. Depending on your income, your spouse’s income if you are married, and your anticipated income level during retirement, you might choose to hold your savings in RRSPs, spousal RRSPs, TFSAs, or some combination of these. Your financial advisor can help you figure out how to get the greatest benefit from these savings vehicles.

4. Protect yourself with insurance
If you have a spouse or common law partner, life insurance is an important tool to help preserve your current lifestyle and protect your financial wellbeing if your loved one passes and you find yourself having to cope on your own.

5. Think like a team
If you are married or have a common law partner, it’s important to consider all of your financial planning jointly. Estate planning (including wills and beneficiary designations) insurance, income from personal savings (including annuities, RRIFs, TFSAs and other sources), government pensions — all of these should be considered as part of a larger picture to ensure financial stability and to minimize taxes.

6. Create a financial plan
A well-rounded financial plan will provide you with a roadmap to guide you through to retirement and beyond by outlining a strategy for all of the points noted above. It should take into consideration any specific health concerns that may have an impact on your finances or your living arrangements.
Your financial advisor is an important part of your retirement planning team. Our advisors are trained to ask the right questions to help you develop a plan that addresses every aspect of preparing for retirement, tailored to your specific needs as a woman.

A good credit history and a high credit score are valuable assets that can help your clients access financing solutions and even get a better interest rate. Unfortunately, there are a lot of misconceptions around credit reporting, and these sometimes lead to harmful mistakes.
Here are five common myths, with simple explanations you can provide to help your clients protect their credit rating.

5 ways to increase life insurance sales

If you’re looking to increase your life insurance sales, make sure you’re following these five important tips, including some you may not have considered.

1. Be passionate about the product

Know everything there is to know about the product so you can explain it clearly and answer any and all questions. You should also have a sound knowledge about the industry and competitive products.

Demonstrate your belief in the product and the overall industry through your demeanour. Be positive and enthusiastic.
Some salespeople recommend that you become a customer of the product or company. This is a great way to get a better understanding of your prospects, the product, and how your clients perceive it.

1. Sell the benefits

Don’t try to sell the price. Instead, point out the benefits of the product. And remember, features pertain to the product, while benefits pertain to the customer and “what’s in it for me.” For a life insurance policy, for example, a cash surrender value is a feature, while being able to access extra funds in an emergency is a benefit.

Tailor your pitch to the specific needs of the person and their family to make it relevant. If you are expanding a relationship with an existing client into life insurance, you’ll already have a good knowledge base to work from.

1. Offer great service at every step

That means attention to detail. Like being on time from the very first meeting.

Another sign of great service: proactively providing all the info a client requests — even anticipating their needs. It’s always a great sign when a prospect says, “right, I meant to ask you about that.”

And be sure to follow through with any information or next steps in a timely fashion.

1. Hone your communication style

On the phone, consider how your voice comes across. Do you speak clearly or mumble? Do you sound confident or uncertain? Get voice coaching if necessary.

Be clear, simple and direct in all written communication, and adopt a professional tone that is respectful but friendly. Again, if you need it, it’s easy to hire the services of a professional editor.

Listen more than you speak and listen actively. Show that you have heard and understood the person by responding and following through. Listening is also important because it gives you information to work with to close the sale.

1. Get referrals through all channels

Most sales experts recommend that you ask for referrals. If you feel awkward doing this, there are many ways to make it more comfortable. Instead of asking, try phrasing it as a reminder. For example, “Don’t forget to refer me to your friends if you’re happy with the service I’ve provided.”

Use partnerships with other professionals as another way to build your clientele through referrals. And use your social media channels to get your name out there. A great, informative blog post that someone links to, or a tweet that gets retweeted, is an implicit referral that you didn’t have to ask for.

Use your resources

As a financial advisor, you’re passionate about personal finance and investments. There’s always more to learn about the selling part of your role. Remember that Carte Wealth Management Inc. provides a number of resources to help you cultivate and expand your client relationships.

10 common tax mistakes to avoid

Every year, thousands of Canadians make errors when they prepare their income tax returns. These may go unnoticed — or they could result in an unexpected payment or penalty. Play it safe and avoid these common errors.

1. Filing late. Be sure to file by April 30. If you owe taxes, you’ll pay a late-filing penalty of 5% of the tax owing plus 1% for each month you’re overdue, up to 12 months. You’ll also pay interest on the amount owing, plus on the late-filing penalty, starting May 1.
2. Ignoring your partner. If you’re in a common-law relationship, you’re required to file as a couple. This can often be to your advantage.
3. Lacking documentation. You may not need to provide certain slips or receipts with your return, but you do need to have them. Make sure they’re complete and ready to provide to the government if requested.
4. Claiming moving expenses. If you’ve relocated your home to take a new job, run a business at a new location, or attend full-time post-secondary school, and are moving 40 km or more, you can claim a wide range of related expenses. However, if your new employer paid for them, you can’t claim those amounts as deductions on your tax return — and you’ll need to claim them as income.
5. Claiming twice. Like moving expenses, there are other expenses you can’t claim if you’ve already been reimbursed. For example, if medical costs have been paid for by your insurer, you can only submit the remaining, unpaid amount as medical expenses.
6. Mistaken medical expenses. Be sure to consult the list of approved medical expenses. Items that people often try to claim but which aren’t eligible include health plan premiums, gym memberships, birth control, blood pressure monitors, supplements or vitamins (even if prescribed by your doctor) and personal response systems.
7. Misusing “other deductions.” This area is intended to capture allowable amounts not deducted elsewhere on your return, such as certain special instances with RRSPs, RRIFs and other types of pension plans. You can’t claim funeral expenses, wedding costs, legal fees or other non-allowable deductions.
8. Claiming interest expenses on the wrong things. In general, you can only claim interest expenses if they were directly linked to an investment to earn an income. You can’t claim mortgage interest on your principal residence (if you’re not self-employed), for example, but you can claim it on your rental property.
9. Claiming ineligible tuition fees. You can only claim tuition at recognized institutions.
10. Not filing at all. In addition to possibly incurring hefty interest charges and penalties, you could be missing out on important tax breaks and the ability to accumulate RRSP contribution room.

At Carte Financial Group we have a team of tax experts to assist with complex situations. If you have any questions, don’t hesitate to contact your Carte Financial Advisor.