Blog | Kingston Financial Inc.

Advisor confidence accurately predicts economic conditions, research finds

February 15, 2019/in Blog /by Steve

Research also shows the value of “a well-informed human” advisor

All that time you spend researching and explaining market conditions is worth it, finds new research.

Research looking at financial advisor confidence as an economic indicator by Western University and the Financial Advisors Association of Canada (a.k.a. Advocis) has shown that the Advocis Financial Advisors Index (FAI) is a “solid statistical indicator for the Canadian economy,” the organizations have announced.

MFDA issues ban, $400,000 fine for ‘egregious’ misappropriation

February 12, 2019/in Blog /by Steve

The former rep took advantage of a widow, the panel found

A regulatory hearing panel has fined and permanently banned a former mutual fund rep after finding that he misappropriated several hundred thousand dollars from a client and failed to cooperate with regulators.

What to do when banks give questionable financial advice to seniors

February 12, 2019/in Blog /by Steve

Mel can’t get a straight answer from his bank about his investment fees and is looking for some input on investing late in retirement.

Q: Do you have any advice for an 80-year old? I have $180k invested in GIC and mutual funds. I am having problems with the bank to produce a financial statement of actual costs. They will give trailing fees but say actual MER costs are unavailable.

Mortgages from big banks consistently cost Canadians more, says rate comparison site

February 12, 2019/in Blog /by Steve

LowestRates.ca says the big banks never offer the lowest mortgage rates on the market

Banks accounted for nearly 60 per cent of all current home mortgages, according to a report from Mortgage Professionals Canada last month. (CBC)

Mortgage rates from Canada’s big banks were consistently more expensive than those offered by smaller lenders last year, according to the latest findings from LowestRates.ca.

MFDA fines, bans rep for outside business activities

February 11, 2019/in Blog /by Steve

The SRO alleges the rep solicited almost $200,000 in client investments in a coffee business

Securities regulators have fined and permanently banned a former mutual fund rep who violated securities rules by involving clients in the launch of a coffee supply business.

Supreme Court ruling confirms viability of Henson trusts

February 5, 2019/in Blog /by Steve

The top court said the trusts should not interfere with eligibility for subsidized housing

A recent decision from the Supreme Court of Canada (SCC) appears to confirm the viability of Henson trusts, special trusts set up for people with disabilities. The decision, released in late January and the first case in which the SCC has considered Henson trusts, indicates that these are useful vehicles for tax, estate and financial planning purposes.

When in Doubt, The Magic 8 Ball has all the Investment Advice Answers

February 1, 2019/in Blog /by Steve

“Probability Theory Is Nothing More Than Common Sense Reduced to Calculation”
Pierre Simon Laplace

One of my fondest memories of Christmas was getting a Magic 8 Ball in my stocking when I was younger – times were simpler. I spent hours (admittingly one to many) asking questions to the large plastic ball, only to turn it over to reveal the written answer which appeared on the surface. Recently, I was cleaning out my storage unit (my parents’ house) and I came across my trusted childhood toy. I thought to myself, could the Magic 8-Ball help us answer questions relating to the market. As of time of writing, global equity markets have rallied approximately 9%, 10% and 9% as measured by the S&P 500, S&P/TSX and MSCI World year to date. Perhaps it doesn’t feel like it but believe it or not we have gained over half of the losses experienced in the correction. Let’s ask our trusty Magic 8 Ball the questions that our team has received most often during the past couple of weeks.

5 Reasons for an RRSP – 2019

February 1, 2019/in Blog, Retirees, rrsp /by Steve

IIROC fines firm $100K for double charging in fee-based accounts

January 8, 2019/in Blog /by Steve

Worldsource Securities failed to adopt controls to prevent the double charging

An IIROC hearing panel has accepted a settlement between IIROC staff and Worldsource Securities Inc. that will see the firm pay a $100,000 fine and $5,000 in costs after admitting to certain rule violations involving products held within fee-based accounts that resulted in instances of clients being charged twice.