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01 May

We have lots of exciting news at Allan Financial to share with you!

The first is that Hardeep Arreaga, our Director of Underwriting, is on her second maternity leave with baby boy Cruz joining his brother Kiaan. At this point in time, Hardeep plans to return around May of 2020. We can’t wait to meet this new addition to the Allan Financial family!

The news of growth and change doesn’t stop there though. You’ve all gotten to know and appreciate Katie Erickson in your dealings with Ross, and we are pleased to say that she has been in training to take on the role of Underwriting Associate. The addition of her natural care and concern to this position is such a natural fit for clients during the many complexities of the underwriting process.

But you needn’t fear that once Katie transitions to Underwriting that you will need to rely upon Ross alone to manage all the many details of his life! We have brought a new team member, Laura Jane “LJ” Klassen, to be the Executive Assistant to both Ross and Danielle as of April 1st. Coming from a background in program coordination, working with youth in and around the Downtown East Side, Laura Jane brings the ability to (in her own words) “herd cats gently and effectively”. If you need anything of Ross or Danielle, LJ will now be your go-to contact at laurajane@allanfinancial.com.

 

Always growing and stretching into change, just like our clients!

11 Apr

Adulting VI: Buying Real Estate

Adulting with Marty

This event featured a topic that you’ve all been asking for. We brought in our friend and expert Marty Staniforth of Staniforth Real Estate to discuss that elusive adulting goal of buying real estate! Marty has carved out a niche helping first-time buyers. 

We discussed things like:

  • The steps to take when considering buying your first property
  • What specifics Marty would have us consider when working with a real estate professional
  • Interesting pieces of overall guidance from Marty on the search, offer, and acquisition process, along with some thought-provoking tips & quotes

As a bonus, you’ll find photos from the event below!

 

Marty’s Adulting Advice

Some good questions to ask a potential real estate professional:

  • How long have you been in Real Estate?

  • What do you enjoy most about your job?

  • What gives you an advantage over other agents?

  • How much capacity do you have right now to take on a new client?

  • Can you walk me through the home buying process?

First-Time Homebuyers Program At-a Glance

The First-Time Homebuyers’ Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption for the tax.

Do I qualify?

To qualify for a full exemption, at the time the property is purchased you must:

  • Be a Canadian citizen or a permanent resident
  • Have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
  • Have never owned an interest in a principal residence anywhere in the world at any time
  • Have never received a First-Time Homebuyers’ exemptions or refund

The property must:

  • Be located in BC

  • Only be used as your principle residence

  • Have a fair market value of $475,000 or less if registered on or before February 21, 2017, OR $500,000 or less if registered on or after February 22, 2017

  • Be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

  • Has a fair market value less than $500,000 if registered on or before February 21, 2017, OR $525,000 if registered on or after February 22, 2017.

  • Is larger than 0.5 hectares

  • Has another building on the property other than the principle residence

Event Photos

11 Apr

More Than Life Insurance

You’d never guess what one of our clients is now able to buy because of the investment aspect of her policy. While everyone’s financial goals are different, our clients typically have something enjoyable they are planning for.

Not your run of the mill life insurance policy – for not so run of the mill people!

 

08 Mar

Let’s Make International Women’s Day Count

Danielle Allan Reflects…

International Women’s Day feels different this year to me than it has before. Like it carries more weight. The world is shifting. We hear voices and stories that we likely didn’t before. This year I’ve been privy to far more conversations among women who belong to different communities than me, who look different than I do, and who have drastically different experiences of the world. With movements like #metoo being so central in the social consciousness, I’ve been reflecting on the need for allyship and accountability in all corners of my life, from personal to professional.

I’m often surrounded by wonderful, thoughtful, kind men. Men who want to support women; support their families; support each other. But it’s no secret that the life insurance industry is an old boys’ club. It hasn’t held space for non-traditional, non-masculine ways of operating and doing business. It has, intentionally or not, excluded women and minorities from being in positions of power and influence. And it has made it even harder to feel that we belong in those positions once we fight hard enough to get there. Ask any woman in this industry, and she’ll have a mental rolodex of stories about being undermined, disregarded, or sexualized as she’s moved through professional interactions. Account for layers like race or sexual orientation, and you’ll hear about distinct sets of barriers and biases that she faces in her day-to-day.

A year ago today, I was attending an industry conference in Vancouver. In a full day of panels and speakers, I only saw two women on the stage. I saw no women in the banners and marketing materials surrounding me. I saw many women in the room who deserve to be celebrated and learned from. International Women’s Day was mentioned once, in passing. This was a missed opportunity, and one that stuck with me and motivated me to do things differently.

Allan Financial is in a unique situation having so many women on our team, but this in itself doesn’t mean we don’t have work to do. We’re just now starting an intentional and meaningful conversation about how we can strive for equality and diversity, both within our company and in our community at large.

There’s so much opportunity for growth here, and this kind of growth stands to benefit everyone. This isn’t about pointing fingers or tearing anyone down. It’s about ensuring that no one is silenced for fear of losing their job. It’s about showing up for each other, engaging in compassionate conversation, and creating much-needed change. This change is already happening, across industries and all over the world. It’s just a matter of getting on board.

So, Happy International Women’s Day, everyone! Let’s make it count.

31 Jan

Adulting V: Wills & Taxes

Adulting with Elizabeth

After our intro event, we conducted a highly scientific survey and based our sessions on your feedback. We brought in another expert –  this time Elizabeth Mah from Paperclip Law – to talk about wills.

We discussed things like:

  • How to do tax season right
  • What questions Elizabeth would have us ask ourselves in determining if we even need a will.
  • Overall guidance from Elizabeth on how to be proactive rather than reactive when it comes to protecting your money.

 

You’ll find photos of the event below!

Tax Tips with Dan & Rach

Some tax tips for you brought to you by the folks at Wealthsimple.

  1. File on time.
  2. Actually, file early.
  3. For a lot of us, the best thing you can do for your tax bill (and your future) is to contribute to your RRSP before March 1.
  4. If you got married (or are common-law married), get RRSP-married too.
  5. Marriage/Common Law part two: bundle your charitable contributions for a better bang/buck ratio (*more tax credit info below)
  6. When it comes to deductions, leave no stone unturned.
  7. Invest your tax refund as soon as you get it.
  8. If your refund is too big, don’t congratulate yourself – make some changes.

*First-Time Charitable Donor’s Tax Credit: if you’re donating for the first time, you can claim the first-time donor’s tax credit. As a first-time donor, you can claim an extra federal tax credit of 25 percent on your first $1,000 of donations. This works out to the equivalent of a tax credit of 40% on your first $200 in donations, and 54% on amounts above $200. More info on charitable donations and tax credits here.

Elizabeth’s Adulting Advice

Do I Need A Will?

Well, first off, what’s a will? A will is a legal document that tells everyone what to do with your stuff (and kids) after you die. In BC, it:

  • Deals with your property and assets so that they pass to the people you choose, when you want them to receive it, in the form you choose (outright or over time through a trust), and in the most tax-efficient way; and
  • Ensures that your kids are cared for by the people you designate, and have access to assets for their well-being and benefit.

Great, with that in mind, let’s take a closer look at the thoughts that may be going through your mind right now.

1. Doesn’t everything just automatically go to my family, spouse and children?

Not necessarily – have you added them as joint owners? Have you designated them as beneficiaries?

2. I’ve told my spouse and children about what I want so they can just take care of it.

In BC, “telling” doesn’t count. You either have a will that works, or you don’t.

3. I’ve just downloaded a will from Google or bought a will kit when I was picking up some shampoo the other day, so I’m good, right?

Well, it depends on whether you signed it properly and have covered off all your assets.

 

Ugh, maybe a few holes? Time to think about checking this off the to-do list. Elizabeth even has a few suggestions for what you need to write a will.

 

Event Photos

09 Jan

Who Knew?

When we partnered with Kiva 3 years ago, our initial goal was to create $250,000 in small loans to women around the world. We never imagined what was possible . . .

Watch our short documentary on how this all came about!

03 Dec

Wait, charitable giving can be “smart finance”?

It may seem counter-intuitive to say that giving away money can make smart financial sense, but we’ve found that to be exactly the case!

We all know that there are tax benefits to giving to charitable organizations, but the WAY in which we give can also have a huge impact.

This past year we set up an endowed fund with the Bowen Island Community Foundation. The goal of the newly named “Foxglove Fund” is to provide bursaries for preschool on Bowen Island for families who otherwise could not afford it.

Instead of fundraising every year for this bursary, having an endowment means that the interest earned on the endowment fund is distributed back instead. Ensuring the sustainability of this cause far into the future.

That’s what we call smart finance!

08 Nov

Adulting IV: Enjoy Your Life

Adulting with Ross

After our intro event, we conducted a highly scientific survey and have based our sessions on your feedback. We brought in Ross Allan to talk about one of those alternative assets – life insurance!

“But isn’t that just for when you have kids?” you say. Ross shared a few reasons to have life insurance – he proved even life insurance can be funny, and showed us how it can be a tax-advantaged way to invest.

As a bonus you’ll find photos of the event below!

We discussed things like:

  • Insurance *isn’t* to protect the Golden Egg, it’s to protect the Goose that lays those Golden Eggs!
  • The different types of insurance that can protect the Goose.
  • Why life insurance is considered an alternative investment asset.

Ross’ Adulting Advice

Event Slideshow

Event Photos

13 Sep

Adulting III: Managing Your Money

Adulting with Liz

We brought in fee-for-service advisor Liz Schieck from the New School of Finance to reframe budgeting and expenses.

We discussed things like:

  • How to break the cycle of guilt around managing money and life
  • What specifics Liz would have us consider to understand why we overspend, and how to banish unhappy spending from our lives.
  • Overall guidance from Liz on getting our money under control, along with some thought-provoking tips & quotes

As a bonus you’ll find photos of the event below!

 

Liz’s Adulting Advice

“Budgeting is not about telling you how to spend your money. It’s about figuring out how much money you can spend without sacrificing your financial security.”

“Conventional budgets are broken – they usually have unrealistic spending targets that make you feel guilty or bad about yourself when you can’t meet them.”

“Pay off your highest interest debt first.”

“Spend money on what makes you happy.  As long as you know you can afford it, do what makes you happy!! If it doesn’t make you happy, don’t buy it.”

The 4 Money Categories

  • Fixed Expenses: money you must pay each month or year whether you like it or not
    • Eg. phone bill, cable, rent/mortgage, minimum payments on line of credit/visa
  • Meaningful Savings: money set aside to increase your net worth
    • Eg. TFSA/RRSP payments, any amount over your credit card/line of credit minimum payment, long-term savings (down payment on house etc)
  • Short Term Savings: Money set aside for spikes in spending
    • Eg. monthly savings for car/house maintenance, Christmas shopping, vet bills etc
  • Spending Money: Money left over! Spend it on whatever you want!

 

Event Photos

11 Sep

Nothing can dampen community spirit!

We have roots on Bowen Island, and every year participate in the annual end of summer festival “Bowfest”.

Our team typically assists with one large field game on the day, and this year we were looking forward to manning the inflatable (!) Human Hungry Hungry Hippo game. Alas, the weather gods were not kind, and the games company insisted that it was too dangerous to offer this when the inflatable would be getting rained on.

So, we made the best of our time, catching up with friends and clients all day long. And if you happen to see one of our signature Tshirts around, let it be a reminder that NOTHING dampens our spirits!

12 Jul

Adulting II: Investing & Budgeting

Adulting with Dave

Dave Sweeney shared some wisdom for 20 and 30 somethings based on the things he’s seen in his lifelong career as an independent financial advisor.

We discussed things like:

  • Some of our individual money stories and what specifics Dave would have us consider in trying to invest for our future.
  • Interesting pieces of overall guidance from Dave, along with some thought-provoking guidelines & quotes.

You’ll find photos of the event below!

Event Slideshow

Money Stories

  • R & A – newly married & purchased their first condo together in the past 12 months. Savings nearly depleted. How to save up enough to start a family and potentially move to a larger home when they have kids?
  • D – single, steady income from working in the family business. Plans to take over the business in the next 5 years. How to ensure that her financial picture continues to grow once she is solely responsible for the business?
  • H & L – married with a 2-year-old. H bought a condo in Yaletown before it was such a hot market. They live there now but would need to move since they want to grow their family. They are putting $25 per week in their toddler’s RESP, but is this the best way to save for his education and future?
  • J – lives with her boyfriend, has $20,000 in savings from working really hard the past two years. Is unsure how to start investing this money. Scared to make a mistake. Has the goal of buying a home.
  • K – has credit card and line of credit debt and would like to save for some extended travel. Should she pay off the debt before contributing to savings, or do both simultaneously?
  • C – is an independent contractor and so doesn’t have any benefits. Is wondering how to best plan for retirement?

 

Dave’s Adulting Advice

“It doesn’t matter what you make, it’s what you keep.”

“Investing is like a cup. The cup can hold coffee, tea, or milk but at the end of the day they’re all vessels. What you can put into that cup depends on if you have a registered or open account.”

“Insurance *isn’t* to protect the golden egg, it’s to protect the goose.”

“The three most important things when it comes to investing – time, money and rate of return. The only one of these that we can’t make more of is time.  Being Gen Y is an advantage because we have more of that elusive time! There’s no cheaper time to start saving than today.”

To have enough to live on in retirement, when you’re under the age of 35, you should put away 10% of your gross income every month. Before 45, put away 20%, and over 45, it needs to be 30%.”

Event Photos

12 Jun

Kiva Loans Are More Than Just Money

Together we’ve raised $612,245 in small business loans!

Hear the story of how 23-year-old Rwandan Jean Bosco, used a Kiva loan to start his own biofuel business, managing his district’s poor waste system by turning their trash into fuel.

His solution was so innovative that this past June, he had the opportunity to meet ex-President Barack Obama and Facebook founder Mark Zuckerberg at the Global Entrepreneurship Summit in the US, and was asked to join them in a panel discussion about small businesses.

Reflecting on his $5,100 Kiva loan, funded through 145 lenders all over the world, he says –

“For me, it’s like a debt that I owe to people, not in terms of money, but a debt in terms of trust. Because these people are giving you money, and they didn’t come to see first-hand what you’re doing. So you need to pay back in terms of making it happen just like you said you would…”

See the full story on Kiva’s blog.

18 Apr

Building for the Future

It’s hard starting out today, especially in the Lower Mainland, but having good people in your corner is key.

14 Mar

Feeling Safe

Ensuring our clients feel comfortable and safe in every growth phase of their life is what it’s all about for us. Everyone’s journey is so beautifully different, and the fact that we get to be alongside for this journey is always a privilege.

Hear the heart of one such core story.

01 Mar

We Answer Some Common Questions About Life Insurance

There are certain questions we hear a lot when folks are interested in life insurance. Things like “How much insurance do I really need?”, “What’s the difference between all the types of policies out there?”, or “What is the process of getting life insurance like?”

So we’ve put together an FAQ to help you out!

16 Feb

Making Dreams Come True

We love hearing about the dreams and goals that we’ve enabled our clients to reach. Everyone has that special something they’d love to do if they had the means. Helping this happen never gets old!

16 Feb

A Throwback to Last Year and Forum Magazine

It’s a throwback to last year when Ross, Danielle, and Chriselle were on the cover of our industry publication!

Every industry seems to be changing. Insurance is too. Hard to believe that such a stalwart of traditional commerce can change, but clients are requiring this sector to keep pace with how they now expect to do business.

Hear how we’ve managed to have success by embracing change. It’s never too late!

Read the full article from Forum Magazine, Revive Your Firm.

 

22 Jan

More Than Life Insurance

You’d never guess what one of our clients is now able to buy because of the investment aspect of her policy. While everyone’s financial goals are different, our clients typically have something enjoyable they are planning for.

Not your run of the mill life insurance policy – for not so run of the mill people!

30 Nov

Concrete Caring

Caring can be uncomfortable.

Caring can shake things up, inject passion and purpose into the workplace and transform our understanding of how corporate social responsibility can function in a small-business context.

After our team participated this Spring, I was inspired to sleep on the street alongside other CEOs.

And close to a million dollars was collectively raised for Covenant House to support homeless youth.

Leading up to the Sleep Out I was pretty scared about the prospect of spending the night on the pavement (see Ross is Sleeping on the Street on November 16!).

You can also see the impact this had on our team earlier this year – see Team Building with a Mission.

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