Questions and Answers(Fee Only Network)

At 49th Parallel Wealth Management, we specialize in providing personalized financial services for clients living, working, and managing assets in both Canada and the United States. Our expertise includes cross-border and multi-currency investments, tax strategies, retirement planning, risk mitigation, education planning, and estate considerations, ensuring that your financial goals are met seamlessly on both sides of the border. In addition, I personally have dedicated my time to educate myself to the highest degree including having the Charted Financial Analyst Designation as well as maintaining my Certified Financial PlannerTM designations in Canada and the United States. I take at least 60 continued education hours annually to maintain my designations and continually grow within the industry, not just for business but for the betterment of my clients. Lastly, I have lived and worked in both countries. I am a U.S. citizen who moved to Toronto in 2019 on a work permit. My youngest child was born at Mount Sanai hospital and is a Canadian citizen (dual). We spent almost three years living in Etobicoke and then Oakville. We ultimately moved back to Arizona in 2022 because during COVID we could not visit family in the U.S. because we could not get back into Canada because we were not permanent residents. Family also could not visit us. My son had never met his grandparents, and my wife and I hadn’t had a break from our children for over two years. We would probably still be living in Canada had COVID never happened. We love Canada, had a great experience there, understand the complexities and nuances involved in making an international move, and want to help people who are facing similar challenges.

Throughout my career, I have recognized the importance of personalized financial planning that addresses the unique needs of each client. This reflects in my resume and commitment to education. My aha- moment was around three and a half years into my cross-border financial planning journey. I already had my U.S. CFP® and was nearing the end of studying for my Canadian CFP® exam. I had been writing cross-border plans for a few years and up until then I found cross-border financial planning to be rather frustrating. It is complicated and there is a lot to consider with the financial systems of two countries, plus the Tax Treaty and Totalization Agreement. Things aren’t always as they seem and usually are much more complicated. It was not one moment in time, but over a short period my understanding started to click. I started grasping how things work in a cross-border context and became much more comfortable advising cross-border clients. Since then, I’ve obtained the Canadian CFP® designation, embarked on the enormous journey of earning the CFA charter, and have gained invaluable experience, both through work and my personal journey across the 49th Parallel and back.

That all advisors are the same. We are not. Some are focused on giving the most sound advice possible to their clients so they operate as either fee-only or advice-only, and put a huge emphasis on their education. Some “advisors” are nothing more than glorified salespeople who make their living off of selling financial products. They are held to a different “suitability” standard, which basically means they have to be able to justify the sale of a product, not necessarily that it was the best solution for the client. Typically, those “advisors” are less qualified. Some advisors use a hybrid model referred to as “fee-based”, which means they provide advice for a fee and also sell commissioned financial products like annuities. I’m sure some of these advisors are well intentioned, but the problem is that it’s hard to tell the difference when you swim with the sharks by taking commissions. The client has to wonder, “Is this the best solution for me or is this product being recommended because someone wants to fatten their paycheck?” I am a huge proponent of separating the advice from the sales. Working with a CFP® is a good first step because a fiduciary standard will apply in most situations. Working with an advisor that is fee-only or advice-only is the best way to ensure you are working with someone who has your best interest at heart. At 49th Parallel Wealth Management, we act as fiduciaries 100% of the time, never accept commissions or referral fees, proving that our intent is to provide our clients the best, most unbiased advice possible.

A book that has positively influenced my professional life is “The Wealthy Barber” by David Chilton. It offers practical financial advice in an accessible manner, underscoring the importance of sound financial planning. Another would be Think and grow Rich by Napoleon Hill. It aligns with the continual growth mindset that doesn’t stay stagnant but desires to learn and evolve when needed

I envision the financial services industry evolving towards greater transparency and client- centric approaches. In order for financial planning and investment management to be viewed as a profession, equivalent to doctors, accountants, or lawyers, we need to separate the sales from the advice. It would be hard to trust your doctor if they were trying to sell you his new elixir or diet plan every time you visited the office. The public should be able to tell who is an advisor and who is a salesman, but as it is anyone can call themselves a financial advisor or financial planner. By adhering to a fee-only, fiduciary model, I contribute to this change by ensuring that clients receive unbiased advice tailored to their unique needs. We never sell products or accept commissions because we want to make sure we are always sitting on the same side of the table as our clients.

My hobbies are providing for my wife and four children. I have two girls and two boys, a dog, and wife of twelve years. We love to camp and get outside. I’m not much of a fisherman, but I try. I haven’t actually gotten my own line in the water for a few years. We’ve fished, but I have spent my time going from kid to kid working on snags and retying hooks. I spend a lot of time with my family as I work from home and my wife homeschools. I also love to coach my children’s sports teams, sometimes two teams at once. I’m proud to say we went undefeated in our latest basketball season. I was super proud of how much better all the kids got over the season.