Get to Know Your Client
Stage that sees increase in family commitments to help grandchildren
Retired - 50 and onwards
Two types of biases
cognitive bias & emotional
Account that allows you save without tax consequences
TFSA
Leftover income after all necessary expenses are paid for.
discretionary income
Bias related to fear that any decision will be a bad decision
Regret Aversion Bias
Name of grant in RESP
Canada Education Savings Grant/Bond
My assets less my liabilities
Net worth
Seeing the same McDonalds ad everywhere, McDs must be good for me
Availability Bias
Type of RRSP used by someone's partner
Spousal RRSP
• “I’d like to retire at 55.”
• “When I retire in 20 years, I’ll need $60,000 in annual income.”
financial goals and objectives
I will lose 10 pounds starting the 1st!
New year, new me!
January effect
Unused RRSP contribution room is also called
Carry forward contribution limit
The basic idea that as people age, their objectives, financial and personal circumstances, investment knowledge, and risk profile change as well
life-cycle hypothesis
unwarranted faith in one’s intuitive reasoning, judgements and cognitive abilities
Overconfidence bias
Another name for money purchase plan
Defined Contribution Plan