A banker, broker and financial planner walk into a bar.
They are approached by a fairly inebriated customer who laments the huge tax bill they just learned about from their accountant. He asks the financial experts what he should do. (true story, except the bar part). 🙂
You can learn about the various professions via their answers to his question.
The banker suggests that the fellow simply refinance his mortgage by adding the CRA bill to his existing debt. With interest rates so low and a long amortization, he will barely notice the increase in his monthly payment!
The broker tells him that the banker’s advice was good and then asks to see his investment portfolio. Certainly he can help there.
When hearing about the unexpected tax bill, the fee-based financial planner says, “how the heck did that happen”? And proceeds to develop a cash flow and tax minimization plan to ensure that the debt is paid off quickly, and a tax surprise like that doesn’t occur again.
Which approach would you prefer?
Rona Birenbaum is a certified Financial Planner and is licensed to do financial planning. Rona is registered through separate organizations for each purpose and as such, you may be dealing with more than one entity depending on the products purchased. Rona is registered through Caring-for-Clients for financial planning services. This website is not meant as a solicitation for financial advisory services. Financial advisory services are available through the facilities of Queensbury Strategies Inc. Financial Planning is not the business of or under the supervision of Queensbury Strategies Inc. and Queensbury will not be liable or responsible for such activities.
