Resources

What does a financial advisor do?

A good financial advisor helps you figure out where you are, where you want to go, and how to actually get there. That could mean setting up investments, making sure your family is protected if something happens to you, building a plan for retirement, or helping a business owner use their corporation smarter. It's less about picking stocks and more about making sure all the pieces of your financial life work together.

Do I have to pay for the first meeting?

Nope. The first conversation is always free. Honestly, it's just a chance for us to hear your story and figure out if we're the right fit. No pressure, no paperwork, just a chat.

When should I start working with a financial advisor?

Honestly, earlier than most people think. Life gets complicated fast, especially once you're running a business, have a family, or start thinking about retirement. We talk to people at all different stages but the ones who tend to feel the most on track are the ones who started the conversation before they felt like they needed to. If you're wondering whether it's time, it probably is.

I already have someone at my bank. Why would I need you?

We hear this one a lot. Bank advisors are great for day-to-day banking but they're usually limited to what their bank sells and they're working with a lot of Clients. We work with business owners and people getting close to retirement who need more than the basics. Think tax planning, corporate strategies, insurance that actually makes sense for your situation. Your bank relationship doesn't have to change, we just handle the stuff they can't.

What makes you different from other advisors in Edmonton?

We specialize in business owners and advanced financial roadmaps, which not a lot of advisors around here really dig into. And honestly, we're a smaller team so Clients aren't just a number in a big book of business.

What is the difference between an RRSP and a TFSA?

Both are great savings tools but they work differently. With an RRSP, you get a tax deduction when you put money in and pay tax when you take it out. It's generally best for people in a higher tax bracket now who expect to be in a lower one in retirement. A TFSA doesn't give you a deduction upfront but the growth and withdrawals are completely tax free. Which one to prioritize really depends on your income, your goals, and your overall roadmap. For a lot of business owners, this gets a bit more nuanced too, which is worth talking through.

What is an RESP and how does it work?

An RESP is a savings account for your kid's education. The government adds a grant of up to 20% on your contributions each year through the Canada Education Savings Grant, up to $500 annually. The money grows tax-sheltered and when your child uses it for school, it's taxed in their hands, usually at a much lower rate than yours. It's one of the better free government programs out there and we'd always recommend getting one set up early.

How do I start planning for retirement in Canada?

Start by getting a clear picture of what you actually want retirement to look like and what it'll cost. From there it's about figuring out what you'll have coming in, CPP, OAS, savings, maybe a pension, and making sure there's no gap. For business owners this is especially important because your income doesn't just flow from a paycheck. Getting the order and timing of things right makes a big difference in what you keep after tax.

Do you work with business owners?

It's one of our favourite things to do. A lot of incorporated business owners in Alberta are sitting on retained earnings and not sure what to do with them. There are some really smart ways to grow and protect that money inside your corporation without just paying it all out as income. We can walk you through what that looks like for your specific situation.

What is corporate-owned life insurance and is it worth it?

It's a policy your corporation owns and pays for, and for the right business owner it can be one of the most tax-efficient tools out there. Instead of pulling money out of your corporation and paying tax on it, you can use those dollars to build wealth and protect your estate at the same time. It's not for everyone but it's worth understanding if you're incorporated.

What is key person insurance for a business?

If your business depends heavily on one or two people, what happens if one of them suddenly isn't there? Key person insurance is a policy the business owns on that individual. If they pass away or become disabled, the business receives a payout to help cover the disruption, hire a replacement, or keep things running while you figure out next steps. For a lot of small and medium businesses in Alberta this is one of the most overlooked risks out there.

How much life insurance do I need?

It depends on your situation. For most people the starting point is replacing your income for your family if you're gone, covering debts like a mortgage, and making sure kids are taken care of. For business owners there's usually more to think about, like protecting a business partner, covering a buy-sell agreement, or using insurance as part of an estate or tax strategy. There's no one-size number but we'll help you land on something that actually makes sense for your life.

What is critical illness insurance and do I need it?

Critical illness insurance pays you a lump sum if you're diagnosed with a serious condition like cancer, a heart attack or stroke. Unlike disability insurance, you don't have to prove you can't work. You just receive the money and do what you need to do, whether that's covering treatment, taking time off, or keeping the bills paid while you recover. If you're self-employed or a business owner with no sick leave or group benefits behind you, this one matters a lot.

What is disability insurance and why is it important?

Disability insurance replaces a portion of your income if you can't work due to illness or injury. Most people don't realize how likely it actually is to need it at some point during your working years. If you're employed somewhere with a group plan you may have some coverage, but it's often not enough and business owners are almost always underinsured here. Your ability to earn income is probably your biggest financial asset. It makes sense to protect it.

What kind of life insurance do you offer?

We work with both term and permanent life insurance through Sun Life. Term is usually the right fit for income protection while you're working and building. Permanent insurance tends to make more sense for estate planning or for business owners looking for tax-efficient ways to grow wealth. We'll help you figure out what actually fits your life, not just what's easiest to sell.

I'm in my 50s and feel like I'm behind. Is it too late?

Definitely not. The 10 or so years before retirement are honestly some of the most important for planning. When you start drawing from your savings, how you do it, and in what order, makes a real difference in how long it lasts and what you pay in tax. We work with a lot of people in this stage and there's usually more room to work with than they think.

What areas do you serve?

We're based in Edmonton, Alberta with offices in Edmonton and St. Paul. We primarily serve Clients across Edmonton and Alberta, and are also licensed to work with Clients in British Columbia and Ontario.

What can I expect at my first meeting?

Mostly just a conversation. We want to hear about your situation, what's on your mind, what you're trying to accomplish and what's keeping you up at night. We won't show up with a stack of products to sell you. The first meeting is really about us listening and you figuring out if we're the right fit. Most people leave feeling a bit better just from having talked it through.

How do I get started?

Just reach out. Call us at 587-701-7106, text us at 825-533-4224 or send an email to symphony.financial@sunlife.com and we'll find a time that works. No paperwork before the first meeting, just a conversation.