Ed Rempel from Unconventional Wisdom, is a financial blogger, a fee-for-service financial planner, and a tax accountant. His knowledge comes from helping thousands of Canadians with their financial plans. He creates solutions tailored for each particular client as opposed to a cookie-cutter formula used by most in the financial industry.

His mission is to help his clients and protect them from the “financial quackery” – sales pitches by unscrupulous financial product pushers more concerned with making a sale than helping a client.

His experience includes:

• 25 years as a fee-for-service financial planner professional.
• 15 years as a financial blogger
• 35 years as a tax accountant.
• Writing comprehensive and personal financial plans for nearly 1,000 families.
• Helping more than 600 clients follow their financial plans.
• Managing more than $100 million in investments.

We spoke about:

• “The Fake Financial Plan.” Most advisors make their clients answer some questions, input the answers in a computer, and a 5-10 minutes later, there is a printout with beautiful color pages,  a cover page, numerous graphs and charts, where the final recommendation is to buy the products of the company employing the adviser. Ed doesn’t do that. Ed has a long conversation with the client to figure out the real-life objective and he creates a custom made plan for each of his clients.
• We build a scenario where recently landed immigrant wants to know how to invest in Canada

1. Open a bank account
2. Open a TFSA and an RRSP account
3. Prioritize the TFSA if earning less than $50,000
4. If the person doesn’t save any money, the government will help but the help will be limited
5. After a person has contributed the max to their RRSP and TFSA, the next thing is to invest in non-registered accounts
6. For the stock sector, avoid Mutual funds with high expense fees. Favor low-cost index funds and ETFs.
7. Avoid individual stocks

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