Huron Expositor, 2009-04-29, Page 25Volvo em
Dave Sykes_
Facing an uncertain future in
which the only certainties are job
loss and loss of personal income,
employees
ployees of Volvo Construction
Equipment tapped in to some ex-
pert financial advice at a financial
fair organized by the company and
the Goderich Chamber of Commerce
Thursday in Saltford.
The employees were carefully
guided through the minefield of fi-
nancial planning, investment prod-
ucts and terminology by Ross Daily,
former business and agriculture
editor of CFPL- TV, now A Chan-
nel, London and his wife, Eve, who
now work as independent financial.
planners.
Formerly with Scotia McLeod, the
Dailys offered independent advice
to the audience, outlining a six -
point plan that stressed that the
single -most important decision was
the selection of a competent finan-
cial advisor.
...TS."'r
The Huron Expo /pi , 2009 Page l.�VI ;#11
. 3f..
oyees seek advice at a financial fair
"It is the single most important luxury.
relationship you will have," Ross "There's no doubt that this is the
Daily said. "No-one knows where worst time for you and your fami-
the market is going but there are lies and your personal future is in
certain expectations. The advisor is doubt," Eve said. "You will lose con -
your' partner and servant and you trol and there are no easy answers,
are paying, so there is an obligation especially with investing. The deci-
on their part to provide service. You sions you make are critical and we
require honesty and disclosure and can only give you a framework and
advice only from your advisor." layout the financial planning pro -
Finding a qualified financial advi- cess."
sor is like filling a job vacancy, Eve Having written and definitive life
offered, adding that those looking and financial goals is the first step
for a financial planner should ask offered as a guide to the planning
questions and look for a profes- process.
sional with qualifications that will "The financial planning process is
service the needs of the investor. your biggest tool and the only part
Experience, they agreed, was an as- of this process (plant closure) that
set that provided a longer perspec- you control. It's your money," Ross
tive on the stock market and invest- said. "You need to plan for the rest
ment products. of your life and that includes wheth-
For employees of Volvo and their er you will retire now or get another
families, the uncertainty of their job and you guys are the ones that
economic future puts more of a are skilled."
strain on their ability to pay bills Admonishing the group to ensure
beyond the closure of the manufac- that the financial planning process
turing line while tapping into the • includes thespouse.. or significant
right investment mix is more of a other, the Dailys suggested through
1
their experience that married cou-
ples often have different financial
goals and , different perspectives on
investing. Planning together, they
agreed, was an important step in
the process to secure financial sta-
bility.
Other key elements in the process
included gathering information on
investment products available, de-
termining the tax implications of
severance payments, understand-
ing the workings of the Canada
Pension Plan (CPP) and determin-
ing the level of income required to
cover living costs and the wants of
retirement. -
The development of an effective
retifement plan calls for specifics
such as dates, sources of income,
training alternatives and transition
times.
Once retirement planning is
thoughtfully laid out, Daily said the
time comes "to just do it."
See VOLVO, Page 26
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