Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way. At Worby Wealth Management, Chris will do his best to help you achieve those dreams with a plan that is tailored to your specific needs and based on your individual situation.

Helping Clients Make Wise Financial Choices:

My Client Is Making a Terrible Financial Choice. What Do I Do?

When panic drives someone to make a self-destructive money decision, it's the financial adviser's job to protect the client from himself.

Suppose one of my clients has his heart set on using half of his retirement account to buy each of his grandchildren a new car. Or a client in a panic over falling markets wants to sell all her stocks and buy gold. What is my responsibility as their financial planner? How far should planners go to try to keep clients from making serious financial mistakes?

It’s important for planners to respect clients’ competence and ability to make their own life decisions. Client-centred planners also need to remember that the goal is to help clients get what they want, not what the planner might want or think the client should want. On the other hand, should a planner stand idly by and watch someone walk off what the planner perceives as the edge of a financial cliff?

Part of the answer to this dilemma stems from a planner’s legal obligation. Most advisers who sell financial products have no fiduciary duty and are not legally required to put their customers’ interests first. Fiduciary advisers, which include those who are fee-only, do have a legal obligation to act in their clients’ best interests.

What is the legal responsibility, then, of a fiduciary planner who believes clients are about to do themselves financial harm?

Let’s say I have a client who is about to do something that may be viewed by a court of law as “extreme” or “imprudent.” (An example would be putting all his money into one asset class like gold, cash, or penny stocks.) At the minimum, I would need to protect myself by carefully fulfilling my legal responsibilities. This would include making certain I emphasized to the client that, given the research and data available, his actions could hurt him financially. I also would want to be sure the client fully understood and took responsibility for his actions.

In terms of the broader aspect of what financial planners owe to their clients, meeting this legal obligation is not enough. In my view, fiduciary planners’ obligation to put clients’ interests first includes an ethical responsibility to do no harm. Sometimes this ethical and legal responsibility requires planners to give clients the information they may not want to hear.

As we focus on the clients’ goals and help them carry out their wishes, part of our role is to make sure they have all the information they need. This gives us a responsibility to educate ourselves so the advice we offer is as sound as we can make it. We also need to do whatever we can to help clients hear and understand that advice.

Clients who are hovering on the edge of a financial cliff are typically about to act out of strong emotions such as fear. They often can’t take in financial advice until they are able to move through that fear. It only makes things worse if financial advisers shame clients, bully them, or abandon them to their fears. The challenge for planners is to help clients reach a more rational place so they can gather additional information and make decisions that will serve them well.

With the right kind of support, clients are almost always able to get past the fear that is pushing them to make imprudent decisions. Providing such support by working with clients’ emotions and beliefs about money, perhaps with the help of a financial therapist or financial coach, is well within a financial planner’s ethical responsibility. Our role is not merely to do no harm. It is also to use all the tools we have to help clients act in their own best interests. 

Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category. Chris is a Trusted REGINA FINANCIAL EXPERT

Some of the services that Worby Wealth Management can help you with: 

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!

If it's time to finally finish that basement or the year you refresh that tired old bathroom, maybe your office could use a redesign and some upgrades. Whether you are planning a renovation to your home or office space, AL SCHICK CONSTRUCTION can help!  They specialize in residential and commercial projects including interior and exterior renovations....from offices to old character and newly built homes. If you are planning a project or a renovation on a specific area of your home or business, look to the experts at AL SCHICK Construction to get the job done right! AL SCHICK CONSTRUCTION a TRUSTED REGINA CONTRACTOR and Renovation Expert

Here Al Tip on Hiring a Professional Contractor In Regina 

Before you consider hiring a contractor to complete repairs, regular maintenance or home renovations, make sure you have a clear idea of what you want to accomplish. Depending on the type of work want to be done, you may need to contact a contractor with specialized expertise. Ask lots of questions, research your options, and make sure all contractual obligations and payment terms are included in a signed contract. The following tips can help you when looking to hire a reputable professional. 

Research your options and consider contacting your local renovation and/or home builder associations for a list of professional service providers.

Get quotes from more than one renovator or service provider. This will help you compare prices and levels of customer service; be sure to discuss your project expectations, timelines, costs and possible interruption factors.

Ask questions about the company and the work to be completed, including:

• How long have you been in business?
• What is your area of expertise?
• Will you use your own staff for subcontractors to complete the work?
• What permits are required for the project?
• How much time will you spend supervising the site?
• How do you manage health and safety concerns on the site?
• What level of insurance coverage do you have?
• Do a background check and consider contacting the following agencies before selecting a service provider:

Information Services Corporation Branch (306-787-2962) to make sure the business is registered as a legal entity in Sk.

Workersʼ Compensation Board (306-787-4370) to make sure the company carries workersʼ compensation coverage. Without coverage, you may be liable for injuries that occur while staff are completing work in your home;

Better Business Bureau (306-352-7601) to see if any complaints have been registered against the company; 

Consumer Protection Branch (1-877-889-5550) to confirm your contractorʼs direct seller's license, if applicable. Licensed contractors are required to be bonded, which will provide you with some financial compensation in the event that problems arise during construction.

• Ask about warrant options– warranty coverage differs from company to company, make sure you understand what type or warranty is included and what it covers.

• Discuss payment options and get a cost break down of what is included in your estimate. Depending on whether your contractor offers a “fixed-price” or a “cost-plus” quote, different materials, labour and overhead will be included in the quoted price or charged in addition to the quoted price. Typical payment plans can require a 10 percent down payment and the rest in installments.
• Get a contract – a detailed written contract between you and the service provider is essential to any renovation or home repair project. All details should be included in writing, including start/finish dates, warranties on work and/or materials and the total project costs and payment plans. Never hire a renovator or service provider that refuses to provide a written contract.

Ask for and check references of past customers that had similar projects done with the contractor over the last two years. When checking references, you may wish to ask for the following information:

• If the project was completed on time;
• If they were happy with the results;
• If they were satisfied with the level of communication and customer service during and after the project was completed;
• If there were any cost over-runs;
• If employees left the site satisfactorily cleaned up after the home improvement project was finished.

Never hire a contractor that only accepts cash, offers unreasonable or extremely low prices compared to others, does not offer a written contract, and does not have an official address. These are warning signs of unethical business practices and can be an indication of future problems. Do not feel pressured to sign into a quick agreement – before making a decision, seek written quotes from at least two other contractors or service providers.

The Canada Mortgage and Housing Corporation (CMHC) have a simple checklist of steps that can help you choose the right contractor for any home remodelling project. You can view the checklist online by visiting www.cmhc.ca and searching “Renovation Checklist.” If your project is very large and involves thousands of dollars it may be wise to obtain a lawyer to help you with the contract.

 AL SCHICK CONSTRUCTION a TRUSTED REGINA CONTRACTOR and Renovation Expert

It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

Here Robert shares a tip on Buying Lakefront or Cottage Property:

1. Never buy property without setting foot on it first. Take the time to look it over closely and inspect it yourself.

2. Has the property been appraised recently?

(a) If so, when?

(b) How did the seller arrive at the asking price?

(c) Check MLS and FSBO web sites and print off some of your own comparables.

3. If there is a cottage?

(a) Is it insulated? Or, how many seasons is the cottage rated for?

(b) If there is no cottage, are their restrictive covenants? Does one have to built within a certain period, by a certain date? Do you have your choice of builder? Building architecture?

(c) Was a geological report done? Obtain a copy.

4. Surveyor’s Certificate available?

(a) Obtain a copy of the so that you can determine exactly where the property lines are.

(b) Does it show the buildings: cottage, garage, boat house, etc.? If not, plan on buying title insurance.

(c) Check with the municipality whether the building must be a certain distance from the property lines and check this against the survey to confirm the building complies with bylaws.

(d) Is there road access, as well as the terms of the road maintenance agreement, if applicable?

(e) Confirm right of access to the land if not accessible from a public road.

5. Access to electricity, water, sewage and other utilities?

6. Is the property serviced by an on-site Septic System?

(a) How old is the septic tank?

(b) What is the location, age, size and depth of the tank?

(c) If so, has the system passed inspection within the past 2 years?

(d) Can the Seller provide a copy of the report?

7. Is town sewer available?

(a) If the property is serviced by town sewer, is there a betterment still to be paid or connection costs?

(b) What is the yearly cost of town sewer?

8. Does the property require flood insurance? If so, can I get a copy of the current policy?

9. Are there any known defects in or around the property that I should know about?

(a) Obtain a Property Condition Disclosure Statement;

(b) Have the current homeowners completed any upgrades?

(c) Was the work permitted? Request copies from town departments.

10. Are there any easements associated with the property? Can you provide a current copy of the deed? Best to have your lawyer obtain a copy of the title prior to negotiations.

11. Find out about the conditions of the shoreline in the summer? Weed count? Type?

12. Is the water level is always the same or if it fluctuates throughout the year?

(a) Is the lake water level controlled?

(b) Is the water quality tested annually?

13. Are there restrictions in the use and/or development of the shoreline?

14. Water.

(a) Have the lake/river water been tested. You would not want to spend a quarter million dollars or more only to have your child develop a rash after they go for a swim.

(b) If there is a pressure water system that draws water from the lake

i) How old is it?

ii) Test it to ensure it is functioning; and,

iii) Look for leaks.

(c) If the lot is serviced by well water, have a water potability test conducted.

15. What recreational activities are allowed / not allowed on the lake?

16. Are the bylaws or restrictions with respect to fire?

17. Is there a boat dock?

(a) Does it have to be removed and stored in the winter or left year round?

(b) Maintenance required?

18. If the property is remote, make sure you know who is responsible for maintaining the road. Banks may require a copy of a Road Maintenance Agreement before they will lend on remote property.

19. Does the lake have an active Lake Association? If so, obtain contact information.

Robert MacKay is your Trusted Regina Real Estate Lawyer  

It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

Here Robert shares a tip on Legal Fees:

What does it cost?

Legal Fees

Most people wonder about lawyer’s fees. Maybe you saw it on TV or you have heard of lawyers charging $200, $400 maybe even $600 an hour. Maybe you have even dealt with a lawyer all before and can recall only a couple phone conversations lasting only a few minutes each and ten or so minutes during office visit to sign papers.

What isn't seen, is all the time it takes to check titles, request and receive mortgage instructions, prepare the mortgage documents, have them checked for accuracy, have them signed and witnessed, deal with the other party's lawyer, receive pay-outs (if applicable), complete interim and final reports to all parties, trust accounting reports to the law society, among many other possible tasks that often arise.

Further, people tend to not see the risk that lawyers ensure against in real estate transactions. Most real estate transactions involve loans of $100,000's of thousands of dollars and assets of $100,000's of thousands of dollars. Lawyers oversee most of the financial aspects of a transaction and ensure that the exchange of title(s) for money happens, as it is supposed to. Considerable risk to the lawyer is involved in doing so.

Therefore, in most real estate transactions, the actual legal fees charged are dependent upon the value of the property involved, whether or not there is a mortgage, whether there are multiple transactions and how quickly the lawyer is required to close the deal.

The Law Society of Saskatchewan has a tariff that serves as a guideline for legal fees in real estate transactions. For example, for the purchase of a $105,000 home with a mortgage, the recommended fee is $950.00. Disbursements are additional. Lawyers who specialize in residential real estate may charge less than the suggested tariff amount. Fees may also be more for complicated or higher risk transactions or where other services are provided.

Consider asking for an estimate in writing. This simple precaution resolves most misunderstandings that may arise over the final bill, as to what was or was not included in the original fees quoted.

ISC – Land Titles Fees

Information Services Corporation (ISC), i.e. Land Titles, charges fees for title searches, mortgage registration or discharge and for transfer of ownership. The fee to register land under $500,000 in value is 3% of the land value. A $100,000 property would, therefore, cost $300 to register. Most mortgages cost $150 to register. Title searches cost $10.00 each and usually three searches per title are required on the average purchase transaction.

Tax Adjustment

Property taxes are paid to the local municipality. Buyers may have to pay to reimburse sellers for taxes already paid, pay the taxes for the entire year or pay a prorated share. Depending on the value of the property and the time of year, this can be several thousand dollars. Your lawyer should be able to provide you an estimate of the cash required for taxes on closing.

CMHC Fees for Low down payment Mortgages

Anytime you put less than 25% down, you usually pay someone like CMHC, GE Capital or a finance company, a premium which can end up being as high as 3.5% of the amount borrowed. The more you put down the lower the premium. In addition to the premium there is a $165.00 application fee to pay.

Title Insurance or Surveyors Certificate

If your transaction involves a mortgage, most lenders make their loan to you conditional on their being a surveyor's certificate (a.k.a. real property report) or that their mortgage be title insured. Credit Unions in Saskatchewan are an exception to the rule and if the lender is Western based, i.e. from B.C. or Alberta, they require that the mortgage be title insured regardless of whether there is a surveyor's certificate or not. A Surveyors Certificate is a drawing that shows the position and size of any buildings in relation to the property lines of the plot of land. It confirms or refutes whether all buildings fall inside the property and whether any buildings encroach on the property. The cost for a new real property report is usually between $600.00 - 800.00 dollars. Title insurance is generally used when a Surveyors Certificate or Real Property Report is not available. However, title insurance does much more. Title insurance may protect you against defects in title, fraud, renovation work done without proper permits or approvals, outstanding work orders by the municipality, unforeseen condominium assessments and, in some cases, even some mistakes made by lawyers. Title insurance is usually obtained through your lawyer, who will provide the title insurer with the details surrounding your transaction. Title inurance premiums are around $135.00 - 250.00 dollars but premiums vary depending on whether one get both a lender and an owner policy, if the deal exceeds $500,000 or if it is a commercial transaction. Also, lawyers generally charge an admin fee of approximately $75.00 dollars to cover the extra time and paperwork involved.

Robert MacKay is your Trusted Regina Real Estate Lawyer  

It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

Here Robert shares a tip on Needing a Lawyer:

Most real estate transactions involve $100,000's of thousands of dollars. Could you afford to lose that kind of money? Even if you could afford it, would you want to? I imagine not.

The banks require that a lawyer act on your behalf and theirs, mostly theirs. They usually will not do a transaction, e.g. they would likely refuse to advance mortgage proceeds on a purchase transaction without a lawyer ensuring that they are protected. Why? Lawyers reduce risk.

For example, imagine spending all the time and effort into finding the perfect property, then handing over two, three or four hundred thousand dollars, or more, and not actually owning the property that you thought you paid for.

Or, imagine getting the title to the property but shortly after getting notice that you are now responsible, i.e. liable, for the previous owner’s debt(s).

While every transaction is unique, generally, lawyers help ensure that:

The common perception is nothing ever goes wrong in real estate transactions. However, it is not true. Approximately 35% of all claims against lawyers arise from real estate transactions. So, what can you do? You can hire any lawyer you want to, so make your life easier, reduce your risk and hire someone whose primary area of practice is in real estate.