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Updated by Kathy Waite on May 02, 2017
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Kathy Waite in the news

Articles my advice has been featured in Globe and Mail, National Post , Money Sense, Wealth Professional, Canadian Family Magazine , Global News, Yahoo Finance, Forum Advocis, and more www.yournwm.ca

Feb 09, 2016 - business.financialpost.com - 34
How to break up with your financial advisor National Post , Financial Post

Breaking up with your financial advisor can be an emotional and stressful event — almost as traumatic as a romantic break-up. But getting out of the relationship needn’t involve any shouting or tears

“Have some confidence and know your facts. You have rights. No one cares about your money more than you do. You don’t have to apologize for not being happy.”

“There are often more options than people think there are. Don’t just panic and cash out.” says Kathy Waite fee only planner in Saskatchewan

Feb 09, 2016 - moneysense.ca - 42
Estate planning: Give in the moment Money Sense magazine

Don’t wait until you’re gone to leave your wealth to family and charity. Give while you’re alive and reap the benefits in hugs, gratitude—and lower taxes.

The key is not to use gifting as a means to control your children—like telling them the gift depends on the fact that they buy a home near yours. If you put too many conditions on the gift, it can end badly. “Have a good conversation about it,” says Kathy Waite, the financial planner. “One client of mine gifted her daughter $15,000 to be used to purchase a home. The daughter used $10,000 towards the down payment and $5,000 for furniture. The parents didn’t like that at all but I reminded them that the reason they gave the gift was to release stress for the new home owners and the gift did do that.”

Feb 09, 2016 - theglobeandmail.com - 32
Suddenly alone and grieving, widows and divorcees face financial confusion Kathy in Globe and Mail

Many older women who left the banking to their husbands are overwhelmed by the complexities of managing their retirement nest eggs

Kathy Waite, a fee-only financial planner in the Regina area, says not only are women like this easy prey for fraudsters but they are also sitting ducks for financial professionals who wish to push their own products on them, even with the best intentions.

She says the best advice for women who find themselves at sea with their finances after the loss of a partner is to just do nothing for a while.

“I always tell them not to rush into any changes,” says Ms. Waite, who runs Your Net Worth Manager, a financial planning service with clients across Saskatchewan and, by remote, across Canada. “I always encourage them to ask questions and to get any answers in writing. At the risk of sound self-serving, I would say, go look for someone who doesn’t sell things – someone who will just charge you for the advice and doesn’t have a vested interest in selling a product.”

She advises women to bring a friend – not necessarily a family member – to any financial meetings. She says often professionals will decide that “mom isn’t coping” and turn their focus to the relative.

Ms. Waite says it is easier for women to break finances into smaller goal-oriented chunks, such as living debt free and leaving money for children, rather than swimming against a tide of jargon, including term insurance, TFSAs, RRIFs, debt securities and annuities.

Feb 09, 2016 - yournwm.ca - 30
Canadian Family Money Make Over
Feb 06, 2016 - theglobeandmail.com - 38
Baby’s on the way: Kathy Waite in the Globe and Mail Investing Exchange

David has an entrepreneur’s instincts ... in business and in investing. Annie prefers low-risk mutual funds and a safe future for the family

Their financial plan has allowed them both to feel comfortable. Annie is less nervous about the future and is happy a portion of their cash flow is directed toward David’s business investments. "Tension over investments has visibly disappeared at their meetings" said Mrs. Waite.

“Now that everything else is covered off, Annie kind of sits back in the chair and she looks at him as he gets into talking about his investments. She enjoys watching him being enthusiastic because she feels safe.”

Feb 09, 2016 - ca.finance.yahoo.com - 38
Can 50/50 finances work in a marriage? Yahoo Finance

Read 'Can 50/50 finances work in a marriage?' from our blog Pay Day on Yahoo Finance Canada . Bills can be a headache at the best of times. Figuring out who pays for what in a relationship can be complicated enough to trigger a migraine. Should you split bills evenly in your marriage or partnership?

Fifty/fifty isn’t usually sustainable as incomes differ, and over a lifetime one partner usually takes time off to raise children, care for elderly relatives, or may be on sick leave for a period,” says Kathy Waite, net worth manager at Your Managers Group of Companies. “Fifty/fifty is a roommate, not a marriage.”

To avoid future disagreements, Waite suggests handling joint expenses systematically.
“It’s really important to write down what you agree [to],” Waite says. “Email it to each other, use a spreadsheet saved in a joint Dropbox or OneDrive, or write it in a notebook so there are no arguments later.
“Set up automatic transfers,” she adds. “Use phone apps and tools like Mint and FreshBooks …to track progress.”

Feb 06, 2016 - wealthprofessional.ca - 43
Five minutes with ... Kathy Waite of Eureka Investor Guidance

This financial advisor reveals to WP everything from what she feels is the real problem with the financial advice i - Wealth Professional Magazine

Aug 12, 2016 - yournwm.ca - 34
Who I am and what I can do to improve YOUR life 

Kathy Waite fee only financial planner, money coach, financial detective , money ninja
How I solve your problems and get you where you want to be

Feb 09, 2016 - yournwm.ca - 40
Keeping it in the family ............who takes over if your advisor is ill?  Forum Advocis Magazine

Kathy Waite said: We have a family work ethic in common, and we take promises very seriously. It’s a real privilege to work with my son. I feel very lucky. You get to know them in a way you would- n’t normally.

I deliberately position Ben as an equal who just has a different skill-set. This has worked well with clients because they feel like he knows things I don’t know. It’s [all about] trying to make a succession plan a positive thing. Ben and I split the job between us; I do the financial planning and he does the product implementation, [being] a markets/technical guy.

Appreciate that your goals at your time of life are not the same as your adult child’s coming into the business. Listen to each other. The youngster’s pie-in-the-sky may just be the innovations that keep your business current. Family members tend to talk to each other in a way colleagues wouldn’t. [The best advice is to] treat each other as colleagues and always be professional. 􏰷

Feb 06, 2016 - wealthprofessional.ca - 34
Client defections to speed up

A survey of client attrition rates for 2014 may, in fact, represent a turning point for the industry as it prepares - Wealth Professional Magazine

“There will be a lot of unhappy clients out there once they realized the truth about their accounts and how much fees they’re paying to some of these advisors,” said an advice-only planner with Your Net Worth Manager, Kathy Waite. “I think that we’ll see the attrition rate get much higher when CRM2 finally kicks in.”

“Typically I don’t lose clients unless they die.”
Till death do us part – not enough advisors are thinking that way, Waite said.

Feb 06, 2016 - wealthprofessional.ca - 32
Wealth advisors defect to mortgage brokering because they can't deal with their clients finding out the truth about w...

Advisors-turned-mortgage brokers expect more will follow their lead, leaving CRM2 change behind. - Wealth Professional Magazine
“We’ll probably see (that scale of loss) and there’s no reason for it,” Kathy Waite, Saskatchewan told WP. “What’s this going to do to the economy? All of those people being beat out of the business and it’s illogical for them to make such a decision without fully assessing the impact.”

Feb 09, 2016 - globalnews.ca - 31
Robo-advisors: Taking the emotion out of investing? Global TV news

Human emotions are great if you’re looking for love. But, they may not be beneficial when making major financial decisions. One emerging market says it’s taking emotion out of the equation.
Kathy Waite, an independent financial advisor based out of Saskatchewan, said she agrees removing human emotion is good, but isn’t sure robo-advisors do that.

“I think if anything it could be too clinical,” she said. “I think if people could be dispassionate then robo-advisors could be a good thing but I don’t know how could there be hand-holding in the bad times.”

Waite sees human emotion as the very roadblock that will prevent robo-advising from reaching a sizeable percentage of the population.

“I think that money is a very personal thing, and not many people will actually be comfortable with just dealing with someone on the telephone,” she said

Feb 06, 2016 - wealthprofessional.ca - 39
Estate planning

This inevitable discussion about your client's estate and will could actually generate you, the advisor, more busin - Wealth Professional Magazine
Kathy Waite quoted “I think it’s really important because it is part of the bigger picture,’ she says. “If you don’t have that conversation, you are really failing them (clients). People don’t need good news all the time, they need the truth.”

Feb 06, 2016 - wealthprofessional.ca - 30
Keep your finances to yourself, say some advisors

Advisors react to actions taken by a Vancouver advisor - who successfully sued CIBC for wrongful dismissal. - Wealth Professional Magazine
Quoting Kathy Waite Regina Saskatchewan Your Net Worth Manager

My initial reaction is that a client’s money should never be mixed with your own personal affairs,” says Saskatchewan-based, fee-only advisor, Kathy Waite. “There is no way an advisor should be holding a client’s money. It’s a disaster waiting to happen.”

Feb 06, 2016 - wealthprofessional.ca - 31
Regulate the industry salesperson, says advisor

One WP reader is suggesting more government regulation would ease the sales-first approach and improve industry pro - Wealth Professional Magazine

Kathy Waite :“I think the government should directly regulate insurance and investment sales people. Having to be sponsored by a product provider for a life license is a joke,” she wrote.
“Immediately you get a target and are expected to sell your sponsor's products first.”

Feb 06, 2016 - wealthprofessional.ca - 32
Alberta pushes for a national regulator

The province's finance minister was in Toronto Thursday making his proposal for a national body to handle enforceme - Wealth Professional Magazine

Kathy Waite, a net-worth manager, based out of Saskatchewan – who emigrated from England 10 years ago – feels there’s another issue at hand – what Canada’s regulatory bodies pay attention to. In her opinion, there should be a shift in focus.

“Here they regulate the product, there (in England) they regulate the advice,” she says. “(In England), I had to prove what I was doing was the right thing for the client, whereas here you just have to do a ‘Know Your Client’ form … As long as the products are suitable, that’s fine.”

Presently, Canada is the only major industrialized country without a single securities regulator.

Feb 06, 2016 - wealthprofessional.ca - 33
The ultimate backstop for DSC funds

A Saskatchewan fee-only advisor suggests there are situations where recommending back-end funds to clients is warra - Wealth Professional Magazine
“I now work as a fee only but prior to 2011 I sold DSC after discussion with my clients. There is absolutely nothing wrong in selling DSC funds to clients if the advisor has done a proper assessment and analysis of the client's specific needs,” Waite commented on WP. “And has made the client aware of exit fees and they have an emergency fund so they do not cash in.”
Another problem beyond DSC exit fees is the very concept of emergency funds. Most people get confused about what actually constitutes an emergency.

For that reason she has a two-tiered system where the client sets up a “life happens fund” for those times where things such as your side mirror getting knocked off your car in the grocery store parking lot. For actual emergencies such as losing your job and income for six months she gets them to keep room on their lines of credit combined with some sort of GIC laddering.

And lastly, regardless of fund fees, Waite has an important piece of advice for clients of all types.
“I always say to people if you need the funds in the next 3-5 years, don’t put it in the stock market,” she said.

Feb 06, 2016 - wealthprofessional.ca - 35
Consumer suspicion hamper industry growth

New research is pointing to just how much work the industry has ahead of it in addressing a concern that continues - Wealth Professional Magazine

Speaking to Wealth Professional, Kathy Waite, who describes herself as an unbiased fee-only financial planner, operating as Your Net Worth Manager, agrees that consumers are overwhelmed by jargon, perhaps deliberately, and have no idea how to evaluate performance of their accounts to the market.

Waite said that there is an element of bias at play, of course banks would be expected to push their own products, but there is also a more hidden side to the industry concerning 'independent' advisors offering products from mutual fund dealers that have their own products. This means that representatives would be incentivized to sell in-house products, making them less independent.

Feb 06, 2016 - wealthprofessional.ca - 34
Bountiful opportunity for rural advisors

With an increasing number of farmers selling up, it’s providing advisors with an opportunity to grow their books of - Wealth Professional Magazine

“When farmers are working, they have a lot of financial instability, crop failure, prices and other factors can get out of their control,” Kathy Waite, an advice-only planner in Saskatoon, told WP in an interview. “You would think it would make them able to handle market uncertainty; but I find they understood farming risk but they don’t understand investment risk.”

Feb 06, 2016 - wealthprofessional.ca - 32
Ban could force 25% of advisors out of industry

An advisor who’s seen the carnage of UK regulatory reform up close is expecting to see as big as a 25 per cent cull - Wealth Professional Magazine

When Kathy Waite began as an advisor with Prudential PLC in the U.K. in 1991 she said that “there were 16,000 embedded-commission-based advisors with the firm and by 2004, they were down to just 325.”

“There wasn’t enough money in it for them to stick around and many just set up independent practices but there weren’t able to compete so they fell out of the industry,” the wealth advisor with Your Net Worth Manager told WP in an interview. “It’s difficult to give sound advice when you’re required to sell your company’s brand product that just might not be right for the client.”

Regulatory reforms led to these numbers, she said, and were followed by changes in 2008 when embedded sales commissions were banned, resulting in 11,000 advisors, representing 11 million consumers, making their exit from the industry.

Feb 06, 2016 - wealthprofessional.ca - 39
Embedded compensation: Does it really need to go?

CRM2 implementation lays bare the dollars earned by advisors for providing financial advice. Yet, many fee-based ad - Wealth Professional Magazine

Sheila Walkington, David Stewart and Kathy Waite are all advice-only advisors charging by the hour or project; they sell no products whatsoever. Some of them refer clients to portfolio managers and other investment professionals who handle the investment component of the overall financial plan – some don’t. Some receive fees for referring clients to those managers while others don’t believing to do so is a conflict of interest.

Feb 06, 2016 - wealthprofessional.ca - 37
Average Canadians ripe for the picking says Saskatchewan advisor

It’s a growing demographic that both IIROC and IIAC advisors may have blinded themselves to, affording flat-fee pla - Wealth Professional Magazine

While most of the advisor community is falling over each other to service the wealthiest 1 percent because that’s where the money is, average Canadians are getting left behind. Kathy Waite, an advice-only planner in Saskatchewan has always focussed on the middle-market whether in her native England or since she emigrated to Canada 11 years ago.

Commenting on this faux pas, Waite told WP, “Ordinary families are not rich enough to be interesting so no one targets them. Just because they’re not rich doesn’t mean they don’t have to make the most of what they have.”

As a result Waite refers her clients (at no charge) to portfolio managers or other third-party advice including her son who is an IIROC-regulated advisor. By doing so she’s able to generate renewal income she might otherwise lose. More importantly, by maintaining annual checkups she’s able to keep clients moving forward on their financial journeys.

Waite’s overarching view of the advice-only business:

“I’m really pleased to see that there’s more of it going on because it just opens up the debate and it gets people thinking about why I’m doing this, what help do I want, what’s a reasonable cost. The problem’s been there’s been no choice in the past.”

Now there is.

Sep 27, 2016 - discoverwomeninbusiness.co.uk - 40
Amazing women tell their stories Podcast Kathy Waite Saskatchewan

Kathy Waite, financial detective, retirement designer and money ninja . Interviewed about her career and why she runs her business the way she does as a fee for service planner. Not representing a company just her clients, even though it attracts the ire of main stream financial advisors.
She says : " I keep busy , I have a wait list , theres about 50 like me in Canada and most only take very high net worth . I don't discriminate, compared to 80,000 who are paid to sell you things clients love that I work for them, i sit on their side of the table"