WealthBeing

WealthBeing’s mini Money Problem episodes share a real financial challenge or question from our members, clients, or listeners and the advice our experts provided to help. Learn from their experience and you’ll be prepared to make the best financial decisions for your pocketbook.

THIS WEEK: After being auto-enrolled in Old Age Security, Travis’ clients sat down for a planning meeting and got a potentially costly surprise. Our experts discuss the pros and cons of auto-enrollment and what you should know before drawing your OAS.

Do you have a Money Problem you’d like our help with? You can contact Kevin, Sheena and Travis with your question at [email protected]. We will get back to you with an answer.

Our WealthBeing Hosts

Travis Koivula

B.Eng, CFA, CFP®, CIM, FCSI, CIWM

Senior Wealth Advisor | Senior Investment Advisor 

Island Savings Insurance Services | Credential Securities

Travis has been serving the financial needs of members in the Credit Union system since 2007 and is one of the most accredited financial advisors in Canada. He holds the globally recognized Charted Financial Analyst (CFA) designation, passing all three tests on his first attempt. In addition he is a Certified Financial Planner (top 1% of his class), Canadian Investment Manager (CIM), Fellow of the Canadian Securities Institute (FSCI) and a Chartered Strategic Wealth Professional (CSWP).

Sheena Sanders

Wealth Planning Specialist, Valley First

Sheena meets every client with a fervent desire to create a uniquely remarkable experience. As an accredited Certified Financial Planner, a Registered Retirement Consultant and a Responsible Investment Specialist, her array of knowledge and experience means that Sheena leave no question unanswered and no opportunity ignored. For people who seek help with retirement, education, investment, and succession planning, Sheena is a natural person to have on their team. Clients benefit from her strategic approach and “big picture” mindset that incorporates tax optimization ESG principals and integration.

Kevin Lehman

Assistant Branch Manager, Envision Financial

When asked who has made the biggest impact in your life, does your financial advisor come to mind? If you've met Envision Financial Assistant Branch Manager, Kevin Lehman, he's likely in your top five personal game-changers. After attending the University of the Fraser Valley, Kevin sought new opportunities that led him to begin his career with Envision Financial, a division of First West Credit Union. And it is here that his "seize the day" approach to life propelled him to complete the Canadian Investment Funds Course, receive his mutual fund license and join the management team within five years. Today, as Kevin continues to pursue his Personal Financial Planner designation, he coaches a team of advisors to make a lasting impression on people's wellbeing.

Money might be a universal need, but how we relate to financial choices and experiences is unique. With Valentine’s Day approaching, Kevin, Sheena and Travis talk with Susan Coulson, Director of Special Accounts at First West Credit Union, about the relationships we have with money and how that knowledge can better our lives and our partnerships.

2:25 | What’s hot in money: An online forum and good intentions are shaking up the investment world.

8:00 | Expert Examination:

·         What does it mean to have a relationship with money and why should we want to know?

·         The money motivations that reveal your financial relationship status.

·         How you develop your relationship to money.

·         Ways that your, and your partner’s, financial motivations can impact your happiness.

·         Should you try to change your relationship to money?

34:00 | Financial Fix: If you’ll be spending time reflecting on your partnership this Valentine’s Day, Sheena has an activity for you both that could deepen your connection.

Take the Financial Times money psychology quiz 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Kevin, Sheena and Travis your question at [email protected], and we will consider it for a future episode.

YOUR WEALTHBEING HOSTS

Travis Koivula

B.Eng, CFA, CFP®, CIM, FCSI, CIWM

Senior Wealth Advisor | Senior Investment Advisor 

Island Savings Insurance Services | Credential Securities

Travis has been serving the financial needs of members in the Credit Union system since 2007 and is one of the most accredited financial advisors in Canada. He holds the globally recognized Charted Financial Analyst (CFA) designation, passing all three tests on his first attempt. In addition he is a Certified Financial Planner (top 1% of his class), Canadian Investment Manager (CIM), Fellow of the Canadian Securities Institute (FSCI) and a Chartered Strategic Wealth Professional (CSWP).

Sheena Sanders

Wealth Planning Specialist, Valley First

Sheena meets every client with a fervent desire to create a uniquely remarkable experience. As an accredited Certified Financial Planner, a Registered Retirement Consultant and a Responsible Investment Specialist, her array of knowledge and experience means that Sheena leave no question unanswered and no opportunity ignored. For people who seek help with retirement, education, investment, and succession planning, Sheena is a natural person to have on their team. Clients benefit from her strategic approach and “big picture” mindset that incorporates tax optimization ESG principals and integration.

Kevin Lehman

Assistant Branch Manager, Envision Financial

When asked who has made the biggest impact in your life, does your financial advisor come to mind? If you've met Envision Financial Assistant Branch Manager, Kevin Lehman, he's likely in your top five personal game-changers. After attending the University of the Fraser Valley, Kevin sought new opportunities that led him to begin his career with Envision Financial, a division of First West Credit Union. And it is here that his "seize the day" approach to life propelled him to complete the Canadian Investment Funds Course, receive his mutual fund license and join the management team within five years. Today, as Kevin continues to pursue his Personal Financial Planner designation, he coaches a team of advisors to make a lasting impression on people's wellbeing.

There are times when you want to shake up your life – or it gets shook for you. Our pocketbooks aren’t impervious to life changes, so this week, Derrick and Travis are talking about how to handle financial changes – and a change that WealthBeing is taking – with our colleagues at Valley First, Sheena Sanders, and Envision Financial, Kevin Lehman. Listen in to hear how they handle financial transitions.

1:10 Money Problem: Someone dropped in on Travis with a story of financial woe – but hesitation to make any changes.

3:25 Expert Examination: Travis, Derrick, Sheena and Kevin get into the changes you can expect to make in life – and how to transition successfully:

·         What kind of change is significant to signal a financial transition?

·         Becoming financially independent.

·         The financial impact of a new career.

·         Handling a change of home.

·         Financial tips for family fluctuations.

·         Cash challenges for couples.

·         Transitioning through age.

·         WealthBeing is transitioning to expand your financial savvy.

23:15 Weekly Financial Fix: If you’ve got a change happening, this week’s task will make sure you have back-up to get through it with support.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.

On every episode

Being in good financial health makes you feel at ease every day. You are free to pursue your goals and prepared to manage your future needs. Could your pocketbook be in better shape? 

If life has thrown you a financial curveball, or if you just want to be more in control of your money, tune-in to WealthBeing. Every week, we diagnose a spending, saving, borrowing, investing, or other financial problem to provide simple advice that can help you thrive.

You’ll hear about real-life financial challenges that our Island Savings hosts, guests and members have encountered. We’ll share the time-tested financial solutions we recommend to members. And every week you’ll receive a simple strategy that you can use right away to improve your financial health.

We often think of RRSPs, TFSAs and taxes as easy tools to save some money. But you may be missing some strategic decisions – or making some mistakes - that affect your pocketbook. This week, Derrick and Travis talk with Doug Carroll, Tax & Estate Specialist at Aviso Wealth, about smart tax-linked savings decisions you can make in 2021.

1:10 Money Problem: When one of Travis’ clients we transitioning to retirement, their savings and tax plan suddenly called for an overhaul.

3:00 Expert Examination: Travis, Derrick and Doug reveal the financial choices you’ll face this year that can affect your tax outcome:

• How to use an RRSP as a tax advantage – and mistakes many people are making.
• When a TFSA is a better savings option than an RRSP.
• Why there’s no single-source savings strategy.
• Should you choose a beneficiary or successor for your registered savings accounts?
• Tax strategies for families to follow.
• Special tax options for seniors.

23:15 Weekly Financial Fix: If you’re always rushing to file your taxes, Travis’ task this week will eliminate your panic.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.

On every episode

Being in good financial health makes you feel at ease every day. You are free to pursue your goals and prepared to manage your future needs. Could your pocketbook be in better shape? 

If life has thrown you a financial curveball, or if you just want to be more in control of your money, tune-in to WealthBeing. Every week, we diagnose a spending, saving, borrowing, investing, or other financial problem to provide simple advice that can help you thrive.

You’ll hear about real-life financial challenges that our Island Savings hosts, guests and members have encountered. We’ll share the time-tested financial solutions we recommend to members. And every week you’ll receive a simple strategy that you can use right away to improve your financial health.

What do tulips, tech, and Tesla all have in common? They are all examples of how one of the most precarious investment events–assets bubbles–affect our financial health. Most of us have been tempted to “get in on the game” when a sector or stock rises steeply, which is why Derrick and Travis invited Island Savings’ Director of Wealth, Robin Marshall, for a conversation about how to manage your money when an asset bubble could pop-up up at any moment.

1:10 Money Problem: When a client of Derrick’s got excited by the investment growth his friends were making on cannabis stocks, he wanted to jump into a risky trading pool.

3:20 Expert Examination: Travis, Derrick and Robin examine asset bubbles of the past to learn how they happen, and how to handle them:

·         Defining an asset bubble.

·         How asset bubbles are created.

·         Famous asset bubbles.

·         What happens to an asset bubble after the peak?

·         Should you avoid investing in an asset bubble or can it be strategic?

·         What to do if you’re trapped in a bubble?

23:20 Weekly Financial Fix: Before you throw all your savings into the “hot new investment,” Travis has a tip that will help you consider how you’ll cope if things don’t turn out well.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.

On every episode

Being in good financial health makes you feel at ease every day. You are free to pursue your goals and prepared to manage your future needs. Could your pocketbook be in better shape? 

If life has thrown you a financial curveball, or if you just want to be more in control of your money, tune-in to WealthBeing. Every week, we diagnose a spending, saving, borrowing, investing, or other financial problem to provide simple advice that can help you thrive.

Our WealthBeing Hosts

Travis Koivula

B.Eng, CFA, CFP®, CIM, FCSI, CIWM

Senior Wealth Advisor | Senior Investment Advisor 

Island Savings Insurance Services | Credential Securities

Travis has been serving the financial needs of members in the Credit Union system since 2007 and is one of the most accredited financial advisors in Canada. He holds the globally recognized Charted Financial Analyst (CFA) designation, passing all three tests on his first attempt. In addition he is a Certified Financial Planner (top 1% of his class), Canadian Investment Manager(CIM), Fellow of the Canadian Securities Institute(FSCI) and a Chartered Strategic Wealth Professional(CSWP).
 

Derrick Sketchley

Branch Manager, Island Savings, Westshore

From work to play, Derrick is always helping people live well. As manager of Island Savings' Westshore branch, he leads a team to help members become educated and feel confident about their financial picture. Throughout his eight-year career in the financial industry, Derrick has helped people understand how to set and meet goals that take care of their immediate needs, family finances, long-term aspirations, and retirement. He believes that simple financial planning starts with trusted advice, and leads to a more fulfilling life.

Ask Derrick for help and he'll give you 110%, believing that the result of his effort will pay-off in multitudes. Whether he is helping his family, friends, or Island Savings' members, Derrick is always happiest when he's making a difference. He believes that a strong community leads to stronger, happier individuals.

How much money could you save – or earn – this year by asking a few questions? This week, Derrick and Travis invited Don Presley, Senior Manager of Special Accounts at First West Credit Union, to talk about how and when to flex your negotiating skills. Find out how to have even more control over your finances with these tips. 

1:20 Money Problem: Travis recounts a time when a couple was presented with a negotiation scenario that would win or lose them their dream home. 

3:00 Expert Examination: Travis, Derrick and Don reveal simple strategies that will help you navigate a negotiation: 

• Is negotiating a special talent? 
• What stops many people from negotiating. 
• Using conversation to improve your results. 
• Setting the right expectations for your negotiation. 
• Things to do before your negotiation begins. 
• Questions, methods, and the mindset that can improve your negotiating success. 

23:10 Weekly Financial Fix: During the January shopping lull, Travis encourages you to start building a negotiating habit. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

We’ve all felt some money stress about affording an expense or saving for a goal, but the ties between financial and mental health run even deeper than these obvious needs. This week, Derrick and Travis are talking with Kabir Bhagaria, Manager of Employee Health and Safety at First West Credit Union, about how your mind creates behaviours and responds to influences that ultimately shape your financial wellbeing. 

1:40 Money Problem: Travis’ client never really mastered the art of budgeting, so when a big inheritance came along, they had an opportunity to change their outlook on financial management. 

4:00 Expert Examination: Travis, Derrick and Kabir get into the way the way you think affects your pocketbook – and vice versa: 

• The impact of financial concerns on happiness. 
• Signs that money is affecting your mental health. 
• Fallout from financial stress. 
• Creating conditions to make good financial decisions. 
• What to do when other people’s money problems affect your mental health. 
• Recognizing and managing mental triggers that affect your financial actions. 

23:00 Weekly Financial Fix: 2021 can be the year you worry less about money with Travis’ simple financial task. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

With so many ways to manage your money, it’s can be hard to know which advice is best. This week, Derrick and Travis talk with Island Savings’ Branch Manager, Barb Fabian, about figuring out which financial habits and practices will help you stay on track.  

1:25 Money Problem: A client of Derrick’s had a tried-and-true financial rule that was keeping him from building his wealth for retirement. 

3:30 Expert Examination: Travis, Derrick and Barb discuss the value of setting financial rules and how to define your own: 

• What a financial rule can help you accomplish. 
• How to know when you need a financial rule. 
• Financial rules that work for many people. 
• Choosing financial rules for yourself. 
• Financial rules for families to consider. 
• When to change a financial rule. 

23:35 Weekly Financial Fix: Travis has a task that will help you identify financial rules that are failing you – and replace them with something that works. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

It’s not unusual to forget to pay a bill, or overspend once or twice, but there are certain financial mistakes that could worsen your financial health. This week, Derrick and Travis are talking with one of Island Savings’ most experienced financial experts, Brad Lesiuk, about how to avoid or escape making a costly financial mistake.  

1:25 Money Problem: When Derrick worked in England, he was faced with the challenge of helping a client clear up a financial mistake and reunite a family. 

4:10 Expert Examination: Travis, Derrick and Brad unearth the most common financial mistake and how you can avoid them: 

• The difference between minor errors and significant mistakes. 
• A common oversight of homeowners. 
• The fall-out from divorce. 
• Investing in the time-share dream. 
• Many ways that relocating impacts your financial plan. 
• How thinking you’re invincible is a financial threat. 
• What to do if you’ve made a financial mistake. 

23:15 Weekly Financial Fix: the holidays are a great time to reset your financial thinking, and Travis challenges you to ponder some useful financial questions. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

If you find yourself feeling financial pressure during – or following – the holiday season, Derrick and Travis want to help you identify where your spending is leading to stress. This week’s tips will help you feel merry about how you spend your money.  

1:45 Money Problem: Derrick met a member whose was haunted by the ghost of holiday spending stress. 

2:40 Expert Examination: Travis and Derrick aren’t immune to holiday spending traps – but they have learned how to recognize and manage their money, leading to a happier New Year: 

• Holiday traps that you’ll encounter before you even start shopping. 
• How to decide an amount to budget for the holidays. 
• Why equivalent gift-giving can blow your budget. 
• Online shopping traps. 
• Deal or no-good deal? How to identify traps that will encourage you to spend too much. 
• Dealing with gift-giving expectations. 

23:30 Weekly Financial Fix: With a pen and paper, you can follow Travis’ task to identify the holiday spending traps that are most likely to catch you – and plan to avoid them this year. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.