Gimme The Scoop Reviews: Book Excerpt/Giveaway - Preserving Wealth by Jack Lumsden

Preserving Wealth: The Next Generation

by Jack Lumsden, MBA, CFP®

GENRE: Non-fiction (Business and Finance)

BLURB:

"Toronto-based research firm Strategic Insight projects that approximately $1 trillion in personal wealth will be transferred from one generation to the next in Canada between 2016 and 2026, with roughly 70% of that in the form of financial assets." – Advisors Edge January 30, 2018

"70 % of Wealth Transfers fail." – The Future of Estate Planning. Trusts and Estates June 2010

"65% of Canadians say it's likely they will leave an inheritance to their heirs or estate but only 46% of Canadians have a will." – Sun Life Canadian UnretirementTM Index, 2015.

Experts estimate that $1 trillion of inheritances will pass from one generation to the next within a decade in Canada. In addition, many individuals are selling their businesses, resulting in substantial gains. Accordingly, the ability to effectively manage one's wealth and prepare and implement a proper estate plan is no longer just prudent. It's crucial.

Jack Lumsden is an experienced financial advisor who uses an easy-to-read narrative style to clarify financial planning concepts that everyone needs to know. Preserving Wealth explains:

•Investment strategies to provide for growth and protection of capital,

•How to develop an effective estate transfer plan to reduce estate costs and taxes,

•Strategies to preserve wealth and safeguard an inheritance or gift for the next generation,

•How to select an executor, and what to do if you are an executor,

•The critical discussions to have with your family, and

•How to assemble a financial team.

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EXCERPT:

“Let me try to answer that,” Alice went on. “For short term goals, say when you will need the money in less than five years, you’ll want to use conservative or defensive investments like short term-bonds, GICs, or high interest savings accounts, so that the money is there when you need it.

“Longer term goals can be more difficult to plan for. For example, if you can attain your retirement income goals based on only investing in GICs and/or bonds, then the risk of your portfolio will be low, and it will not fluctuate much. Since your money growth is more consistent, you’re better able to sleep at night, because you really don’t need to worry too much about your portfolio declining in value.

“However, for many people, us included, to achieve our retirement income goals, we need higher returns than what bonds or GICs can provide … so we must invest in stocks. This is where the sleep at night factor comes in. The greater the allocation to stocks or equities, the greater the fluctuation—daily, monthly, and annually—of the portfolio returns and portfolio. This fluctuation of returns is called your risk level, or sleep at night factor. If you can’t sleep at night because your portfolio value changes too much, you may need more capital preservation type of investments in your portfolio; however, if you do this, you may not generate the returns required to achieve your goals. So how did I do, Uncle Wayne?”

“Awesome, Alice, I couldn’t have said it any better!”

“So how do you actually develop a diversified portfolio?” asked Sally. “I understand the basics between bonds and equities, and clearly I haven’t been doing as much research and reading as Alice. How do we put it all together?”

“From my experience,” Uncle Wayne continued, “there are six key factors to developing a globally diversified portfolio, and they are:

1. strategic asset allocation

2. tactical asset allocation

3. specific investments and/or money managers

4. risk management

5. fees

6. taxes

AUTHOR Bio and Links:

JACK LUMSDEN, MBA, CFP®, is a financial advisor with over twenty years of experience. He has enjoyed building a strong career and loyal client base. In addition to helping clients preserve and transfer their wealth, he focuses on those who are or will be making the transition from their working years to retirement with the need to develop a lifelong income and cash-flow strategy from the financial assets they have accumulated.

A lifelong resident of Burlington, Jack dedicates much of his spare time to staying active and coaching high school football. Spending time with family is another of his core values. He enjoys attending sports events with his son, Connor, and country music concerts with daughter, Paige, while he and his wife, Sandi, like to travel with friends and explore new destinations.

Jack's education includes a BBA from Wilfrid Laurier University (where he met Sandi), and an MBA from McMaster University. He is also a CERTIFIED FINANCIAL PLANNER® or CFP® professional.

The publisher is running a Goodreads giveaway in conjunction with the tour: 10 print-copies. Anyone in Canada on Goodreads can enter https://www.goodreads.com/giveaway/show/343225-preserving-wealth-the-next-generation

Connect with Jack Lumsden

Financial Planning: jacklumsden.com

Author website: preserving-wealth.ca

Facebook: https://www.facebook.com/JackLumsdenCFP

Goodreads: https://www.goodreads.com/author/show/20761015.Jack_Lumsden

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