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The Latest:
One client suggested what's key about this page is 
This page new July 2002, revised 02 August. Comments below
added mid-March, 2003:
A prospective customer was recently touting the advantages of dealing
with a new fund-flogger at a Campbell River bank: "Gee, John, she
said she can do all this stuff for us for free, because she's paid a
salary by the bank, and doesn't have to charge us for it."
"Where do you think her salary comes from?" asked John.
"Gee John, she didn't say. But she did emphasize she doesn't
make any commission income, so she'd have our best interests at heart."
"Why then," posed John, "if you were to buy into Humungous Bank Balanced
Fund through her, or through ,
you'd have exactly the same fund with exactly the same charges,
exactly the same return, exactly the same trailers paid?"
"Gee John, I don't have a clue. But she really stressed
the fact that she doesn't get any commissions. So we've got to
be better off buying Humungous Bank Balanced Fund straight from
her. . . . and then letting her do all our other work. She
did promise us some really neat graphs in at least four colours."
At this point, John had to agree. "Yes," he sighed, "you're
right; you'll be much better off with Humungous Bank. While you're at it,
ask if she does brain transplants."
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Coaching family prosperity --
Professionally, diligently, tirelessly. . . .
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COMPENSATION
This practice is commission-and-fee remunerated.
Investments pay commission. Yours,
though, are generally placed on a "zero-load" basis. This makes for no
upfront commission, no "deferred sales charge", no back-end load penalties.
Instead, a smaller annual service fee (called a "trailer") is received from the
fund's management expenses.
Insurance also pays commission. When
available, life-long level commissions (similar to "trailers") are sought,
rather than the hefty upfront commissions rewarding salesmanship.
Annuities, guaranteed investment certificates,
and similar investment vehicles also pay commissions, whether placed with
banks, credit unions, or insurance companies.
Financial planning is "fee based." But
an initial consultation is required to determine if a fully comprehensive plan is in order,
or if you might be better served with help along a particular line, such
as an asset allocation strategy for your RRSP.
For the comprehensive plan, costs include an upfront
retainer, an initial plan fee, and an annual review fee. As each plan
is unique, tailored to an individual family, so are the fees. Applicable
minimums are C$350 for an initial plan, C$100 per annual review.
Implementation of your plan may generate commission income, but you are under
no obligation to transact such business here.
Specific engagement fees are negotiable.
Past assignments have included pension analysis and retirement lifestyle
workshopping. An hourly rate can be applied.
POTENTIAL CONFLICTS OF INTEREST
This is an ownership issue. If an investment firm, a bank or credit
union owns the so-called independent financial planner, how truly independent
is she?
- John owns 100% of Discovery Islands Financial Services Ltd.
- Discovery Islands Financial Services Ltd. owns 1% of BC Land Insurance Agencies,
now a component of Vancouver Island Insurance Centres.
- Neither corporation nor John owe money to any financial institution
with whom we may place business.
CERTIFICATIONS AND LICENSES
- Certified Financial Planner licensee
- Canadian Accredited Insurance Broker
- Life Agent 2
CONTINUING EDUCATION
Maintaining certifications, licenses, professional memberships, requires up to
60 hours annually in various seminars around the country. National conferences
and schools are attended for the latest in financial products, economic trends,
tax, estate, and family law. And John's nose is usually planted within an
economic text book.
THE SMALL PRINT
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Sale of Products Where Prohibited
This communication is directed only to persons
No Advice
The information contained on this website is provided on the understanding that we are not providing financial, legal, tax or accounting advice. As such, it should not be used or relied upon as a substitute for consultation with professional financial, legal, tax or accounting advisers.
No Guarantees or Warranties
While every effort is made to ensure that the information contained on this website is correct, John Q Gregg and his affiliates ("we" and "us") are not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided "as-is" and without guarantee of any kind, including any guarantee of completeness, accuracy, timeliness of information or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including warranties of performance, merchantability and fitness for a particular purpose.
We may make improvements and/or changes in the products and/or services described in this website at any time without notice.
No Endorsements
Certain links on this website connect to other websites maintained by third parties over whom we have no control.
We do not endorse the products or services of those third parties and make no representations or warranties as to the accuracy, completeness or any other aspect of the information contained on those websites.
Limitation on Liability
In no event will we or our directors, officers, employees or agents be liable to you or anyone else for any action taken or decision made in reliance on any of the information contained on this website or for any direct, indirect, consequential, special or other similar damages, even if we have been advised of the possibility of such damages.
Internet E-mail
Internet email communication has not been proven to provide completely secure transmission of information. We accept no responsibility for ensuring the integrity and privacy of information sent either to or from us in this manner.
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