Standings Assessment
Diane and her husband Dennis moved from her hometown in the Maritimes to a remote area of the Yukon for Dennis’ work when their first child was born. In 1992, they relocated to Kelowna, where they bought a fourplex, which they fixed up and rented out.
Before working with FocalPoint Financial, Diane and Dennis were clients of Scotiabank for financial planning services. However, they found the service impersonal, too business-like, and uncomfortable, with a lack of continuity as they never interacted with the same person twice.
Diane first connected with FocalPoint Financial through a serendipitous event. She had received a call from Sunlife to discuss their insurance plan, but upon arriving at their appointment at Sunlife, the Chris she was scheduled to meet didn’t exist. Fortunately, Chris, who was later with FocalPoint, stepped in to assist them. Diane and Dennis built a strong relationship with Chris and transitioned their financial planning to FocalPoint when Chris moved to the firm.
The Strategy
In 2014, Diane and Dennis faced one of the most challenging periods of their lives when Dennis was diagnosed with cancer. The couple had already begun working with Chris at FocalPoint Financial, and their relationship with him became even more critical during this difficult time. Chris provided not only financial guidance but also emotional support, helping Diane and Dennis navigate the financial implications of Dennis’s illness. After Dennis’s passing, Diane found herself transitioning to a new chapter in her life—managing her finances independently and adjusting to a single retirement income.
Risk Management
When Diane and Dennis began working with Chris at FocalPoint Financial, he took the time to thoroughly assess their existing insurance policies to ensure they were adequately protected. Chris identified areas where their coverage could be improved and made recommendations tailored to their specific situation. When Dennis passed, Chris worked closely with Diane to update her insurance plan, making sure it was aligned with her needs as a single retiree. This careful attention provided Diane with the security that her children’s financial well-being would be safeguarded in the event of her passing.
Wealth Accumulation
Chris planned and managed an individualized investment approach for the funds previously held at Scotiabank. With Diane’s transition to a single retirement income, Chris developed a customized investment strategy to suit her new financial reality. After the sale of the fourplex, the proceeds were carefully reinvested into a balanced portfolio that prioritized security and steady income. Chris adjusted the investment mix to include more conservative options, providing Diane with a stable income stream that matched her risk tolerance and long-term financial goals. This strategy ensured Diane’s financial needs were met without the pressure of high-risk investments.
Tax Planning
As Diane transitioned to managing her finances independently, Chris helped her navigate the complexities of tax planning, especially following the sale of the fourplex. Chris ensured that Diane’s retirement income was maximized while minimizing her overall tax burden. This thoughtful approach allowed Diane to preserve more of her assets for the future, giving her greater financial flexibility.
Transitions
While Dennis was in hospice Chris was there every step of the way, even visiting, to provide support. After Dennis passed away, Chris and the FocalPoint team continued to check in on Diane, offering not just financial advice but also emotional support during this challenging time. Their relationship grew beyond professional boundaries, becoming a friendship.
Achieved Outcome
The relationship Diane built with Chris and the FocalPoint team has provided her with a sense of security and trust. They took the time to understand her financial goals and tailored their advice accordingly, making her feel comfortable and confident in her financial decisions after her husband’s passing. Diane’s son and daughter-in-law, as well as a friend, have also moved their financial planning to Chris at FocalPoint, highlighting the strong recommendation Diane gives to others.
Please note:
The name and certain characteristics of the client mentioned in this case study have been changed to protect their privacy and confidentiality. This case study is based on a third-party interview with the client, providing an authentic firsthand account of their experience.
Any strategies or outcomes discussed should not be construed as personalized advice, as they may not be suitable for your individual objectives, financial, or legal circumstances. FocalPoint Financial advisors are not lawyers or accountants, and any specialized advice provided to this client was obtained from trusted professionals in those fields.