Conscious Wealth: Prosperity with a Purpose

''Helping young professionals activate their savings by combining prosperity with purpose.'' - Conscious Wealth

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Money is an important parts of our lives. The quality of our lives is impacted by how we poorly or correctly manage our funds. But we live in a society that doesn't teach people the importance of their dollars early on in life. We often learn the importance money later on in life when we've become adults and working full-time jobs. Most of us are financially illiterate and it is not our fault. The financial industry relies on our ignorance and fear to profit off us. The more we know the harder it is to be bullied or controlled financially. Conscious Wealth is here to teach you and empower you on your financial journey. Naheed, is here to show you the differences between unregulated and regulated aspects of the industry.It's important to seek a financial adviser for the following reasons: 

- Marriage 

- Children 

- Mortgage 

- If you plan on leaving a will ( or to manage an existing one): 

''A will is a legal document you use to transfer assets you have accumulated during your lifetime to the people and institutions you want to have them after your death.

The will also names an executor -- the person or people who will carry out your wishes.

You can leave your assets directly to your heirs, or you can use your will to establish one or more trusts to receive the assets and distribute them at some point in the future.

The danger of dying without a will is that a court in the state where you live will decide what happens to your assets. Its decision may not be what you would have chosen, and its deliberations can be costly and delay settling
your estate''. Source: https://financial-dictionary.thefreedictionary.com/Will

We learned the differences between an Adviser and Advisor. Here's the break down: 

Money Sense breaks it down in their own way: 

reference: 

https://www.moneysense.ca/save/investing/financial-advisor-or-adviser/

Advisor: 

''Investment industry commonly calls their salespersons “financial advisors” even if they are not registered to act as advisors.''

''Canadian Securities Administrators (CSA) confirmed to SIPA that “financial advisor” is an “unregulated business title” that can be used by anyone.''

''We found that about 96% are registered as a “dealing representative” which is a salesperson without a requirement to look after a client’s best interests.'' 

Adviser: 

''CSA (Canadian Securities Administrators) website discovered there are only 4,076 persons in all of Canada registered in the categories where a true fiduciary, professional responsibility is legally required to be delivered to you as the investor. This means they must act solely in the client’s best interests.''

'' Regulators rightly stress the importance of checking to see that your financial advisor is registered. But it’s not enough to be registered, it’s important to see what they are actually registered to do.''

reference: 

https://www.moneysense.ca/save/investing/financial-advisor-or-adviser/

Here's a quick definition : 

"Advisers" are regulated and have a legal responsibility to act in your best interest. "Advisors" are … not the same. - CBC News https://www.cbc.ca/news/business/marketplace-watchdog-adviser-advisor-1.4049326

Here are some questions Conscious Wealth encouraged us to ask our future financial advisers: 

1. How are you compensated?
2. How much do you mange?
3. What happens to me if something happens to you?
4. How many clients do you have?.
5. Who regulates you?
6. What's your track record?

If you are interested please visit the following links and start your journey to financial wellness with Conscious Wealth: 

website: 

http://consciouswealth.ca/

facebook page: 

https://www.facebook.com/consciouswealth1/

Pictures for the event last night on Thursday, November 22, 2018 5:30 PM - 7:00 PM.

We had a great turn out. See everyone at the next Conscious Wealth event.