FREQUENTLY ASKED QUESTIONS
What exactly does Haven do?
All jargon aside, Haven is a firm dedicated to assessing and diagnosing financial problems. Most people seek out a relationship with a family doctor. The physician keeps them informed on their health status and they remain in contact as issues arise. Regular checkups are scheduled to make sure nothing detrimental is developing under the surface. Think of Haven as your financial doctor. We perform an assessment in they key financial disciplines and bring to light the illnesses, big and small. In both instances, the largest problems aren’t so easy to spot and they make their claim over time. Maybe it’s time for a checkup?
Aren’t you guys a little young for this?
The youngest in fact. We have the youngest average age of any wealth advisory team in the country. Our founder is Canada’s Youngest Certified Financial Planner and was featured in the Finance section of major media outlets before the age of 20. In an industry with an average age of 59 we see youth as our irrefutable advantage. Rather than seeking to maximize the sale value of our practice before retreating to the Golf Courses of Boca, our focus is on the long term. If you’re looking for silver hair and a mahogany boardroom table on the 33rd floor, we’re probably not the best fit. (Although you may find a little grey on the sides in the right lighting)
What makes you so unique?
Being unable to answer this question honestly is what led to the formation of Haven. Stuck in the bureaucracy and monotony of the conventional financial services field, the founders ventured out to create something other than a cookie cutter. What makes Haven unique is our ability to adapt. We are young, technologically savvy and have maximized modern tools to drive efficiencies not available to the vast majority of financial services giants. We are constantly in beta, always researching, always testing, always progressing. We’ve partnered with Canada’s most innovative financial minds and the result is a tipping point for Canada’s financial planning industry.
What is your philosophy?
We are rigid in our principles and flexible in our beliefs. The financial industry is in a rapid state of change and we believe those susceptible to ideologies of the past won’t last. Gone are the days of “I drive a brand new S-Class and have an estate in Arizona, trust me.” The Canadian public looking for genuine advice have turned to the data. What is your philosophy? How much do you charge? What value are you providing me? Do you have incentives to act against my best interest? Haven seeks to respond by creating the firm we wish we had. Our philosophy? It’s an emergent doctrine called “Evidence Based Advice” Click to learn more, we think you’ll like it.
What do you charge?
Canadians pay the highest investment management and financial planning fees in the world. Morningstar reports the average mutual fund fee in Canada is a whopping 2.35%. This does not include additional transaction or advisory costs layered in by the planner. Fees this high have been shown to cost some households a third of their wealth over time. A fundamental tenet of “Evidence Based Advice” is low fees. Our clients can opt for an upfront financial planning fee OR a percentage fee based on assets under advisory between 0.85-1.65%, all in. For clients of Haven, fees are not “embedded” but are displayed in dollars and cents.
Where are you located?
We are located wherever you need us. In person at your favorite restaurant or coffee shop, over the phone, web conference or even in your home. So long as you are a Canadian resident Haven has the ability to help. We take the controversial stance that brick and mortar office space will no longer be the consensus among financial planning practices of the future. Besides, we’d prefer to invest where it counts: developing our service, acquiring new technology, building innovative partnerships and reducing fees. The future may be different, but it will because you requested so, not us.
How do you compare to a Robo-Advisor?
Unlike most financial services firms, we see automated investment platforms as a friend rather than a foe. In fact, we utilize the same technology behind Canada’s leading Robo-Advisors like Wealthsimple and Wealthbar to automate the administrative and regulatory burdens placed on financial advisors. Since the investment management and financial advice components are performed by human professionals, you don’t lose the ingenuity of human touch. To this extent, we are a hybrid between a human advisor and a robo-advisor. This synergy allows for features not commonly found elsewhere - customized investments and financial planning with transparency, low account minimums and low fees.
Do you have services for my Business?
Yes. Haven has the capability of providing the same modern, transparent and low cost services to help employers attract and retain key talent. We do this though Group Retirement Savings and Investment Plans as well as Group Benefits and Insurance for your employees. Included in these services, we facilitate presentations for your workforce on how to successfully implement, modify and access their plans set up through Haven. One of our financial advisors will work with your employees to ensure they are set up for success. Lastly, we provide your employees with a discounted rate for our retail financial planning services. Contact us for more information on corporate solutions.
What are some of the products available?
Some of our products (either through us or a corporate partner) are: Financial Planning, Home Purchase Planning, Education Funding, Retirement Planning, Retirement Projections, Investments, RRSPs, TFSAs, RESPs, RRIFs, LIRAs, LIFs, Non-Registered Accounts, Term Life Insurance, Permanent Life Insurance, Universal Life Insurance, Disability Insurance, Critical Illness Insurance, Accident and Sickness Insurance, Group Insurance, Group Benefits, Group Retirement Programs, Mortgages, Tax Guidance – the list goes on. If you have a financial goal, we can help. Please contact us for specific requests.
I want to get started. What should I expect?
Standardize the process, customize the advice. A new client is typically brought on, start to finish, within 2-4 meetings. New client’s of Haven can expect the following:
A “Fit” Meeting (Are you best served here or elsewhere?)
A Discovery Session (What’s your vision? Where are we now?)
Financial Analysis (Give us some time to run the numbers)
A Recommendation Meeting (A proposal, singed by a CFP)
Implementation Meeting (Helping you take action)