September 29, 2008 Daily Morning Spot

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

Busy people frequently have complicated financial lives, and few are busier than professionals.

As your practise grows, you have greater needs, and less time to deal with them. The secret is to build a team of experts to help.

At ScotiaMcLeod, we have many services tailored to the needs of professionals, both as investors, and business owners.

Join us for lunch on October 7th, as Dave McKerlie of Scotia Bank, Chris Carlton, of Scotia Funds, and I discuss the special financial planning needs of professionals.
To reserve a seat, give me a call.

Have you outgrown your mutual funds?

September 26, 2008 Morning Spot

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

Today promises to be another challenging and difficult day, as the US government bail out package has suddenly run aground. In addition, the largest US bank failure ever occurred overnight.

Both Canadian and US markets will likely be under pressure, for different reasons.

Tune in tomorrow at 8:30, as I discuss another remarkable week in a month of dramatic developments, and offer ideas for investors looking for safety in volatile and challenging times.
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Have you outgrown your mutual funds?

For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

MARKET COMMENTARY BY JIM O’SHAUGHNESSY

Here are some fascinating thoughts from a market legend.

"MARKET COMMENTARY BY JIM O’SHAUGHNESSY: SEPTEMBER 2008
It’s time to take a collective breath.
Amid the Fed-engineered takeover of Bear Stearns by J.P. Morgan, the
collapse of Lehman Brothers, the nationalization of AIG and Merrill Lynch’s
rush into the arms of Bank of America, we need to ask ourselves “Why do we
invest in the stock market?” The answer is simple and straightforward: we
invest in the stock market because, given all the alternatives—from bonds
and t-bills to real estate and commodities—the stock market has
historically offered the best long-term performance—even when everyone is
afraid that the sky is falling and that the bottom is dropping out of the
market. If we compare all of these investments over rolling 20-year
periods and adjust for inflation, only stocks (as measured by a proxy for
the S&P 500) have never had a negative return.

An Historic Opportunity
It sure may not feel like it, but the market is presenting us with a rare
opportunity. In times like these, most investors panic and sell.
Behavioral economists have identified a consistent bias they have dubbed
regency bias, where investors project the current market conditions way
too far into the future. This causes them to seek safety from the
volatility instead of leading them to see the market decline as a gift
that allows them to buy stocks at vastly lower prices. Rational,
historically driven methods like those we use at OSAM dictate that you and
your clients must do the opposite. Successful investors study history.
They unglue themselves from the present and make decisions using
historical information that helps them understand what happened after
every other crisis. They understand and react to the present in terms of
its antecedents and what can reasonably be expected for the future.
Yesterday and tomorrow, as well as today, make up their now. By studying
what has happened after similar downturns in the past, informed investors
gain perspective, letting what they know transcend how they feel, and this
becomes an emotional pressure valve.

What you and your clients do right now will affect both of your tomorrows.
Urge them to do what I started doing in July and will continue to do over
the next few months—convert all of your cash earmarked for investment in
equities to investments in the stock market."

September 24, 2008

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

On Mpnday, I discussed the safety of traditionally secure investments. The US government has been dithering with the rescue package intended to solve this problem, and it has really been reminiscent of Nero fiddling while Rome burns. In response, we have seen the worst 2 day sell off in six years.

In spite of this negativity, some incredibly positive signs have emerged. Several major firms have announced massive buybacks, Warren Buffet has taken a major interest in the struggling brokerage market, and Jim O’Shaughnessy, one of Wall Street’s brightest managers, released a note suggesting this time is one of history’s great buying opportunities. I will be posting some of his comments later, on www.beyondfunds.ca. If you are nervous about the markets, take a minute and read it.

Have you outgrown your mutual funds?

For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

September 22, 2008 Morning Spot

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

After last week’s volatility and uncertainty in the market, you may be worried if your money is truly safe.

The insecurity extended from Wall Street firms, to major insurance companies and money market funds.

The many actions taken by the US government and Central Banks around the world may have averted a major crisis, but you really should sit down with your advisor, and ensure that the investment products and solutions you are in reflect your comfort level with risk.

If you have not heard from your advisor, or want a second opinion, give me a call.

Have you outgrown your mutual funds?

For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

September 19, 2008 Morning Spot

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

It has been a remarkable week, and today promises to follow suit.

Fear and insecurity have reached record levels…and investors have seen some dramatic developments. Government and central bank intervention around the world happened almost daily, and markets have swooned and surged in response.

Tune in tomorrow to Beyond Funds Market Weekly, as I dissect and review a week that is likely to be the subject of many books in future.

Even money market funds and T bills in the US have been a part of the problem…and I will tackle the subject of whether your money market funds truly are safe.

Have you outgrown your mutual funds?

For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

September 17, 2008

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

After touching bear market territory yesterday, the Canadian markets officially joined the global slide in equities. The most common question I am asked is, “What’s going on?” Today we hear that a US money market fund has suspended withdrawals for a week…you may be justified wondering “Is my money really safe?”

There are many causes of the current sell off, but the key is to have a long term strategy, and work with an advisor to ensure that your plan is consistent with your investment decisions.

Please visit my blog on AM980’s’s web site, for an in depth review of this very subject

Have you outgrown your mutual funds?

For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

September 16, 2008 Daily Market Wrap

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with your daily market wrap for September 16th, 2008. Markets were a little more stable today, although Toronto briefly entered
bear market territory. Toronto lost 27 points, after being down over 200
points earlier, while the Dow finished up 141 points, the NASDAQ up 22 points, and the S&P finished up 21 points... Oil ended at 92.95 dollars per barrel, and the Canadian was steady at ended at 93.42 cents US. Gold closed at $783 per ounce This is for information purposes only, Best efforts have been made to furnish accurate data...Performance data does not represent future performance. ScotiaMcLeod s a division of Scotia Capital, member CIPF.

Tune in Saturdays at 8:30 AM, for Beyond Funds Market Weekly, for further information on the markets, visit my blog on AM 980's website, or at www.beyondfunds.ca Jeff Wareham, CFP, RHU Wealth Advisor ScotiaMcLeod 148 Fullarton Ave, Suite 1801 London, ON N6A 5P3 519 660 3260 http://www.jeffwareham.ca 1 800 265 1242 Fax 519 660 3208

What's going on in the markets

Given the uncertainty of the Canadian Markets, I thought I would share some thoughts from Gareth Watson, of Scotia Capital.

What’s Going On

September 11, 2008 Market Overview:

Non-Financials are Oversold
While we have never been believers that the month of the year should dictate whether or not you buy stocks (fundamentals should), it would appear that the month of September and the TSX Index are not the best of friends this year. In fact the TSX has not been performing well since its 2008 closing high of 15,073 on June 18. Declines of the past week or so have been particularly dramatic, leaving investors to wonder “what’s going on?” We provide a table showing the performance of the TSX Index by sector since the June 18 year high, the beginning of September and on a year to date basis below: We won’t attribute all of the weakness over the past three months or the past week to one reason alone as there have been numerous catalysts causing investors to sell. Although not exhaustive, we highlight some of the more prevalent reasons below.

1) GLOBAL ECONOMIC SLOWDOWN More attributable to weakness seen over the past three months is the fact more evidence has emerged indicating that global growth is slowing. While the U.S. has stolen many of the economic weakness headlines in 2008, and rightfully so, it is other parts of the world that have entered the spotlight since June. European countries such as Germany and Great Britain along with Asian countries such as Japan have been slowing, while China’s growth has been brought into question with the passing of the Olympic Games. Such signs and signals tend to wave red flags around commodities as investors question whether demand will be strong going forward. As they concluded that demand could come under pressure, commodity related stocks have found more willing sellers than buyers.

2) U.S.DOLLAR STRENGTH = COMMODITYWEAKNESSWith other economies showing signs of weakness relative to the U.S., the U.S. trade weighted dollar index has actually done quite well since mid July, rising from about 72 to almost 80 or 11% in 2 months. As mostinvestors are aware, commodities are priced in U.S. dollars. Therefore, when the U.S. dollar weakens, it takes more U.S. dollars to buy a barrel or pound or ounce of a commodity. The reverse is also true when the U.S. dollar strengthens which is exactly what has happened. A strengthening dollar requires fewer U.S. dollars to buy that same commodity and therefore commodity prices fall. As you can see in the performance chart we have provided by sector, the Energy and Materials sectors make up 44.7% of the TSX index. When commodity prices fall, you’re bound see the TSX index come under pressure.

3) HEDGE FUND SELLING/FORCED LIQUIDATION The emergence and growth of hedge funds this decade has made them very influential at times in moving the market. The weakness of commodity prices in August actually resulted in some hedge funds closing their doors as losses were substantial. In order to pay out investors and wind down funds, positions have been thrown into the market and sold at whatever price available. This increase in selling has put a lot of pressure on commodity related stocks in September and has likely resulted in further selling as investors speculate that other hedge funds could fail and be forced to liquidate. The influence of hedge funds is accentuated by their levered investments which punish investors more severely when those investments are off-side. 4) THE CREDIT CRUNCH JUST KEEPS ON CHUGGING ALONG Those investors that thought the bailout of Bear Stearns was a sign the worst was over in the credit markets have been sorely mistaken. The credit environment continues to be a challenge and U.S. financials have been through another couple of scares including the fears of further failures leading up to quarterly results in July and recent speculation that Lehman Brothers (LEH) may be the next large financial institution to shut its doors. Combine that with the recent bailout of Freddie Mac and Fannie Mae by the U.S. government, thus indicating that all is not well in the U.S. housing and mortgage market, and you’ve got a nice recipe for financial weakness. While this factor has been more influential in the United States, we certainly have seen Canadian banks come under pressure at times due to credit related events and news. 5) GOOD OLD FASHIONED PANIC SELLING When investors see the magnitude of this past week’s declines their first reaction is to get out to avoid further losses. While perhaps such emotions may not have moved the market to massive degree, they certainly created more sellers in the market place.

Now that we’ve identified some of the catalysts, let me share my thoughts on what we’re thinking about them from a Canadian equity market perspective.

1) GLOBAL ECONOMIC SLOWDOWN The U.S. economy has been struggling for some time. Is it really a surprise that Canada, Europe, Asia and the emerging markets are following suit? Absolutely not. Those investors that thought certain economies, such as China, would be completely immune from the slowdown of the world’s largest economy (25% of world GDP) come to realize that the influence of the U.S. economy is widespread even during times of economic weakness. Yes, places such as China will still continue to grow, but to become immune is another story. We don’t think that investors are surprised that other economies are showing signs of weakness, but we do believe those same investors are likely surprised by the speed at which the slowdown has occurred. The negative headlines which seem to come out on a daily basis from Europe are certainly dampening growth and commodity demand expectations. However, we would point out that even though emerging markets are likely to post lower growth numbers this year that absolute growth levels posted will still be decent. Sure, China will not exceed the 11.9%GDP growth rate posted in 2007, but 8% growth in a country of 1.3 billion people is nothing to frown at either.We also dismiss the conclusion that the Chinese economy will slow down now that the Olympics have come and gone. The multi-year growth and investment in China has not been due to the hosting of a sporting event alone as China is bigger than the Olympics. What we’ve witnessed is not a cyclical change, but a generational change and therefore we believe growth and investment in that country should continue for some time to come.

2) U.S.DOLLAR STRENGTH = COMMODITYWEAKNESSYes, economies outside of the United States have slowed as of late which may make the U.S. dollar look more attractive on a relative basis, but we question how much better and whether or not the recent strength has been over done. We also question whether or not the U.S. is going to be able to get its economy back on track sooner than later. All indications would lead us to conclude that the U.S. economy still has many obstacles to over come and the U.S. dollar is in for a tough fight if it intends to continue its upward trend. Is the U.S. dollar really looking that good these days? The currency of a country which is having one of the worst real estate downturns in decades, where housing prices continue to fall, where delinquencies continue to rise, and where housing inventories continue to climb? The currency of a country which will post a budget deficit of at least $400 billion this year, excluding the impact of Freddie Mac and Fannie Mae? And the currency of a country where the U.S. consumer has cut back on spending and has been responsible for at least 75% of aggregate demand? We’re not convinced and wouldn’t be surprised if we see the U.S. dollar give back some of its recent gains before economic conditions eventually improve. If such a retreat occurs it will only help resource stocks and thus the TSX regain lost ground. One of the most commonly asked questions in 2008 is whether or not the U.S. is in recession. Our response is that such a question is irrelevant at this stage when it comes to making investment decisions. The economic data speaks for itself. If it looks awful, smells awful or tastes awful….chances are, it’s awful.

What’s Going On

3) HEDGE FUND SELLING/FORCED LIQUIDATION

Without a doubt redemptions and liquidations have had a material impact on the TSX in September, but we can find a silver lining to this weakness and that is that the selling we’ve seen over the past week is more related to “having” to sell and less related to “wanting” to sell. In other words, all of this selling hasn’t occurred because there is something fundamentally wrong with the companies and sectors being sold, it’s because the sellers need to get their hands on the proceeds as quickly as possible. It’s just like someone selling a house as soon as possible in order to fund the purchase of a new one. You don’t care as much about the price you receive as long as you can get the highest price possible in the time constraints provided. So what does this mean for Canadian investors? If the selling was solely related to fundamentals we’d be far more nervous than we are right now, but since it’s forced selling we’re quite convinced that recent weakness has done nothing but create a great buying opportunity especially amongst commodity related names.

4) THE CREDIT CRUNCH JUST KEEPS ON CHUGGING ALONG
The credit crunch is now over a year old. It was started by sub prime mortgages but has spread into other areas of the financial system. We’ve had three noticeable credit related selloffs in the equity markets and we wouldn’t be surprised to see more. Why? Because if credit concerns can be tied to the U.S. real estate market and if that market has done nothing but fall, then it’s very hard to make the argument that the financial sector should grow while underlying assets and securities struggle. Is the credit crunch going to disappear any time soon? Well we’re already a year in and still haven’t really restored faith in the credit environment or seen any signs of stability in the U.S. real estate market. We find it very difficult, especially in the current economic environment, to get excited about financials as long as growth slows, real estate prices fall, and the U.S government bails out financial institutions. What we will concede though is that Canadian banks are in a much better financial position than their U.S. or global counterparts which is evidenced by the fact that their share prices have outperformed their global peers since the credit crisis began. At the same time, even though they pay a nice dividend, we remind investors that banks are economically sensitive and thus will continue to find their operating environment difficult in the short term.

5) GOOD OLD FASHIONED PANIC SELLING
Panic selling is just like forced selling…it’s not the result of a fundamental conclusion but more a result of an impulse reaction. I found a great quote in some of my reading this week from a strategist at Citigroup who said “emotion’s your enemy, not your friend”. We couldn’t agree more. It’s recent pull backs like we’ve seen in September that remind us that we need to keep our focus on long term financial goals and less on short term news and noise. Long terms plans should not necessarily change just because the market is working against you in the short term. Ignoring the short term and focusing long term is one of the most difficult skills an investor can develop; however, such an ability is necessary to help set and meet the goals of a long term financial plan. The winners of panic selling are usually not those who sell their positions, but those that buy them for the long term.

What’s Going On

So what should you take away from our discussion above?
• Recent TSX Index weakness has been predominantly commodity related.
• Economies around the world are going to continue to show signs of weakness, and the U.S. isn’t going to improve any time soon.
• U.S. dollar strength has contributed to short term commodity price weakness, but the outlook for the Greenback is such that recent gains could be given back and commodity prices could get some support in the future.
• The credit crunch is here for a while yet. Accept it and move on.
• Non-fundamental selling is painful in the short term but opportunistic for long term investors.
"Emotion’s your enemy, not your friend”.
With all this in mind we have come to the conclusion that recent TSX weakness has been over done and thatcommodity related equities are over sold. The weakness of September has created a long term buying opportunity. While some may question the timing of this call (is it too soon?) we will concede that we will never be able to time the bottom of this downturn considering the volatility we’ve witnessed thus far. If we happen to time it well I’ll be the first to admit that the exact timing was more a function of luck than skill. But what’s important here is that from a valuation perspective commodity related stocks and stocks in other sectors that sold off in sympathy with the broader market offer long term value. Although further short term downside is a distinct possibility, we believe long term investors will look back on September 2008 as one of the better buying opportunities of the year. To discuss these opportunities and how they may benefit your portfolio, please contact your ScotiaMcLeod Wealth Advisor - Gareth Watson, CFA – Associate Director Portfolio Advisory Group
(The author(s) of the report own(s) securities of the following companies. None. The supervisors of the Portfolio Advisory Group own securities of the following companies. None. Scotia Capital is a member of the Canadian Investor Protection Fund (CIPF). ScotiaMcLeod is a division of Scotia Capital Inc. (·SCI·). This report has been prepared by SCI on behalf of the Investment Executive. Opinions, estimates and projections contained herein are our own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as totheir accuracy or completeness. Neither SCI nor its affiliates accept liability whatsoever for any loss arising from any use of this report or its contents. This report is not, and is not to be construed as, an offer to sell or solicitation of an offer to buy any securities and/or commodity futures contracts. SCI, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities and/or commodities and/or commodity futures contracts mentioned herein as principal or agent. SCI and/or its affiliates may have acted as financial advisor and/or underwriter for certain of the corporations mentioned herein and may have received and may receive remuneration for same. The content may have been based, at least in part, on material provided by Credit Suisse First Boston Corporation ("CSFB"), ourcorrespondent research service. CSFB has given ScotiaMcLeod general permission to use its research reports as source materials,but has not reviewed or approved this report, nor has it been informed of its publication. CSFB may from time to time have long orshort positions in, effect transactions in, and make markets in securities referred to herein. CSFB may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report.This research and all the information opinions and conclusions contained in it are protected by copyright. This report may not be reproduced in whole or in part, or referred to in any manner whatsoever, nor may the information, opinions, and conclusionscontained in it be referred to without in each case the prior express consent of SCI. SCI is a wholly owned subsidiary of a Canadian chartered bank. SCI is a member of The Securities and Futures Authority Limited E&O.E. U.S. Residents: Scotia Capital (U.S.A) Inc. (·SCUSAI·), a wholly owned subsidiary of SCI, accepts responsibility for the contents herein, subject to the terms and limitations setout above. Any U.S. person wishing further information or to effect transactions in any security discussed herein should contact SCUSAI at 212-225-6500.)

September 15, 2008

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

The ground under your feet may feel like it is shifting, with all that has happened on Wall Street over the last few months.

Today promises to be another challenging day for investors.

Protecting your assets in volatile markets means working closely with your advisor, and there are solutions that will help insulate you from the losses moving forward. If you have not discussed your options with your advisor in the past few months, call me or email me.

The time has come to explore your options.

Have you outgrown your mutual funds?

For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

September 10, 2008 Morning Spot

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.



The September selloff continues, especially in the Canadian market, and portfolios that have been heavily concentrated in the Canadian index or the energy and commodities sector have likely been hit the hardest.



Tough, volatile markets can drive you out of the market, and that will have a greater long term impact on your wealth than any market volatility.



The most important role an advisor plays is to help an investor stay properly invested and diversified in difficult markets. If you are looking for a second opinion, or think it is time for a fresh approach to your investment program, call me.



Have you outgrown your mutual funds?



For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.

This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.

Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

September 8, 2008 Morning Spot

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

Over the weekend, the US government announced plans to bail out Fannie Mae and Freddie Mac, and this may be a critical point in the year old credit crisis. It may not be the end of the volatility we have seen over the last few months, but it is another key step to sorting out the US mortgage mess. Markets will eventually recover, but after weeks like last week, it is vital to have your portfolio built to survive the volatility.

There are only a couple of seats left for my lunch at the Black Trumpet tomorrow, September 9th, where Nevin Markwart of Fidelity Investments and I will discuss alternatives for investors who want to protect their portfolios. If you wish to attend, call me right away

For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

September 5, 2008

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

After three days of selling, this week is likely to be one of the worst ever for the Toronto market. The energy and material sectors, which propped up Toronto earlier in the year, have led the decline. Markets around the world have followed suit. Cash pays almost nothing, and bond and GIC rates barely cover inflation. Where is an investor to turn in such challenging market conditions?

If market volatility is troubling you, listen to Beyond Funds Market Weekly tomorrow at 8:30 AM, or attend my upcoming seminar, featuring Nevin Markwart, Vice President Canadian Equities of Fidelity Investments. He will share strategies to survive and thrive in today’s environment.

Join me for lunch at the Black Trumpet on September 9th, and I will discuss alternatives for investors who want to protect their portfolios.

Have you outgrown your mutual funds?

For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF.

Retiring on Your Own?

Taking control of your retirement plans


The transition into retirement can be a trying time for most people whether they are in a relationship or on their own. Many retirement plans assume that couples will engage in new activities or enjoy exciting travel and that together they can build a future after work. Yet, Statistics Canada found that 30% of Canadian boomers are single and 60% of all Canadian women over age 65 are single, widowed or divorced.

There are few tips or information available for singles facing retirement without a partner. The articles that I have come across in my own research concentrate on how singles can avoid “the loneliness of retirement” as if being single and retiring was a terrible thing.

In fact, I know a lot of couples entering retirement very much on their own. They don’t share the same views on what they are going to do, they may be dealing with competing goals or perhaps one partner is suffering an identity crisis.

To assume that all singles encounter problems in retirement and that all couples are happy is an overgeneralization. I see a number of issues that all retirees will have to face that will apply equally to both groups.

However, there is one area where many singles are at a disadvantage as they enter retirement: their financial situation may not be as healthy as a couple with two savings plans, two company pensions etc. Also, no life insurance policies to provide an extra cushion in later life.

I recognize that it is tough for two people to live as cheaply as one, though I find many singles in retirement spending more on travel, entertainment and hobbies as a way to enjoy their time or develop new relationships or interests.

I think that many couples in retirement can learn something from successful singles who are doing very well in their transition. Here are some of the keys to a successful retirement for singles:

1. Keep working. Many singles opt to stay in the workplace for as long as possible. Additional income, pension benefits and other employee benefits are just some of the financial reasons. This is not only a good thing to consider financially, but from a retirement lifestyle perspective it also makes good sense. Workplace relationships are very important in providing a social network that can be sustained into retirement. Longevity studies also suggest that the longer you work at something you enjoy, the more positive the effects on your longevity. Too often I see people give up their work at the behest of a spouse or partner and end up being miserable. When you are single, you are making your own decisions.

2. Develop a robust social network. When you are single, you are more likely to develop and sustain friendships than if you are married. In retirement, a nurturing and supportive social network is a key to success and most single retirees are aware of the need to develop “surrogate families” or close personal friendships that will provide many of the same comforts as a married relationship. By the way, if you are so inclined be open to new relationships. You never know when you will meet someone special who might want to share your retirement with you. For some singles, this is very important—others are quite comfortable living life on their own and not wanting to enter into a relationship. The nice thing about singles retirement is that it is entirely your choice.

3. Be a “self starter”. In retirement, self-directed people tend to do better than “other-directed” people. The ability to take control of your life, make decisions and plans on your own because you have to, and look to your inner strength to manoeuvre through life’s challenges and opportunities are important keys to retirement success. The New England Centenarian study shed some light on the importance of taking control in later years. In that study published in 2007, researchers found that an abnormally high number of women who lived past the age of one-hundred had never been married. This isn’t an indictment on marriage, but a testimony to the fact that if you make it to one-hundred and you have never been married, you had to be a self-starter for a lot of years!

4. Be a life-long learner and explorer. Since this is your own retirement and you don’t necessarily have to share it unless you want to, you can use some of your time to expand your mind. Is there a course that you always wanted to take? This is your chance to go back to school and learn about something that has always interested you. How about a trip that you have long dreamt of? The nice thing about travel for singles is that there are so many possibilities that are designed specifically for someone on their own who would like the support of a group but the freedom of independence. A friend of mine recently returned from a women’s only trekking adventure to Everest base camp. Most cruise lines have single-friendly cruises also. You can combine travel with socialization and you don’t have to feel uneasy or out-of-place.

5. Remember the principles of healthy aging. We already know that women generally live longer than men and that overall health of women retirees is higher than their male counterparts. While both need to pay attention to their health, it is also important for singles of both sexes to remember that healthy aging is as much a mental issue as it is a physical challenge. Retirement success is a lot about attitude. If you are happy with your situation as a single retired person, or have learned to deal with it you will enjoy a more successful retirement. If not, stress and depression can undo your best efforts to live a healthy physical life.

6. Prepare for the unexpected. A large number of Canadians were not single when they transitioned into retirement. Whether they lost their spouse through divorce or bereavement, many new singles had other retirement plans that involved a spouse or a partner.

I am convinced that all couples should conduct a ‘fire drill’ when they make their retirement plans. That involves a frank “what if?” discussion that would address the possibility of the ‘best laid plans’ going astray. Suddenly single is tough enough on both your physical and mental health and it is worth at least considering what you might do if you found yourself in that situation.

At the very least, satisfy yourself that if you had to take over the family finances tomorrow, you could do so with little stress.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

Use it or Lose it

“Use it or Lose it”
The importance of mental health in retirement

Retirement is a time to relax, but it is also an opportunity to achieve some of the things that you may have always aspired to reach. Over the years, I have seen countless examples of retirees who started new businesses or had completed their education.

Their idea of staying active had gone far beyond simply completing the crossword every weekend or surfing the Internet for news. By the way, those activities are still very valuable in maintaining your interest in life. However, a lot of retirees who had always been mentally active in their lives or because of the demands of their jobs have found that they crave mental challenge once they retire.

Healthy aging and your mental outlook in retirement

Longevity studies suggest that there is a direct correlation between mental alertness or acuity and life span. People who continued to exercise their minds live longer on average than those who do not.

One prominent German study found that mental health in seniors was actually a better predictor of life expectancy for people over 65 than physical health risks such as smoking, weight or fitness.

Those retirees who exercise their minds as a way to feel like they are active, engaged and still vital also experience a sense of happiness and optimism about the future.

In fact, Dr. Laura Carstensen at the Stanford Center for Longevity found that seniors tended to be happier than younger subjects because they focused more on achieving mental and emotional well being at their stage in life.

One of the interesting studies that I looked at regarding mental health had to do with the effect on mental health for early retirees versus those who retired later. Research conducted in Australia found that retired British and Australian men below the conventional retirement age of 65 are more likely to have mental health problems relative to their working peers, and retirees above this age.

The evidence linking positive mental health to longevity, self-esteem and optimism in retirees is in fact extensive. It appears that retirees have the ability to “kill themselves physically by killing themselves mentally!”

Exercising your mind in retirement

As you think about your plan for the future, how important is it for you to continue to exercise your mind, and how do you expect to accomplish that? Are there some things that you might do in retirement to continue to strengthen the connections in your mind?

Here are some good ways for you to stay mentally involved and active once you decide to leave the workplace:

1. Stay in touch with the latest research, trends, products or ideas in the profession that you retired from. You have put a lot of years into your career and it is often a good thing to maintain contact with the business and the people. For younger retirees, this may lead to a consulting contract or a new business opportunity if they are open to that. For others, maintaining interest in their profession can extend their social network and provide other networking opportunities.

2. Find ways to replace the things you liked about work in your retirement. If you liked to create things in your job or share ideas with others, there are many outlets in your retirement where you can continue to get the same satisfaction. Contributing your time to a charity, working on a project or committee or even working part-time may give you that workplace replacement that will keep you sharp.

3. Take a course or expand your education. You don’t necessarily have to become a full-time student and you can even add to your education on-line if you choose. (By the way, improving your computer skills might be a great place to start if you haven’t been an active computer user in your work career!). One of the advantages of pursuing education in retirement is that it may also expand your social network.

4. Practice daily meditation. Daily meditation is perhaps the single greatest thing you can do to improve both your mental and physical health. Not only does this relax you, but it can help you exercise your mind as your go over your plans, think about your past, present or future or simply day dream. There are many ways to meditate and in retirement this can be a valuable way for you to remain focused on your life goals and the things that are important to you.

5. Learn a new skill. Is there something that you always wanted to do or a hobby that you might have pursued if you had more time? Think about the kinds of things that you are good at and how you might develop your interest when you have the opportunity. You are never too old to learn something new and you just might find something that takes your retirement in a new direction that you didn’t expect!

6. Turn off the TV and read more. I am not saying that you shouldn’t watch television, but you also don’t want your TV to become your only contact with the outside world or a way to pass the time. In your work career, you may not have had the time that you needed to read the kinds of things that interested you. In retirement, you have control over what you want to read—try for some balance between fiction and non-fiction. This is a great way to exercise your mind, create new interests and generally tie in a lot of the things that I mentioned earlier in this article.

7. Don’t forget the value of good conversation. You have stories to tell and lots of people to tell them to. In retirement you also want to expand your social network so take every opportunity that you can to engage others both young and old in a conversation. Again, you can learn a lot about people and life but you can also share some of the things that you know and think about. This will help you remain vital and engaged and keep your mind sharp and focused!



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

September 3, 2008 Morning Spot

This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.

Yesterday’s Canadian market selloff, the worst in eight months, was almost entirely driven by falling commodity prices, but it followed the historical trend of market volatility in September.

Many investors have had a tough year…and days like yesterday don’t help.

If market volatility is troubling you, attend my upcoming seminar, featuring Nevin Markwart of Fidelity Investments. He will share strategies to survive and thrive in today’s environment.

Join me for lunch at the Black Trumpet on September 9th, and I will discuss alternatives for investors with growing portfolios.

Have you outgrown your mutual funds?

Men are from Mars…?

How men and women differ on their retirement plans

Men and women often differ considerably on how they view their future life in retirement, and that can lead to some opposite opinions once they are able to address the issues. The problem for most couples, however, is that this discussion seldom takes place.

In my experience, most couples don’t talk about retirement.

A Scotiabank study noted that 44% of men stated they have thought about both financial and lifestyle aspects of retirement while only 34% of women said the same. However, more women than men, 30% versus 26% respectively, said they have only considered the financial aspects of retirement.

Approximately 41% of couples share the same outlook on retirement, meaning that almost 60% of couples are in for some surprises. Of those who see eye-to-eye, 15% say they can’t wait while 21% say that they have some concerns.


The study also found that only about half of couples agree on the role family and friends will play in retirement. Surprisingly, only 8% of couples report that both people are interested in spending the same amount time with their partner.

The results point out that there isn’t a common view among men and women about what retirement planning should be. That makes it difficult to have a discussion on what plans to make, which is why so many retirement plans are simply financial plans rather than lifestyle plans.

That also suggests that whoever is leading the financial plan has also provided the outline for what the family’s retirement life was going to look like. That doesn’t necessarily mean that both husband and wife buy in to the family plan—simply that the “official retirement plan” also has a couple of unofficial versions that don’t often get shared with a spouse or partner.

In fact, 67% of couples surveyed said that they agree, or at least somewhat agree, about their lifestyle in retirement. Yet, of those who agree, 36% say that they are on the same page on most aspects of their retirement while only 11% say that they are onside about all aspects of their retirement.

Differing views on work

Another area where there seems to be a difference of opinion about retirement comes from how men and women see ‘work’. The Scotiabank survey found that 45% of male respondents said that they expect to work part-time in retirement while only 34% of women have the same expectation. Women, at 54%, are more likely to volunteer or take on charitable activities.

I have found that many men have a hard time with retirement simply because they have defined themselves by their careers—if you have been a lawyer for thirty years, are you still a lawyer when you retire? A woman who is a lawyer and now retires will still likely define herself more as “I am a mother, a wife, a sister etc”

For a lot of men, there are two states of being: they are either ‘working’ or they are in ‘leisure’. Work has not only defined them, but it is how they keep score, measure themselves against others and created their self-image. Leisure takes its place as a welcome break from work, even for those who are quite satisfied in their careers.

That is why most retirement plans for men are more likely to be “leisure” plans rather than lifestyle plans—here are the things I am going to do, the places we will go, the hobbies I will undertake.

A woman, on the other hand, will more likely reapportion the time she spent working into the other areas of her life. Her plans are often more holistic, focusing on family, home, health and spirituality.

That makes it hard for couples to talk about retirement plans, because “leaving the workplace” may mean something entirely different to a man (who might view it as the end) or a woman (who might view it as the beginning).

Here are some ways that men and women can reach a consensus on their retirement plans:

1. Seek to understand each other. I have been a long-time advocate on taking a lifestyle approach to retirement planning. That gives both men and women a framework to talk to each other about their dreams, goals and concerns. Take the money discussion out of play initially and just talk about the kind of life that each of you envisage.

2. Agree to disagree. You don’t have to have the same goals, in fact you likely won’t. The key thing to remember is that you should at least understand each other and then find ways to meet in the middle. There will always be compromise, but not without thorough discussion between each partner.

3. Encourage each other to stay connected. Partners should become coaches for their spouses in retirement. Unfortunately, many couples drift apart at this stage of life and stop communicating with their partners. In retirement, there will be times when each partner will need some understanding and motivation. That is why joint activities are so important between partners—they provide an opportunity to stay connected life and each other!

4. Set aside regular times to update and review your plans. Things (and people) change in retirement. Retirement plans have to be adjusted to meet these changes and it is important for couples to look at their plans and renew the lifestyle discussion. Every six months is probably sufficient for most people—try to pick a time when you can be relaxed and be really open to sharing how you feel about your present retirement situation as well as your hopes for the future.

5. Maintain open communication on the financial plan. One partner may handle the money, but it is very important for both to stay involved and maintain their awareness of the overall financial situation.

6. Conduct a “fire drill”. As part of your planning discussion, talk about the things that might change that may not be pleasant. Health challenges, financial reversals and family issues are the most common challenges to retirement plans.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

Painting A Picture

Clarifying your vision of retirement

Have you been thinking a lot lately about what the next phase of your life is going to look like? When you think about ‘retirement’, what vision comes to mind? How is your planning coming along?

If you are like the scores of Canadians who are on the verge of ‘retirement’, you have no doubt entertained these questions along with many others that may have entered your mind. Retirement was always a far-away light that shone dimly at the end of the work road. Now, it has become a beacon for many boomers who are ready to shift gears.

The retirement discussion is also coming at a time when many of us are contemplating the rest of our lives. Call it mid-life crisis, middle-aged angst or simply baby boomer enlightenment. There comes a point for most when they sit back and think about where they have been and what they have accomplished in their lives and then think about the future.

Redefining Retirement

I have always had trouble with the word ‘retirement’ and before we talk about how to plan for it we should look at how we think about the concept. Historically, it represented the “end of work” and the beginning of the last phase of life. To our parents, it meant that they were no longer as valuable in the workplace as they used to be and that it was time to enjoy their golden years. It also assumed that ‘work’ was a bad thing and that prolonged leisure was that light at the end of the tunnel.

While you may be ready to change careers or wind down your work or business involvement, do you really feel like you are entering the last chapter of your life—I don’t think so! So, you may call this transition retirement, but it certainly doesn’t have the same connotation for you as it did for your parents.

Perhaps the only common vision of retirement that most can agree on is that ‘retirement’ is that change in your life when you decide that, from this point on you can now do WHAT you want, WHEN you want and HOW you want.

That’s why most planning doesn’t reflect individual reality. We have made retirement into a financial issue by teaching that the key to a successful retirement is “having enough money to enjoy your life”. We have also made the assumption that retirement planning is leisure planning, as if you are embarking on a thirty-year long weekend.

Maybe it is time to “re-engineer” what retirement planning actually is. It has to reflect your individual life goals and consider those life areas that will be important to you in the future rather than just focusing on the financial aspects.

Building your own plan

Your ‘retirement plan’ is really a blueprint for how you want to live your future life. It is as individual as you are.

Someone once said that “if you don’t know where you are going, how will you know when you get there?” Before you do anything, you want to think about what it is that you really want to accomplish in this new life stage.

Most people plan retirement in a series of ‘episodes’ that they would like to have happen—the places they will go, the things they will do. That’s okay, but there are some other issues that will occur along the way that you want to consider as you create your vision for the future.

That may seem self-evident, but let me put it into perspective. What would an ideal week in retirement look like, say five years down the line? Not when you are traveling the world or basking on a beach—how about your day-to-day life at home?

There are 168 hours in a week and if you are not working you are going to have to fill in the 50-60 hours (or more) that work used to take up. How are you going to use your time? Will your activities be fulfilling, or simply ‘time-filling’?

A good way to look at life transitions at any stage but particularly at retirement is to consider the key areas of life that will be affected by the transition. That gives you a basic structure to create the life plans and strategies that will allow you to create a financial planning framework later.

There are seven of these life transition areas that you want to think about as you make your plans for ‘retirement’:

Your vision for the future
Your health
Your work
Your relationships
Your leisure
Your home
Your finances
What do you want to accomplish in each area? What changes do you foresee in the future? Your plan should reflect your views on all the important areas of your life in the short, medium and long-term.

Another way to look at creating a vision for the future is to decide on the values that you have that you want to reinforce in your retirement life. What is it that you want this life stage to mean, and what are the life goals that you can now strive for?

Your retirement vision should also consider the inevitable changes that happen and how they might affect your plans. Some of those you can’t anticipate and others such as getting older you accept with the secret thought that “that’s never going to happen to me!”

The more areas of your life you consider, the more you share your plans with those who will be part of your retirement and the more flexible your plans are, you will increase the ongoing effectiveness of your retirement plan.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

Three-Hundred Rounds of Golf a Year?

Balancing your leisure in retirement

I see far too many retirees lose their sense of purpose simply because they start filling their time rather than making room for fulfilling time. If your retirement plans are limited to the number of rounds of golf you are going to play, then it might be an opportunity to take a new look at how you can best use your retirement time.

Don’t get me wrong—I love to golf and it is one of those activities that I will continue to play for as long as I can. In fact, golf is one of the top three expected activities for boomers in retirement (gardening and travel are the other two).

However, just because golf is a passion doesn’t necessarily mean that my retirement will be spent entirely on the golf course. Mark Twain once wrote that

"Play is any activity that has great meaning but no purpose."

One of the keys to a happy and fulfilling retirement is to balance your leisure, pursuing many different activities and interests. A good way to do this is to consider how much time you expect to spend in the six basic leisure areas of your retirement life:

Social interaction or the time that you spend with your friends, family and social network. A number of prominent studies have focused on the positive role that social relationships play in longevity. As you look at your retirement lifestyle, how much time will you be able to spend building new relationships and nurturing the associations you have now?
Creative expression and the time that you spend thinking of new ideas, pursuing hobbies that allow you to build and create. Is there a book you want to write, a picture you want to paint or an invention you want to perfect? The great thing about retirement is that you have more control over your time and you can devote some time to that creativity that rests in most of us.
Physical activity where you can get your heart rate up and keep yourself active and fit. Again, there is a direct correlation between healthy aging and longevity and you will want to take some time each day to devote to some form of physical exertion.
Solitary contemplation is the time you spend thinking about where you are going, the plans that you need to make or just reflecting on your life. Most of us like to take quiet time, but in our work lives it is sometimes difficult to find a few moments for ourselves. In retirement, you can put aside the time that you need to recharge. By the way, I came across an interesting study last year that suggested that there is also a direct correlation between meditation and longevity!
Intellectual stimulation where you can make your mind work and strengthen the connections. In retirement it is often too easy to let your mind retire at the same time. We had a women at one of our retirement workshops who is seventy-five and has recently earned her MBA! Whether you buy a book of Sudoku puzzles, go back to university to take some courses or manage your own stock portfolio you are continuing to exercise your mind.
Spectator appreciation when you can go to a play, watch your grandkids play or attend a sporting event. Not only do these events provide you with some structure (“I have to be in town next Thursday because we have tickets..”), but they can be a source of intellectual stimulation, social interaction and even solitary contemplation!
As you look at each one of these leisure activities, ask yourself how much time you are spending now in one and what changes do you want to make in this next phase of life to devote more time to achieving a balanced approach to your leisure?

You don’t have to “micro-manage” your life in retirement, but time management can give you the opportunity to build a fulfilling retirement lifestyle. Successful retirees understand the importance of maintaining structure after they leave the workplace and building a balanced leisure plan is a great way to create that structure.

It’s all about control. Again, successful retirees tend to control those aspects of their lives that they can and creating a balanced leisure plan lets you devote the time that you need to live a rewarding life.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

Do You Really Want to Retire?

Six questions to ask yourself

Today many Canadians are thinking about their retirement plans and looking to the end of work. My experience tells me that far too many don’t actually want to retire but have accepted it as the next stage of their lives.

I am not saying that people shouldn’t retire, or that being in retirement is such a bad thing. However, I feel that you should be very clear on WHY you are giving up your work career and have an understanding of what you are actually retiring TO.

Here are six questions that I pose to people who are trying to formalize their retirement move:

Why are you retiring? This may sound like it has an obvious answer, but in far too many cases the reason that people retire is based on a misconception about what retirement actually is. If you are retiring because you have reached your company’s retirement age or your pension plan makes it worthwhile, this is understandable. However, if you are retiring simply because you think you should, then perhaps more thought might be directed towards your answers to the next five questions.
What is it that you will miss most about your job? Most people gain some satisfaction or take positives away from the workplace. As you think about what you are giving up when you leave, what are some of those motivators that you will also be giving up? Generally, work plays several roles in your life. For some, it is a source of financial comfort. For others, work can provide status, the need to be needed and to create new ideas or the structure of having to meet deadlines or responsibilities. And, don’t forget about the social connections that work provides. Some or all of these may apply to you, and it is important for you to identify what you feel you will lose in your life because you are not working.
How will you replace the things that you liked most about your work? One of the keys to retirement success is replacing what you will miss most about work in your retirement. As you answered the previous question, you identified those things about your job that really motivated you. Now I want you to consider how you will replicate those in this next phase of life. If you liked work because it provided you with a sense of status, you might consider working on a board of directors or creating a new business. If your work provided you with a sense of utility then volunteering might be in your future.
What are you looking forward to the most about your retirement? Since it is so important to understand what you are retiring to, you should think in terms of what you want this next part of your life to be. It is normal for most people answering this question to focus on the places they will go or the things that they expect to do. That is why I call retirement the “thirty-year long weekend”, because that is how many people think about it. I like the concept of a “bucket list” simply because it forces you to write down your life goals so that you can create the plans to make them happen.
What areas of your retirement life need a plan? Most retirement plans are financial plans and in a lot of cases they simply focus on building a nest egg that is big enough so that you will not run out of money. If you really want to clarify your vision of the future, then your goal setting and planning has to go beyond planning your money—in fact, I am going to suggest that you can’t realistically plan financially unless you have a vision for what you want to accomplish in each major area of your life. The areas to think about are:
Your health, which includes both mental and physical healthy aging
Your relationships, which includes your family and developing your social network
Your work which included volunteering or other workplace replacements that you will make part of your retirement life
Your leisure, which focuses on how you intend to balance your leisure to enjoy as many things as possible without getting stuck on doing the same thing over and over
Your home, which includes your vacation plans, snowbird lifestyle as well as any changes that you may see arising from the life changes that may come
What are the opportunities that you see in your retirement? Go beyond the leisure activities that you are looking forward to—in most cases you can probably do those now anyway. Instead, think about the kind of life that you want to lead, the values that will drive you and the opportunities and accomplishments that you want to undertake. Your retirement life is a tremendous opportunity to do new things, go new places, self-actualize and live the kind of life of your dreams.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

How Will ‘Work’ Fit into Your Retirement Plans?

For many Canadians, retirement means freedom from work. However, a growing number of people approaching the age of traditional retirement are looking for ways to stay in the workplace—even if it means starting a new career or taking on a part-time job. A Fidelity study in 2006 found that an equal number of Canadians intended to continue work after age 65 as the percentage of Canadians who intended to retire early.

It would be easy for the casual observer to say that people who continue to work when “they should be retired” are probably doing so because of their financial need. The Fidelity study found that the number one reason why older workers were choosing to stay in the workplace was “their need to stay involved in the world”.

As you think about this next phase of your life, what role might work play?

First, I think we have to define what work actually is for you rather than assuming that all work is an obligation that you would rather not have. In my view, work is anything that you do that lets you use your energy, experience and time either for personal satisfaction and self-actualization or to help someone else.

It doesn’t have to be full-time, and it certainly doesn’t have to be something that you don’t like to do. In fact, it doesn’t even have to be paid work if you don’t need the money in your retirement! The 2004 Canada Survey on Giving, Volunteering and Participating found that over 60% of Canadians expected to volunteer some of their time in retirement.

If you are currently working but looking at your retirement, let’s look at some of the roles that work might play in your life today. As you look at these roles that work plays, I want you to identify which ones fit your situation. In retirement you will want to take those positives and find ways to replicate them in your ‘new’ life.

Work is a source of ‘positive’ stress. We tend to think of all stress as being negative to our health, but in fact there is also that positive stress that actually contributes to our longevity. Work can provide excitement, anticipation, personal satisfaction and challenge. All of those will get your adrenalin going and create positive energy. In addition, the workplace can also satisfy your need to be needed, or to feel like you are valued and helpful. If you didn’t have those positives because you weren’t in the workplace, how will you get them in retirement?
Work provides you with an identity. Some studies suggest that this is more so for men than women, where men tend to define themselves by their jobs and can suffer a great sense of loss when they leave their careers. Interesting, is that this sense of loss can be masked by a sense of euphoria that comes in the first two years of retirement simply because some view retirement as the final victory in their work career. For most, there will likely come a time when they will miss their career or their profession if they have not found ways to build a new self-image as a retired person.
Work provides you with structure. Often at my workshops, people will tell me that the thing that they are looking forward to the most is not having any structure. That belies the fact that from the time you were in kindergarten, through your education and work careers you have always had structure. It is ingrained in most of us. While the lack of structure may sound like a huge positive, many successful retirees find ways of maintaining structure in their retirement. Work and fulfilling an obligation is a good way to accomplish this.
Work provides you with socialization. Social relationships are very important in retirement and can contribute to longevity. However, our retirement years are also the time when our social network shrinks—friends die, they move away, you get new interests etc. Many people derive great pleasure from their social network and interaction at work and find it difficult to replace this when they retire.
Work provides you with financial comfort. This may not be an issue for you that would require you to take on a job in retirement. For many, however, work will help ease an uncertain financial picture by providing lifestyle income or health benefits. Often, long-term financial comfort can be increased significantly simply by choosing to stay at work for a few more years. I wouldn’t necessarily recommend that you do that if your current job is stressful or mind-numbing. However, if you can find ways to control the nature of the work that you do (job sharing, part-time work or shorter workdays or weeks etc), you may just be able to have your cake and eat it too while improving your long-term financial situation!
The ‘Paradox of Leisure’—leaving work for the right reasons

As I have said continually in this space, most Canadians are very clear on what they are retiring FROM, but not clear on what they are retiring TO. There are lots of good reasons to retire, but there are also some reasons that sound good but ultimately may have you regret your decision.

The lure of a thirty-year long weekend. You like your weekends and your vacations because they are a break from work. They are your chance to do the things that you like to do now that you don’t have to report to your job. That must mean that a life of perpetual leisure would be an even better situation right?
Here is the paradox of leisure. As a break from work, leisure and the freedom to do whatever you want is an important change of pace in your life. However, if you had leisure seven days a week for thirty years, where is your break from leisure? In fact, many successful retirees use ‘work’ as a way to gain even more enjoyment from their leisure.

“Because it is time”. It is time for what? To get old or to stop being involved? Retirement is about choice, your freedom to do what you want, when you want and how you want. There is no age restriction on this, though we commonly have the idea that once you get to sixty or so that you should think about retiring. My advice is that at this stage of your life you should think instead about CHOOSING.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

Retirement Planning for Senior Executives

It’s not all about financial security!


Quite often retirement is viewed as a thirty-year long weekend. An opportunity to spend even more time travelling, on the golf course or at the cottage without the demands of work responsibilities. Unfortunately, that thinking has made the transition into retirement a difficult one for many executives.

If you are a senior executive who is contemplating your retirement plans, here are some things that you should consider:

The things that made you successful in your work career can help you take some of the stress out of your transition into retirement. Senior executives exercise control in the workplace and are used to creating plans and establishing goals. In addition, they are normally “self-starters” that make things happen rather than waiting for others. One of the keys to making a successful move into retirement is having a sense that you are in control of this new life—not much different than when you were working.
Don’t assume that prolonged leisure is your ideal retirement goal. In your career, your weekends and holidays have been a welcome break from the demands of your work. You can do the kind of things that you want, though if you are like a lot of successful people you may have had a hard time putting work away when you took your breaks. The good news about retirement is that you won’t likely have to think about work at all and can now really enjoy your leisure. The surprise for many, however, is prolonged leisure also demands a break. This may explain why so many former executives seek work replacements such as volunteering, consulting or joining a board to increase leisure enjoyment.
Another key to retirement success for senior executives is to find replacements for those things you liked about work. Your work provides you with some positive stressors that “get you going” and give you satisfaction. You may like what you do because it gives you status, a sense of utility, creativity or structure—when you retire, you will want to find new activities that will give you the same satisfaction. It is tough for many high performers to walk away completely from things that provided positive energy in the mistaken belief that they will become a ‘new person’ in retirement.
The nature of your relationship with your spouse or partner may undergo change now that you aren’t working. There will be a normal adjustment in your home life now that you aren’t going to the office every day. After all, you have normally been a weekend or evening visitor and now you are at home full time! This is worth a discussion with your spouse or partner and your family to find ways to ease the transition for everyone.


Here are some planning ideas that can make your transition into retirement as successful as your business career:

Create a clear vision of the kind of life that you want after you leave the workplace. Many senior executives are clear on what they are retiring from but not clear on what they are retiring to.
Focus your retirement plans on the key areas of your life that will make up your retirement picture. I recommend that you look at five different life areas that should have a plan in place and that many senior executives have not paid as much attention to while building their careers:
Your health which includes both your mental and physical health
Your work which is where you can find those replacements for the things you liked about work
Your relationships (including both family and friends) which may need to be nurtured or supported
Your leisure activities and hobbies which will add to your enjoyment in retirement
Your home and vacation properties, which should also include some thoughts about snowbird lifestyle, travel plans etc.
Put your retirement plans in motion as soon as possible and ready to go at a moment’s notice. Generally, the clearer your plans for retirement, the easier the transition will be. Executives who are in control of the timing of their retirement tend to do better than those who find retirement suddenly thrust on them unexpectedly. Given the reality of the workplace today, however, your move to this next phase of your life may not always be in your control. You can take some of the stress out of sudden retirement if you have both a financial and lifestyle plan ready to go.
Maintain a sense of “financial comfort” throughout your retirement. You want to ensure that you have a flexible financial plan in place that will enable you to:
Enjoy your lifestyle
Help your family
Plan for the unexpected
Create a legacy


Your retirement should not be a time to worry about your money. Your financial plan should focus on how you will generate tax-efficient income, growth and safety of your retirement nest egg.


At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

Retirement Planning for Business Owners

More than just selling a business!

Many business owners think the move into retirement is an easy one. After all, it represents a complete change in lifestyle and the freedom to do whatever you want without having to worry any longer about the business.

In fact, often business owners find that retirement is not that simple and that the issues they face will go beyond business succession or sale.

There is no shortage of advice to help you plan for the sale of your business, but have you looked at the lifestyle considerations that will affect your move into a new phase of your life?

Those who have made their plans to sell the business seldom look at the lifestyle issues that they will face in retirement, instead focusing on the financial and legal aspects of the sale of their business. In fact, this group is more than twice as likely to return to the workforce after retirement as the general retirement population.1 The number one reason that they chose to end retirement was listed as ‘boredom’.2

If you want to avoid many of the pitfalls that befall business owners who make the move to retirement, here are some suggestions that will help you plan for your transition.

Understand why you are selling your business and moving into retirement. It is not enough for most to know what they are retiring FROM—you have to have a clear understanding of what you are retiring TO! Perhaps you have received an attractive offer that you just can’t ignore. Maybe you have decided that you no longer want the day-to-day demands that a business requires of you. Both are good reasons to consider retirement; however, many business owners choose retirement for no reason other than “it’s time”. That might explain why so many return to the workforce or business after spending time away from their enterprise. If you enjoy what you do and you can find a way to balance the demands of business with the freedom that you want at this stage of life, then look at graduated retirement or turning over the day-to-day responsibilities.
Try to replicate the things that you enjoyed about your business that you might miss when you sell. One of the keys to a successful transition is to find ways in retirement to still do some of the things that motivated you when you were working. If you enjoyed working with the public, you can still have contact with people through volunteering. If you liked being in charge or contributing your ideas, think about joining a board or a service organization that could use your talents. Write down the talents that you have and the positives that your business provides you personally. This list will give you an idea of some of the things that you will want to include in your retirement lifestyle plan.
Consider how you will spend your time now that you aren’t involved in a business. Time management is not an automatic or inherent capability for many retired business owners. They had worked long and unpredictable hours to make their business successful, often giving up weekends and holidays. It is a paradox that the prospect of prolonged leisure and a perpetual holiday from work is an antithesis of the makeup of most small business owners. In short, that is not who they are! Many business owners assume that retirement is a permanent vacation and doesn’t require any more thought than they would put into going on holiday. Don’t assume that you will automatically adjust to life away from work; for many business owners, the transition into this new life means having to learn how to enjoy leisure and still stay motivated.
Treat yourself as an employee when it comes to your retirement plan and insist that your business provide for you when you decide to leave. Don’t look at whether the business can afford to provide for your retirement, and don’t assume that your nest egg will come as the result of the proceeds of the business sale. As a business owner, you have the decision-making ability to create a retirement plan for your employees (which include you). You want to separate your needs as a business owner from your needs as an individual who is trying to plan financially for the future.
Make sure that your spouse or partner is involved in the planning process. While your spouse or partner may not have been involved in the business, they certainly will be involved in your retirement. Taking an integrated approach that considers both business and personal issues brings your family into the planning process.
Work with an advisor who can help you manage the business and personal transition. Certainly this is the time for sound legal and financial advice, but as we noted, your transition into retirement is as much a personal issue as it is a business issue. Not only do you have the business succession to plan for, but also your own wealth management planning throughout the process.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

Working With an Advisor to Develop a Retirement Plan

As a Wealth Advisor I provide my clients with investment advice and assistance with all other wealth management issues. However, I also act as a ‘catalyst’ to help them understand the financial implications of some of the lifestyle issues, opportunities or concerns that they face.

It has been my experience that while most Canadians are clear on what they are retiring from, few have prepared for what they are retiring to. Not only are you moving to a new life stage, but your financial planning needs will likely change from wealth accumulation to protecting your wealth, converting it to income in retirement and of course, wealth deccumulation.

Before I create a financial strategy, I like to have a sound understanding of the things that are important to my clients and their family now and in the future.

Here are some tips that I share with my clients to help them prepare for our retirement planning meeting.

Make sure you have a clear vision of what you want your retirement life to look like before we talk about a financial plan. Some clients feel that they should start with the financial plan first and then figure out what kind of life they can afford after that. I don’t agree. I think that you should decide what you want to do in retirement and then let me find ways to close any gaps between your goals and your resources if need be. At Scotiabank, we have created some tools to help you think about your retirement life. I urge my clients to go through this “self-discovery’ prior to our discussion because it will help both of us create a realistic financial and investment plan.
Provide me with an overall view of all the financial resources that might be available to you. A lot of people think that they should spread their money around between institutions, based on the idea that they will receive different kinds of investment strategies from multiple advisors. While I do not object to this reasoning, I like to take a Primary Advisor positioning with my clients where I help them manage all of their assets. Being aware of their total financial situation allows me to suggest the most effective strategies to help them achieve their retirement vision.
If you are going to share your retirement life with a loved one, make sure that they are included in the discussion. A lot of advisors only deal with one party in a couple when it comes to investment decisions. However, I believe a retirement plan requires both parties to be present as we discuss the client’s lifestyle needs. This is a great opportunity for client’s to compare notes with their spouses or partners and to ensure that both of their opinions are considered or reflected in their retirement plan.
Remember that a retirement plan goes well beyond a simple investment plan. From a financial planning perspective, I help client’s find ways to
Help your family
Enjoy your retirement lifestyle
Plan ahead for the future, considering both expected and unexpected issues that require some thought
Create a legacy, pass on a business or develop an estate plan
Provide you and your family with a sense of financial comfort.
Your retirement plan is not a one-time event, but a continuous process. I have an annual review process where I update my clients on the progress of their portfolio. These meetings present a great opportunity for them to keep me appraised of any changes in their goals or circumstances that may affect the retirement plan that they have in place.
As you look at your investment strategy in retirement, it is normally better to think strategically rather than tactically. This simply means that your investment plan takes a long-term perspective and doesn’t normally react to the short-term vagaries of investment markets. I work very closely with my clients developing retirement plans focused on their lifestyle needs and goals. If we try to react to the ups-and-downs of the markets, we run the risk of undermining the entire long-term strategy.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.

Seven Keys to a Successful Retirement Plan

You can’t calculate your ‘number’ unless you have a clear vision of what you want your retirement to be.

Your plan has to begin with a reasonable consideration of how you want to live your life, what kinds of things will be important to you and where you want to spend your time. If you can create a lifestyle plan first, the financial plan is far easier and more realistic to design.

The ‘number’ doesn’t mean much if it isn’t tied directly to your retirement lifestyle plan.

Once you have clarified the vision, we can work together to develop a realistic financial plan to make it happen.

While there are many ways to structure a retirement plan, here is a suggestion that has worked well for our Canadian investors. If you think of your retirement plans using this framework, it will not only help you develop a long-term strategy but also make your transition into this next phase of life far clearer for you.

Key one: Visualize your ideal retirement lifestyle

As you look forward to your retirement life, what kinds of things will be important to you? Many of the Boomers that I meet with think of retirement as a series of leisure activities strung together over a long period of time—it is almost like they are planning for a thirty-year long weekend!

While your future will be no doubt be full of exciting and meaningful activities, the fact is that you are still “living your life”. What does an average week look like for you? What kinds of things will you value in this next phase of life, and what would you consider to be ‘fulfilling’ activities for you?

Also, what things may change over time as you move through the various stages of your retirement?

You don’t need to write a fifty-page retirement planning manual to prepare for the future, but you should look at retirement as a lifestyle transition rather than a ‘new’ life. If your retirement means that you now have more freedom, a reasonable question to ask yourself is how you can use that freedom to live the kind of life you really want?

My suggestion is that you think about the first five years of your retirement life first and then create some longer-term vision beyond that. Don’t forget that things may change over time as the result of changes in health, circumstance or your own attitudes. The vision has to be fluid and flexible!

Once you have developed your blueprint for the first five years, you can then turn your attention to the major areas of your retirement life.

Key two: Take a close look at your health and your plans for healthy aging. While this may seem obvious, a lot of people think of physical health without much thought to mental health. In retirement, it will be likely be your mental health that influences your physical well-being.

Retirement is all about attitude. Successful retirees believe they can control certain elements of their life, are committed to living each and every day to the fullest and continue to challenge themselves to do new things, go new places and practice life-long learning.

The more optimistic and positive you are mentally in retirement, the more likely you will be to pay attention to your physical health. After all, if retirement life is going to be this good—you might as well try to stay around for a long time!

Key three: Take a positive attitude towards ‘work’. For many retirees, work is a welcome break from leisure. It is one of those positive stressors that can energize you and keep you connected to your community. Work can also give you life meaning and remind you that you are still active and involved.

Work doesn’t even have to be for pay. Many Canadians turn to volunteering as a way to give back or to “self-actualize”.

The bottom line is that you want to use work as a positive contributor to your retirement life, using your time, energy and experience to benefit your community and yourself. Remember that old adage: “If you love what you do, you never have to work again!”

Key four: Create and nurture meaningful relationships. In this next phase of life, much of your retirement happiness will come from the quality of the personal relationships you enjoy. This will include your family, close personal friends and your social network.

Consider the relationships that will be important to you and make sure that you continue to nurture and support them. Also, you want to find ways to add to your social network so that people who can add to the quality of your retirement life surround you.

Key five: Take a balanced approach to leisure. Most retirement plans are really ‘leisure’ plans. One of the exciting things about retirement is that you can do the kind of things that really give you pleasure and life enjoyment.

Successful retirees recognize that the more balance they have in their leisure activities, the more they will enjoy each thing they do. For example, golf or travel every day may sound like an ideal way to spend your time but will too much golf or travel actually take away from your enjoyment of each activity?

Key six: Make sure that your home always meets your needs. You want your retirement home to be a source of comfort for you and not a source of stress. There may come a time when you don’t want to shovel snow or spend time cleaning a big home. Remember too that a three-floor condo with lots of stairs may sound ok today but may prove to be impractical somewhere down the line.

Once you have considered these six keys to your retirement strategy, you can focus on key seven: Use your financial resources to make your retirement plans happen. I call this financial comfort and it is the goal of any good financial plan for retirement.






At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.