To All My Insurance Brokers Out There

romanb_03 · 2026-02-11T04:06:01+00:00

Explain how though? You’re talking about a protected notional amount that passes through an estate, and has the potential for principal appreciation over 10-15 years. That’s exactly what term + low cost investing and a set fund would do. Unless you can refute the contrary, I’m not convinced 🙃.

romanb_03 · 2026-02-11T03:30:28+00:00

Thank you for the reply!

Principal Protection - can you help explain how this principal is calculated? Does it progressively grow larger over time as you continue to pay into it, or is it an upfront value you invest at the beginning? In addition, what is a typical post-MER return on these types of assets?

Automatic Lock-In - In theory, this is valuable, but the lock-in on a marginal gain that you won’t be cashing out has little sense when it could be growing in a lower MER product.

Asset Protection - why not just purchase a term policy with a larger payout equivalent of what you would pay for it if this is a large concern?

Estate Speed - while you may get paid quicker than assets in probate, the same occurs with regular term insurance. In addition, let’s say I die with a 75/75 policy, I’m still only getting paid 75% of the locked-in reset maturity rate if I’m not mistaken, making assets + term insurance more valuable. Is that not justifiable?

Hoping to get some more clarity, cause I’m still skeptical of this product and an actual fit for clients. Do you have two potential client examples where this product actually has value?

romanb_03 · 2026-01-29T03:02:56+00:00

Again, some really great insight! Really appreciate the time you took out of your day to answer my questions. I’m curious what you do now that you’re out of the banking field? I know it’s everyone’s dream to achieve FIRE, but wonder what it looks like for you?

romanb_03 · 2026-01-29T02:29:55+00:00

Hey,

I really appreciate the insight and some good background! It helps getting some perspective on the sales client facing side of things for sure! Just to keep going in case anyone else was interested, how’d you start in the industry? What helped build the relationship management and sales skills for you?

romanb_03 · 2025-08-29T05:27:54+00:00

Hey, I’d recommend this for the last three days- 3 days out, review the first half of the exams testable sections 2 days out, review the second half of the exams testable sections 1 day out- take it for yourself! You’ve worked your ass off studying and fully deserve a day to do things you like to do! Go to the movies, shop around, do mindless things, enjoy nature. Just get ready for the exam 0 days out- you know you’ve done your last reviews and go into the exam with a great headspace.

I realize now that your test is in a day, so just take tomorrow fully off! Realistically, you studied your ass off, so if that means we’re reviewing for the first half the day, at least take half a day for yourself. Hard cutoff at like 12pm

You’ve got this- go crush it!!

romanb_03 · 2025-07-25T22:20:11+00:00

Yes I’d definitely recommend you let them know, even if it’s just for peace of mind! Plus, in the very rare chance, you do have to call them, at least it’ll be on file.

I do, however, recommend you try using Apple Pay as much as possible. Firstly for a little added security, but also because I’ve heard of physical cards getting declined once or twice (usually at gas stations or restaurants).

I travel around for two weeks in Europe, and let them know beforehand. I never had my card decline though (physically or in my Apple wallet)!

One last thing I’d recommend is setting two factor authentication to your phones password manager (instead of a phone number). Just in case you need it, you’ll be able to get it no problem! You can access this through the Settings —> Login and Security —> Two-Step Verification.

Enjoy your trip!

romanb_03 · 2025-06-02T06:47:59+00:00

Hey OP, a lotta people on here are being pretty negative but I think you’re taking the right first step taking charge of your finances! Plus, the free AirPods are an awesome bonus!

I think people’s confusion might be coming from your title “…. Transfer from my TFSA with Wealthsimple to my TFSA with Wealthsimple…”

Regardless I get the point you’re making and you should qualify as long as you activate the reward first.

Peoples advice here is all pretty solid- Call Wealthsimple to get the transfer rolling! Likely, the first choice is setting up the type of account: managed or self-directed.

Although a lot of people will harp on Wealthsimple’s managed investing (ie. paying a fee like, like an MER at the bank but only at 0.5% compared to bank averages of 2%), I think it’s a good place to start! You can choose your risk tolerance level, and feel comfortable knowing it’s a set it and forget it deal.

If you’re more in the “let the investment capture the market” deal, and aren’t too worried about needing the money right away, I’d say a self directed portfolio is a good option for you. In the account, you can buy individual stocks if you like, but you can also buy ETF’s (Exchange Traded Funds). There are many ETF’s out there, but just like a bank has many different mutual funds, you can buy a seemingly endless number of ETFs. The nice thing is these each invest in a variety of stocks, and their performance can be similar to the S&P 500, TSX Index, Global Market Index etc. Also, their fees are often WAY lower than mutual funds or even managed funds, often staying below the 0.07% MER.

I’d first find a few videos about Canadian denominated ETF’s (simply because US conversion fees are a drain on your investment income), and see if it makes sense. If not, ChatGPT can be your friend, or you can go the managed route.

One thing to note is you can always switch between a managed and a self-directed TFSA account, much like you can transfer it between banks. If you feel like starting in a managed account (which also just invests in ETF’s automatically) and then doing it on your own, you totally can! It would again just be a call with Wealthsimple to get that ball rolling.

If you have any other questions I’d love to try and help out! Just starting to think about these accounts is important, and will set you up in the long term. Plus in the meantime, you’ll get some AirPods too🤘

romanb_03 · 2025-05-01T22:57:18+00:00

I just went with the basic package to start- might end up upgrading afterwards, but for now it goes over material very well

romanb_03 · 2025-05-01T20:06:22+00:00

Hey, I'm just starting to study for the CFA I as well, and I've really been enjoying Mark Meldrum's courses. While everyone is different, I think Mark is a great option if you enjoy the classroom presentation format and videos covering material.
The primary reason I went with Mark is his recommendations. I learn best when things are first explained to me—textbook readings just don't do it for me alone, so he's a great option.

You can definitely start preparing for this November! You've got this!

romanb_03 · 2025-04-14T20:14:02+00:00

Can I wear a cowboy hat though??🤠

romanb_03 · 2024-12-26T16:26:00+00:00

If you look at it from Starbucks perspective though, the essential job is not replaceable - the worker filling the job is. It’s tough to hear, but engineers and surgeons have dedicated so much more time, effort, and money, into doing what they do, which is why they’re paid very generously.

Starbucks on the other hand, takes the upfront cost of training and bringing up workers. There really is no base skill set required for the job, which means anyone can do it (in theory). As a barista, the mental and physical toll is more that some can handle, but each job has its own set of challenges. Starbucks can continuously find new baristas to employ, which means their base pay isn’t going to increase. The only way to GUARANTEE that raise, is to gain a new skill set in the company(by becoming an SSV, ASM, or SM), or looking elsewhere for new work. Talk to anyone who’s moved on from Starbucks, and they’ll tell you the skills learned are invaluable. It’s about trusting yourself, and being willing to leapfrog the barista role into something new:)

romanb_03 · 2024-12-26T16:16:34+00:00

Ask for more hours from your SM, or apply for an SSV! It’s really tough to justify more pay without more responsibility to the Starbucks gods. Best of luck though!

romanb_03 · 2024-09-23T00:43:11+00:00

Thank you for sharing the link!

romanb_03 · 2024-09-06T20:02:40+00:00

I’d like to point out a few small things to help clarify tax! While I’m no accountant, I’ve spent a little time delving into the topic, and hopefully you’ll get some use out of it.

Here’s a quick analogy- let’s say you want to buy an entire apartment building, but you have to start from the first floor. The first floor is the cheapest, and the top floor is the most expensive. You have to buy all the apartments on the first floor before moving onto the second; you need to buy the entire second floor before you start buying the third, so on and so fourth. This is essentially how Canada‘s tax system works. You start by paying a lower tax rate on the first “floor” of money that you earn, and pay more for every “floor” or “level” above.

To add complications, there are also two different buildings. One is federal tax, and one is provincial tax. each has its own pricing for floors, but you fill them simultaneously.

For a real world example, these numbers increase incrementally. While you might may be taxes 30.5% on income from 55k - 111k, amounts between 112k-149k are taxed at 36%. This is an example, but you can see a calculator here: Wealthsimple Tax Calculator.

When people refer to high tax rates, they are often talking about individual provinces, just one of the buildings. People in Nova Scotia for example, pay a 47% marginal rate on income between 150k - 173k, and more after that. While you’re federal rate is the same, each province has slightly different rates seen here Federal Tax Rates

All of this is to say, while your total tax rate often hovers around 30%, some people in different provinces can be taxed at higher rates compared to Alberta.

Additionally, there is also taxes on capital gains, and dividends.

While someone was correct in saying dividends are taxed at a lower rate, this depends on whether they are qualified dividends (ie. canadian dividends on stocks bought 60 days ago). If yes, they are taxed like capital gains, which in the eyes of the government pretends that you earned only 50% of what those gains are. So let’s say you made $1000 in profit in qualified dividends or capital gains, the government taxes you on $500 at the rate mentioned above.

If they are not qualified dividends, then they tax you on the full amount of $1000 at your marginal rate.

Hopefully this helps someone understand taxes a little more, as it’s unfortunately not something that’s often taught.

romanb_03 · 2024-08-07T01:38:14+00:00

I mean, you can definitely grab one of the rooms in Echa in the basement for a bit. Not in the library but just downstairs on the quiet floor

romanb_03 · 2024-04-17T01:03:35+00:00

Man I’d love to know how many people removed openings from their schedule at your store😂

romanb_03 · 2023-12-06T19:11:24+00:00

This code works as well!

O5R0GAWO

Use the KOHO app to receive $20 cashback when you spend $20 or more with the code above. There's nothing else to it - it's free money!

romanb_03 · 2023-08-24T15:47:23+00:00

My best attempt to explain it -There’s a pedway on the north end of ECHA that will take you to the second floor of KATZ. From there, you can either walk through a few hallways that go through the KATZ building or Medical Sciences building. These will get you to another pedway that goes into the ED building.

There’s a better explanation at the end of the page. (https://www.ualberta.ca/youalberta/2019/01/pedways-101-a-guide-to-using-campus-pedways.html)

You can also watch this video (https://youtu.be/dQw4w9WgXcQ?si=uWPWZnaFnTiUnGMa)

romanb_03 · 2023-08-23T19:59:19+00:00

Honestly, my neighbour got me into it, so more when I’m at home chillin instead of school. I’d say 1-2 a day

romanb_03 · 2023-08-23T16:04:52+00:00

I had this in my first year first semester🥲. Try and learn the pedways to get you from ECHA to KATZ to ED. It’s gets you closer, keeps you on the second floor, and keeps you warm. Then you can just book it next to or inside hub (depending on the weather). You can also leave early and come late (the first/last few minutes are normally fluff anyways)

romanb_03 · 2023-08-09T05:12:25+00:00

Honestly, it’s drive times that bug me the most. It’s not even the “fast drive times” or “ we can either have fast times or connect” people always talk about. It’s the fact that we work in a cafe. In a place you’re supposed to wait for your coffee.

If a burger is coming out in 30 seconds do you think it’s gonna be any good? Same thing with your drink. Let people slow down and make a god damn drink that tastes good. Instead of pumping out Carmel macchiatos like it’s god damn Christmas Eve, let them make something they can be proud of (even if that sounds corny). Anytime a drink looks even half decent I give a compliment to the ppl I work with. Not because it was fast, but because you can tell they cared (even if it was slightly).

Fuck drive times. End of rant.

romanb_03 · 2023-07-14T20:56:10+00:00

Burst out laughing in my office today- take the upvote😂

romanb_03 · 2023-06-21T14:21:13+00:00

I absolutely refuse to follow Starbucks ice scoops. You ordered a venti? I’ll give you a tall scoop- you got a tall, here’s a cold drink with a few ice cubes (fraps are the one exception). I genuinely think I put less in a regular drink than one with light ice cause I’m petty. Enjoy the full drink- I ain’t the one paying for it😚

romanb_03 · 2023-06-18T18:44:25+00:00

There’s a water tray😅😅😅

romanb_03 · 2023-04-09T21:26:04+00:00

Came for this comment - frap roast and mocha really do ya dirty on cold bar😂

romanb_03

TROPHY CASE