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Financial Facelift: Couple in good shape to retire early, but spending plans need review

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Below you will find a real life case study of a couple who are looking for financial advice on when they can retire and how best to arrange their financial affairs. The names and details of their personal lives have been changed to protect their identities. The Globe and Mail often seeks the advice of our VP, Wealth Advisor, Matthew Ardrey, to review and analyze the situation and then provide his solutions to the participants.

gam-masthead
Written by: DIANNE MALEY
Special to The Globe and Mail
Published Friday, Jul. 15, 2016

Like so many people with defined-benefit pension plans, Norman and Lena can hardly wait to retire. He is 51, she is 50. They have two grown children.

Fotolia_100642283Norman works in manufacturing, earning about $93,700 a year. Lena works for the provincial government, earning $88,900 a year. Although their pensions will not be indexed to inflation, they give the couple choices that people without such plans likely don’t have.

The couple’s goals are to pay off the mortgage on their Greater Toronto Area home, retire and travel. They have a mortgage of $142,340 on a house valued at $750,000.

Should we be continuing to make such high mortgage payments to get that paid off, or should we be investing more money in our RRSPs?” Lena asks. Norman wants to retire in September 2017, while Lena would retire a few years later.

We asked Matthew Ardrey, vice-president and adviser at TriDelta Financial in Toronto, to look at Lena’s and Norman’s situation. Mr. Ardrey holds the certified financial planner (CFP) designation.

What the expert says

Though Lena must wait another nine years before being able to receive a full pension, Norman can retire as early as next fall with a full pension, Mr. Ardrey says.

One large question looms over this couple, the planner says: Can Norman retire even though they will still have mortgage debt? Likely, Mr. Ardrey concludes, but the priority is to pay off the mortgage. “If they maintain their current payment schedule,” he says, “they should be debt-free by 2020, which is only a few years after Norman retires.”

Norman and Lena use their RRSPs to save for retirement. She saves $2,600 a year and he saves $3,400 a year. They use their tax-free savings accounts for short-term goals, such as vacations.

When Norman retires at age 52, he will have a pension of $56,472 a year. That includes a bridge benefit of $16,080 until age 65, at which point his pension will be reduced to $40,390. When Lena retires at age 59, she will have a pension of $51,226 a year. That includes a bridge benefit of $11,830 until age 65, at which point her pension will fall to $39,439.

In addition, both do some work on the side, bringing in at least $2,100 each a year. In preparing his plan, Mr. Ardrey assumes they continue with these roles until their respective age 65. Because they are retiring early, Mr. Ardrey assumes they will get 75 per cent of the maximum Canada Pension Plan benefits; they will get full Old Age Security benefits. “Both of these pensions will be taken at age 65.”

He further assumes that the rate of return on their investments averages 5 per cent annually, that the inflation rate affecting their expenses is 2 per cent and that they live until age 90.

When they retire, they plan to spend $55,000 a year – close to their spending today once savings and debt repayment are removed, Mr. Ardrey says. In addition, they would like to travel, spending $10,000 a year from when Norman retires until his age 80.

Based on these assumptions, Norman and Lena should be able not only to meet their retirement goal, but have a substantial financial cushion,” the planner says. Once their debt is paid off, they can increase their spending by $27,500, to $82,500 a year, over and above travel spending.

Having this financial flexibility is important for the couple because they plan to retire so early, leaving a lot more time for life to present a problem that requires a financial outlay,” Mr. Ardrey says. As well, their budget is less than precise. Spending in some categories is high; in others, such as car expenses, clothing, gifts and vacations, it’s non-existent. He recommends they prepare a more detailed budget before the final retirement decision is made for Norman to ensure the target retirement expenses match what is actually being spent.

Finally, Lena and Norman should review their investment strategy. They have five RRSP accounts, one spousal RRSP and one locked-in retirement account (LIRA). “Though the spousal and LIRA accounts cannot be consolidated, the RRSPs can,” the planner says. Consolidating them would make them easier to manage.

Their retirement assets are invested in balanced funds and individual stocks. “An investment strategy that focuses on asset mix and disciplined investing would serve them better,” he says.

Their current asset mix is 23 per cent cash and fixed income, and 77 per cent equities. Mr. Ardrey suggests they shift their holdings at a rate of 5 per cent a year until they have 60 per cent equities and 40 per cent fixed income. “This,” he says, “will help with any volatility in the markets as they approach and enter the early part of their retirement.”

+++++++++++++++++++++++

The people: Norman, 51, and Lena, 50.

The problem: Can they retire early while paying off a mortgage without affecting their retirement spending goal?

The plan: Keep up the big mortgage payments so the debt will be repaid a few years after Norman retires next fall.

The payoff: A sizable financial cushion to buffer any expenses that might arise.

Monthly net income: $8,950

Assets: His RRSPs $176,820; his TFSA $4,800; her RRSPs $26,520; her spousal RRSP $14,275; her locked-in retirement account $7,576; commuted value of his pension plan $379,750; commuted value of her pension plan $311,690; residence $750,000. Total: $1.67-million

Monthly outlays: Mortgage $3,280; property tax $360; water, sewer $60; electricity $270; heating $125; car lease $420; grocery store $1,200; line of credit $50; dining, drinks, entertainment $850; grooming $125; club membership $125; pets $500; cellphones $185; TV, Internet $200; RRSPs $500; tax-free savings account $800. Total: $9,050. Shortfall $100

Liabilities: Mortgage $142,340; line of credit $5,500. Total: $147,840

Matthew Ardrey
Presented By:
Matthew Ardrey
VP, Wealth Advisor
matt@tridelta.ca
(416) 733-3292 x230

TriDelta Investment Counsel Q2 2016 Report: Markets move higher – even with all the dire headlines.

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Executive Summary

markets_010

Brexit, Trump and Terrorism.  Take all that together, and surprise, surprise, the markets went up. 

In the second quarter of 2016, the Toronto stock index closed up 4.6%.  The DEX Universe Bond index closed up 2.6%.  The S&P500 US index in Canadian dollars closed up 1.9%.  All looks pretty good.

Even leaving North America, which has been a treacherous thing to do this year, the EAFE (Europe, Australia and Asia and Far East) index was down just 0.3% – although the index is down 10.4% year to date.

It was a great quarter for precious metals and materials, and it was a very good quarter for ‘safe’ stocks like BCE and Enbridge.  Some of the sectors in between struggled a little.

This quarter was a reminder that the stock market can be very resilient.  It will  bounce back from all sorts of bad news.

In a research study (by Ned Davis Research) of the Dow Jones index in the United States, it showed that strong performance generally follows a major loss day.  On average, among all the major losses reviewed, there was 6.7% in average losses on that down day, and the gains on the index following that loss date were as follows:

22 days after 63 days after 126 days after 253 days after
+3.7% +5.2% +8.9% +13.9%

One of the major reasons for the numbers above is that including all the bad days, the long term average annual return of the S&P500 has been 10% a year.  The long term average for the TSX is closer to 9% a year.  Over time, stock markets go up and that is why when you decide to sit in cash for investment reasons, you are often swimming upstream.

The key message is that it is better to stick to your overall investment plan before, during and after a major event, than to try to make major asset mix changes to outperform.  It is too easy to be left on the sidelines as the markets rise again.

How Did TriDelta Do?

This quarter, most TriDelta clients were up between 2% and 3%.

Our TriDelta High Income Balanced Fund had a very good quarter – up 7.9%.

The best investments in our Pension portfolio models were Mondelez and General Mills, both up 14% during the quarter.

The best investments in our Core Growth portfolio models were Tahoe Resources up 49% and Barrick Gold up 31% during the quarter.

The worst investments in our Pension portfolio models were Computer Programs and Systems (discussed below, which we bought after it had already fallen a little), down 23%, and Apple down 11% on the quarter.

The worst investments in our Core Growth portfolio models were LyondellBasell down 22% and Concordia Healthcare down 16% during the quarter.

The TriDelta High Income Balanced Fund benefited from higher exposure to materials names that were very strong performers.  The fund also benefits from its ability to leverage allowing for higher yields on the bond portfolio.  Essentially we are able to borrow within the fund at a rate of 1.4%, and invest in bonds that typically have a yield of 3% or higher.  This leads to the higher income in the fund. 

Our overall performance reflects an investment strategy that aligns with that of our clients.  We want to do more to protect on the downside, while we aim to achieve or beat the long term return targets in your financial plans.  Most of our clients are OK being up 6% in a year and not beating the ‘market’, but are not OK to be down 10% or more even if we meaningfully outperform the ‘market’.  This quarter was a good example of achieving that goal.  We certainly have clients who are looking to beat the market, and their portfolio is set up accordingly, but even in those cases, there is some risk management in place to try to soften the blow of bad investment markets.

What Did TriDelta Do?

This quarter we are going to take a closer look at some trades, how they have turned out so far, and the reasons for those moves.

  1. We recently added ARC Resources to our growth portfolios. The company is mostly gas related but also has some oil exposure and has some of the lowest production costs in the industry.  Their production cost on gas is around $0.57/MMBtu and $16 for oil/barrel.  Management has done a great job protecting the company in the downturn while also preparing for the future.  Top analysts have a target of around $25.  We bought it around $20.  We wanted more exposure to Energy, but chose a name with lower volatility and an almost 3% dividend.

    It is very early, but so far the stock is up almost 4%.

  2. In late April in growth portfolios we sold a long term holding in 3M that we had done very well with, and bought Barrick Gold (ABX) with the proceeds. We sold 3M because the valuation was getting up to levels where the stock has previously corrected and technically the stock was starting to weaken after a great period of significant outperformance.

    In the case of Barrick Gold, the company is the largest gold miner in the world and is newly focused on the basics of gold mining and has made some great steps in significantly reducing leverage and also reducing production costs.  With cyclical stocks the time to get in is when earnings have troughed and the Price/Earnings ratio looks high.  Production costs are currently at a 4 year low of around $830 an ounce and the company is trying to get the cost down to $700 in the next couple of years.

    As mentioned, this has been a great trade for us.  Barrick is up about 35% while 3M is up about 7% since we sold it.

  3. On April 13th the asset mix committee met and we decided to reduce our exposure to the Developed EAFE markets and add exposure to Emerging markets. We wanted to maintain our overall Global weighting but were concerned about ongoing developments in Europe.  We also felt that Emerging Markets had underperformed for quite a period of time and is better poised for a rebound.

     
    In Pension portfolios we reduced our Ishares MSCI EAFE Min Vol (EFAV) by 1/3 and bought Ishares MSCI Emerging Market Min Vol (EEMV). 

    So far the trade has been marginally positive.  The EFAV that we sold is down 0.7%, while the EEMV that we bought is up 0.9% for a 1.6% swing.  We did a similar trade in our growth portfolios as well.

  4. On April 8th we sold Cal-Main (a U.S. egg producer with a high dividend) in our Pension portfolios. We sold the company because they had made negative estimate revisions for future earnings, and as a result it no longer met the criteria we set for buying the stock.

    We switched into Computer Programs and Systems (CPSI).  CPSI is a healthcare information technology company that designs, develops installs and supports IT systems to hospitals.  They focus on specifically patient care systems which cover a full range from financial to clinical applications.  Valuations seem to be very fair.  The company trading at 26x’s this year’s earnings per share and 15x’s next year.  The company is also growing at a pace well above the S&P 500.  CPSI has also been able to stockpile cash, and has a large portion of earnings tied to reoccurring revenue from  support and maintenance, so the recently increased dividend of 4.9% looks to be safe with the strong possibility of future increases.      

    So far this trade is what you might call ‘two wrongs don’t make a right’.  The good news is that Cal-Maine fell 13.1% after we sold it, however, CPSI is down 12.1% from where we bought it.

    The next question would be what we do with CPSI.  The view is to hold it for the following reasons:

    At the beginning of the year, CPSI closed a deal to buy a competitor.  While this is viewed as a good acquisition there were a few lost clients from the integration and that hurt the stock.  At the same time there are some industry compliance changes that will cause some of their smaller competitors to potentially exit the business.  Partly as a result, the company currently has its highest sales backlog since 2010/2011.  After the decline in stock price, the current dividend yield of 6.3% and we believe this is sustainable and may grow.  Next earnings come out on July 28th.  We will watch this closely for signs of decline or earnings turnaround, and act accordingly, but at this point we believe the stock is good value.

Dividend Changes

As we do every quarter, we look at dividend changes for stocks that we own.  We believe that dividend growth is a key component of long term returns for conservative clients, and track these changes carefully.  This quarter, there were no dividend declines and 9 companies grew the dividends, with the leading dividend growth coming from Apple at 9.6%, LyondellBasell at 8.9% dividend growth and Restaurants Brand International (Tim Hortons and Burger King) at 7.1%.

Dividends
AAPL +9.6%
LYB +8.9%
QSR +7.1%
JNJ +6.6%
T +4.5%
GIS +4.3%
SU +3.8%
CM +2.5%
NA +1.8%
Bonds

In the Bond world, the continuing decline in government debt yields helped produce solid gains in the 2.5% to 3% range for the quarter.

In early April we sold a Government of Canada 2045 bond and purchased a Royal Bank of Canada 2025 bond.  The Government of Canada bond had already gone up 4% in price, and we decided to lock in that gain.  By moving from Government bonds to Corporates, and we were able to add almost 1 percent in yield.

We probably shortened the bond duration a little too early, as the Government of Canada bonds have continued to do well, but when it comes to bonds, if you can lock in decent capital gains on a trade, this often adds significantly to overall returns.

On June 13th we sold Cineplex Debentures with a 4.5% coupon coming due 2018.  We have actually owned this twice.  The first time we bought it at $105.90 and sold for $108.44.  This time we held it for about 7 months and made about 0.4% capital gain on top of the coupon.  We then purchased a Fairfax Financial bond with a 4.95% coupon that expires in 2025.  This bond is up over 1% since we bought it, and it has a higher coupon and much higher yield to bond maturity.

Overall our bond view has been to shift out of Government bonds and increase Corporate bond weightings.  We had made a rare shift into Government bonds a couple of quarters ago, as a defensive move given all of the political uncertainty, and to some degree corporate uncertainty that was on the landscape.  We are now much more comfortable back in the corporate bond space, especially as the yield on the corporate bonds is much higher.

TriDelta Financial – Investment Direction

At this stage, we remain comfortable with our higher U.S. stock positions.  We believe the Canadian dollar should be fairly stable, but given all of the Global gyrations, the United States is the safer place at the moment.

The U.S. Federal Election will become a bigger influence on the market.  As it turns out, a Republican win would likely hurt U.S. and Global Markets in our view….as it has the drag along effect of having a guy named President Trump running things, who is seen as protectionist and against free trade. 

At this stage it looks more likely that Clinton will be the next President, and while not all industries will be happy (i.e. Pharma companies), the overall market could breathe a sigh of relief.

We do actually believe that the U.S. Federal Reserve will raise rates at some point this year or early next year, and it is even possible that Canada will as well.  However, we don’t believe a small increase and a temperate statement from Central Banks will cause too much concern for markets.

At TriDelta Financial, we are continuing to look at Alternative Investment products to provide higher income and lower volatility to portfolios.  We are also introducing TriDelta Equity pooled funds in the third quarter.  These shifts are meant to provide better overall investment performance, along with greater ability to use investment tools that can lower downside risk and increase income.  Your Wealth Advisor will provide more details shortly.

Conclusion

Growing portfolio values make everyone happier, and we are cautiously optimistic that we will see more growth ahead.  The current challenge is to watch for areas of overvaluation if corporate earnings do not grow to support the increased stock price.  We will also watch for changes in investor sentiment which can happen for any number of reasons.  As you can see from our trade analysis, while we may not always hit a lot of home runs, you can still win games by doing the little things right.  Hopefully the Blue Jays will do a little of both and make the summer ahead even more fun. 

We hope that everyone is having a great Summer so far, and that the current positive investment environment will continue into the Fall.

  

TriDelta Investment Management Committee

 

Cameron Winser

VP, Equities

Edward Jong

VP, Fixed Income

Ted Rechtshaffen

President and CEO

Anton Tucker

Exec VP and Portfolio Manager

Lorne Zeiler

VP, Portfolio Manager and
Wealth Advisor

Top consumer discretionary stock picks

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Lorne Zeiler, VP, Portfolio Manager and Wealth Advisor at TriDelta Financial, was recently invited by the Globe and Mail to provide top stock picks in the consumer discretionary sector.

Special to The Globe and Mail, Published Tuesday, May 10, 2016

16413399_sConsumer discretionary stocks can capture the momentum of an improving economy. In good times, money flows into this sector as retailers, media companies and automotive manufacturers benefit from increased spending by consumers with more disposable income. In turn, investors are rewarded with rising share prices and dividends. Yet during a more uncertain economic environment – such as the one we are in now – the sector can be tricky to navigate, so we asked three investment professionals for their top picks.

Lorne Zeiler, portfolio manager with TriDelta Financial in Toronto

  • L Brands Inc. (LB-N)
  • Last close: $70.03 (U.S.)
  • Dividend yield: 3.43 per cent

Based in Columbus, Ohio, this retailer owns Victoria’s Secret and Bath and Body Works – two chains with global reach and leaders in their respective retail categories. “Both brands have strong customer loyalty, providing the company with pricing power and ability to maintain its strong margins,” Mr. Zeiler says. Benefiting from an improving environment in the United States, the company is also expanding rapidly into emerging markets, building its revenue overseas while increasing efficiencies in existing stores in North America and Europe to improve margins. Also of note, L Brands has “a history of dividend growth and trades at a reasonable valuation to its peers,” he says.

  • Tupperware Brands Corp. (TUP-N)
  • Last close: $55.49 (U.S.)
  • Dividend yield: 4.90 per cent

The world’s largest direct seller of plastic storage containers and cosmetics, the company has consistently strong sales in mature markets such as North America and Europe. Where the company’s real growth lies, however, is in emerging markets such as China, Brazil, Argentina and South Africa. “Tupperware offers a high dividend for yield-hungry investors and trades at an attractive multiple of less than 14 times forecasted earnings,” Mr. Zeiler says. A strong U.S. dollar did negatively affect earnings in 2015 because of Tupperware’s exposure to foreign markets where, despite increased sales, revenue was lower when converted back to dollars. “This headwind may now be a positive as Tupperware recently increased its earnings per share estimate for 2016 by 5 per cent solely based on the decline in the U.S. dollar.”

Here is the link to the original Globe & Mail article.

Lorne Zeiler
Written By:
Lorne Zeiler, MBA, CFA
VP, Wealth Advisor
lorne@tridelta.ca
416-733-3292 x225

TriDelta Investment Counsel Q1 2016 Report: Signs of Light but No Need for Sunglasses Yet

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Executive Summary

1727060_s-300x240Where everything Canadian was bad in 2015, in terms of local currency, Canada was the place to be in Q1.  In an economy that still remains very commodity driven, Canada had the double benefit of better numbers in Oil, metals and mining, and with it the support of a stronger Canadian dollar.

Canadian Material stocks were up 17% on the quarter, while Energy names were up 7%.

The quarter also highlighted why all investors need patience.  By mid-February, Q1 seemed like a ‘total disaster’ (to quote Donald Trump), yet by the end of the quarter many markets were positive for the year.  The volatility involved this quarter was very high.  At one point in late January, the Canadian market was down 10% but moved up 14% from that point to the end of the quarter.

How Did TriDelta Clients Do?

Most TriDelta clients were up between 2% and 4% on the month, while on the quarter, conservative clients had a small positive and more aggressive clients were mostly a little down on the year to date.

The TriDelta High Income Balanced Fund ended the quarter up slightly.

Our continued focus on capital preservation in times of high volatility has continued to help clients lower their overall volatility and maintain peace of mind during market whipsaws.  The one thing to remember is that investors can’t be momentum investors and dividend growth investors at the same time.   Each style comes with positives and negatives, and one of our goals is to fit the right style with the right client. 

There could be a very positive run for the TSX as energy, metals and mining make a rebound.  If you are looking for less volatility and strong income, you will underperform the TSX during these periods.  This doesn’t mean that we won’t participate in some of these gains, but for those who are Pension style clients, expect that your portfolio will not gain as much as the TSX when companies with names like HudBay Minerals and Labrador Iron Ore Royalty lead the charge up (or down).

How did the World do in Q1 2016?

On a Canadian Dollar basis, stock returns were very mixed.

The TSX was up 3.71%
The US S&P 500 was down 6.12% (despite being up 0.77% in US dollars)
The Euro Stoxx index was down 10.16%

As mentioned, Canada was the place to be in the first quarter.

The DEX Canadian Bond Universe was up 1.4%

Canadian Preferred shares finally saw a big positive move in March, up 9.9%.  Even with this tremendous return, the index was still down 4% for the quarter.

The Canadian dollar went from 72.2 cents to 76.7 cents vs the US dollar.

The price of WTI Oil started the quarter at $40, went under $28, back to $41, and dipped to $36 and change at the end of the quarter.  Of course it has risen back to $42 in the first couple of weeks of Q2.

Items Worth Noting – Interest Rates and Oil
  • A German 10 Year Bond is now paying just 0.11% a year. This tells us a few important things.  The first is that with Canada at 1.24%, there really is still room for interest rates to go lower.  The second is that for many, simply the safety of their capital is of such importance that they are essentially willing to earn nothing on their money as long as it is safe.
  • Interest rates can even go negative. Today, Switzerland 10 year bonds pay MINUS 0.40% annually.  The chart below shows rates in 1995 in the 5% range, steadily heading down until it went under 0%.  While that may seem crazy to many of us, many of us are invested to some degree at similar rates, as bank accounts pay 0% in interest and then charge us fees for the privilege of holding our money there.
    14apr16_01
  • U.S. Oil Inventories are still going up. Despite cuts in Oil production and supposed agreements among OPEC nations, Oil and Petroleum inventories haven’t stopped growing.  It will stop at some point, and there are some positive signs in terms of increased demand, but this current Oil rally is very tenuous.  We believe that even small negative comments from key OPEC producers can cause a meaningful pullback, and we believe this will happen.  While we do believe that two years from now, Oil will be a fair bit higher than today, it will be a very bumpy ride with many pullbacks along the way.

    14apr16_02
  • Canadian Banks are Cheap. The chart below is the Price Earnings ratio for Royal Bank of Canada for the past 12 years.  What it shows is that the company has generally traded between 10 and 16 times earnings.  Today it is at 11.5 and was down close to 10 in February.  There are not that many companies that have such long term strength and happen to pay 4%+ dividend yields along the way.  There are always reasons for lower valuations, but the past 20 years have shown that if there are low valuations the best response is simply to grab it.

    14apr16_03

What TriDelta is Doing Headed into Q2
  1. The Big Picture: While the World is always changing, your investment approach shouldn’t be. Our most important job is to ensure that your portfolio is built to meet your long term financial planning needs, your risk profile, your cash flow needs and personal tax situation.  If we are doing those things correctly, then you are will be in good shape over the long term regardless of whatever is happening in the market this day, week or month.
  2. The Smaller Picture –
    1. Global Stocks: We are seeing some strengthening in Emerging Markets and some strength in China.  As a result we are reinvesting a little bit back in Emerging Markets, pulling the money from developed economies in the EAFE (Europe, Australasia and Far East).
    2. North American Stocks: We remain ready to add more back into Canada but don’t feel that this is necessarily the right time. We believe that there will be a better entry point after there is a little pull back in Oil and likely in the Canadian dollar as well.  In addition, US Multinationals may see some positive earnings coming up as the US currency decline will improve their Foreign earnings – when converted back to US dollars.
    3. Preferred Shares: We continue to believe that this sector is undervalued, and when you combine undervalued prices, with 5.5%+ dividend yields, and tax preferred income, we see a number of benefits.  It is a tough sector to love, but we do remain very comfortable holding beaten down names.  We believe that the rally seen in March has some room to continue.
    4. Bonds: For now we have moved away from Government Bonds and back to Corporate Bonds.  There seems to be more comfort level with Corporate Bonds in the market place and the increased yield certainly helps.  While we believe that the Bank of Canada will remain steady and that long term interest rates will be fairly range bound, we believe that shorter term bonds may be a safer place to be in the short term.
    5. Alternative Income: We are continuing to add to Alternative Income streams where we can. We believe that in a low yield world, it is worth taking a little added risk in the Private Lending, Factoring and Mortgage space to achieve higher returns.
Dividend Changes

As always, we believe that Dividends and Dividend Growers play a key role in long term returns and lower volatility.  This quarter, the dividend growth continued.

Leading growers were:
CCL Industries 33%
Canadian National Rail 20%
L Brands 20%
Enbridge 14%

We actually saw a dividend decline in one of our holdings.  Cal-Maine (an Egg producer) directly ties their dividends to annual profits, and lowered their dividend 41%.  Largely as a result, we sold the stock.

New at TriDelta

One other Q2 note for TriDelta is the introduction of our TriDelta Fixed Income Pool.  Clients will be hearing more about it shortly, but we believe it will allow us to deliver better returns on Bonds for clients.  Through the ability to do better currency management, getting better pricing on trades, and easier liquidity for clients adding or withdrawing Fixed Income money, it should add up to stronger returns.

Summary

We believe that while things seem more positive in the investment markets, we are trying to pick our spots.  With a possible pullback in Oil and CDN dollar from here, the possible Brexit or British exit from the European Union, and ongoing Terrorism risks, we are taking only small steps out of our more conservative positions.

  

TriDelta Investment Management Committee

 

Cameron Winser

VP, Equities

Edward Jong

VP, Fixed Income

Ted Rechtshaffen

President and CEO

Anton Tucker

Exec VP and Portfolio Manager

Lorne Zeiler

VP, Portfolio Manager and
Wealth Advisor

TFSA comes of age in retirement strategy

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lorne_bnn_24mar16Lorne Zeiler, VP, Portfolio Manager and Wealth Advisor at TriDelta Financial, recently appeared on BNN’S Market Call to discuss when it is more tax-efficient to contribute to your TFSA vs. RRSP.

Click here to watch the interview.

Lorne Zeiler
Posted By:
Lorne Zeiler, MBA, CFA
VP, Wealth Advisor
lorne@tridelta.ca
416-733-3292 x225

Buying vs. renting when downsizing after retirement

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Buying vs. renting when downsizing after retirementTriDelta President TedRechtshaffen was on BNN TV to discuss whether Retirees should buy or rent when they downsize their home.

Ted Rechtshaffen
Posted By:
Ted Rechtshaffen, MBA, CFP
President and CEO
tedr@tridelta.ca
(416) 733-3292 x 221
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