#73 — Jason Heath (Returns): The Future of Financial Planning
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Who is Jason Heath, and what makes retirement return projections realistic?
Whoa
Hey, it's Dave Chilton, the wealthy barber and former dragon on Dragon's Den. Welcome to the Wealthy Barber Podcast, where we'll be hosting some of the top minds in the world of personal finance. Yes, that's to balance me out. The podcast is about making the subject not just easy to understand, but dare I say, even fun, honest. Whether you're trying to fund your retirement, figure out how to build a down payment. save for your kids' education, manage debts, whatever will be here to help you do it. Before we jump in, a quick but important note, nothing we discuss here should be taken as investment advice. We don't know you and your personal financial situation, so we're not here to tell you where specifically to put your investment dollars.
We're here to educate, get you thinking, and we hope entertain. But please do your own research and or consult with your financial advisor before taking any action. Hey, it's Dave Chilton, the Wealthy Barber with the Wealthy Barber Podcast. Hello, everybody. Thanks again for tuning in. We have a return guest today, one of our most popular guests. We brought him back because we had so many positive comments and literally zero negative around his first appearance, Jason Heath. And Jason is, he won't like me staying this, but he is a star. in the Canadian financial planning industry. He really is. I came to know him through his articles. He writes for MoneySense, Ask a Planner. I love them. I read them over the years and this is the ultimate compliment to him when I started getting back into this and was going to host the podcast.
I had Mo print off Every one of his articles, every one of them. Going back years and over a weekend, I read them all again because I want to be back up to snuff on things. He's an outstanding mind, but he's also a great communicator. The hardest part when you're writing an article, when you're doing a podcast, and you're putting out a video is how do you help people give them the basics, give them the key points, but also cover off the important nuances and exceptions. don't want to push people down the wrong path. Jason's very gifted at that. He really is. He's been the advice only industry for twenty four years. I didn't even know there was an advice only industry twenty four years ago. He might have been the first.
We'll talk about that. In a few moments he's owned his own firm he founded Objective Financial Partners, I think in two thousand and twelve and has been running it ever since. It's a growing firm that's done exceptionally well, has his C F P honors economics degree and just a very sharp guy with a great reputation. Can you live up to all of that?
I hope so.
Why should retirees plan for market downturns instead of average returns?
Pressure's on, but I really appreciate the opportunity to be back again for a second time. Well,
you know, in some ways there's no pressure because you hit such a home run your first time on that even if you suck today, you can say I went one for two. One for two is yeah, that's actually pretty solid. So you you have no pressure whatsoever. Look, I want to start by looking at a couple of pieces you put out recently that I thought were very interesting. One of them you talked about projected rates of return, how you feel about them, how you meld them into your plans. Go ahead and give us a little bit of that.
Yeah, you know, I I based it actually on the FP Canada guidelines. Uh FP Canada is the governing body for certified financial planners in Canada. They put out every April guidelines that financial planners should use for future projections, whether it relates to inflation, the investment rates of return, life expectancy, real estate price appreciation, things like that. And it's I think the assumptions that that we are encouraged to use are a lot more conservative than what a lot of Canadians would assume when they're doing their own back of the napkin math. particularly coming off of the last ten years and the last decade has been exceptional for stock market rates of return. And going forward, stock market rates of return when you're running a a projection are basically half what they've been over the last ten years.
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Chapters
8 chapters
1
Who is Jason Heath, and what makes retirement return projections realistic?
0:01–2:34
2
Why should retirees plan for market downturns instead of average returns?
2:34–9:21
3
How does advice-only financial planning reduce conflicts of interest?
9:21–18:09
4
How much does a financial plan cost, and how often should you update it?
18:09–26:26
5
How will AI and financial planning software change financial advice?
26:26–34:12
6
How can business owners optimize taxes on corporate assets?
34:12–36:43
7
Can AI give reliable financial advice if you ask the right questions?
36:43–41:32
8
Why are life and disability insurance gaps so common?
41:32–46:33
Speakers
1 identifiedMore from The Wealthy Barber Podcast
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#67 — Alexandra Macqueen: How Retirement Planning Has Changed Over the Years