By Staff | October 25, 2007 | Last updated on October 25, 2007
3 min read
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(October 25, 2007) It probably comes as no surprise, but apparently Canadians are living beyond their means, with expenses surpassing income at least one month a year for many.

A survey by Credit Canada — and sponsored by credit card provider Capital One — found that 55% of Canadians admitted to at least one deficit month per year. Even scarier, 14% said they faced a shortfall for six months of the year, and 6% said it was a year-round situation.

“There is no doubt that many Canadians need more information and education about financial management and using credit wisely,” says Laurie Campbell, executive director of Credit Canada. “It is becoming more evident that many Canadians simply do not know, or don’t follow, the golden rule of financial management — do not spend more than you earn.”

The Credit Canada report was released to promote Canada’s first ever “Credit Education Week,” which runs from November 13 to November 16. A website that may be useful in talking to clients about credit has been set up. To access it, click here.

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GGOF launches leveraged note

(October 25, 2007) Guardian Group of Funds has announced the launch of Bank of Montreal PARtNrs GGOF Dividend Growth Fund Total Return Class, Series 1.

Returns on the notes are based on those of the GGOF Dividend Growth Fund, managed by Michael Stanley of Jones Heward Investment Counsel Inc. They offer 150% leveraged exposure to the underlying fund but are not principal protected.

“Michael Stanley has a strong track record investing in a portfolio of dividend-paying stocks,” said Gavin Graham, chief investment officer, GGOF. “The addition of a cost-efficient way to achieve greater exposure to the fund makes it even more appealing for investors looking for a stable, long-term growth investment.”

The notes have a 10-year term with a management fee of 2.0% per annum. Any distributions from the underlying fund will be invested back into the note structure, providing tax deferral on the gain. The notes are available for sale until December 14, 2007

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Standard Life offers referral platform

(October 25, 2007) Standard Life has entered an exclusive partnership arrangement with Pareto Platform to offer advisors a system for developing referrals. Qualified advisors will be granted access immediately.

“Standard Life’s senior consultants have been trained to deliver Pareto’s six-step sequence that helps advisors craft their own referral process, ensuring them a steady stream of quality introductions. The process is extremely respectful of clients,” says Mick Kelly, vice-president of sales and retail markets at Standard Life. “A large part of its success is that both clients and advisors feel very comfortable with it.”

Standard Life’s partnering program also includes the Retirement Planning Toolkit software and Standard Life’s proprietary Business Consultancy and Business Markets programs.

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CGA-Canada elects new board

(October 25, 2007) The Certified General Accountants Association of Canada (CGA-Canada) has named its board of directors for 2007–2008, electing Ron Colucci of Mississauga, Ont., as chair.

“This is a particularly exciting time for us at CGA-Canada as we mark the association’s 100th anniversary in 2008,” said Colucci. “Of course, we will be celebrating our strong and vibrant past. We will also be continuing to build on our success as the country’s fastest-growing accounting designation and be expanding our role on the international stage.”

Also elected to the board are Tony Ducie, as first vice-chair, and Terry LeBlanc, as second vice-chair.

(10/25/07) staff


The staff of have been covering news for financial advisors since 1998.