Common Questions

FAQ (frequently asked questions)

Have some questions? You’re not alone!
Have a look at the collection of questions commonly asked by our current clients. Our you can always get in touch to ask us directly.

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Simply put, our members are licensed financial advisors who are capable of offering the products of more than one company with no inherent compensation bias. This helps to distinguish them from employees of banks or companies, or career life insurance agents who are restricted by their employer to selling the products of only that company. Truly, independent advisors are able to freely do what is best and most appropriate for the client as opposed to what is best for the advisor or company.

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NorMaxx is a 100% locally owned wealth management firm that was started by four like minded Financial Planners in 2001. Since then the firm has grown to be NWO’s largest Independent Advisory firm, but still proudly maintains its local Northern Ontario roots. Peter is a Partner of NorMaxx and joined the firm in 2010.

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We’re definitely not stuffy like the banks and operate as a local business with a strong family feel. We care about each other, like to have fun (Our last fun office day involved Axe throwing) and are really about taking care of each other. Our staff are always encouraged to take professional development courses. Since Peter LOVES to travel, he has arranged a generous staff vacation package and strongly encourages his staff to take time off. Work isn’t everything in life. Happy staff is a happy life!

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Peter has hired FundEX Investments because of their strong adherence to supporting independent advisors.  FundEX is a nationally regulated dealership for independent financial advisors and a subsidiary of IA Financial Group. Basically, they provide regulatory and compliance oversight of advisors to ensure clients are properly protected from unscrupulous advisors. They also provide Peter with back office support such as trading software, client forms and branch management.

Since being founded in 1995, FundEX has grown to become one of Canada’s largest mutual fund dealerships by maintaining its core principles of valuing and encouraging the independence of financial advisors in Canada.  This simple and unique concept has flourished and has positioned FundEX as one of Canada’s best dealerships.  FundEX proudly supports over 700 financial advisors across Canada and administers over 17 billion in assets.

FundEX partners with high caliber advisors with outstanding reputations and provide them with a truly independent model that grants them control over their business and the tools necessary to further enhance their practice.

FundEX is a wholly owned subsidiary of Industrial Alliance Insurance and Financial Services Inc., a life and health insurance company whose origins date back to 1892.  The fourth largest life and health insurance company in Canada, Industrial Alliance contributes to the financial well-being of over 4 million Canadians, employs over 6,100 people and administers and manages approximately 170 billion in assets.

https://www.fundex.com/

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CFP, CIM, FSCI, Life Licensed

CFP: A CERTIFIED FINANCIAL PLANNER® professional has achieved and maintains internationally recognized standards of knowledge, skills, abilities and ethics.

CIM: The Chartered Investment Manager (CIM®) designation is a leading industry standard for discretionary investment and portfolio management services.

FSCI: Being a Fellow of the Canadian Securities Institute (FCSI) is one of the investment industry’s most prestigious professional distinctions. It is reserved solely for an elite group of experienced financial services professionals who meet the highest standards for advanced education, ethical conduct, industry experience and peer endorsement.

Rest assured, Peter does not have any sales quotas or any outside influence to sell or use certain investments, that’s the benefit OF working with an independent advisor. Peter actually thinks the word ‘sales’ is dirty. He lives by the philosophy that he does what’s best for his clients and in turn has a steady stream of referrals.

Yes, there are typically fees charged by the firm losing your business. This is annoying since you’re likely leaving them for a reason and now they charge you extra fees! Peter will be honest, sometimes it’s just the cost of doing business. In certain cases Peter will look at ways to alleviate the costs, but that isn’t the norm.

Peter is proudly independent and to adhere to this, he is transitioning his practice to a fee-based platform. This means a set flat percentage fee is charged to assets under management. To be proactive in changing industry trends, Peter is an early adopter of shifting away from a commission-based compensation model, with inherent biases, to a fee only model that provides transparency, no hidden fees and no bias due to conflicts of interest to sell a certain product or investment.

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No, we take care of doing all that and save you from having that awkward conversation. It’s amazing what you can accomplish with some paperwork.

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