Let's Get Blunt About Your Financial Affairs - Book Giveaway & Book Launch

By playing golf at Pebble Beach in 2011 and by going on safari to Botswana and Africa this year, I have been lucky enough to check off two items on my bucket list. One of the remaining items on my list was to write a book.

A year or so ago, I realized I had the material for a book, if I could compile the posts I’ve previously written on my blog. As I flipped through my posts, it became clear to me that the chapters had already essentially written themselves. All I needed to do was to categorize and organize my various blog posts, which was done with the significant assistance of Lynda Kremer, the marketing manager at my old firm, Cunningham LLP.

As I started putting the chapters together, I was pleasantly surprised that the book had a natural flow I had not foreseen. I must say, I am very happy with the end result and finally months after starting this process, I have a book titled not surprisingly, Let's Get Blunt About Your Financial Affairs. The book has just gone up on Amazon and the kindle version is in process. If you are really keen to buy the book, here is the link to Amazon U.S. which provides a "flip version" of the book to preview and a link to the typical bare bones (no flip version to preview etc.) Amazon Canadian version. As an aside, you set the book price in $U.S. and I tried to end up with a $15cdn price; yet somehow the price is now $15.83cdn - sigh ):

The book chapters are as follows:

1. The Lighter Side of Accounting
2. Executors - A Thankless Job (except for the fees)
3. Inheritances, Wills and Estates - Love, Money and Greed
4. The Psychology of Money - Is it Everything?
5. Audits and Being Audited - Minimizing the Damage
6. Tax Topics - All You Ever Wanted to Know but Were Afraid to Ask
7. RRIFs and RRSPs - The Retirement Acronyms
8. Family Assets - Dividing, Sharing and Taxing
9. Retirement - How to Avoid Eating Alpo
10. Estate Freezes - A Cool Way to Tax Plan
11. The Family Cottage - How to Deal with It
12. Proprietorships, Corporations, Holding Companies and Family Trusts - The Technical Stuff

I am under no illusions this book will sell 100,000 copies; although I do think it is better than much of the crap that passes for financial books these days. It’s a practical guide that’s easy to follow. At worst, the book will become a marketing tool for me professionally.

Today I am going to raffle off 5 copies. If you are interested in a copy, please email me at bluntbeancounter@gmail.com and I will announce the 5 winners next Sunday.

In addition, my current National firm is sponsoring a book launch on September 24th in the Richmond Hill/Markham
area. If you would like to join me for the launch and meet me in person (unfortunately I am far more interesting on my blog than in real life) I am keeping a few spots open for my loyal readers. To attend the book launch and hear the gospel according to the BBC, register here.

I would like to thank Rob Carrick, Ellen Roseman and Preet Banerjee for providing testimonials on the back cover and for being very supportive of my blog since its inception. In addition, Roma Luciw & Dianne Nice of the Globe and Mail and Adam Mayers of the Toronto Star have been very kind to me and my blog.

I would also like to thank the numerous financial bloggers, many who have become personal friends, who have supported the blog by noting it in Friday round-ups or by direct mention over the years. This list includes; Jim Yih, Robb Engen, Michael James, The Big Cajun Man, Mark Seed,  Frugal Trader, Rona Birenbaum, Canadian Capitalist, Tom Drake, Canadian Investor and Larry Macdonald, to name just a few.

To my "legion" of readers, many who have been with me since my inception (5 years as of September 20th) I’d like to thank you for reading my blog and your comments and feedback over the years.

In addition, I would like to thank Lynda for all her help in not in only editing, but navigating the self-publishing process, as well as Leah Vlemmiks for her illustrations, Rob Campbell for his technical assistance and Deniz Ayman for her various editing and citing assistance.

Finally I’d like to thank my wife Lori, for her editing assistance, teaching me to write in "sort of plain English" and putting up with the project and me.

So if you are interested in a free book and/or attending the book launch, please email me at bluntbeancounter@gmail.com for the book and register here for the book launch.

This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional advice, and neither the author nor the firm with which the author is associated shall accept any liability in respect of any reliance on the information contained herein. Readers should always consult with their professional advisors in respect of their particular situation.

Best Tax Blog! It's Bean Four Years in the Making

On September 20th, I was honoured to win the 5th Annual Plutus Award for the Best Tax Blog (after being a nominee the last two years). This is a prestigious American-based award ceremony celebrating the best in the personal finance blogosphere; winning the Plutus essentially means I won for the best tax blog in Canada and the United States.

Awards are subjective and there are several excellent tax blogs out there. Nevertheless, it was satisfying to win, for three reasons:

1) The award is selected by my blogging peers.

2) As a former jock, I am competitive and like to win anything.

3) The awards were held on the fourth anniversary of my blog which started on September 20, 2010. How, coincidental is that?

Today’s post is number 350! That is a lot of posts when you consider the technical nature of many of my topics, and the fact that I tend to write long blogs, despite advice to the contrary. I cannot believe I have been blogging for four years and have approximately 1,200,000 page reads.

I have no idea how many more blogs I have in me. I would have expected to have exhausted my material by now, but somehow, I seem to keep coming up with topics (although I do now occasionally have variations on topics previously covered).

I am often asked where I find the time to write, and how do I keep coming up with new ideas for my blogs? To be honest, I am lucky. Writing The Blunt Bean Counter does take several hours a week, but I am fortunate that I can hear something in a conversation, discuss an issue with a client, and a blog jumps out at me, and I can write it in quick order. I know for many, writing is a tortuous process.

So why am I still doing this? There are probably four reasons:

1. I enjoy educating people on tax and financial matters, while being provided the forum to voice my opinion.

2. I have met many interesting people through my blog both directly and indirectly.

3. Several readers have engaged me to be their corporate or estate accountant (unfortunately, due to my workload, I cannot take on personal tax clients anymore and have respectively turned down numerous requests).

4. The blog has given me and my firm, Cunningham LLP, visibility and credibility. I would never have imagined when I wrote my first post and two people read it (my mom and someone by accident), how much attention it would garner.

There is a fifth reason. The tax blog groupies, but shush, I don’t want my wife to know that one.

I am fortunate to have several long-time readers who offer encouragement via comments on the blog or by email, and once in a while, constructive criticism. I have had many people approach me at various functions to introduce themselves to me as readers, which I still find mildly amusing. I am often told they like my blog because I break down complex topics into somewhat understandable blog posts (you can thank my wife, who constantly tells me to write in “plain English”) and that I have a bit of a personality in my posts. But that comment is always prefaced with “for an accountant”.

The only downside to this blog is that some people think because I write a blog they can call or email me with the most complex situations, and I will provide them free tax advice. I do try and answer almost all questions posted to the comments section on my blog; although, I often provide the caveat that I “do not provide specific personal or corporate tax planning advice on this blog”. I do however, try and point the questioner in the right direction, without providing a direct answer to their fact specific question.

So where am I today? I started working on a book a couple of years ago (it is not really a tax book, but more a financial and money matter book), but I just do not have the time to get it done and am not sure I ever will. Thus, I changed gears a few months back and started putting together a Best of The Blunt Bean Counter book. In my humble opinion, it is actually not a bad read with a nice flow when my blogs are grouped together by topic area. The book is strictly being done for business promotion purposes, and I do not expect to make enough money to even buy a new suit from it.

I have a few other interesting things happening and some ideas for the future of the blog, but I will discuss those at a later date.

To circle back to my Plutus Award, I would like to thank my readers who encourage me to keep writing and the numerous financial bloggers, guest bloggers, writers, and journalists, who have helped me to achieve this level of recognition.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

Dream Job by Richard Peddie – Book Review and Giveaway

Richard Peddie, the former president and CEO of Maple Leaf Sports and Entertainment (“MLSE”), recently released his memoirs in a book titled “Dream Job”. The book weaves together tales and lessons of business, leadership and sports – so if you are a sports fan and business enthusiast, you should thoroughly enjoy this book. I happen to have two autographed copies of the book that I’m prepared to giveaway to you, my readers. If you are interested in a copy, please email lynda@cunninghamca.com and I will draw two winners from a hat on November 18th.

Mea Culpa – Let’s Get this Over With

For Toronto Maple Leafs fans, Mr. Peddie has been a lightning rod for criticism because of the Maple Leafs lack of success and Stanley Cup drought. In addition, both the Toronto Raptors and Toronto FC soccer team were less than successful during Mr. Peddie’s reign.

To Richard’s credit, he does not hide from his teams records. He states that he may have stayed longer, “but I got tired of losing”. He has “regrets about some of the general managers I hired”, including (in reference to John Ferguson) “our big mistake, you don’t put a rookie GM in charge of the Maple Leafs” and “ in hindsight, what was I thinking hiring a reserved, taciturn coach [sic] for the Toronto market?”. He puts Rob Babcock, the former GM of the Raptors, “among the worst hires of my entire career” and in regard to the Raptors, he states “the record is disappointing, it’s unacceptable and it wore me down”.

Richard says that “as the CEO responsible for the performance of the Leafs between 1996 and 2011, I can assure you that losing caused me the most pain”. Throughout the book Mr. Peddie states that the most ridiculous notion held by fans was that MLSE only cared about money and not how well the team performed. He refutes that notion, saying he and MLSE cared deeply and that the insinuation makes no economic sense (more playoff games means MLSE makes more money).

With the sports teams’ records dealt with, let's look at some of the pearls of business wisdom and sports tidbits in the book.

Business Background and Philosophy

It is interesting to note that Richard loved basketball and always wanted to run a basketball team from the time he was 20. Hockey was not his first sports love.

In the book, Richard takes you through his varied careers with Colgate, Pillsbury, Labatt Communications, The SkyDome and MLSE, which is very interesting reading, if you are interested in the business of business.

Mr. Peddie states that the value of MLSE grew six-fold from a $300 million enterprise value to somewhere close to two-billion while he was CEO. While the reasons for the growth are multi-faceted, a significant reason was that instead of having the Leafs and Raptors at cross purposes, MLSE was able to eventually synergistically combine four teams.

If there is one business takeaway from the book, it is how important Richard feels vision and values are to any leader and their organization and how they must be adhered to and not just be statements on plaques in a company’s reception area.

There are very many insightful quotes; three I found very interesting were the following:

• You earn “respect first, affection second”
• "Management gets the workforce it deserves” – in reference to the Harold Ballard era and the sex scandal at Maple Leaf Gardens
• "The ability of a CEO to remember employee’s names and circumstances matter a great deal”

The Dark Side of the Dream Job

While being the president and CEO of MLSE has significant perks, when the fans’ beloved Maple Leafs are not winning, the job can be outright scary. In chapter two, Mr. Peddie discusses death threats he received, fans wanting to fight him and how someone hired a plane with “Fire Peddie” to fly over the Air Canada Centre ("ACC") and how there were three websites devoted to firing him. 

Interesting tidbits

Although the book provides some very insightful business and leadership tips and food for thought, what I really enjoyed as a sports fan were some of the sports related tidbits. Here are some of the more interesting ones:

Vince Carter was a “mama’s boy” and even after he was traded, his mother assumed she could continue to enter the private lounges at the ACC.

When Ken Thompson, the richest man in Canada, was being shown potential new seats at the ACC (season ticket holders were given a chance to select new seats when the team moved from Maple Leaf Gardens), he selected two great Platinum seats. However, 48 hours later he called back and asked for first row gold seats. These seats were only one row higher and saved him a seat licence and club fee. Rich guys are no fools.

I always hated the popcorn at Maple Leaf Gardens – I now know why. Richard reveals that the popcorn at Maple Leaf Gardens was always stale because it was made weeks ahead as there were not enough machines to pop it freshly.

A very interesting tidbit that touched me personally is when Richard speaks about how he would often give his own personal lower bowl Maple Leaf and Raptor tickets away prior to a Leafs game. He would go up to the purple (highest) section and find a kid with a Leafs or Raptor shirt on and give them his seats. Sort of his own “Campbell’s Van Line move of the game”. Why I found this interesting is that about twelve years ago I was given purple tickets to a Leafs game and took my son, who of course had his Leafs shirt on. A guy in a suit who said he worked for MLSE asked us if we wanted his tickets to move to the lower bowl and gave us his tickets. I do not remember the MLSE executive saying his name, so it may not have been Richard, but we were given the tickets and appreciated the gesture. What is funny about this incident is that my son who was 9 or 10 at the time wanted to stay in the purples since he could see the whole ice and I had to drag him to the great seats in the lower bowl.

A non-sports related tidbit is that Richard notes in his book that he was not a great student until later in university and if it hadn’t been for a teacher increasing one of his marks, he may never have even gone to university. Why I find this interesting is that I have always felt marks (except for the truly brilliant) were overrated and the intangibles are often of much greater importance (remember that if I ever interview you). Here is a perfect example of a great CEO who very easily could have not even gone to university if not for some luck.

I will stop here so you have something left to read, but I highly suggest you give the Dream Job a read and if you would like the chance to win a free signed copy, send your information to Lynda.

 

Choosing The Right Investment Advisor - Book Giveaway

In late April of this year, I read an article by Eric Lam in the National Post titled “Picking advisor best not left to chance”. Despite being sleep deprived at that point in time, I quickly noticed the article was based on the book  Choosing The Right Investment Advisor by Carol Santamaura, and that the proceeds of the book were being donated to the Princess Margaret Hospital in Toronto.

So why did I sit up and take notice? Well firstly, I have known Carol since she started as an investment advisor and we have had mutual clients for years. Secondly, as I have blogged on the topic of philanthropy, or the lack of it, a couple times, I appreciated the fact that Carol was donating the proceeds of her book to charity. Finally, the topic of Carole's book is of great interest to me. My profession provides me a unique vantage point from which to view the performance of many investment advisors and I can certainly tell you that many people have definitely not chosen the right investment advisor.

Recently I had lunch with Carol to catch-up and talk about her book. The book is an easy read and provides Canadians with a methodical manner in which to choose the right investment advisor for them.

During lunch I asked Carol if she would provide me with some comments on why she wrote the book and some of the key aspects of the book. Carol was kind enough to not only provide that information below, but she also provided me with five free copies of the book.

If you would like a free copy of Carol's book, please email your name to Lynda@cunninghamca.com and I will draw 5 names and send the winners a copy of the book.

Choosing The Right Investment Manager- Comments by Carol Santamaura

 

The goal of my book is to educate the public and simplify the process of choosing the right Financial Advisor. Further, by donating all of the profits to Cancer Research at Princess Margaret Hospital, it also allows me to support a cause close to all of us.

Since I started managing clients’ assets in the early 1990s, I have been fascinated by how people select their financial or investment advisors. This a very important decision; after all, much of one’s financial future is in the hands of this person. Yet, it always astonishes me how little research investors actually undertake before they sign up! Some say, “I met him/her at a party” or “he/she coaches my son’s soccer team.” One person even boasted that their advisor had been a professional athlete.

When I ask prospective clients and high–net worth investors how they selected their current advisors, I expect their answers to be based on the level of due diligence that a responsibility of this magnitude requires: quantitative criteria such as credentials, ethics, or returns. But typically that is not the case.

My research into why people don’t do more research into finding the right advisor has led to the following conclusions:

1) The financial services industry is complicated. 

The financial services industry has witnessed explosive growth over the last several years. Much of the difficulty in selecting an advisor lies in the increasingly complex and confusing nature of the industry. These days, it seems that everyone is a financial consultant of some sort, as the term is now broadly defined (e.g., investment advisor, investment executive, financial planner). There is also a substantial overlap in the products and services that can be provided by companies and individual advisors. Yet another challenge facing the average investor is that he/she may not fully understand what he/she needs or what advisors can provide.

2) The industry itself has done little to inform the public about this complexity. Therefore, investors are very often ill equipped and lack the knowledge and tools necessary to make the right decision.

My book unravels the complexity and provides information about selecting an investment advisor. It covers various topics ranging from what products and services the investor needs, to how to apply selection criteria for an ideal advisor. It also discusses strategies to ensure a long-term successful partnership.

Three informative sections guide readers through the complexities of the investment industry. Section one deals with the kind of investor one is and what sort of advice one requires. Awareness of certain characteristics in one’s own behaviour as it relates to investing clarifies the decision to work with an advisor and helps to identify what kind of products and services are suitable. For example, a conservative investor may want a portfolio made up primarily of fixed-term investments with little volatility. A risk-taker who is willing to take on greater volatility may prefer a portfolio of growth stocks. An ‘in-betweener’ would benefit from, that’s right, a middle path.  

Section two offers practical guidelines and useful tips for finding, evaluating, and working successfully with an advisor.

Section three examines the Canadian investment industry as it stands today, from companies and the services they provide, to individual advisors, their qualifications, and the products they are licensed to sell.

My hope is that people will be better off after having read my book for the following reasons:

1)   they will have greater confidence their advisor acts with integrity

2)   they will be able to sleep at night

3)   they will be comfortable in knowing they made the right choice.

So, whether one is looking for an advisor for the first time, or evaluating one’s current situation, this book provides a perspective on how to take an informed approach to choosing and working with the right advisor.

Carol would like to  dedicate this blog in memoriam of Jill Max, former head of RBC - DS Private Client Bond Desk. 


Carol A. Santamaura is a Vice President and Portfolio Manager at RBC Dominion Securities in Toronto. Carol can be reached by email at www.carolsantamaura.com

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.