Kenneth Doll, fee-only, advice-only financial planner

Why did you become a planner?

To help people plan and optimize their financial future by providing objective and unbiased financial planning services without financial product sales.

What is your approach to financial planning?

Conservative. I want to build comprehensive and holistic financial plans that use conservative assumptions and are reasonable and realistic in their recommendations. I aim to build financial plans that you can rely on.

Areas considered and optimized in comprehensive and holistic financial planning:

• Goals and values – What’s your vision for your financial future?
• Cash flow and annual budgeting
• Investing and wealth accumulation
• Real estate and corporate holdings
• Retirement planning, including annual income withdrawal strategy
• Pension inclusion
• Determine optimal timing for CPP and OAS
• Risk management and personal insurance assessment
• Tax minimization and efficiency
• Asset protection
• Incapacity planning
• Estate planning and maximizing your estate value for heirs
• Capital gains planning for your estate
• Wealth transfer to the next generation

What is your proudest achievement as a financial planner?

For me, it’s seeing the “a-ha moment” for clients, in their reactions when I present their financial plan. Nothing is more satisfying than to be able to tell someone that the last 40 years of hard work, sweat and tears has been worth it, and that they have made it—they have sufficient funds to live the remainder of their life in their chosen lifestyle.

Also, being a hockey fan, doing financial plans for NHL hockey players is exciting.

What is a client success story you can share?

A client thought he needed to work two more years before retiring, but with the financial plan I prepared, he and his spouse (who is already retired) now see they have more than enough money to fund their current lifestyle for the remainder of their lives. The client is in the process of providing his retirement notice to his boss and will be done work and retired by this summer.

By determining the best time to begin their CPP and OAS, the couple will receive an additional $60,000 and $125,000, respectively, by age 95.

They wanted to take their OAS at age 65, but it would be clawed back as soon as they take it. By restructuring how they draw their RRSPs, and by starting OAS at 68, we managed to defer any OAS clawback until age 91, and then only minimal clawback the last few years.

I also showed them how, by reallocating their retirement savings/income withdraws, they can increase their spending in the first five years of retirement by an additional $60,000 per year for travel.

The financial benefits of this couple’s plan include:

• Lifetime tax reduced by $173,645
• Net lifetime financial benefit of $358,645

Personal (non-financial) benefits of this financial plan include:

• The client can retire two years earlier than he expected
• Peace of mind and the ability to sleep comfortably at night, knowing they have sufficient assets to live the remainder of their lives as they wish
• Ability to spend an extra $300,000 in the first five years of their retirement on travel (which they didn’t think would be possible)

The cost of the financial plan for these clients was $4,500 plus GST.

Each client’s financial situation is different, and results will vary from client to client.

What would you do if money were no object?

I really enjoy financial planning and how it helps people chart their financial future. While we all need to earn a living, I would continue doing what I am currently doing if money were no object. Educating people about financial and estate planning is also very rewarding. I would like to do more presentations on financial and estate planning.

What is the best money advice you ever received?

“Pay yourself first” is an investor philosophy that means automatically routing a specified savings contribution from each paycheque to your savings or investment account. In other words, you’re paying yourself before you begin paying your monthly living expenses and making discretionary purchases.

What is the worst money advice you ever received?

Two things come to mind. First, “financial planning is the same for everyone.” This couldn’t be further from the truth. True comprehensive financial planning is customized and tailored to each specific client’s financial situation. Everyone’s unique, and so is their financial situation. This is why we utilize various financial solutions and strategies to assist each person.

Second, “Permanent life insurance is a waste.” Again, this is not true. While not everyone needs permanent life insurance, its financial, tax and estate benefits are numerous. I don’t think there is a more flexible tax planning tool than permanent life insurance. The Canadian government has left the tax advantages of permanent life insurance untouched for the most part, yet so few Canadians take advantage of them.

Contact Ken Doll

• 📍 Calgary, Alta.
• 🔗 AlbertaFinancialPlanner.ca
• ☎️ 1+ (403) 999-9450
• 🤳 linkedin.com/kennethdoll

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