Eight years ago I was discussing a Financial Planning recommendation with a Judge. He made comment that he was reluctant to accept recommendations from a 'Financial Planner' because he knew of a lawyer in Vancouver who had been disbarred for misuse of his client's trust funds and was now doing business as a 'financial planner'. Unfortunately, anyone can call themselves a 'Financial Planner. This is true of many professions. Anyone can hang out a shingle as an Accountant. But, they cannot call themselves a Chartered Accountant unless they have completed a course of studies and are a member in good standing of their professional association. It is a shame that, after all of financial degrees and courses I had taken that I still had to compete with a disbarred lawyer. When I left meeting with Judge I was determined to do something to make sure I would stand out above crowd.

It is sad to say but many in our business are not very honest and even more are motivated to sell client only those products that pay them most money. Some stockbrokers would have people believe they are 'Financial Advisors' when in fact they are simply stock salespeople. Most have almost no training in Taxation or Estate Planning, both of which impact a great deal on any investment recommendation. Many Life Insurance Agents hold themselves out as 'Financial Advisors' after taking a single course on insurance. Banks promote some of their people as 'Financial Advisors', when in fact they have taken a simple course in Mutual Funds and have in most cases no experience beyond that bank's products. There are some very good and well qualified people in all of these professions and financial institutions. But, point is, how do you tell difference?

First Published Fall 1992

This article is reprinted from my previous client newsletter and is republished by request and because it ties in with this issue of our newsletter.

For years I was troubled by a passage in bible that hampered my career. The passage is in New Testament, in gospel of Mark, Chapter 10, Verses 23 26. It is as follows: " How hard it is for those who have riches to enter kingdom of God! It is easier for a camel to pass through eye of a needle than for a rich man to enter kingdom of God." It was impossible for a camel to go through an eye in a needle. How could a rich person have any hope of entering Heaven? Why was I working so hard to give my family nicer things in life, if it was to be my downfall? I could not get around this chapter and as a result it caused me a lot of concern and a loss of direction.

With a Catholic upbringing and years at boarding school, we learned to respect power of God. My mother was French Canadian and practice in those days was that first-born belonged to church and I was first-born. Being groomed for priesthood did not seem like a bad direction with this upbringing. Everything was fine until I learned about girls, which is another story, so that was end of that career path. I was always a pretty hard worker and as a result usually got ahead very quickly, which usually brought with it financial rewards. I started my own insurance and financial business in 1965 and because we were brought up to be honest and work hard, business became very successful in a few short years. The more prosperous firm was, more guilt I felt about ever getting to Heaven. I eventually sold business in Toronto and moved family out West in 1973 to make a fresh start and not to concentrate so much on wealth accumulation.

The problem of rich man entering through eye of needle continued to taunt me in B.C. as I started back in business again. Finally, in 1980 as I was discussing this passage of Bible with a Captain of Salvation Army at a party, answer was finally explained to me. He said that needle referred to entrance of walled cities in that part of world in ancient times. Not to a “sewing needle” as I had thought! The walls were designed to protect against attacks by their enemies riding on camels. The entranceways were designed like an inverted needle, which required camel driver to dismount, have his camel crouch down, and almost crawl through needle eye. It was impossible to enter without getting off of camel. It was difficult to pass through, but not impossible. Being forever a skeptic, I had to check out this walled city theory for myself. It did not take long to refer to encyclopedias, etc. to confirm this. In fact, there are still remnants of these walls still standing today in Middle East and in Europe.