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BETTER THAN BANKING

 

 

 

 

 

 

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Mutual funds provided through FundEX Investments Inc.

Abbington Financial Group, 662 Upper James Street, Hamilton, Ontario, L9C 2Z3

 

Tel: 905-389-3534 Fax: 905-389-0345 Email: service@abbington.ca

2015 Abbington Financial Group. Abbington is a registered trademark of Jeffrey Sindall, Abbington Financial Group.

Better Than Banking this is a bold statement! While the businesses of Abbington Financial Group do not provide all the services of a bank, we believe that for our services offered we are better than banking.

 

The key difference is that we work for our clients, rather than working for a bank.

 

Better Mortgage Service

 

For example, when a client comes to us for a mortgage we make it our responsibility to find a mortgage from among over 30 lenders with the overall lowest cost of borrowing for the client in terms of interest rate, upfront costs and pre-payment privileges. We feel pride and a sense of accomplishment when this objective has been met.

 

Better Life Insurance Service

 

When a bank sells a mortgage they also offer mortgage life insurance, a form of creditor insurance. Yet creditor insurance has its shortcomings. First, as the name suggests the primary purpose is to protect the creditor from the financial loss, expense and inconvenience of foreclosing on a mortgage possibly held by a newly widowed spouse with children. It does not consider if the survivors need the money for some other purpose. And unfortunately the bank does little or no medical underwriting (review) of the lives insured at the time of application. Instead their medical review is done at the time of a death benefit claim. If it’s then determined that the life insured was a medical risk then the mortgage coverage may be void leaving the surviving spouse and children without the coverage they thought they had. Please watch this story by the CBC’s Marketplace called “In Denial”. Why do banks do this to people? At Abbington Insurance we do a complete life insurance needs analysis, including for a mortgage and income replacement needs, and then we recommend a comprehensive cost-effective policy chosen from among several different life insurance companies. The medical underwriting (review) is done at the time of application so the insurer cannot easily void the coverage. This greatly enhances the protection for the beneficiaries from day one.

 

Better Investment Planning Advice

 

At Abbington Investments we are not restricted to offering savings and investment products from only one financial institution. Instead, we may recommend GICs and mutual funds from many different companies, including banks. We offer a comprehensive financial review including for retirement planning, children’s education, mid-term needs, and estate planning. The tax consequences of investing are always top-of-mind, because what matters most is the investment return our clients keep on an after tax basis. Sometimes we suggest our clients reprioritize their objectives to better meet their actual needs. Our comprehensive financial review also includes a life insurance review which is important because the need for life insurance is related to financial assets and debts.

 

Better Tax Planning Advice

 

And because we prepare tax returns under Abbington Tax & Estate Services Inc. we fully understand the tax consequences of saving and investing. We understand that contributing to RRSPs can be useful to a point after which the RRSP becomes a tax trap – just ask any senior who chooses to withdraw only the annual minimum from their RRIF because they want to minimize the tax payable (however these higher income seniors are only deferring their tax problem and should contact our office for a better solution). We understand that for open accounts there are four types of investment income. Interest income is the one type of investment income which is taxed at the highest rate and also has a negative impact on the amount of government benefits and credits received, especially impacting seniors. The banks do not provide this disclosure to their customers. So bank customers lock up their hard earned savings in fully taxable, low interest, government benefit reducing GIC savings accounts. Then the banks lend the same money out at higher interest rates and keep the difference. This benefits the bank more than their customers!

 

You can see why, for the services provided by the businesses of Abbington Financial Group, we believe we are better than banking. Please schedule an appointment and BECOME A CLIENT to learn more and benefit from our knowledge plus excellent service.