- SUZEN FROMSTEIN
PATRICK NICOL, Investment Advisor, iA Private Wealth Insurance Advisor, iA Private Wealth Insurance
"A Paint by Numbers Approach to Retirement"
American media businesswoman, Martha Stewart describes Paint-by-Numbers as “…a creative way to circumvent some of the challenges of painting for the less experienced…It removes the variables of composition, mixing colors, or creating an image, and makes painting really accessible for those who are new to the medium."
The same can be said of working with a Wealth and Retirement Planning professional like Patrick Nicol of iA Private Wealth. With the simplicity of a paint-by-numbers kit, the creativity of an Elon Musk, and the precision of a neural surgeon, Patrick and his team help a select group of business owners, professionals and executives living in eastern Ontario to build, manage, protect, and pass on their wealth.
The team works best with clients that view wealth as a tool with which to secure a high quality of life for themselves and their families. These clients value the help of a trusted professional and appreciate Patrick’s highly personal, structured, and simplified approach.
A long-term client says, “My wife and I have enjoyed working with Patrick for over 15 years. Why do we stay with Patrick when we hear of the many other options available to investing and Financial Planning; simplicity. Patrick has never wowed us with technical jargon, he has never subjected us to risk we were not willing to take. Patrick's approach is simple, listen to the client, understand the immediate needs and the future direction; develop a structured plan and explain his strategy in plain, simple language. Patrick is always available for questions and he welcome's reviewing your portfolio quarterly as activities change. My wife and I have taken advantage of his knowledge and professionalism, and he continues to explain our options to us in a very simplistic manner.”
Patrick moved to Ottawa from Kingston to attend school. While a high school student and for many years thereafter, Patrick worked as a parttime bank teller at several branches in Ottawa. Within short order he was promoted to head cashier and then promoted again to assistant manager. He remained at the bank for almost ten years. Patrick joined Hollis Wealth in 2008 to pursue the independent side of the business without the constraints of only being able to offer branded products to clients.
Philosophy & Approach
Like Warren Buffett, Patrick believes, “Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.” When communicating with clients, the Wealth Advisor uses simple metaphors, like the cost of a can of tuna, to explain the merits of buying good companies when they are on sale. “If I can’t explain what I’m doing and why I’m doing it, on the back of a napkin, I’m not doing my job” Patrick says.
“Let’s say a can of tuna typically costs $1.49. If it was being offered at $10/can, you probably wouldn’t buy it. If, on the other hand, you could purchase tuna for $1/can, you would probably buy several,” Patrick says. Now, imagine walking by your neighbour’s beautifully landscaped brick house on a daily basis. It has five bedrooms and an attached, three-car garage. There is even an Olympic-sized pool in the backyard. Then, one day you see a for sale sign. The house is listed for $950,000 but has only been appraised at $750,000. Do you make a low-ball offer?
Patrick says, ‘no’ - you live by yourself and don’t need a five-bedroom house, you actually prefer stone to brick, don’t swim, and walk to work. This particular house would not be a good purchase because it doesn’t meet any of your criteria. This example proves that cost is just one aspect to consider.
Another satisfied client says, “Patrick Nicol has been my Financial Advisor since 2010. From the very first meeting, I knew I had made one of the best decisions of my life by placing my funds under his care. Patrick takes the time to get to know you and your financial goals, and makes complicated financial information easy to understand, even pleasant! He provides regular updates and has always been available to answer any questions or to explain options within my portfolio. I can't say enough about the excellent counsel and professional advice I have received from Patrick.”
Nick Murray, an Advisor to Financial Advisors, believes that, regardless of someone’s age or stage in life, if they want to move ahead financially, they need to own equities. “Equities tend to outperform taxes and inflation. I’ve never understood why people look at financial markets differently than they do of the other markets, including cars, technology, and real estate,” adds Patrick.
In terms of what equities to include in your portfolio, Patrick believes in balancing investments in Canadian Large Cap Growth, Canadian Large Cap Value, Global Large Cap Growth, and Global Large Cap Value as well as Small Cap, Patrick thinks of Value and Growth companies as two different pistons that are in constant motion and that move up and down at different times.
Patrick is supported by Mark Loebach, Associated Advisor, as well as Bruce Legault and Jeannette Baker, Administrative Assistants. He and his team believe in lifelong learning, for clients as well as themselves. They regularly host educational workshops on a wide variety of financial topics. If you are interested in attending any of the seminars listed below, simply email Patrick.firstname.lastname@example.org.
• Role of the Executor & Ontario Probate
This presentation outlines the role of the Executor and his/her responsibilities for the probate process.
• 5 Steps to an Effective Estate Plan
This presentation examines the different steps to follow and various tools that can be used to create an effective estate plan. Learn how your financial advisor can help you set realistic goals, preserve your wealth and transfer your estate to those that you wish.
• Tax and Estate Planning for Business Owners
This presentation covers Individual Pension Plans as well as enduring powers of attorney and wills to ensure that an incorporated business will survive the mental incapacity or death of the owner. It also deals with tax savings strategies that apply on the death of a shareholder.
• Women and Wealth
Learn how entrepreneurship and intergenerational wealth relate to women and how a balanced portfolio of stocks, bonds and mutual funds can help you reach your investment goals.
• Blended Families
This presentation discusses tax and estate planning for blended families. Planning tools and strategies discussed include: use of wills, beneficiary designations, trusts, estate freezes, insurance* and enduring powers of attorney.
• Charitable Giving
The team’s focus on education pays off in terms of client satisfaction and referrals. Another happy client says, “Pat is a very knowledgeable financial advisor. He is always available to sit down with us and discuss our financial situation today and for the future. He communicates in a way that we are able to understand him and he works hard in meeting our financial goals.”
Up Close & Personal
Patrick has a respect and desire to help focus research and development that will support Mental Health Services and he regularly contributes his time and financial support to the Royal Ottawa Hospital. He is married to Tara, owner of Clarity Divorce Centres and a divorce mediator by profession. Together, they are able to work closely in the same office as strategic partners to help clients transition through emotional and financial change. Tara also has a passion for sailing, the outdoors and water.
The couple has been married since 2018 and have been a blended family since 2014. Patrick has three sons, Ethan (17), who loves computers and languages, Logan (12) who loves reading and the arts, and Tanner (9) who loves hockey and just about any other sport or outdoor activity. Patrick has been coaching hockey for seventeen years. This sporting family works out together, enjoy live music, good food, and spend their weekends entertaining friends and family. A busy house is a blissful house for this family.
As a last word, Patrick says, “I love my job. I can’t think of any other industry that pays its representatives to meet new people, make new friends, and help them achieve their financial dreams.”
This presentation was prepared by Suzen Fromstein, an independent journalist, and does not necessarily reflect the opinion of iA Private Wealth Inc. The opinions expressed are based on an analysis and interpretation and do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. *Insurance products are provided through iA Private Wealth Insurance, which is a trade name of PPI Management Inc. Only products and services offered through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund.
Suzen Fromstein is the author of Suits and Ladders, Ten Proven Ways to Keep Your Job Safe - with a few jokes thrown in. Suits and Ladders was an Amazon Best Selling Book in the Career Guides Catagory.
Patrick C. Nicol
iA Private Wealth
iA Private Wealth Insurance
400-260 Hearst Way
Kanata Ontario K2L 3H1