Seniors Should Give Power of Attorney to More Than One Person

In a December 3rd interview with CBC, Wyverstone’s Dan Noel says financial abuse of seniors is an "unknown epidemic" and will become even worse as the senior population increases.

Dan recently dealt with a 95-year-old client who said members of her family were supposed to be looking after her savings. Instead, they sold her house and moved her into a nursing home against her wishes.

He advises seniors to have more than one person with power of attorney, so there's more accountability among family members.

Read the full article on CBC.ca

From the Archive - Millennials

In this interview with CBC Information Morning from June 2017, Dan discusses results of a financial survey of Canadians. The survey found that millennials in particular lack financial flexibility to adjust to rising interest rates, unforeseen expenses, and interruptions to their income.

Other highlights of the survey:

  •  One in five millennials don't have any savings at all.
  • Half surveyed have less than $5000 in emergency savings.
  • If one partner lost their job, 45% would struggle to make mortgage payments.

One of the major issues is lack of savings - a lot of money is put towards debt repayment, but relatively little is set aside. That paints a worrying picture for 30 years in the future, when millennials start reaching retirement age.

What is Dan's advice?

  • Start a savings plan. You get used to it after a few months and it becomes second nature.
  • Pay down your line of credit to give you room to handle financial emergencies.
  • Build a $5000 emergency fund.

Listen to the full interview here.

Keep Calm and Carry On

American indices took a sharp dive since last week - but what caused it? Wyverstone's Dan Noel was on CBC News to explain how multiple factors, from inflation and interest rate hikes to pension plans rebalancing, played a role.

Dan also touches on how consumer debt can create a volatile environment, and offers suggestions for investors to mitigate that risk - including something important to look for in a portfolio manager.

Jump to 22:30 to see the interview on CBC News New Brunswick.

How Long Will the Stock Market Plunge Last?

Wyverstone Capital's Dan Noel discusses the steep plunge that has affected markets in the last few days. Dan gives some helpful tips on managing your portfolio when coming out of an expansionary phase, including how this can be a good buying opportunity and how long this turmoil may last.

Listen to the full interview here on February 6th's CBC Information Morning.

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