In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, interviews Brian McClennon, CEO of Link Investment Management. Brian and Jason discuss the plethora of digital investment options that Link provides to employers for their employees.
Episode Highlights:
● 1:00 – Brain McClennon introduces Link and what services it provides.
● 1:55 – What is the motivation for employers to set up one of the financial plans that Link provides?
● 3:10 – Brian talks about what is involved with the Group RSP and how Link implements this plan.
● 7:25 – What are the obligations that an employer has to the Group RSP plan?
● 12:37 – Employers need to make sure plans are suitable for employees at different stages in their careers and lives.
● 15:40 – How are Contribution Pension Plans different from Group RSP in terms of employer obligation?
● 19:32 – People make the mistake of treating retirement funds like bank accounts.
● 20:40 – What is a Multi-Employer DC plan and how does it work?
● 22:54 – Brian breaks down Group Tax-Free Savings Accounts.
● 24:00 – Differed-Profit sharing plan has similarities to the DC Plan and the Group RSP.
● 25:35 – How do Employee-Share Purchase plans work and how does Link facilitate them?
● 27:44 – Brian explains Health Spending Accounts (HSA).
3 Key Points
1. Link provides a variety of digital financial plans that employers implement for the benefit of their employees.
2. Link offers 57 different Group RSP portfolios and emphasizes that employers assign portfolios based on suitability for employees rather than letting the employees choose for themselves.
3. Multi-Employer DC pension plans lock people in to help them avoid making the mistake of treating it as a bank account when it is really a retirement fund.
Tweetable Quotes:
● “I’m of the opinion that the entire group space is a bit of a mess. There are obligations that an employer has that oftentimes aren’t paid enough attention to and that potentially introduces liability.” – Jason Pereira
● “The suitability of the investments for the employees are really important.” – Brian McClennon
● “One thing that Link has done that is unique is we are both the administrator of and the sponsor of a Multi-Empoyer DC pension plan.” – Brian McClennon
● “When you can’t touch it, you can’t touch it. It just has to be there until retirement, right?” – Jason Pereira
● “Through the platform, we’ve driven efficiencies to scale this and roll this out and administer it on an ongoing basis, very effectively.” – Brain McClennon
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● Woodgate.com – Sponsor
● FintechImpact.co – Website for Fintech Impact
● jasonpereira.ca – Jason Pereira’s Website
● Lim.solutions – Link Investment Management
● LinkedIn – Brian McClennon’s LinkedIn
● brian@lim.solutions – Brian McClennon’s email
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