Issue #67-2 - Innova Wealth Builders Update

Despite a difficult year on the markets, 2018 proved to be a good year for Innova Wealth Builders.  Our 360° Wealth Building Process led to a surge in referrals, while we maintained our near perfect retention rate with existing clients. 

On the insurance side, we wrote a record number of travel insurance and disability policies as a greater percentage of our clients move toward self-employment and recognize the need to cover their income needs.  Furthermore, most life insurance policies written in 2018 were electronic-only as we continue to improve efficiencies in our practice.

With three interest rate increases in 2018, the mortgage market was equally volatile and saw a large spread between variable and fixed rate mortgages throughout the year.  Building on the successes of 2017, Tanya increased mortgage volumes considerably in 2018 reporting another record breaking year in that department as she continues to assist client’s in finding the best deals on the market.

Kelly’s MyCFO bookkeeping program continues to develop as we added a program for realtors in 2018.  We also filed a record number of T1 tax returns thanks to Cedric Carrière and Stephanie Hall.

But perhaps the most interesting development of 2018 was the continued development of a potential partnership with another advisor.  We are pleased to announce that we are growing to serve you better!   Along with hiring new staff, we are in the process of merging our practice with Cliff Richardson of WealthMD.  Cliff is a Certified Financial Planner (CFP) and Chartered Investment Manager (CIM) who specializes in the planning needs of physicians and other self-employed professionals.  He brings a vast knowledge of the insurance industry producing almost ten times as much business as our standalone firm. 

More importantly, by combining our businesses under the Innova brand, we will gain substantial economy of scale in the investment world and be able to better specialize our efforts.  Cliff will lead the Retirement, Insurance, and Estate Planning divisions under the Innova Financial Solutions banner, while I will remain focused on Investment Management and Tax Planning. Cliff will be available to assist clients in the event of my illness or injury.

We do not intend there to be any changes in the way that you interact with us, as most of the efficiencies will happen behind the scenes.  The largest impact to you will occur when we come together to launch new offerings under the Innova Wealth Management (our investment focused sister company) banner.   This should provide clients of that company (Innova Wealth Management & Aligned Capital Partners) substantial benefits in the form of reduced fees on mutual funds, faster response times for trades, and access to investment strategies typically restricted to the ultra-wealthy. 

I can honestly say this merger and the benefits to clients that will come with it, are the most exciting developments of my career!  I am sure that you will share in this excitement once the fund goes live and we can discuss its impact on you.

Very much looking forward to 2019!

Wishing you Health, Happiness & Prosperity in the New Year!