Our co-founder Oleg Shiller shares another story of our “Never Assume” approach in action, this time involving another aspect of the TFSA.
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Not long ago, I was speaking with a medical industry professional who was interested in learning more about investing in a tax-free savings account.
They asked me, point-blank: “Is it really tax-free?”
This innocuous question got me thinking. A seasoned professional needing reassurance about the validity of the tax-free aspect: what’s their mindset? Perhaps they don’t trust the government?
I started from scratch in my explanation, making sure to not assume anything. I explained that, yes, a tax-free savings account really is tax-free, and even better, investing in one doesn’t affect other income or government benefits one might receive, such as a pension.
This not only provided the potential investor with another strategy to save as much money as possible, but it created a sense of urgency for them to act on it.
To me, this is one of, if not the biggest challenge we at OZ Capital face: overcoming skepticism about investing.
When we deliver a clear explanation – as well as provide tangible examples like our monthly distributions – then the mindset can be changed and they’re able to be more open-minded and achieve a higher level of trust.
The takeaway for us: always educate your current and prospective clients on all facets of an investment opportunity, even one that seems simple and “speaks for itself”.
Explain what it really means, and you not only take away their anxiety and fear, you put them on a path to a more secure financial future.
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To learn more about investing in a TFSA through OZ Capital, please book a call with us.