As you probably know, the Registered Disability Savings Plan (RDSP) is an important tool to enhance the long term wealth of a disabled person.

With the help from the Government of Canada, one could obtain up to $90,000 of disability savings benefits. However, many of my clients used to set up their account with different financial institutions before they met me, and they all ran into these common problems.

3 Common Problems When Working Someone who is Unfamiliar with the Disability Savings Plan

Problem#1: Inexperienced Rep

Not too many financial institutions are giving adequate training to their staff in servicing families with special needs. As a result, families often cannot obtain the services and advice they need. Planning for the RDSP is not just about opening up the account. There are a lot of complex considerations involved.

For example,

• How much should one contribute to receive the maximum amount of Canada Disability Savings Grants?
• When should one start the withdrawal without any claw back of the government benefits?
• Will the RDSP affect other government benefits such as the Ontario Disability Support Program?
• Who can be the account holder? What would happen if the existing account holder passes away?

Above are just a few sample questions, there are many concerns that have not been properly addressed to these families!

Problem#2: No Personalized and Proactive Advice

As most of the staffs in the local branches are not well equipped to serve families on their RDSP, they would be directed to a hotline whenever they need help. The problem is they would need to speak to different random reps and end up re-explaining their entire situation during every call.

Furthermore, there is no proactive advice in the planning process. Instead, the responsibility of asking the right questions will lay on the families. However, the challenge is most families do not know what they need to be aware of.

Problem#3: Not All Round Financial Advice

Planning for finance for a family is not just about setting up an account. It involves many careful considerations such as ODSP, estate planning, insurance needs, and investment planning.

Many families are offered services piece by piece, here and there. This puzzled style of the planning cannot provide the families with a complete picture of their finance, which makes it a lot more challenging to plan for their futures.

How Are We Different?

At this time, you might think: “Ok, I understand there are lots of problems that need to be addressed, but how are you different from the rest?”

Please allow me to take this chance to briefly introduce myself.  I’m Samuel Li and I started my financial advisory practice in 2005, assisting Canadians in growing their long-term wealth while protecting their assets. One area I specialize in is servicing families with disabilities. 

I’m licensed in Ontario where I could provide a wide range of financial services to my clients from investments, to insurance planning. I partner with numerous well-known companies and a team of professionals in providing suitable financial solutions for my clients.  

As a regular guest speaker for different local churches and special needs parent support group, I have been actively raising awareness of the disability savings benefits to the special needs community- including Yasad, Village Eulogia, Community Living, Learning Disability Association, Hope To Autism and others.

Since the RDSP was launched in 2008, I’ve had the privilege of supporting a variety of families, each with their unique financial needs.

• A single mother of a child diagnosed with Autism
• A middle-aged lady where her daily activities is restricted due to brain damage
• A family where two of the members are diagnosed with prolonged mental disabilities
• and many other families in the special needs community

Below are some success stories from our clients: 

“His expertise in RDSP’s impressed me…thoroughly explained again about the in’s and outs of RDSP’s and then helped us setup an RDSP fund for my son with developmental delay syndrome.”

“I first met Sam at an orientation meeting organized by Community Living Toronto way back in 2013. His expertise in RDSP’s impressed me at that meeting. We scheduled an appointment with him and a few days later Sam came home and thoroughly explained again about the in’s and outs of RDSP’s and then helped us setup an RDSP fund for my son with developmental delay syndrome. Since that time Sam became my financial advisor, I would seek his opinion before signing up for an insurance and when my mortgage renewal was up I sought his assistance in finding a good lender with much better rates. Recently when I thought I needed a personal loan he not only looked into finding which financial institution I could get it from but gave me the best financial advice that stopped me from getting back into debt. He’s one of the best financial advisers out there, I highly recommend him.”

Phillipa Lubin, London, Ontario

“…l was very impressed with all the knowledge he has about special needs he helped us set up many different accounts…Samuel is very hard working and very honest…”

“I met Samuel about a year ago through face book and l was very impressed with all the knowledge he has about special needs he helped us set up many different accounts , like TFSA account and Disability insurance , as my daughter can not get life insurance because of her special needs and many more things . Samuel is very hard working and very honest . He has also helped us consolidate our finances . He is amazing !!”

Maria Agosta, Markham, Ontario

Curious about whether we’re the right fit for your RDSP planning? Let’s schedule a preliminary online meeting to discuss your financial needs. This will give you a clearer understanding into our client-focused approach. To get started, just drop me an email at Samuel@SamuelConsultant.com

10 Reasons You Would Want Us to Manage Your Disability Savings Plan

Reason #1: Keep You Informed

I specialize in managing the Disability Savings Plan for my clients, and I follow closely on any updates or changes to its rules.

Whenever there is any info that could be relevant to your planning, I will do my best in keeping you in the loop. Many people cannot receive this level of service from the rep in their local branch, simply because the staff is not even aware of the changes.

Reason #2: Services from One of the Most Reputable Financial Firms

I’m an investment fund advisor with Investia Financial Services Inc., one of Canada’s largest independent dealers, boasting over 56 billion dollars in assets under administration (as of February 28, 2022), with thousands of advisors across various provinces. You may also find me listed on the Investia official website: Samuel Li – Investia.

With this massive support, my clients can access to a complete range of products to help you reach your goals.

Reason #3: Seamless Documentation Process

Handling of the all the documentation to set up for the RDSP account and to apply for the disability savings benefits from the government.

Reason #4: Suitable Investment Portfolio that is Specific to Your Needs

We will design the investment portfolio that is specific to your goals, risk tolerance and time horizon.

Reason #5: Provide ongoing proactive advice and investment planning of your RDSP account

Reason #6: All round financial advice

Since I hold multiple licenses in Ontario, you can receive my professional advice pertains to your investments, and insurance planning.

Reason #7: Quick Turnaround Response Time

When a client contacts me, my usual turnaround time in responding is within 2 business days.

Reason #8: Unlimited email and phone supports

Although I’d love to meet all my clients in person, there’s no reason for you to travel all the way to our office when your questions can be answered with a simple email, phone call, WhatsApp or text message.

Reason #9: Different meeting method to suit your needs.

This could be in the form of in-person meeting at our branch office in Markham or online meeting.

Reason #10: Build up long-term trusted relationship with your family.

Unlike a regular salary paid employee, this financial advisory practice is my core business. I could always continue servicing my existing clients regardless of which firm that I choose to work with.

Reason #11: Top Notch Industry Experience

There is not a single person who could know everything about the financial planning. My clients do not just have access to my services and knowledge.

Mackenzie Investments is one of the top-notch companies when it comes to providing services for families with special needs. Through to my excellent long-term relationship with them, I could always discuss my clients’ case directly with their professional Tax & Estate team.

Ready to grow your wealth with the Registered Disability Savings Plan? Let’s talk! Click here to reach out, and we’ll start your journey together.