Despite their drawbacks, mutual funds do have a couple of benefits that ETFs can’t match. You can contribute to a mutual fund each month without paying a fee, and dividends or interest can be automatically reinvested, which helps your money snowball.

With an ETF, you pay your broker a commission every time you buy or sell. So if your discount brokerage charges $25 per trade, it makes no sense to buy ETFs every month, since the fees would eat you up. As for dividends and interest from ETFs, they get paid out in cash and just sit in your account.

Until now, that is. In February, Claymore Investments Inc. announced that all of its ETFs now include optional dividend reinvestment plans (DRIPs), whereby payouts are used to purchase additional shares instead of being paid in cash. They’ve also pioneered preauthorized cash contributions and systematic withdrawal plans, which allow investors to buy or sell regular amounts of their ETFs monthly, quarterly or annually without trading commissions. Visit www.claymoreinvestments.ca for details and a list of brokers that support these plans.

Another problem with ETFs is that building a balanced portfolio isn’t really cost-effective unless you have $10,000 or more to invest. If you’re starting out with less, have a look at Claymore’s CorePortfolios (CBD and CBN) and iShares’ Portfolio Builders (XCR and XGR). They bundle several ETFs into a single fund, providing instant diversification for a fraction of the cost.

Claymore Investments is an innovative company that offers some two dozen ETFs covering Canadian, U.S. and international markets, global sectors (real estate, infrastructure, agriculture), fixed-income markets (bonds, money market, preferred shares) and commodities. It’s the only company that currently offers DRIPs for ETFs.

BMO Financial Group just launched four funds in June. One tracks the Canadian bond market, another holds Canadian stocks, the other two follow U.S. equity indexes.

Horizons sponsors the most distinctive ETFs in Canada. Its BetaPro line includes leveraged ETFs, inverse ETFs and several commodity funds. Its AlphaPro funds are the only actively-managed ETFs in the country.

Canadian investors can also purchase U.S.-listed ETFs through a broker. Start your search with Vanguard, the U.S. iShares funds, State Street Global Advisors, PowerShares and WisdomTree.

The main advantage of hiring a fee-only planner is that the payment system is more transparent than other systems. This means that you will always know how much you’re paying for financial advice, and your planner is less likely to have a conflict of interest.

Fee-only planners can be hard to find in Canada. Most financial planners are paid using the commission model. In that model, planners get most of their income in the form of commissions for selling you funds.

However, a small group of planners have opted for the “fee-only” payment model, in which they get 100% of their income from their clients, and no money from fund companies.

If you hire a fee-only planner who offers different payment options, we recommend that you use the hourly fee option. This option puts your planner’s interests in line with yours. Your planner is less likely to receive payments from mutual fund and insurance companies for selling you product. But no matter what payment option you use, you should always ask your planner to list all commissions and fees he or she receives in writing, including sales commissions, trailer fees and referral fees.

The main drawback with hiring a fee-only planner is that many are not licensed to sell you investments directly, so they provide you with a general plan and you have to put it into action yourself. In general, fee-only planners are most appropriate for people with more than $100,000 to invest who don’t mind getting involved in buying and selling their own investments.

Below is an alphabetical listing of financial planning firms that you can pay by the hour or by the project. Please note that the system a planner uses for compensation does not in and of itself make a planner more or less competent, so you should employ the same due diligence in hiring a fee-only planner as you would when hiring any other kind of planner. In particular, we recommend a thorough interview with at least three candidates before making a selection.

The listing is provided as a service only and the firms listed have not been screened or approved by MoneySense magazine or Canadian Business Online.

If you are interested in being added to our listing, please contact letters@moneysense.ca with your information.

Sort by province: British Columbia | Alberta | Manitoba | Ontario | Quebec | PEI | or view alphabetically on page 2.

Alfred Freth
67-463 Beechwood Place, Waterloo, ON, N2T 2N8, tel: (519) 572-5510
email: akfeth@rogers.com
licensed to sell investment products: no
payment options:
• hourly fee: $150/hr
• by project: initial segmented plan ($600 to $1,200); comprehensive plan, including six financial planning modules ($1,800 to $3,150)
• annual reviews: $900 to $1,800 each
areas served: Kitchener-Waterloo, Toronto and London (all in Ont.)
minimum account size: none
planner credentials: FIC, CFP, R.F.P., EPC
areas of specialization: retirement, estate and tax planning

Amonson Wealth Management
15 Mackay Dr. S.W., Calgary, AB, T2V 2A3, tel: (403) 231-1936
email: john@unbiasedadvice.com
licensed to sell investment products: no
payment options:
• hourly fee: $275/hr for principal’s time; $125/hr for assistant’s time
• percentage of adjusted net worth:
• 0.75% on the first $2,000,000 of adjusted net worth
• 0.50% of the next $2,000,000
• 0.25% on adjusted net worth over $4,000,000
areas served: Calgary, Victoria and Toronto
minimum account size: $2,000,000 of adjusted net worth
(annual fee of $15,000)
planner credentials: B.Comm, MBA, CFP, R.F.P.
areas of specialization: comprehensive unbiased wealth management

Anne Brandt Personal Financial Consulting
Anne Brandt
3108 Patullo Cres., Coquitlam, BC, V3E 2R2, tel: (604) 552-1696
email: anne@annebrandtfinancial.com
web: www.annebrandtfinancial.com
licensed to sell investment products: no
payment options:
• hourly fee: $150/hr
• set fee for plans: $800 to $1,500
areas served: Vancouver area and the Lower Mainland
minimum account size: none (does not manage assets)
planner credentials: CFP, R.F.P., PFP
areas of specialization:
• retirement planning
• severance and early retirement packages
• pension decisions
• income tax planning and preparation

Astrolabe Financial Group Inc.
Stevan Dostanic & Ryan Kerr
1775 Courtwood Crescent, Ottawa, ON, K2C 3J2, tel: (613)-221-6061
email: stevan.dostanic@astrolabefinancial.ca ryan.kerr@astrolabefinancial.ca
website: www.astrolabefinancial.com
licensed to sell investment products: no
payment options:
• hourly fee: $130/hr
• by project: flat fee for a one time comprehensive financial plan ($800.00 to $1,500.00)
• initial client assessment: free
• special pricing for seniors and ongoing promotions
areas served: Eastern Ontario
minimum account size: none

Assante Wealth Management
David Phipps
1600 Carling Avenue, Suite 550, Ottawa, ON, K1Z 1G3, (613) 729-3222 ext. 239
email: dphipps@assante.com
web: www.assante.com
licensed to sell investment products: yes
payment options:
• hourly fee: $195/hr
areas served: Ottawa and surrounding areas
minimum account size: none
planner credentials: CFP, TEP
areas of specialization: holistic financial planning for professionals and executives

B L Garbens Associates Inc.
Barbara L. Garbens
39 Granlea Road, Toronto, ON, M2N 2Z6, tel: (416) 227-1543
email: barb@blgarbens.com
web: www.blgarbens.com
licensed to sell investment products: no
payment options:
• hourly fee: $175 to $200/hr
areas served: Toronto
minimum account size: none
planner credentials: MBA, CFP and R.F.P.
areas of specialization: retirement planning (detailed cash-flow projections as well as consultations), tax planning and tax return preparation, estate planning

Brevity Management Group Inc.
Chad Tennant
3000 Steeles Ave. East, Suite 103, Markham, ON L3R 4T9, tel: (647) 977-9134
email: info@brevitygroup.com
web: www.diyinvestor.ca, www.brevitygroup.com
licensed to sell investment products: no
payment options:
• Hourly fee: $200/hr
• Plan: DIY Investor Plan™ $895 – $1995
• Retainer: $895 to $1595
areas served: Canada, all provinces
minimum account size: $150,000
planner credentials: B.Comm., DMS, PMP
areas of specialization:
- investment coaching for women and couples
- objective portfolio evaluation
- etf consulting/strategy
- insurance planning
- guest speaking at seminars, company and networking events

Cameron Leadership Development
M.A. Peggy Cameron
Box 36047, Ottawa, ON, K1Y 4V3, tel: (613) 729-2254
email: macameron@sympatico.ca
web: www.cameronleadership.ca/
licensed to sell investment products: no
payment options:
• hourly fee: $200/hr
• flat rate (available for some services)
areas served: Ottawa, Montreal; other cities via the Internet
minimum account size: none
planner credentials: CFP, R.F.P., MBA
areas of specialization: Canadian and US personal income tax, big picture financial planning, retirement planning

Caring for Clients
Rona Birenbaum
69 Yonge St., 2nd Floor Toronto, ON M5E 1K3 tel: (416)-363-8500 x135
email: rona@caringforclients.com
web: http://www.caringforclients.com/
twitter: @Caring4Clients
Licensed to sell investments: yes
Licensed to sell insurance: yes
Cost of a financial plan: $2,000 to $5000 depending on complexity
Ongoing financial planning included in investment management fees
No minimum account size
Education: B.A.S., CFP, CHFS
area of service: GTA (house calls are available, some evening appointments available)
areas of specialization: Comprehensive financial planning including tax, cash flow, investments, insurance, succession planning, retirement and estate planning, individual pension plans, family mediation, employee terminations
• Extensive third-party professional network

CMG Financial Education
(A Division of Camelot Management Group)
#203 – 1370 Beach Drive, Victoria, BC, V8S 2N6, tel: (250) 592-8021
email: cherith_camelot@telus.net
licensed to sell investment products: no
payment options:
• flat fee per assignment
areas served: Vancouver Island, the Lower Mainland and Southern B.C.
minimum account size: none
planner credentials:  CFP, R.F.P.
areas of specialization:
• primarily financial educators
• will work with individual clients, but specialty is workshops and seminars for private and public sector organizations

Corkum & Arsenault
51 University Avenue, Charlottetown, PEI, C1A 4K8, tel: (902) 892-0519
email: mailto: corkum@corkumandassociates.com
web: www.corkumandassociates.com
licensed to sell investment products: no
payment options:
• hourly fee: $165/hr
areas served: PEI; also Nova Scotia and New Brunswick
minimum account size: none
planner credentials: R.F.P., CFP, CLU, CA
areas of specialization:
• tax, estate and business planning
• financial advice regarding family breakdown and support matters

D. Robinson + Associates Inc.
Darryl Robinson
2165 Henderson Hwy, Winnipeg, MB, R2G 1P9, tel: (204) 663-1561
email: darryl.robinson@shaw.ca
web: drobinsonandassociates.ca/index.htm
licensed to sell investment products: no
payment options:
• hourly fee: $150/hr
areas served: Winnipeg, MB
minimum account size: none
planner credentials: RSW, CFP, R.F.P.
areas of specialization:
• retirement planning
• financial education and counselling
• severance and pension counselling

David J. Thomas
Personal Financial Planning
4415 Beacon Lane, Mississauga, ON, L5C 4K7, tel: (905) 484-6205
email: dthomas.hba1980@ivey.ca
licensed to sell investment products: no
payment options:
• hourly fee: $200/hr
• annual retainer
areas served: Toronto
minimum account size: none
planner credentials: CGA, CFP, R.F.P., TEP
areas of specialization:
• tax
• estate
• retirement
• comprehensive financial plans

Davis Martindale LLP
Paul Panabaker
373 Commissioners Road West, London, ON, N6J 1Y4, tel: (519) 673-3141
email: ppanabaker@davismartindale.com
web: www.davismartindale.com
licensed to sell investment products: no
payment options:
• hourly fee: $250 to $325/hr
areas served: London, ON and Western Ontario
minimum account size: none
planner credentials: CA, CFP, R.F.P.
areas of specialization:
• tax, estates, estate planning
• financial health checkup

Dixon, Davis & Company
1027 Pandora Avenue, Victoria, BC, V8V 3P6, tel: (250) 413-3230
email: mailto:info@dixondavis.com
web: www.dixondavis.com
licensed to sell investment products: no
payment options:
• hourly fee: $150/hr
• annual retainer: $2,500 (includes preparation of basic income tax returns for family members)
• by project: $500 minimum
areas served: Victoria, Vancouver Island, Gulf Islands, Vancouver, Kamloops (all in B.C.) and Calgary, Alta.
minimum account size: none
planner credentials: R.F.P., CFP
areas of specialization:
• retirement and estate planning
• cash flow and taxation management
• pension planning

E.E.S. Financial Services LTD.
6090 Highway #7 East, Markham, ON, L3P 3B1
email: ser@ees-financial.com
web: www.ees-financial.com
licensed to sell investment products: no
payment options:
• negotiable by case
areas served: Canada-wide
minimum account size: none
planner credentials: CFP, R.F.P., Pl.Fin, CA, CGA, PRP, FDS
areas of specialization:
• comprehensive financial planning
• personal and corporate tax planning and preparation
• estate settlement and administration
• personalized corporate seminars regarding special company benefits
• terminations & downsizings
• employee profit-sharing plans

EF Consulting (Now Fraumann Associates LLC)
104 Westpark Blvd., Dollard-des-Ormeaux, QC, H9A 2J9, tel: (514) 577-5650
email: efhima@efconsulting.ca
licensed to sell investment products: no
payment options:
• hourly fee: negotiable
• flat fee: negotiable
areas served: Montreal
minimum account size: none
planner credentials: CFP, R.F.P., Pl.Fin, B.Comm

Efficient Wealth Management Inc.
Gordon Stockman
47 Lakeshore Road East, Suite 100, Mississauga, ON, L5G 1C9
email: clientservices@efficientwealth.com
web: www.efficientwealth.com
licensed to sell investment products: no
payment options:
• hourly fee: $210/hr, first hourr free
• per plan: $850 (per FP, tax, estate, investment)
• by set: $3,400
• annual retainer: referral network for plus 0.05% AUM for annual clients
areas served: 200 km radius from Mississauga, ON
minimum account size: none
planner credentials: CA, CFP
areas of specialization:
• financial planning, tax, estate, IPS, asset allocation
• feedback loop – portfolio analysis and portfolio monitoring

Finance Matters LTD
Janet Freedman
69 Cavell Avenue, Toronto, ON, M4J 1H5, tel: (416) 469-2535
email: freedom@istar.ca
web: www.hitbyaniceberg.ca
licensed to sell investment products: no
payment options:
• hourly fee: $175 to $225/hr
areas served: Toronto, Nova Scotia, clients from other provinces (except Quebec) if you visit Toronto
minimum account size: none
planner credentials: CFP, R.F.P.
areas of specialization:
• comprehensive financial planning
• retirement planning
• cash flow management
• disability issues

Financial Health Management Inc.
Diane Dekanic
P.O. Box 61165, Kensington RPO, Calgary, AB, T2N 4S6, tel: (403) 216-1340, toll-free: (877) 349-7337
email: ddekanic@fhminc.ab.ca
web: fhminca.ab.ca
licensed to sell investment products: no
payment options:
• hourly fee: $140/hr
areas served: Alberta, primarily
minimum account size: none
planner credentials: CFP, R.F.P.
areas of specialization:
• transitional counseling
• retirement planning
• financial workshops

Headspring Consulting
Sandra Foster
1370 Don Mills Road, Suite 300, Toronto, ON, M3B 3N7
email: fosters@headspringconsulting.com
web: www.headspringconsulting.com/index.html
licensed to sell investment products: no
payment options:
• hourly fee: contact for quote
areas served: Toronto
minimum account size: none
planner credentials: CFP, R.F.P., CHRP, TEP, CIM, FCSI
areas of specialization:
• retirement planning
• retirement income
• estate planning

Independent Financial Counsellors Inc.
51 Grady Bend Place, Winnipeg, MB, R2V 4X2, tel: (204) 786-8797 or (866) 491-0032
email: ifc@ifcincorp.com
web: www.ifcincorp.com/
licensed to sell investment products: No
• hourly fee: $150/hr
Areas served: mostly Manitoba, but we have clients all over Canada
Minimum account size: none
Planner Credentials: CFP, R.F.P.
Areas of specialization:
• budgeting
• tax planning and preparation
• estate planning
• portfolio reviews and monitoring

Kathy Aziz
66 Dobie, Mount Royal, QC, H3P 1R8
email: kathyaziz@sympatico.ca
licensed to sell investment products: no
payment options:
• hourly fee: $175/hr
• annual fee: investment planning for small portfolios
• percentage of assets under management: 0.25% for portfolios of $2,000,000 and up (only on mandates to regularly monitor investments on an ongoing basis)
areas served: Montreal, Laurentians, Quebec
minimum account size: none
planner credentials: PFP, Pl.Fin. Fellow Adm.A TEP (also have R.F.P. and CFP, but these are not used in Quebec)
areas of specialization:
• tax and investment planning
• estate administration and planning
• financial planning in divorce situations

Libra Investment Management Inc.
Norbert Schlenker
130B Bittancourt Road, Salt Spring Island, BC, V8K 282, tel: (250) 538-1641
email: inquiries@libra-investments.com
web: www.libra-investments.com
licensed to sell investment products: no
payment options:
• hourly fee: $250/hr
areas served: any Canadian location outside Quebec
minimum account size: $200,000
planner credentials: CFA, CFP, CIM, FMA

LifeDesign Financial
Karin Mizgala
400-1681 Chestnut St, Vancouver BC V6J 4M6 Tel (604) 880-4143
email: kmizgala@lifedesignfinancial.ca
web: www.lifedesignfinancial.ca and www.womensfinanciallearning.ca
licensed to sell investment products: No
• hourly fee: $200/hr
• project: $1,000-$3,500
areas served: Canada wide
minimum account size: none
planner credentials: MBA, CFP, BA Psych
areas of specialization:
• transition and retirement planning
• financial coaching and counselling for women and couples
• financial planning for therapists, coaches and healing professionals
• financial education workshops for women

Lifeware Retirement Planning
G.R. Marceau
54 Port Street West, Mississauga, ON, L5H 1E3, tel: (905) 267-1093
email: gilles@executiveretirementplan.ca
web: www.executiveretirementplan.ca/index.html
licensed to sell investment products: no
payment options:
• hourly fee: $175/hr
areas served: Mississauga, Oakville (both in Ontario)
minimum account size: none
planner credentials: CA, CFP, CLU, R.F.P., PRP
areas of specialization:
• retirement planning issues for self-employed business owners and professionals

Longhurst & Jack
36 Toronto Street, Suite 1000, Toronto, ON, M5C 2C5, tel: (416) 815-7200
email: enquire@longhurstandjack.ca
web: www.longhurstandjack.ca
licensed to sell investment products: no
payment options:
• hourly fee: $200/hr
• flat fee: a fixed fee can be negotiated in advance of a project being started
areas served: Toronto and Southern Ontario
minimum account size: none
planner credentials: CFP, FCIA
areas of specialization:
• preparation for retirement
• assistance with major pension decisions

Macdonald, Shymko & Company LTD
Fee Only Financial Advisors
510 Burrard Street, Suite 950, Vancouver, BC, V6C 3A8, tel: (604) 687-7966
email: msc@msc-feeonly.com
web: www.macdonaldshymko.com
licensed to sell investment products: no
payment options:
• hourly fee: $40 (assistant) to $280/hr
• percentage of assets under management:
• $500,000 and under: 1.12%
• $500,000 to $1 million: (0.98%)
• $1 million or more: 0.72%
areas served: B.C., Alberta and Ontario
minimum account size: none
planner credentials: R.F.P., MBA, CMA, TEP, CIM
areas of specialization:
• comprehensive financial planning

MC Planning
Mike Carter
336 Davenport Rd., Suite 102, Toronto, ON, M5R 1K6, tel: (416) 935-0320
email: mike@mcplanning.ca
web: www.mcplanning.ca
licensed to sell investment products: no
payment options:
• hourly fee: $100/hr
• flat fee: for creating a financial plan (once the financial plan is established, all subsequent planning services are charged at $100/hr)
areas served: Toronto; rest of Canada via phone/Internet
minimum account size: none
planner credentials: CFP

Money Coaches Canada Inc.
Fee-only Financial Professionals
tel: 1-855-877-0977
email: info@moneycoachescanada.ca
web: www.moneycoachescanada.ca and www.womensfinanciallearning.ca
licensed to sell investment products: no
project: $1,750-$3,500
areas served: Canada wide
minimum account size: none
planner credentials: CFP, MBA
areas of specialization:
• debt and cash flow management for professionals
• life transition and retirement planning
• financial coaching and education for women and couples
• financial education workshops for corporations and associations

MoneySmart
Fee-only Financial Planners
43 Onaway Road, Mississauga, ON, L5G 1A3, tel: (905) 274-4888
email: mchowes@rogers.com
licensed to sell investment products: no
payment options:
• hourly fee: $150/hr
• retainer fee upfront
• project fee: estimate given
areas served: Toronto, Mississauga, Golden Horseshoe (all in Ontario)
minimum account size: none
planner credentials: CFP, R.F.P., PRP
areas of specialization:
• cash flow management
• retirement planning
• estate planning
• technical personal financial writing

MSC Financial Services
(Affiliated with Macdonald Shymko & Company)
1221 Lonsdale Ave, Suite 204, North Vancouver, BC, V7M 2H5, tel: (604) 988-9876
email: tgreene@fee-only.ca
web: www.macdonaldshymko.com
licensed to sell investment products: no
payment options:
• hourly fee: $200/hr
• percentage of assets under management: 1% or less, for monitoring portfolios
areas served: North Vancouver
minimum account size: none
planner credentials: BBA, CFP, R.F.P.
areas of specialization:
• tax and retirement planning
• asset allocation

Objective Financial Partners Inc.
Jason Heath
1 St. Clair Avenue East, Suite 901, Toronto, ON, M4T 1Z3, tel: (416) 418-3934
email: info@objectivefinancialpartners.com
licensed to sell investment products: no
payment options:
• hourly fee: $250/hr
• financial plan ($500-$1,500);
• ongoing services, including tax returns: $1,500-$3,500 annually
areas served: mainly southern Ontario, but Canada-wide via web conference
minimum account size: none / not applicable
planner credentials: CFP, CGA, TEP, B.A.
areas of specialization:
• personal and corporate financial planning
• personal, corporate and trust tax planning and preparation
• estate planning
• insurance needs analysis
• investment strategies

Page and Associates LTD
95 Mural Street, Suite 405, Richmond Hill, ON, tel: (905) 884-5563
email: experience@askpage.com
web: www.askpage.com
licensed to sell investment products: yes
payment options:
• hourly fee: $100 to $250/hr
• percentage of assets under management:
• 1.25% of first $250,000
• 1% under $1 million
• 0.75% of next $4 million
• 0.50% of excess
areas served: Toronto and Southern Ontario
minimum account size: $100,000, preferably $250,000+
planner credentials: CFP, R.F.P., CA, MBA, CLU
areas of specialization:
• business continuation and owner succession planning
• overall tax and estate planning for both business owner and non-business-owner clients
• executive compensation planning

Prime Consulting
Mary R. Prime
102 Dunedin Drive, Etobicoke, ON, M8X 2K5, tel: (416) 410-9337
e-mail: mary.prime@sympatico.ca
licensed to sell investment products: no
payment options:
• hourly fee: $150 to $170/hr
• daily rate: $1,500 (half day: $750)
• fee per financial plan: $1,500 to $2,000
areas served: Greater Toronto Area (rest of Canada by phone and email)
minimum account size: none
planner credentials: CFP, EPC
areas of specialization:
• individuals in transition (job loss, retirement, career change, bereavement and separation/divorce)
• group workshops on topics such as “financial fitness”, “financial planning for the sandwich generation”, “financial planning for grads” and  “pre-retirement financial planning”
• guest speaking at conferences

PWL Advisors Inc.
Caroline Nalbantoglu
215 Redfern Ave., Suite 200, Westmount, QC, H3Z 3L5, tel: (514) 875-1585, ext. 247, toll-free: (800) 343-7566
email: cnalbantoglu@pwlcapital.com
web: http://www.pwlcapital.com/
licensed to sell investment products: no
payment options:
• hourly fee: $250/hr
• retainer: typically $2,000
• set price per service available
• percentage of assets: typically 0.5% (contact for details)
areas served: Montreal, Ottawa, Toronto
minimum account size: typically $500,000 (contact for details)
planner credentials: CGA, CFP, R.F.P., C. Adm.FP
areas of specialization:
• Caroline Nalbantoglu is a fee-only financial planner within PWL, a firm that encompasses financial planning and investment management

Raimondo & Associates
Rose Raimondo
305-4625 Varsity Drive NW, Box 329, Calgary, AB, T3A 0Z9, tel: 403-288-8561
email: rose@raimondo-associates.com
web: www.raimondo-associates.com
licensed to sell investment products: no
payment options:
• hourly fee: contact for details
areas served: Calgary
minimum account size: none
planner credentials: BBA, CFP, R.F.P.
areas of specialization:
• financial education and counseling
• pensions and retirement planning
• severance counseling
• financial counselling on divorce

Rick Coyle
Kentville, NS tel: (902) 670-1117
email: rick@financialbistro.org
payment options:
• hourly fee: $179/hr
areas served: Nova Scotia
planner credentials: PFP

Ron Graham & Associates
Ron Graham
100, 10585 – 111 Street, Edmonton, AB, T5H 3E8, tel: (780) 429-6775
email: rgraham@rgafinancial.com
web: www.rgafinancial.com
licensed to sell investment products: no
payment options:
• hourly fee: $175/hr
areas served: mostly Edmonton, but also Calgary, Yellowknife, Vancouver
minimum account size: none
planner credentials: CA, R.F.P., CFP
areas of specialization:
• tax planning and preparation
• investment planning
• retirement planning
• estate planning

Ryan Lamontagne Inc.
304 – 2249 Carling Ave., Ottawa, ON, K2B 7E9, tel: (613) 596-3353, toll free: (800) 304-7180
email: info@ryanlamontagne.com
web: www.ryanlamontagne.com
licensed to sell investment products: yes
payment options:
• hourly fee: $125 to $200/hr
• flat fee for a one-time comprehensive financial plan: $1,000 to $5,000
• ongoing private client service: flat annual fee ($750 to $2500)  +  percentage of assets:
• $500,000 and under: 1.5%
• $500,000 to $1 million: 1.00%
• $1 million or more: 0.75%
areas served: Ottawa
minimum account size: $100,000 for associates; $250,000 for partners
planner credentials: CFP, R.F.P., FMA
areas of specialization:
• management strategies for emerging affluent and high-net-worth individuals and families

Smarter Financial Planning LTD
Derek Moran
472 Sarsons Road, Kelowna, BC, V1W 1C2, tel: (250) 450 – 9766
email: derek@smarterfinancialplanning.ca
web: www. smarterfinancialplanning.ca/
licensed to sell investment products: no
payment options:
• hourly fee: $150+ /hr
areas served: all
minimum account size: none
planner credentials: R.F.P.
areas of specialization:
• tax
• retirement planning
• estate planning

Stewart & Kett Financial Advisors Inc.
123 Front St. West, Suite 911, Toronto, ON, M5J 2M2, tel: (416) 362-6322
email: dstewart@stewartkett.com, ckett@stewartkett.com
web: www.stewartkett.com
licensed to sell investment products: no
payment options:
• hourly fee: $275/hr
• or fixed fee in advance
areas served: Toronto, Montreal, Calgary and Vancouver
minimum account size: none
planner credentials: MBA, CFP, R.F.P., CA, CGA, BBA, MA
areas of specialization:
• offer “advice-only” financial planning
• taxation
• retirement planning
• estate planning
• investment planning
• family office services

Stronach Financial Group
Daniel F. Stronach
tel: (416) 497-3590, toll free: (800) 377-4761
email: daniel@stronach-financial.com
web: www.stronach-financial.com/index.htm
web: www.stronach-financial.com
licensed to sell investment products: no
payment options: $150/hr
areas served: Ontario
minimum account size: none
planner credentials: BA, CFP, R.F.P.
areas of specialization:
• more than half of the clients are dentists

T.E. Financial Consultants LTD
26 Wellington Street East, Suite 710, Toronto, ON, M5E 1S2, tel: 1-888-505-8608
email: info@tewealth.com
web: www.tewealth.com
licensed to sell investment products: no (although T.E. Investment Counsel, an affiliated company, is licensed to sell investment products)
payment options:
• hourly fee: $250 to $400/hr
• retainer
• percentage of assets:
• $500,000 and under: 1.75%
• $500,000 to $2 million: + 0.75%
• $2 million to $5 million: + 0.50%
• next $5 million: + 0.25%
areas served: Montreal, Toronto, Calgary, Oakville (ON), Quebec City, St. John’s, Vancouver, Waterloo (ON)
minimum account size: none for financial planning; $250,000 minimum for investment clients
planner credentials: CA, CSA, CFA, CFP, R.F.P., CIM, CGA, MBA, TEP, FDS
areas of specialization:
• investment counseling
• executive financial planning
• employer-sponsored financial education
• high-net-worth financial advisory and wealth management

Joseph Tarantino
Suite 203 – 15 Wertheim Court, Richmond Hill, Ontario. L4B 3H7, tel: (905)-771-8956
email: jtarantino@jtarantinoassociates.com
licensed to sell investment products: no
payment options:
• hourly fee: $150/hr
• comprehensive plan: $1,800.00
• annual reviews: $600.00
areas served: Greater Toronto Area
minimum account size: none
planner credentials: B.A. Economics and Accounting;  CFA (Chartered Financial Analyst)
areas of specialization:
• short, medium and long term financial planning
• personal cash flow and budget planning
• planning for retirement
• planning during retirement
• tax planning
• tax preparation
house calls: Available some evenings and week-ends

Todd & Associates
504 Memorial Drive NW, Calgary, AB, T2N 3C4, tel: (403) 547-0328
web: www.todd-associates.com
licensed to sell investment products: no
payment options:
• hourly fee: $225/hr (as of January 2008)
• retainer based on percentage of value: 0.25% for all assets (wealth management services)
• retirement planning services available on hourly fee basis
areas served: Calgary
minimum account size: $750,000
planner credentials: R.F.P., CFP
areas of specialization:
• retirement planning
• wealth management strategies
• divorce financial planning
• estate and tax planning

Vancouver Financial Planning Consultants Inc.
800 West Pender Street, Suite 1600, Vancouver, BC, V4P 1J2, tel: (604) 685-1938
email: planning@vfpc.ca
web: www.vfpc.ca/
licensed to sell investment products: no
payment options:
• hourly fee: $250/hr
• annual retainer: $2,000
areas served: Vancouver and the Lower Mainland
minimum account size: none
planner credentials: CFP, R.F.P., CA, CFA
areas of specialization:
• personal financial planning
• non-residence issues
• personal tax matters

W. A. Robinson & Associates
The Simonett Building, 14216 Rd # 38, Sharbot Lake, ON, K0H 2P0, tel: (613) 279-2116 / (877) 279-2116
email: info@robinsongroup.com
web: www.robinsonsgroup.com
licensed to sell investment products: Licensed in Ontario as
Investment Counsellor, Portfolio Managers and Limited Market Dealers, and in Quebec as Unrestricted Advisors
payment options:
• hourly fee (rare): call for details
• flat fee per project: call for details
• percentage of assets under management:
• 1.5% on first $500,000
• 1.25% on next $500,000
• 1% on next $4 million and after
• mortgage based portfolios: 2% of assets under management
areas served: Ontario and Quebec
minimum account size: $500,000 ($25,000 if investing in a pooled mortgage investment corporation)
planner credentials: B.Sc., CFA, CFP, R.F.P., CIM, CRF
areas of specialization:
• investment counsel
• portfolio management
• mortgage administration
• small firm mergers and acquisitions
• estate and tax planning

Weigh House Investor Services
4141 Yonge Street, Suite 303, Toronto, ON, M2P 2A8, toll free: (866) 918-0550
web: www.weighhouse.com/main/home.aspx
licensed to sell investment products: no
payment options:
• hourly fee: $200 to $250/hr
areas served: Canada-wide on a remote (web conference) basis; personal service in Toronto, Burlington/Hamilton Area, York/Durham Region, and in B.C.
minimum account size: $300,000
planner credentials: CA, CFP, CIMA
areas of specialization:
• financial planning
• portfolio analysis and portfolio monitoring
• investment counselor/investment advisor search

Wellington West
200 Waterfront Drive, Suite 300, Winnipeg, MB, R3B 3P1, tel: (204) 925-5154
e-mail: admin@wellwest.ca
web: www.wellwest.ca
licensed to sell investment products: no
payment options:
• hourly fee: $125 to $250/hr
areas served: Ontario, Manitoba, Alberta and B.C.
minimum account size: $1 million
planner credentials: BA, R.F.P., CFP, TEP, HBA, CIM

Williams Financial Strategies
Norman Williams
3109 Abernathy Way, Oakville, ON, L6M 5C2, tel: (905) 630-7658
e-mail: normanwilliamz@yahoo.com
licensed to sell investment products: no
payment options:
• hourly fee: $65/hr
areas served: Oakville, Burlington, Mississauga (all in Ontario)
minimum account size: none
planner credentials: CFA, CA, CFP, R.F.P.; CFP, CIM, CMA (U.S.)

Your Wealth Advisor – Canada
Graham Cook
204 – 580 Stewart Ave., Nanaimo, B.C., V9S 0A1, (250) 716-5750
email: Service@compositefinance.com
web: http://www.yourwealthadvisor.ca/
licensed to sell investment products: yes
payment options:
• hourly fee: depends on the service
• fixed prices for financial planning services
areas served: across Canada
minimum account size: none
planner credentials: CFP, CIM, FMA, RDA
areas of specialization:
• people age 50 to 90
• sustainable income planning
• comprehensive & modular financial planning
• estate & tax planning
• insurance planning
• real return bonds

The above listing is provided as a service only and the firms listed have not been screened or approved by MoneySense magazine or Canadian Business Online.

If you are interested in being added to our listing, please contact letters@moneysense.ca with your information.

In a downturn of this size, it’s natural to assume that you’re falling behind. Many of us lie awake at night worrying about our finances and feeling the stab of envy. Is our net worth crumbling to shameful levels? Are our friends making more than we are? How did our neighbors with the new BMW manage to sidestep the falling stock market that hammered us — or did they?

If you’ve been torturing yourself with such questions, the All-Canadian Wealth Test can shed some much needed light on your personal finances. MoneySense launched the Wealth Test in 2000 and this year’s version is our  most comprehensive yet. Its goal is to let you see how you measure up versus other Canadians. Our research can tell you if you’re earning more or less than your peers, if you’re wealthier or poorer than others, and if your track record in the stock market is better or worse than most investors.

The good news — and, yes, there is good news — is that the average household is better off today than it was nine years ago when Canada was zooming along at the peak of the dotcom boom. Over the past year, the typical person has lost about a tenth of his or her wealth. But the average Canadian household is still 7% richer in real terms in grim 2009 than it was in bubbly 2000. That’s an amazing — and encouraging — fact. Despite the worst economic crisis since the Great Depression, prosperity still appears to be inching ahead.

Problem is, our prosperity comes with warning stickers. One catch is that our increase in average wealth has been accompanied by an increase in inequality. While the rich are definitely growing richer, it’s not clear that middle- or working-class Canadians are any wealthier than they were a decade ago.

Just as worrisome is how we’re getting richer. In recent years, Canadians have experienced little joy from the stock market. More and more, we have come to depend upon the real estate market to drive our wealth upward. Thanks to record low interest rates and innovations such as 35-year-mortgages, eager home buyers have propelled housing prices to double their levels of a decade ago. Real estate now makes up an unprecedented share of our personal balance sheets. If the housing market stays strong, we remain prosperous. But if home prices crack, look out below.

Two types of wealth

Before we examine these issues in more detail, we should explain that there are at least two ways to measure how well you’re doing, financially speaking. One is to look at how much you earn in any given year — your income. The other is to look at how much you would have left over if you sold all your assets and paid all your debts. This is your net worth, or wealth.

You should examine both income and net worth to get a full picture of your financial situation. A recently graduated 30-year-old surgeon may have a high income, but not much net worth — yet. On the other hand, a retired farmer may have only a modest pension income, but an enormous net worth, because of the millions of dollars that his acres of prime farm land would fetch if he chose to sell them to a property developer or the corporate farmer next door.

The paycheque pyramid

The easiest way to start assessing your financial situation is by looking at your income. To give you the most accurate notion of how your paycheque stacks up, we’ve divided Canadians into two groups — those who are single and those who are part of families of two or more people. You would expect families to have higher household incomes than single-person households and so they do. The average unattached person has an income of $37,800. The average family has a household income of $91,500, or 2.4 times more than the unattached individual.

The table below lets you see where you fit on the income ladder. We’ve split people into five equal subgroups based upon their incomes. These subgroups are known as quintiles. Each quintile holds one fifth, or 20%, of the larger group. We put the lowest earners into the first quintile, then the next lowest earners into the second quintile, and so on. You can think of these quintiles as five equally spaced steps up the income ladder.

Looking at the dollar value of each step gives you a sense of what typical paycheques look like at various levels of society. To squeeze into the middle quintile for unattached earners — in other words, to make it nearly halfway up the income ladder, ahead of 40% of your peers — a single person requires an annual income of at least $20,901. To achieve the same status for a family, a husband and wife need combined incomes of at least $59,901.

These relatively low numbers may surprise you, especially if you live in Toronto or Calgary, but they are reality for most of the country. While it’s common to read about about million-dollar executives or multimillion-dollar hockey players, the typical Canadian earns less than a postman. You don’t have to be a CEO, a highly paid athlete, or even a doctor to break into the top tier of income earners. A single bookkeeper who makes $52,000 a year ranks among the top 20% of unattached earners. Two married school teachers who together earn $120,000 a year qualify as a top-quintile family.

Rich man, poor woman If you’re not used to thinking of bookkeepers and teachers as members of Canada’s financial elite, it may be a matter of where you hail from. There are vast differences between provinces. We’ve outlined these differences in the singles scene and the household hierarchy charts below. The tables show the average (not the minimum) earnings for each quintile of society. As you can see, Alberta and Ontario are the highest-earning provinces, while Newfoundland and PEI are the lowest. The average top-quintile family in Alberta earns a joint income of $233,800; the average top-quintile family in PEI makes only $136,300.

Your earning power depends not just on your place of residence, but on your sex. Women make, on average, about two-thirds of what men do. While earnings vary widely by age, women as a group earn an average of $31,600 a year, while men earn an average of $47,200. The disparity begins before earners turn 20 and grows until pre-retirement and then narrows a bit after the age of 65. The narrower gap for the younger age groups suggests that women are now placing a higher priority on careers than did previous generations.

There is no sign that the disparities among regions and between sexes are going to end anytime soon. If anything, Canada’s income distribution is becoming even more skewed. The top 20% of all households collect nearly half of all the income generated in Canada. The poorest 20% of households get only 4%. Inequality between the rich and poor has been slowly growing for the past two decades and stands at record levels.

While the rich are gaining ground and the poor are losing ground, the middle is only inching ahead. The average Canadian family saw its after-inflaton earnings tick up a total of only 20% since 1990, or about a percentage point a year. While people who entered the work force in the 1950s through 1970s saw their incomes run up rapidly, the generation that came of age since 1990 has had to settle for slow, grudging gains.

Your bottom line

While incomes are far from equal, wealth is even more unbalanced. The richest 20% of Canadian households control about 69% of the wealth in Canada. The next quintile down possesses a further 20% of our national net worth.

Not much is left over for other people. The bottom 60% of households control only 11% of Canada’s wealth. In fact, the bottom fifth of the population possess no wealth and actually owe a few thousand dollars more than they own.

In are your rich yet?, below, we show you how your wealth compares to other Canadians. The net worth figures in the table include the current value of everything you own — your home, your car, your bank account, your RRSPs, your stocks and bonds, your small business, and, yes, even your company pension. You should total up all these assets, then deduct your debts and other liabilities to arrive at your net worth.

It  doesn’t take a huge sum to be considered middle class. If you’re an unattached individual, you’re richer than 40% of your peers if you have $16,501 in net worth, or about the cost of a very modest new car. A family qualifies for the middle quintile with $167,001 in net worth, which is about half the price of a typical Canadian house.

The average net worth of a Canadian household now stands at $385,000, down almost 10% from the level we hit in the fall of 2007, when the average net worth of a Canadian household hit a peak of $428,000 (in today’s dollars). As we mentioned earlier, though, we’re still doing all right if you take a longer viewpoint. Back in 2000, the average Canadian household was worth only $360,000 (again, in today’s dollars). An optimist might find it remarkable that even after our stock market losses of the past couple of years, our average net worth is still 7% higher than at the peak of the dotcom boom. A pessimist might say that this is a very small advance over a decade.

Up until now we’ve discussed wealth in terms of averages. In many ways, though, it’s more instructive to look at medians. What’s the difference between these two measures? The average net worth is the sum of all the personal wealth in the group, divided by the total number of households in the group. This figure can be distorted by a handful of extremely wealthy households. (If Bill Gates and you and I sit down for lunch, we’re all billionaires on average — but chances are that neither you nor I have anything close to a billion dollars.) In contrast, the median net worth is the wealth of a household that sits right in the middle of the wealth spectrum, with half of all households having more wealth and half having less wealth. (If Bill Gates and you and I sit down for lunch, the median net worth is going to be either your net worth or mine — whichever one of us happens to fall in the middle.)

Average household net worth is pulled up by the 20% of households who control 69% of all the household wealth in Canada. Median net worth is a lot less. In fact, in early 2009, the wealth of the median household was only $170,000 compared to the average of $385,000. The huge gap between median and average is a measure of how much the average figure is pulled up by a tiny number of very wealthy households.

The chart, a slow climb, below, lets you measure your own net worth by age, either in terms of averages or in terms of medians. As you can see, wealth tends to grow slowly over the course of our lifetimes. You typically hit the peak level of your wealth when you are 55 to 64 years of age. By that point, the average household has accumulated a net worth of about $670,000. But don’t forget that this figure is lifted upward by a small number of wealthy households. The median household of the same age is worth only about $420,000.  In general, the median figure is the more representative of a typical household and we suggest you use medians for most comparisons.

Who gets wealthy?

If you’re looking for a formula to become wealthy, let us help. We’ve broken down the key factors for you.

First, it helps to be born male. Households in which a man is the primary earner have net worths that are $36,000 above the overall median for all households of all typesof $170,000.

Next, it’s important to be patient. Wealth grows gradually over the course of your life. A household headed by someone under 35 typically has a net worth that is $145,000 below the median. A household headed by someone 55 to 64 usually has wealth that is $250,000 above the median.

Just like your mother told you, it pays to get an education. A household headed by someone with a university degree or certificate typically has net worth that is $90,000 greater than the median. A hard-working spouse can be another huge advantage. Households with two or more earners have wealth that is $98,000 above the median.

To see where you should be in life (at least, according to the stats), use our wealth calculators. It allows you to compare yourself to similar Canadians. You input your age, your marital status, your education level and other criteria. The calculator shows you the median net worth accumulated by other people with the same characteristics as yourself. If you’re ahead of the median, you can pat yourself on the back. If you’re behind, you may want to think about the reasons why.

No matter how you score on the Wealth Calculator, keep the results in perspective. Our calculator doesn’t account for factors such as bad health or divorce that can devastate your net worth. Neither does the calculator reflect location. If you’re living in a small town, or in an area with lower incomes, your net worth is not going to be as high as someone who has benefitted from the higher salaries and more exuberant real estate markets of a big city.

Our calculator also ignores the question of how you got your money. Canada is still a land of opportunity, but in an age where middle-class incomes aren’t budging by much, inherited wealth can play a big role in determining where you wind up. According to Statistics Canada, 36% of families in the wealthiest quintile of the population have received an inheritance; the average amount of that inheritance was $136,000. In contrast, only 10% of families in the bottom quintile inherited money and the average amount of that inheritance was only $13,200. No matter how hard you work, it is also good to be born into, marry into, or know people with money.

Warning signs

Despite the recession, most of us can take some satisfaction in how our net worth has grown over the past decade. But we should be aware of three warning signs that may indicate trouble ahead.

Warning Sign No. 1 is our addiction to debt. Back in 1990, the typical Canadian owed 91% of his or her disposable income. By 2000, our ratio of personal debt to disposable income had grown to 111%. It has now soared past 140% and is still climbing. We appear to have compensated for our stagnant paycheques over the past couple of decades by borrowing to make up for the raises we missed.

High debt levels are an excellent predictor of bankruptcies, so the galloping increases in our personal debt makes it likely that we will see more insolvency during the years ahead. We are already witnessing a dramatic increase in insolvencies among older Canadians.

Call this Warning Sign No. 2. Since 1990 the rate of insolvency among Canadians 55 and older has shot up by more than 500%. It is a striking and worrisome fact that more and more Canadians are reaching the end of their working lives encumbered by debt. It seems that as the boomer generation edges into their 60s, a significant number are finding themselves unprepared for retirement.

This brings us to Warning Sign No. 3: our fascination with real estate. One reason that so many Canadians — even older Canadians — have large amounts of debt is because of our growing reliance on real estate and hence mortgages and lines of credit backed by this real estate. Back in the mid-1990s, real estate constituted about a third of a typical household’s assets. It now accounts for 40%.  If real estate prices remain strong, our willingness to go into debt to buy homes will be justified. But our wealth could take a major hit if prices dip.

Looking ahead

We can take some comfort in the resilience of our economy. Sure, you’ve probably lost money, as have most of us. But despite the plunging stock market and dismal economy, we are still a bit richer than we were back in 2000.

That said, we should be conscious of the risks around us. Inequality is a pressing issue and could become even more so as trends continue. Meanwhile, unprecedented levels of personal debt and a frothy home market add up to a dangerous combination. If you don’t think that a U.S.-style housing crash could happen here, think again. Canadians are now carrying debt levels very similar to the ones in the U.S. before its economy began to implode in 2006.

If one theme deserves to dominate the next few years, it’s the rebuilding of personal balance sheets. Given our high amounts of debt and heavy reliance upon real estate, it would make sense for most of us to pay down our loans and diversify our assets.

Every situation is different, of course. But we hope that we’ve given you the tools to see how your finances compare to other Canadians and help you to make the right decisions for you.

Roger Sauvé is President of People Patterns Consulting and author of The Current State of Canadian Family Finances published each year by the Vanier Institute of the Family.

This timely film travels from Washington to Burkino Faso to paint a series of portraits of the current global financial meltdown. The picture is grim: financial companies are strong-arming governments to deregulate business, destroying economies in their greedy wake. Our take: It’s an anti-capitalist diatribe, but the filmmaker makes up for that by interviewing so many interesting money managers, politicians and economists. The segment on Spain’s housing crash is particularly chilling and could represent many markets in the world.

2. ENRON: THE SMARTEST GUYS IN THE ROOM Directed by Alex Gibney (Alliance Films, $13.99):

This Oscar-nominated film traces the rise and fall of one of the most spectacular frauds in corporate American history. CEOs Kenneth Lay and Jeffrey Skilling portrayed themselves as visionaries, but wound up as convicted crooks who lied to stockholders and wiped out the retirements of countless employees. Our take: Told like a Hollywood thriller, Enron skillfully blends fine reporting with entertaining cinema. Though the Enron collapse is widely known, Gibney interviews many of the key players to get the inside story.

3. CAPITALISM: A LOVE STORY Directed by Michael Moore (Alliance Films):

A year after the Wall Street meltdown, Moore unleashes a harsh critique of the free-market system that has left countless Americans jobless and homeless. Our take: Now in theatres, Moore’s latest is either a stunning condemnation of the excesses of capitalism, or a sensationalistic fraud. He is preaching to the converted, but at least he puts a human face on the statistics, while drawing odd but fascinating parallels between capitalism, Christianity and democracy.

4. WHO KILLED THE ELECTRIC CAR? Directed by Chris Paine (Sony Pictures, $19.95):

California wants to cut down on air pollution, so in 1996 GM launches the EV1 electric car. It requires no gas, oil changes or mufflers, and customers love it, including Mel Gibson. So why did GM recall every EV1 six years later? Our take: Timely, given the renewed interest in hybrid cars and alternative vehicles. Chris Paine’s film is a cautionary tale suggesting that the illicit marriage between business and political lobbying can trump even profits.

5. THE CORPORATION Directed by Mark Achbar, Jennifer Abbott & Joel Bakan (Mongrel Media, $32.40):

If the law grants corporations the same rights as a person, what kind of person is a corporation? Three Canadian filmmakers psychoanalyze the corporation by examining cases of child labor and environmental damage, and interviewing everyone from Milton Friedman to Noam Chomsky. Their verdict? Corporations are psychopaths. Our take: The exhaustive 145-minute film will outrage fiscal conservatives and encourage social activists. However The Corporation is so well-researched and presented that it deserves a viewing even if it offends your beliefs.

Simply put, this is the tendency of any Canadian who visits Ireland to return with a plastic shamrock. It may be on a key chain or a paperweight or a beer mug, but, based upon the evidence I’ve seen, somewhere in the luggage of every returning traveler lurks the obligatory neon-green, polyurethane, kiss-me-I’m-Irish shamrock.

I am most emphatically not a plastic shamrock person. So when I accepted an invitation to go walking on the islands off the western coast of Ireland, I vowed that I would be on my guard. No plastic shamrock would infiltrate my suitcase.

After landing in Ireland, I drove to Cleggan, a tiny port on Ireland’s west coast, about 90 km west of Galway. I boarded a tiny mail boat and 50 minutes later disembarked at a concrete pier on an island with the wonderfully strange name of Inishturk. The mail boat’s captain clapped me on my shoulder and told me to meet up with my hiking group at the “first house by the left as you come up from the pier.”

As I climbed up the steps of the pier, my first impression wasn’t encouraging. Inishturk looked as if it had spent years grooming itself to be a strong contender in a competition for the community that could most resemble a Newfoundland outport. A dozen or so homes and sheds staggered uphill from a concrete pier. Behind them, a green hillside climbed high in the sky, carved into fields by rough walls built out of rocks. Four men were hard at work in front of one of the homes, installing a garden wall, but apart from the sound of their shovels and the quiet lap of the water against the pier, the silence was absolute.

Finding the first house on the left wasn’t difficult—so far as I could tell a neatly painted bungalow was not only the first inhabited house on the left, it was the only one.

I knocked at the door. It opened and a slim, gray-haired woman greeted me. I explained that I was to meet up with a hiking group. “Oh, yes,” she said, “they’ll be here for lunch, but you’re a bit early. You’re welcome to come in if you’d like or you can wander about the village if you’d prefer.”

My heart jumped. Perhaps there was more to this island than the few scattered homes I had seen. “Oh, there’s a village?” I said.

A smile flickered at the corners of the women’s lip. “Oh, there is,” she said. “And you’re standing in it. Right in the downtown core, you are.”

Ah, yes. “Of course,” I said. To hide my embarrassment, I declared that I would absolutely love to look around the village.

And so I did. The village consisted of a couple of homes, a one-room library, a shed built out of rough stone, a nurse’s clinic and a small church. It was as bare-bones as I had feared. But then I stepped behind the church and everything changed.

Below my feet the ground dropped away to crashing ocean and black crags. When I raised my eyes, I could see for miles across a wrinkled plain of silver sea, to the mainland, where mauve mountains stood shoulder to shoulder in golden mist.

Yes, it sounds trite and tourist brochure Irish. But it was also magic. I could have stood there all afternoon, listening to the waves and watching seabirds turn circles in the air. I was sorry when, a half hour or so later, I heard the tramp of hiking boots on the gravel path. It was thewalking group I was supposed to join. Gerry MacCluskey, the group’s guide, introduced himself and my soon-to-be walking companions. We lunched on salad, chicken and gingerbread, then Gerry and five of us set out on a climb to the island’s highest point.

Gerry, an archeologist by training, was a charming, knowledgeable host. As we climbed up the green slopes, past grazing sheep and bony knuckles of schist and shale, we came to a pond. By the water’s edge, Gerry showed us the remains of a prehistoric cooking pit and explained how the island’s early inhabitants had cooked their food in these stone-lined chambers. He then pointed down the hillside, to theblurred outlines of ancient terraces that had once been used for growing crops. Inishturk has been populated for thousands of years, but today only about 60 people still live there and the future of the community is in doubt as young people leave to go to the mainland.

My companions on the walk were a high school principal, a computer specialist, and a banker, all from other parts of Ireland, as well as a young woman from New Zealand. They were a talkative, friendly bunch. Together, we made our way to the top of the island, crowned by the remains of a watchtower built in Napoleonic times. We caught our breath and enjoyed the view. Below us, the sculpted green flanks of the island ran away, ending in plunging cliffs that gave way to an immense ocean.

The memory of that beauty stayed with me as we wandered down the slopes, to a small pub on a hillside, where my new friends sighed at my slipshod way with a pint. When they stopped laughing, they taught me the proper way to drink Guinness. (Slowly, as it turns out. Who would have thought?) It was the perfect way to end a perfect day in Ireland—and not a plastic shamrock in sight. m