Episode 198

Mastering Financial Decisions and Building Wealth for 2025 and Beyond with Zael Miransky

In Episode 198 of The Business Development Podcast, host Kelly Kennedy sits down with Zael Miransky, certified financial planner and president of MCO Private Wealth, to discuss actionable strategies for mastering financial decisions and building long-term wealth. Zael shares insights into key financial principles, including managing cash flow, understanding corporate structures, and navigating Canada’s new capital gains tax. With a focus on practical steps for entrepreneurs and professionals, Zael emphasizes the importance of aligning financial goals with personal values, ensuring that wealth serves as a tool for both freedom and security.

The episode also takes a personal turn as Zael reflects on his unique journey from being a Canadian pop star to becoming a trusted financial advisor. He shares how his early career shaped his resilience and drive, and how he now helps clients plan for retirement, protect their families, and achieve financial independence. Through thoughtful discussion, Zael and Kelly explore how business owners can make smarter decisions, avoid common pitfalls, and build a future rooted in both financial and personal success. Whether you’re starting your wealth journey or looking to optimize your financial strategy, this episode is packed with valuable takeaways.


Key Takeaways:

1. Understand your cash flow by tracking what comes in and what goes out—this is the foundation of financial success.

2. Separate personal and business finances to ensure clarity and long-term stability.

3. Use both an operating company and a holding company to protect your assets and minimize liability.

4. Avoid making decisions based solely on taxes; focus on what’s best for your financial goals.

5. Diversify investments across interest-bearing, capital appreciation, and dividend-paying options.

6. Recognize that success requires perseverance and learning from failures.

7. Plan for the future by setting clear financial goals for retirement, investments, and lifestyle needs.

8. Build a network and leverage trusted advisors to guide your financial and business decisions.

9. Be honest about your financial structure and avoid shortcuts that could create long-term risks.

10. Always prioritize purpose and fulfillment over money alone—true wealth comes from balance.


Links referenced in this episode:


Companies mentioned in this episode:

  • MCO Private Wealth
  • Capital Business Development


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Are you ready to take your business to the next level? With nearly two decades of experience in business development, Kelly Kennedy's Business Development Mastery Program provides the tools, strategies, and mentorship you need to overcome challenges and achieve measurable results. Tailored to your unique goals, this program is designed to help you build confidence, sharpen your strategy, and accelerate your success.

Don’t settle for incremental progress—start your transformation today. Take the first step toward building the business and life you’ve always envisioned. Learn more and get started now: Business Development Mastery Program.

Transcript
Kelly Kennedy:

Welcome to episode 198 of the Business Development Podcast.

Kelly Kennedy:

And on today's expert guest interview we are chatting with Zael Moransky from MCO Private Wealth.

Kelly Kennedy:

r decisions with our money in:

Kelly Kennedy:

Stick with us.

Kelly Kennedy:

You are not going to want to miss this episode.

Narrator:

The great Mark Cuban once said, business happens over years and years.

Narrator:

Value is measured in total upside of a business relationship, not by how much you squeezed out in any one deal.

Narrator:

And we couldn't agree more.

Narrator:

This is the Business Development Podcast based in Edmonton, Alberta, Canada and broadcasting to the world.

Narrator:

You'll get expert business development advice, tips and experiences and you'll hear interviews with business owners, CEOs and business development reps.

Narrator:

You'll get actionable advice on how to grow business business brought to you by Capital Business Development capitalbd ca let's do it.

Narrator:

Welcome to the Business Development Podcast.

Narrator:

And now your expert host, Kelly Kennedy.

Kelly Kennedy:

Hello.

Kelly Kennedy:

Welcome to episode 198 of the Business Development Podcast.

Kelly Kennedy:

My gosh, we are kissing up on 200 here and we have an absolute rock star interview for you today.

Kelly Kennedy:

Zale Moran.

Kelly Kennedy:

Zale has built a remarkable career in the financial planning industry over the past 15 years.

Kelly Kennedy:

Following in the footsteps of his father Rami as a certified Financial planner and the president of MCO Private Wealth, Zale has dedicated himself to preserving wealth through strategic financial and tax planning.

Kelly Kennedy:

His expertise primarily serves seasoned professionals and retirees with whom he cultivates long lasting relationships based on loyalty, trust, honesty and integrity.

Kelly Kennedy:

Zale's approach is holistic, offering a wide range of investment options through Maxfin Investments Inc.

Kelly Kennedy:

And non mutual fund products through MCO Wealth Management, promoting an entirely open shelf and open fee model.

Kelly Kennedy:

Outside of his professional achievements, Zale enjoys playing golf with his friends and family and spending time outdoors at his cottage.

Kelly Kennedy:

Recently, he has embraced a new and exciting role as a father to a six week old baby boy.

Kelly Kennedy:

His commitment to excellence extends beyond the office, reflecting in every aspect of his life from leading MCO Private wealth to being part of the dance pop group B2 Crazy in his earlier years, Zale embodies versatility and dedication with a career marked by integrity and innovation.

Kelly Kennedy:

Zale Moransky is not just a financial planner, he's a trusted advisor, a dynamic leader and now a proud new father.

Kelly Kennedy:

Zael, it's an honor to have you on.

Zale Moransky:

You're the man.

Zale Moransky:

Kelly, thank you very much for Hosting me Episode 198 Honor and a privilege to be chatting with you Today, quite the intro.

Zale Moransky:

Hopefully I can live up to it.

Zale Moransky:

Hopefully I can live up to fatherhood.

Zale Moransky:

More importantly, best business you can run.

Zale Moransky:

Yeah.

Zale Moransky:

As obviously the more time you invest in the beginning, just like business owners pays its dividend.

Zale Moransky:

So any parent out there, I am no expert, but I'm trying to spend as much time and invest as much time with Logan is his name as early as possible.

Zale Moransky:

And hopefully he earns me more money on the PGA Tour than I'm earning myself.

Kelly Kennedy:

That is amazing goals.

Kelly Kennedy:

And I would say, you know, you were a bit of a child star, so why not?

Kelly Kennedy:

Why not?

Zale Moransky:

Listen, it's.

Zale Moransky:

It was an interesting journey, and I.

Zale Moransky:

I can tell you that having been on a stage when I was only 13, 14 years old and doing some touring of Canada at something, looking back, that I have very fond memories of, but at the time, kind of drove me nuts to.

Zale Moransky:

To live the expectations of an adult while I was still a child.

Zale Moransky:

Something very, very beneficial to my skill set today.

Zale Moransky:

But, yeah, it was tough to.

Zale Moransky:

To have an actual job as a child when I wanted to be playing sports and, you know, messing around as a kid.

Zale Moransky:

But after school, I was being shuffled off to, you know, to tour, practice or shows or all sorts of various different events.

Kelly Kennedy:

Dude, that's so cool.

Kelly Kennedy:

And obviously, like, you do not typically come across a Canadian pop star, so we are going to spend some time on that today just because.

Kelly Kennedy:

Who doesn't want to know what that was like?

Kelly Kennedy:

Because you don't get that experience very often.

Kelly Kennedy:

But, yeah, like, just.

Kelly Kennedy:

I'm gonna come back to fatherhood with you because, dude, when we were talking for the first time planning this show, I'm pretty sure my baby boy was only, like, maybe two months old at the time.

Kelly Kennedy:

Like, I was right there where you are right now.

Kelly Kennedy:

And I remember we were talking and your boy wasn't born yet, and we were just kind of chatting about becoming new dads and being new dads and how, like, excited we both were.

Kelly Kennedy:

And I just want to say, dude, congratulations on.

Kelly Kennedy:

On becoming a father.

Zale Moransky:

Thank you.

Zale Moransky:

I won't brag about my kid, but he's adorable.

Zale Moransky:

He sleeps well, so he makes my life.

Zale Moransky:

Everybody's saying, wear the bags under your eyes.

Zale Moransky:

But I will also suggest that, you know, the best partnership that I have isn't my business.

Zale Moransky:

It is my spouse.

Zale Moransky:

She is a fantastic human being.

Zale Moransky:

Shout out to Dana.

Zale Moransky:

Amazing mother, works inside the practice.

Zale Moransky:

We have so many complimentary, I guess, aspects of her life that I couldn't ask for a better partner.

Kelly Kennedy:

So totally, yes, thank you to the wives and the women out there who are frankly holding up our businesses because it's the same on our side, without a doubt.

Zale Moransky:

And I guess, you know, it's.

Zale Moransky:

We are in the, the.

Zale Moransky:

We're recording this during the pride time.

Zale Moransky:

So shout outs to any spouse out there who's making their significant lives easier.

Kelly Kennedy:

Absolutely, absolutely.

Kelly Kennedy:

Yeah, dude.

Kelly Kennedy:

So bring us back to the beginning, man.

Kelly Kennedy:

Who is Zale?

Kelly Kennedy:

How, like, how did you go from pop star to wealth manager?

Zale Moransky:

Okay, so we're taking us back to 19 and anybody who wanted to look into it.

Zale Moransky:

There's some music videos still hanging around on, on YouTube, I'm pretty sure.

Zale Moransky:

Anybody old enough and I'm sure maybe.

Zale Moransky:

Listen, I don't know if you remember.

Zale Moransky:

Do you remember what Crazy Bones were?

Kelly Kennedy:

Yes.

Zale Moransky:

So Crazy Bones were like the predecessor to like all of these Pokemon, all these toys.

Zale Moransky:

And having some family in the music industry.

Zale Moransky:

There was a individual who was trying to make a TV show.

Zale Moransky:

And in making a TV show, every TV show that's for kids needs a theme song.

Zale Moransky:

And we were approached with recording a theme song.

Zale Moransky:

And having recorded that theme song, I guess somebody saw some talent in us, whether or not we questioned it ourselves, took that song and said, hey, like we're looking for a group of teenagers to record this album that we've written.

Zale Moransky:

How do you kids feel about this?

Zale Moransky:

And we had members who were at the time, I guess anywhere from me being one of the youngest.

Zale Moransky:

There was four of us from about 14 to 19 years old at the time we recorded an album.

Zale Moransky:

And having recorded the album back before the Napster times of getting sued in those whole issues, somebody ran with the, the songs and we recorded some music videos.

Zale Moransky:

I'm still friends with some of the individuals who you met throughout the years.

Zale Moransky:

Music directors are still friends of mine, some of our production team, they actually years later have become clients through those 14 year old interactions.

Kelly Kennedy:

Wow.

Zale Moransky:

So we won Cheesiest video of the millennium on Ed the Sock.

Zale Moransky:

We did a national tour that was sponsored by Cara Foods, I believe at the time.

Zale Moransky:

And they were the main, the main providers of like high school cafeterias.

Zale Moransky:

So that was our start, was venturing off on the road, doing performances in high schools.

Zale Moransky:

Not gonna say we were met with the best receptions always.

Zale Moransky:

You know, you found yourself in some rowdier neighborhoods with kids who did not want to be listening to pop music over their lunch hour.

Kelly Kennedy:

Sure.

Zale Moransky:

But we did some fantastic opening acts for some very large artists today.

Zale Moransky:

Nelly Furtado, we ended up getting to meet with and doing some shows for her and Snow if anybody remembers the informer McMaster and James, I think a guy by the name of Joey.

Zale Moransky:

So we got to do some pretty cool things.

Zale Moransky:

And at the time, like I said, it was not, it was not that fun.

Zale Moransky:

It was a ton of work.

Zale Moransky:

Being a 14 year old trying to learn how to navigate the, the adult life of a, of a child.

Zale Moransky:

But putting myself in front of a camera, putting myself on a work schedule as if I was already an adult was fantastic.

Zale Moransky:

Segue into this industry where you're constantly being interviewed by the people that you speak to.

Zale Moransky:

So, you know, being criticized from an early age can be very unhealthy.

Zale Moransky:

I'm not going to actually recommend that many people throw their children in front of, you know, thousands of people to dance and sing.

Zale Moransky:

But if people have propensities for it and their child or children are into it, support your children's goals.

Zale Moransky:

It is the, the best thing that you can do there.

Zale Moransky:

So, like, that's my first, I guess that was my first real, real job.

Zale Moransky:

It went on for a couple years.

Zale Moransky:

Napster gets sued, record companies stop all the funding.

Zale Moransky:

And yeah, at about 16, I go back to being a kid again.

Kelly Kennedy:

My gosh, was it okay?

Kelly Kennedy:

Like, was it a little bit weird to just like go back, right?

Kelly Kennedy:

Like, and I get it, like, it' not as big as the U.S.

Kelly Kennedy:

right?

Kelly Kennedy:

It's a little bit of a different situation.

Kelly Kennedy:

ut I'm sure, dude, like early:

Kelly Kennedy:

Like it's, you know, there would have been YTV and whatever else.

Kelly Kennedy:

I'm sure that you, you guys ended up on.

Zale Moransky:

Yeah, we definitely ended up on YTV to the max.

Zale Moransky:

We did all sorts of strange things.

Zale Moransky:

It was, it was amazing.

Zale Moransky:

But you know what's interesting is you kind of leave your own circle one day and people know who you are and then you kind of get like mixed reactions.

Zale Moransky:

People are like, well, what are you doing?

Zale Moransky:

Who are you?

Zale Moransky:

What is this whole thing that is going on in your life?

Zale Moransky:

And then you come back.

Zale Moransky:

Fortunately, I also had a propensity for a sport, so captain of the high school baseball team, continue to play baseball through university.

Zale Moransky:

I use sports as an opportunity to really continue to maintain those relationships.

Zale Moransky:

But go to your AAA and rep in provincial baseball games as a pop star and everybody.

Zale Moransky:

Things like this kid does not play sports.

Zale Moransky:

He's a little singer and dancer.

Zale Moransky:

Yeah, fortunately we could play some ball.

Zale Moransky:

So we were okay there.

Zale Moransky:

But yeah, it's tough.

Zale Moransky:

Kids are kids are kids, man.

Zale Moransky:

And the world hasn't changed.

Zale Moransky:

Social media has almost made it worse in that respect where it's easier to be subject to all sorts of bullying, discrimination.

Zale Moransky:

I was big enough and strong enough that I could handle my own, but it was not for the faint of heart.

Kelly Kennedy:

Yeah, it's like it's a bit of a double edged sword.

Kelly Kennedy:

Hey.

Kelly Kennedy:

Like on one hand it would have been like a super cool experience, but yeah, on the other hand it's like kids suck sometimes, right?

Kelly Kennedy:

I don't know, man.

Zale Moransky:

This is why, this is why it's so important to be doing things like this.

Zale Moransky:

To be a role model for a six week old who, you know, at some point I'll be able to go back through the, the archives and the dossier of all of the things that I've accomplished and tell them you can do whatever it is that you want to do in this world, but the more successful you get, the more eyes on you.

Zale Moransky:

You'll develop friendships, you'll develop allies, but nobody is free from enemies.

Zale Moransky:

Right?

Zale Moransky:

And the bigger you get and the more successful you get, the more likely people want to come after you and take a piece of what you have or say you didn't earn it or all sorts of things.

Zale Moransky:

So yeah, being headstrong is something I will teach Logan from a young age.

Kelly Kennedy:

Yes, yes.

Kelly Kennedy:

And you know what I mean.

Kelly Kennedy:

I think teaching kids that you know you can do just about anything is the right thing to do because at the same time, why wouldn't you set them up for success?

Kelly Kennedy:

Right.

Kelly Kennedy:

Obviously not everything on earth is achievable for the most part.

Kelly Kennedy:

But that doesn't mean that they shouldn't try or they shouldn't believe in it.

Zale Moransky:

And I will tell him, you will learn so much more from your failures than you will from your successes.

Zale Moransky:

So yeah, being willing to strike out, being willing to hit a ball into the woods, being able to lose a couple bucks in the short term while having a long term vision, nothing is going to be a better predictor of success than perseverance.

Zale Moransky:

So yeah, for any parent, any business, any entrepreneur, we all know that volatility is a part of life and to pretend it's not would be foolish and misleading to anybody.

Kelly Kennedy:

Yeah, yeah.

Kelly Kennedy:

And I think it's like important for all of us to kind of remember, right.

Kelly Kennedy:

Like the world is changing so quickly.

Kelly Kennedy:

Even if you're an expert, you were really an expert until today or yesterday.

Kelly Kennedy:

And tomorrow is a whole new day with whole new lessons.

Kelly Kennedy:

Right.

Kelly Kennedy:

And it's important that we're always learning.

Kelly Kennedy:

And I'll tell you, like, I hate to admit how much I Fail, but I fail a lot.

Kelly Kennedy:

But, but I learn each time and I do make the corrections and I hope that the next time I do a little bit better.

Kelly Kennedy:

And really we're going to fail on a certain level until the day we die.

Kelly Kennedy:

Just hopefully we've learned enough from those failures on the way we, on the way that we're able to do better as we go.

Zale Moransky:

And I will tell anybody who tells me they've never failed that they're a liar.

Zale Moransky:

So telling me that they haven't failed, they've already failed at being honest.

Zale Moransky:

And yeah, it's impossible.

Zale Moransky:

Every single person is never going to succeed at everything.

Zale Moransky:

If you've ever played sports, if you've ever started a business, if you've ever parented, it's only been six weeks.

Zale Moransky:

I am sure I have already screwed up many things, but trying to live for today, plan for tomorrow, learn from the past, all of these things are very important.

Zale Moransky:

Being introspective and analytical and willing to roll with the punches.

Zale Moransky:

You can't, can't live a life if you're just gonna ignore all of the mistakes that you've made.

Kelly Kennedy:

Yeah.

Kelly Kennedy:

And, and things, you know, let's go back to parenthood for a second.

Kelly Kennedy:

Things change on a weekly basis.

Kelly Kennedy:

And I really mean this, I'm saying this to you right now.

Kelly Kennedy:

Things are going to change on a weekly basis.

Kelly Kennedy:

That baby, while he's doing amazing right now, may hit a week where he's tired and he didn't get enough sleep, or maybe he's feeling a little under the weather and he's crying and you're gonna have to adjust and deal with that, and the next week he'll be back to normal and it'll be good.

Kelly Kennedy:

But things are changing so quickly.

Kelly Kennedy:

And I noticed that even as, like, watching my baby go from, you know, from zero to seven months old this month has been like, unbelievable to see the change and how fast he is changing.

Kelly Kennedy:

His personality is coming out.

Kelly Kennedy:

And, you know, he's had a rough, you know, couple weeks here where he's, he hasn't wanted to sleep and that's been tough.

Kelly Kennedy:

But you know what?

Kelly Kennedy:

Like, that's just life.

Kelly Kennedy:

Life is going to throw curveballs at you and it's not always going to be perfect.

Kelly Kennedy:

But I'll tell you what, if you just stick in it, it's going to get better.

Zale Moransky:

Absolutely.

Zale Moransky:

And mental health is really what you're speaking to, is staying on top of it, being kind to yourself.

Zale Moransky:

All these things are so important.

Zale Moransky:

I have fantastic parents, but, you know, they have suffered Their own trials and tribulations.

Zale Moransky:

They were amazing at being able to shelter me from it as a child.

Zale Moransky:

But looking back on it and seeing some of the things that my family has gone through, you do have to protect your kids from a.

Zale Moransky:

From a certain element of being, you know, too mature too quickly.

Zale Moransky:

Let them be kids.

Zale Moransky:

And that's part of the tough spot of the world we live in is the external stimuli is a hundred times from what we were growing up, right.

Zale Moransky:

Like, we didn't have a phone at our disposal and we didn't have access to every single piece of information across the world.

Zale Moransky:

I grew up and you probably grew up and we got phones and computers that had real capabilities as an early adolescent, which allowed me until like 12, 13, really, to just be a kid.

Kelly Kennedy:

Yeah.

Zale Moransky:

And my circles were smaller.

Zale Moransky:

But now you can have pen pals in Australia.

Zale Moransky:

You can have people that you know everywhere and you meet someone on vacation and staying in touch with them is so much easier.

Zale Moransky:

When I was a kid, you know, I'd go away with my family if I was privileged enough to do so, and I'd come home and, you know, some childhood friends that I'd made.

Zale Moransky:

It wasn't like, it wasn't just easy to.

Zale Moransky:

To be in touch with them.

Zale Moransky:

You really had to put in an effort, pick up a phone call or write a letter in some cases, and.

Zale Moransky:

Yeah, that's the world we live in.

Kelly Kennedy:

Yeah.

Kelly Kennedy:

Dude, it's crazy.

Kelly Kennedy:

Like, I looked at it yesterday and I had an amazing interview with someone in Spain yesterday.

Kelly Kennedy:

In Spain, right.

Kelly Kennedy:

And it's like that no way.

Kelly Kennedy:

Like, that would have never, ever been possible, you know, not even like, even 15 years ago.

Kelly Kennedy:

Like, it's absolutely bonkers how fast that like everything has changed.

Kelly Kennedy:

And I look at like, you know, me and you, I think are the same age.

Kelly Kennedy:

I'm 35.

Kelly Kennedy:

How old are you?

Zale Moransky:

I'm a little older.

Zale Moransky:

I'm 38.

Kelly Kennedy:

Okay, okay.

Kelly Kennedy:

So we're from the same time.

Kelly Kennedy:

And so on a certain level we're, we're a weird generation because we grew up without technology, learned how to use all the technology, have probably used every major technology to today and still know how to use it.

Kelly Kennedy:

I think we are, we fit in this like, weird paradigm of like completely understanding where we came from.

Kelly Kennedy:

Whereas I think, you know, Jen, Jen, is it Gen X or.

Kelly Kennedy:

No, Gen Z can't understand because they've never not had technology.

Kelly Kennedy:

Right.

Kelly Kennedy:

And you know, our parents, generation Gen X or whatever is, you know, they don't want to participate in this technological world.

Kelly Kennedy:

And so I think, like, we're millennials, and in that weird space, it's like we not only have we do we know where we came from, we know where we're at and, like, how far we've come.

Kelly Kennedy:

And I don't think almost any other generation can really understand it.

Zale Moransky:

The tech boom is crazy.

Zale Moransky:

I watch some old TV shows every once in a while from the 90s.

Kelly Kennedy:

Yeah.

Zale Moransky:

And just even some of the references they make, like, do you think they'll ever come up with a squeeze ketchup bottle?

Zale Moransky:

Like, ketchup is meant to be bottled in glass.

Zale Moransky:

And I hear these things and I think to myself, like, wow, I lived in a time, even though it doesn't seem like that was even possible, I lived in a time where putting ketchup in a plastic bottle was like, is that a thing?

Zale Moransky:

And yeah, I think all of us know all ketchup comes in a squeeze bottle.

Zale Moransky:

Yeah.

Zale Moransky:

This is how we grew up.

Zale Moransky:

It's.

Zale Moransky:

And I can still remember I'm an avid LinkedIn or I think having a business brand somewhere on social media is important.

Zale Moransky:

I made a post earlier today about being able to prevent fraud simultaneously remembering the first time I was ever taken advantage of on the Internet.

Zale Moransky:

And I was a very avid chess and checkers player growing up.

Zale Moransky:

And I had built, you know, a platform where on Yahoo, I was like the top hundred players in the world on there.

Zale Moransky:

And I trusted the wrong person and gave him access to my account and he changed the passwords and he forever became a top hundred name on these Yahoo platforms.

Zale Moransky:

So right at the advent of the whole fraud started pretty early for myself.

Zale Moransky:

I gave someone the wrong password from giving them the wrong password.

Zale Moransky:

Listen.

Zale Moransky:

I lost my access to my Yahoo Chess and checkers account.

Zale Moransky:

It was devastating.

Kelly Kennedy:

Oh, my gosh, that is devastating.

Kelly Kennedy:

I could.

Kelly Kennedy:

Yeah, I.

Kelly Kennedy:

You know, I look back to, like, that time of, like, the time of MSN Messenger.

Kelly Kennedy:

Right.

Zale Moransky:

I was icq.

Zale Moransky:

Do you remember ICQ even before?

Kelly Kennedy:

No.

Zale Moransky:

You're a year.

Zale Moransky:

You're a young and icq.

Kelly Kennedy:

Yeah, yeah.

Kelly Kennedy:

I remember AOL messenger, and I remember MSN messenger, and I remember getting those free disks for free Internet for like a month.

Zale Moransky:

Yeah, yeah.

Zale Moransky:

And having to spend like seven minutes before you could even connect to anybody anywhere and listening to the Bing Bong.

Kelly Kennedy:

Oh, man, I just remember my mom shouting, kelly, get off the computer.

Zale Moransky:

Yeah, I'm trying to use the phone.

Zale Moransky:

Right.

Kelly Kennedy:

Yeah.

Zale Moransky:

I do remember our.

Zale Moransky:

The first time we installed a second landline in the house just because you couldn't use your phone or the answering machine.

Zale Moransky:

When you were on the computer.

Zale Moransky:

So having that second landline installed was like, whoa, like, we're in the future.

Kelly Kennedy:

Yeah.

Kelly Kennedy:

Yeah, man.

Kelly Kennedy:

It's.

Kelly Kennedy:

It's crazy because, you know, like, I, obviously, I have a new baby, but I also have three stepsons, and the oldest is 10 and the youngest is seven.

Kelly Kennedy:

And so we're kind of navigating this, like, technological world together now, like, me and Shelby as parents.

Kelly Kennedy:

And it's.

Kelly Kennedy:

It's really hard, dude.

Kelly Kennedy:

Like, I couldn't imagine being famous the way that you were and having social media to deal with back then.

Kelly Kennedy:

Right?

Kelly Kennedy:

Like, it would have been a completely different thing.

Kelly Kennedy:

Like, we don't, we don't even want our, our kids to have social media until they're probably like, older teenagers.

Kelly Kennedy:

And we're going to do almost everything we can to stop it.

Kelly Kennedy:

Because I don't think it is healthy for a teenage kid to have social media.

Kelly Kennedy:

I don't.

Kelly Kennedy:

I.

Kelly Kennedy:

I just.

Kelly Kennedy:

I can't see that.

Kelly Kennedy:

You know, I mean, it's hard enough to be at school and deal with bullying or whatever else you're dealing with at school than to have to go home and deal with it there, too.

Kelly Kennedy:

Like, I just.

Kelly Kennedy:

We're going to do our best to protect them, but it's a hard situation because on the other hand, social media is very beneficial.

Kelly Kennedy:

Me and you both use social media to, to benefit all the time, to benefit humanity, frankly.

Kelly Kennedy:

We put out these great, These great videos, we chat with people, we try to help people with business development and other business challenges.

Kelly Kennedy:

So there's a great place and a great way to use it and a great way to use it to build a community.

Kelly Kennedy:

But there's also this, like, horrible negative side that really seems to target children.

Kelly Kennedy:

And so it's a tough one, man.

Kelly Kennedy:

You know, it's, you know, we.

Kelly Kennedy:

We gave them tablets pretty young and we're regretting that.

Kelly Kennedy:

We gave them access to Fortnite pretty young and we're regretting that.

Kelly Kennedy:

But it's like, how did we didn't know better?

Kelly Kennedy:

We didn't know.

Kelly Kennedy:

We were just trial and erroring, man.

Zale Moransky:

Video games are toxic.

Zale Moransky:

They definitely create a community.

Zale Moransky:

But harassment is on another level, right?

Zale Moransky:

It's so easy just to, to be on the other line of, of someone who isn't a nice person even to this day.

Zale Moransky:

Like, you'll open up your PlayStation and there's a message there from some adult who just goes absolutely insane because you killed them.

Zale Moransky:

It's a video game.

Zale Moransky:

It's part of failure, right?

Zale Moransky:

Imagine if some gamer had 100% win rate when they played.

Zale Moransky:

What would be the point of anybody else playing?

Zale Moransky:

And that is really very similar to the game of life.

Zale Moransky:

You have a higher chance of winning in some things that you excel at than others.

Zale Moransky:

But there is no person, even the best gamer in the world will still lose.

Zale Moransky:

You know, Magnus Carlsen, who I use as a, as an example for a lot of things, arguably the greatest chess player ever, but definitely the best chess player on the planet right now.

Zale Moransky:

He's not, he does.

Zale Moransky:

He's not, you know, incapable of losing.

Zale Moransky:

He loses all the time.

Zale Moransky:

There are no Mortal Kombat flawless victories in the game of life.

Kelly Kennedy:

Yeah.

Zale Moransky:

So, yeah, be willing to lose and be willing to learn from those things, because that's the best thing you can do, is be comfortable with losing.

Kelly Kennedy:

Totally, totally.

Kelly Kennedy:

Yeah, it is.

Kelly Kennedy:

It's really hard, man.

Kelly Kennedy:

Like, I feel for all parents out there, I'm right there with you.

Kelly Kennedy:

It is a really challenging time.

Kelly Kennedy:

And my advice to you is do what feels right.

Kelly Kennedy:

If, even if your kids have had PlayStation and they've had tablets for a long period of time, if you hit a point where you're like, look, I think this is toxic, I get it.

Kelly Kennedy:

It's hard to go back.

Kelly Kennedy:

It's hard to admit that we made a mistake.

Kelly Kennedy:

But, you know, I.

Kelly Kennedy:

We admit it all the time.

Kelly Kennedy:

Me and Shelby sit down in bed and we're like, yeah, we probably shouldn't have given them tablets at 5, 6 years old.

Kelly Kennedy:

We probably shouldn't have given Adler Fortnite.

Kelly Kennedy:

It's at seven, eight years old.

Kelly Kennedy:

Because, yeah, he.

Kelly Kennedy:

But the problem now is they love it.

Kelly Kennedy:

Like, they love the, the community they love.

Kelly Kennedy:

Adler plays with his friends from school.

Kelly Kennedy:

Right.

Kelly Kennedy:

So it hits a point where it's really hard to say, like, okay, we screwed up, but now you are going to pay for it because we're going to take this back from you.

Kelly Kennedy:

But, you know, measure it out and see if it makes sense.

Kelly Kennedy:

And maybe if you haven't come that far, if you haven't gone that far down the rabbit hole and you still have a choice to be able to take some of that technology back, I would highly, highly recommend you do.

Kelly Kennedy:

Because kids, they, they don't know better.

Kelly Kennedy:

They just know what you, what you give them.

Kelly Kennedy:

They know what they're experiencing.

Kelly Kennedy:

And so if you want them to have more time outside and, and be kids like we were, you have to, on a certain level, limit that technology.

Zale Moransky:

Absolutely.

Zale Moransky:

I'm very lucky to have a property that is outside of the city, that is in the woods, that's in nature.

Zale Moransky:

For myself personally, my greatest reset has always been explore nature, go for a walk outside.

Zale Moransky:

I live very close to the lake in the city.

Zale Moransky:

I'm in Toronto.

Zale Moransky:

And I can tell you there's something strangely freeing and spiritual for me at least.

Zale Moransky:

Being around water, being amongst the trees, hearing nothing but your own thoughts, There is so much noise out there.

Zale Moransky:

Being able to tune it out, reflect, and then go back into a place of action.

Zale Moransky:

I can't speak for anybody else, but if you haven't taken a walk amongst nature in a while, just Google, you know, the closest nature trail, get some steps in.

Zale Moransky:

For me, there's nothing better for future success than being able to, you know, be a little bit more grounded.

Zale Moransky:

And I am not a religious man.

Zale Moransky:

I believe in morality.

Zale Moransky:

I believe in, you know, the positives of just being a good human being.

Zale Moransky:

Amongst the things that I don't know how long, you know, we've really been alive as people, but for the better part of what, 5,000, 10,000 years we existed with all of this.

Zale Moransky:

So to really just be thrown into it in the last 30 or so years, going back to the roots of, like, who humans are to me, is you're going back to how we were created and how we built this dynasty of, of modernism.

Zale Moransky:

And a lot of it's great, like you said, allows people like us to connect, but there are definitely pitfalls in, in being too connected with technology.

Zale Moransky:

So turn off the phone, which I am bad at and I need to be better at, and turn off the TVs and anything that isn't really, you know, like our first 5,000 plus years of becoming who we are.

Kelly Kennedy:

Yeah, I know.

Kelly Kennedy:

I, I struggle with it because, you know, just like you, I grew up in, I grew up in that technological world, right?

Kelly Kennedy:

Like, dude, I had a TV in my bedroom since I was like 8 years old.

Kelly Kennedy:

And one of the choices we made when we moved to our new place was that we weren't going to have a TV in our room.

Kelly Kennedy:

And I remember initially fighting that and being like, no, no, no, no, no.

Kelly Kennedy:

I've had a TV in my room since I was 8 years old.

Kelly Kennedy:

Like, we are not, not having a TV, but we haven't had a TV.

Kelly Kennedy:

And if we want to watch something, we might bring a tablet in and just watch a show and then take it out.

Kelly Kennedy:

And that has actually been a really great experience.

Kelly Kennedy:

And I, I can honestly say I don't think I've ever slept better in my Life.

Zale Moransky:

Agreed.

Zale Moransky:

No TVs in any bedrooms in any of my homes for the very same reason is you have a TV in your phone, you have a TV on your computer, you have a TV on your tablet.

Zale Moransky:

Every way that you can avoid, you know, just sort of focusing on something else and learning about your own self.

Zale Moransky:

I'm a big fan of.

Zale Moransky:

So yeah, no TVs in the bedrooms.

Zale Moransky:

I don't think they're necessary.

Zale Moransky:

There's lots of things we can do in bedrooms that don't involve a tv.

Kelly Kennedy:

That's right.

Kelly Kennedy:

That's right.

Kelly Kennedy:

That might be a little more fun.

Kelly Kennedy:

I've been looking forward to this conversation with you for a long time.

Kelly Kennedy:

I just, I really like you.

Kelly Kennedy:

We've had, we've had a few different conversations and we just jive and I, I, we're relatively the same age, kind of grew up at the same time.

Kelly Kennedy:

We have a lot in common and yeah, man, like, you know, you're a wealth manager and I know that, you know, I've struggled with wealth.

Kelly Kennedy:

Who hasn't struggled with wealth, right?

Kelly Kennedy:

Like where most business owners are out here trying to get financial freedom, right?

Kelly Kennedy:

We don't start businesses because we want to be broke, right?

Kelly Kennedy:

But all of us are struggling with how not to end up broke.

Kelly Kennedy:

And it is not easy, man.

Kelly Kennedy:

Like they don't, you know, I'm not a tax expert, I'm not a money wealth expert, I'm not a money manager expert.

Kelly Kennedy:

I'm doing the best I can with the knowledge that I have and the services that I can provide.

Kelly Kennedy:

But obviously that is, that is limited, right?

Kelly Kennedy:

Like, you know, you do the best you can and you hope that at the end of the year you don't owe taxes, that you're going to get a little bit of money back.

Kelly Kennedy:

But like, you know, walk us through it.

Kelly Kennedy:

Obviously you've gone down a path that has led you to become, you know, a high level wealth manager.

Kelly Kennedy:

You know, what are some of the challenges that you're fate that you're seeing your clients facing?

Zale Moransky:

Well, I'm going to give every Canadian a bit of a pass because none of us grew up with an education system that gave anybody any real insight into financial planning, right?

Zale Moransky:

We learned history, we learn mathematics, we go to gym class, we had geography, we had everything that was theoretical.

Zale Moransky:

But financial planning is very much the practical application of, of a theoretical earning of money.

Zale Moransky:

So the biggest part that I find, other than the fact that one, I don't work for the government.

Zale Moransky:

So I will happily say that, you know, taxes in this country are out of control for very good reason, right?

Zale Moransky:

We have some free healthcare, we Have a lot of social services.

Zale Moransky:

I am not anti tax at all.

Zale Moransky:

I'm in the highest tax bracket.

Zale Moransky:

I don't argue about it.

Zale Moransky:

I pay my taxes.

Zale Moransky:

I'm very appreciative of the things that I have.

Zale Moransky:

But what it comes down to that every single Canadian or 90 plus percent of Canadians really lack.

Zale Moransky:

Nobody is organized enough to have a very good cash flow understanding.

Zale Moransky:

And that is the number one thing I think that hurts business owners is they don't track what comes into their business and what goes out of their business.

Zale Moransky:

Employees, taxes.

Zale Moransky:

There's so many things to pay attention to that in order to be a business owner, you have to be in sales first.

Zale Moransky:

So if you don't have a sales acumen, it's so tough to be a business owner unless you have the capital to hire somebody.

Zale Moransky:

And if you have the capital to hire somebody, it either means you have some money of your own or you've borrowed money from somewhere.

Zale Moransky:

But either way, cash flow is the first piece of all of it.

Zale Moransky:

So first project I give any human being that I sit down with is so tell me what comes into a family and the business and what goes out of it.

Zale Moransky:

Because no business exists without the person behind it.

Zale Moransky:

And all businesses are there to provide an insight or a better personal life.

Zale Moransky:

They are not, you know, separated from one another.

Zale Moransky:

We don't work and earn money to not have personal lives.

Zale Moransky:

So cash flow, so important.

Zale Moransky:

Excel spreadsheet, so simplistic.

Zale Moransky:

Put some numbers in a piece of paper or you know, an online document just to say, I know I need to earn $5,000 net of taxes every month to pay my bills.

Zale Moransky:

And then once you've met your, you know, your primary needs, which are shelter, food, the bare necessities of life, what do you love to do?

Zale Moransky:

And there's so many pieces, and a lot of what I do people think is really mathematics.

Zale Moransky:

Yeah, it's so much social and emotional coaching to have people understand it's okay to spend some money on things, but it's not okay to live only for today if you'll never be able to retire.

Zale Moransky:

So setting that roadmap through cash flow and then understanding, well, what cash flow you need and how the taxes implicate the rest of the plan.

Zale Moransky:

It's, it's at the foundation of financial planning.

Zale Moransky:

So understand where your money's coming in and where it's going.

Zale Moransky:

And from there you can actually strategize how to improve things.

Zale Moransky:

But you can't just spend more money because you make more money or you end up on that, you know, the hamster wheel of life and you'll never be able to enjoy anything.

Zale Moransky:

And I see too many wealthy people who are miserable, and that is never who I wanted to be.

Kelly Kennedy:

Yeah, yeah, dude, I'm just like, hearing what you're saying and really what it kind of sounds like is figure out how much money you actually need to.

Kelly Kennedy:

To take care of your necessities and then figure out how much money you need to enjoy your life and do the other things you need to do.

Kelly Kennedy:

And when you have that dollar amount, it's like, it's kind of like, how can you make the right amount of money if you don't even know how much money you need to live the life you want?

Zale Moransky:

Exactly.

Kelly Kennedy:

And dude, I'm guilty for that.

Kelly Kennedy:

Like, I'm guilty for that.

Zale Moransky:

Welcome to the.

Zale Moransky:

The wonderful world of debt.

Zale Moransky:

Right.

Zale Moransky:

And that's the thing.

Zale Moransky:

Too many people want things before they either have the money for it.

Zale Moransky:

And I'm not going to say they haven't earned it, but having emotionally earned something and financially earn something are not the same thing.

Zale Moransky:

So if you are constantly just doing what you want, you could be going backwards for future you, because present you doesn't actually understand what future you needs.

Kelly Kennedy:

Yeah.

Zale Moransky:

So there has to be building blocks.

Zale Moransky:

What am I trying to accomplish in five years, 10 years, 20 years?

Zale Moransky:

Right.

Zale Moransky:

Like, we're in our 30s.

Zale Moransky:

Our goal to of when we want to stop working could be very different.

Zale Moransky:

But there is an equation that will solve how much money do I need if I retire at 55, 60, 65, 70?

Zale Moransky:

And how much money do I need to earn through those years?

Zale Moransky:

Because the more years you want to be retired, the less years you have to earn it and the more you better save.

Zale Moransky:

So that is the number one equation that every person is really trying to solve for.

Kelly Kennedy:

Yeah.

Kelly Kennedy:

And.

Kelly Kennedy:

And you know, I'll be honest, dude.

Kelly Kennedy:

Like, I don't.

Kelly Kennedy:

I try not to think about that sometimes.

Kelly Kennedy:

Like, I try to bury my head in the sand.

Kelly Kennedy:

I think a lot of Canadians are, because for the most part, first off, inflation is through the roof.

Kelly Kennedy:

We are spending a fortune on food, a fortune on, you know, our daily subsistence.

Kelly Kennedy:

And, you know, I know that I'm not alone.

Kelly Kennedy:

You're not alone.

Kelly Kennedy:

We're all, we're all stuck in this mess together.

Kelly Kennedy:

Right.

Kelly Kennedy:

And I'm sure in the US you guys are probably in a very similar position, right?

Kelly Kennedy:

Like, inflation is out of control and Covid sucked, and we're all paying the price for that.

Kelly Kennedy:

And, you know, I think a lot of investments were Hurt during COVID Is that, is that right, Zale?

Zale Moransky:

Yes and no.

Zale Moransky:

I mean that's the difference between big business and small business.

Zale Moransky:

Big business wasn't so much hurt as badly as small business because as the government, you know, sort of makes poor monetary decisions and hurts the small family, big business wins then because every small competitor that had to fold up shop just meant there was more of the piece of the puzzle.

Zale Moransky:

back to, let's call it March:

Zale Moransky:

From that point we've actually seen stock market highs.

Kelly Kennedy:

Wow.

Zale Moransky:

But you really talk to fear.

Zale Moransky:

And people made a ton of bad decisions because they had no idea what 4 years later what the world would look like.

Zale Moransky:

And people's personal pockets got hurt.

Zale Moransky:

But Jeff Bezos, pocket, it looks better than ever.

Zale Moransky:

Elon Musk, Bill Gates, all of these guys are setting records in terms of how many billions and close to trillions of dollars their businesses are worth.

Zale Moransky:

And we saw last year the first trillion dollar business in Nvidia.

Zale Moransky:

So business continues to grow.

Zale Moransky:

Capitalism will always be a very dog eat dog world out there.

Zale Moransky:

And for every failure there is somebody preying on the downfall of something else.

Zale Moransky:

So it is important just, you know, keep a level head about it.

Zale Moransky:

And that's why I say to people failure is going to happen.

Zale Moransky:

Adaptation and rolling with the punches is so important.

Zale Moransky:

And it just goes back to having what you need and then being able to build on those luxuries.

Zale Moransky:

Yeah, I'm not the kindest in saying everybody is entitled to everything they want.

Zale Moransky:

That's impossible.

Zale Moransky:

It's not the nature of finite resource world.

Zale Moransky:

There will be people who have too much.

Zale Moransky:

I do think that, you know, we could maybe spread out a tax liability a little better.

Zale Moransky:

Billionaires should pay more taxes than somebody making a hundred grand, fifty grand.

Zale Moransky:

But that goes back to trying to break down a system that's been around for a hundred or so years that never really thought people would be multi billionaire.

Zale Moransky:

Right in the 90s if you were a millionaire, like you were loaded.

Zale Moransky:

But a millionaire today isn't even somebody who, if you only have, you know, a million dollar net worth, you might struggle to retire at 65 and live to 95 in the way that you want.

Zale Moransky:

So that plan of action becomes super important.

Zale Moransky:

One to paying your bills, but also sanity.

Zale Moransky:

Right.

Zale Moransky:

Like if you don't know what you're doing, you're going to go crazy.

Zale Moransky:

Constantly trying to figure out what's going on.

Zale Moransky:

Like, have a plan, have a roadmap, understand all of these things.

Zale Moransky:

Because you pay taxes.

Zale Moransky:

Why wouldn't you want to learn about taxes?

Zale Moransky:

You manage cash flow.

Zale Moransky:

Learn how to manage cash flow.

Zale Moransky:

Education until the day you die will be something every person should strive for.

Zale Moransky:

Always keep learning.

Kelly Kennedy:

Yeah, well, I know a lot of business owners.

Kelly Kennedy:

They don't know what to do.

Kelly Kennedy:

Right?

Kelly Kennedy:

So we have our money, and we have it in our bank accounts, and we don't pay our fees because most of us hold a balance that negates our fees.

Kelly Kennedy:

Yeah, but we're also not making any money off of it.

Kelly Kennedy:

We just have it sitting there and we don't know what the heck to do with it.

Kelly Kennedy:

And I know some business owners, they have millions of dollars sitting in their bank account and they're like, well, I.

Kelly Kennedy:

I'm afraid to do anything with it because I don't want to risk all of our profits or all the money that we've made, the revenue that we have for our operating expenses or whatever else.

Kelly Kennedy:

Like, what do you say to those people?

Kelly Kennedy:

Like, are they making the right choice?

Kelly Kennedy:

What choices should.

Kelly Kennedy:

Like, they don't know what to do.

Kelly Kennedy:

What should they be doing?

Zale Moransky:

It's such a difficult question to answer because if you have more than enough.

Zale Moransky:

And sitting in an operating company, that's more of a liability issue to me.

Zale Moransky:

If you work inside worlds where people can get sued, having all of your money in an operating company is a dangerous road ahead.

Zale Moransky:

Every business owner in Canada should have, at the very least, in my opinion, two corporations.

Zale Moransky:

And one is the operating company that is business, but two is a holding company.

Zale Moransky:

So every single person can flow money between an operating company and a holding company to protect their assets.

Zale Moransky:

So going into the conversation of what should they be invested in, whether it's the stock market, whether it's real estate, exempt markets, crypto, depending on how old the business owners are, exposing all of your money to your operating company, that's dangerous.

Zale Moransky:

Don't do it.

Zale Moransky:

Be able to speak with a good accountant.

Zale Moransky:

Speak with a financial planner that you trust, but make sure you have your operating company and your holding company.

Zale Moransky:

Also, for exit strategies, when you go to sell your business one day, you don't want to sell all of the cash that's in your business as part of your valuation.

Zale Moransky:

Having that holding company will allow you to sell an operating company and retain a corporate structure, to defer taxes, to invest the money in however you want.

Zale Moransky:

And the government of Canada isn't stupid.

Zale Moransky:

Corporations, when they earn money, passively are taxed at the highest tax bracket and depending on the province you're in, we'll call that 50%.

Zale Moransky:

So if you go and take your money and you invest it in a stock or you invest it in a GIC or hold it in a high interest savings account, those earnings are all going to be at 50%.

Zale Moransky:

But if you can kick that tax can down the road, you're only paying 11% year over year.

Zale Moransky:

And I'm using general numbers as opposed to provincial specifics.

Zale Moransky:

Yeah, you're only paying about 11% to retain the money in your corporation.

Zale Moransky:

And if you're even earning 100 grand a year, pulling out 100 grand a year, the top tax bracket there is over 40%.

Zale Moransky:

So imagine how much more you can keep in your investable assets by retaining that corporate structure and taking that additional 30% and having that 30% earn a couple extra bucks for you.

Kelly Kennedy:

Sure.

Zale Moransky:

It's such a nuanced approach to financial planning that most business owners don't really understand the differential between their operating company and, and their holding company.

Zale Moransky:

And then you get into the whole share structure, you know, can you have spouses, family members, kids who are adults on them?

Zale Moransky:

So many different nuances.

Zale Moransky:

But the very basic operating company, holding company, no brainer.

Kelly Kennedy:

Yeah, okay, that makes a lot of sense.

Kelly Kennedy:

And you know, I've seen many of the companies that I've worked with do that, make that choice.

Kelly Kennedy:

And I didn't always understand why, but yeah, that makes a lot more sense because you're right.

Kelly Kennedy:

If you have it all in the one company, you're just putting yourself at liability risk.

Kelly Kennedy:

Because if you're just going to hold it in the account anyway, it might as well be in an account that if you get sued, hopefully isn't going to get targeted.

Zale Moransky:

You got it.

Kelly Kennedy:

Amazing.

Kelly Kennedy:

You know, let's say that I was to come to you with $2 million.

Kelly Kennedy:

Zale, I, you know, I have $2 million in my holding account and it's just sitting there.

Kelly Kennedy:

It's not doing anything for me.

Kelly Kennedy:

What kind of recommendations might you make?

Zale Moransky:

Oh, so from the very least, we all know inflation right now means that your money has to be doing its best to keep up with inflation at a very rudimentary, basic level.

Zale Moransky:

At least make sure you're holding interest bearing investments that are principal guaranteed.

Zale Moransky:

You might earn 5% to net 2.5%, but you've minimized the gap between your future buying power and today's buying power.

Zale Moransky:

So I would separate investing into three separate components.

Zale Moransky:

One, interest bearing investments.

Zale Moransky:

Two, capital Appreciation investments and then three dividend paying investments.

Zale Moransky:

So each one of those comes with a different tax consequence.

Zale Moransky:

Interest bearing investments, highest tax in Canada, dividend bearing investments, somewhere in that intermediate range.

Zale Moransky:

And there is an advanced calculation that takes place in order to figure out what the tax to be paid on a dividend is.

Zale Moransky:

And then your capital appreciation assets, an investment in another business, whether it's private or public, that if you pay a dollar for it today and it grows to $2, what do you keep after that?

Zale Moransky:

And we're recording this at a time where it likely won't come out for a couple months.

Zale Moransky:

We all know this, but go back to when we all saw this in June and we saw that capital gains tax increase in Canada, massive.

Zale Moransky:

So you are now paying an additional almost 8 cents in taxes for every dollar earned for your capital appreciation investments.

Zale Moransky:

So being able to strategically plan how soon will I need the money, what is it for, what's the future purpose?

Zale Moransky:

Those three things in terms of your investments themselves.

Zale Moransky:

I would never tell somebody how risky or not risky they should be.

Zale Moransky:

I would educate somebody as to the volatility.

Zale Moransky:

That is how much money could you make or lose?

Zale Moransky:

There are too many advisors out there who are claiming like their investments are the best, but everything can lose money in the short term unless it is principal guaranteed.

Zale Moransky:

That's what I would focus on is understanding the taxation of what is a capital gain, what is a dividend, what is interest and what type of investment will generate those tax consequences.

Kelly Kennedy:

Zell, I want to chat with you briefly about the new capital gains tax in Canada.

Kelly Kennedy:

I've heard about it.

Kelly Kennedy:

I know it's probably not a good thing.

Kelly Kennedy:

I know there's a lot of homeowners that are freaked out about this.

Kelly Kennedy:

Can we chat about that for a second?

Kelly Kennedy:

What has changed?

Zale Moransky:

So previous to June 20, you would have paid 50% as your capital gain inclusion rate, meaning if you earned a dollar of capital gain, 50% would have been subject to it at two taxes and then depending on your tax rate, that would have determined the tax payable.

Zale Moransky:

So I'll just use myself as an example.

Zale Moransky:

I buy something for a dollar, it grows to $2 and I sell it.

Zale Moransky:

Previously, 50% of that would have been taxable.

Zale Moransky:

At a 50% tax bracket, I would have paid 25 cents on the dollar in taxes.

Zale Moransky:

Okay, the new inclusion rate bumps it up to 66, 67%.

Zale Moransky:

So now if I earn a dollar, I include 66 for simple math as part of my capital gain inclusion.

Zale Moransky:

And then 50% of that 66% is now tax payable.

Zale Moransky:

So my previous 25% taxes or 25 cents on the dollar is now 33 cents on dollars.

Zale Moransky:

But caveat, primary residences are not implicated in all of that.

Zale Moransky:

So if you were just a homeowner with one property, you still have a principal residence exemption.

Zale Moransky:

Don't worry about that.

Zale Moransky:

Where it matters is for secondary properties.

Zale Moransky:

Where it matters is for the buying and selling of business shares, non registered accounts.

Zale Moransky:

So if you have stocks outside of those things, this is where the new capital gains inclusion rate has, has some impact.

Zale Moransky:

And there are some other fantastic advisors across the country who we speak to on a regular basis.

Zale Moransky:

I am a member of the Financial Planners association of Canada.

Zale Moransky:

And no matter where you are, despite the fact that I have a national license even, or if an individual came to me and said, well, I'd rather sit down with someone in person, I have connections to 4 or 500 certified financial planners across the country and I will always put in a plug for a great financial planner.

Zale Moransky:

Use them across the country.

Zale Moransky:

There are nuances, but taxes are a matter of fact and we can always do those calculations.

Kelly Kennedy:

How has the new capital gains tax changed?

Kelly Kennedy:

The advice that you might have given before versus the advice you'd give now would, is it.

Kelly Kennedy:

Has anything changed for you?

Zale Moransky:

Not really, no.

Zale Moransky:

I mean like it would be stupid to let we call it in our industry.

Zale Moransky:

We would.

Zale Moransky:

You're sort of foolish to let the tax tail lead the dog for a lack of a better expression.

Zale Moransky:

Don't make decisions because of the tax payable.

Zale Moransky:

Make the right decisions.

Zale Moransky:

Taxes or taxes?

Zale Moransky:

In the last 30, 40 years we've seen the capital gains inclusion rate change 5 plus times.

Zale Moransky:

So by the time we look to do something another decade from now, it could be higher, lower, etc.

Zale Moransky:

I would never make a recommendation assuming that this is what the tax implication will be.

Zale Moransky:

Make the smart decisions for the family.

Zale Moransky:

Taxes are taxes.

Zale Moransky:

You can't avoid them.

Zale Moransky:

Save more money, invest more money, understand the structures of your businesses, but don't just make decisions because of taxes.

Zale Moransky:

It's going to drive you crazy.

Kelly Kennedy:

Okay.

Kelly Kennedy:

Okay.

Kelly Kennedy:

And you know, one of the questions that I had too is that is there like, is there a dollar amount that we should consider when we're withdrawing money from our companies for our daily life or the things that we want?

Kelly Kennedy:

You know, let's say that I have a company that's making half a million or $1 million a year.

Kelly Kennedy:

Is there a dollar amount in your opinion that I should be paying myself to maximize, you know, my long term profitability or you know, like, obviously it's probably a good idea not to take out half my money, but you know what I'm saying, right?

Kelly Kennedy:

Like, is there, is there like a threshold that we should be considering?

Kelly Kennedy:

Let's say we're making a million bucks.

Zale Moransky:

Yeah.

Zale Moransky:

There's a, there's a minimum and the minimum is really just to maximize your Canada pension plan in your old age security.

Zale Moransky:

And that's in the 60,000.

Zale Moransky:

If you have more than enough than you need and you're still not pulling out 60 grand a year, approximately, I'd argue that's a little bit foolish.

Zale Moransky:

You might as well take the government benefits that you are being offered.

Zale Moransky:

But at the same time, let's say you struck it rich on a deal.

Zale Moransky:

There's a couple years where I paid myself nothing because I had other assets that I wanted to buy or sell.

Zale Moransky:

And in selling one asset that had a large capital gain if I didn't pay myself any income, the capital gain was the only thing going on my T1 generals and on my notice of assessment.

Zale Moransky:

So you really have to look at it every single year to say, well, what am I trying to accomplish this year that will allow me to make the smartest decision?

Zale Moransky:

And for me, I sold a secondary property one time and I didn't pay myself that year because I had a few hundred thousand dollars in capital gains.

Kelly Kennedy:

Yeah.

Zale Moransky:

And I could live off that money.

Zale Moransky:

So I just said, well, I'm foregoing any income this year because I know I have $300,000 hitting my bank account.

Zale Moransky:

And for the next little while I lived off that money.

Zale Moransky:

And I waited till I filed my taxes and I paid my taxes.

Zale Moransky:

And then January 1st it was back to the regularly scheduled program.

Kelly Kennedy:

Gotcha.

Zale Moransky:

There is no right or wrong answer.

Zale Moransky:

The minimum every person should take is to pay their bills.

Zale Moransky:

And then you make the determination as to what in excess.

Zale Moransky:

And then is it salary or is it dividends?

Zale Moransky:

And that is the, the most complicated question for all CPA CAs, CFPs out there as well.

Zale Moransky:

Like, how do I pay myself?

Kelly Kennedy:

Yeah.

Kelly Kennedy:

Well, let's get into it.

Kelly Kennedy:

How do you, like what, what is your recommendation?

Kelly Kennedy:

Is it, does it typically end up being a mix of both?

Zale Moransky:

The government's pretty good about equalizing it.

Zale Moransky:

So what happens when you pay yourself a dividend is you don't actually have to pay into your CPP and your oas.

Zale Moransky:

What it also does is most business owners have what very few understand are these things called CDA credits.

Zale Moransky:

So you have a capital dividend account and if structured properly, you can extract money out of your corporation once you have built enough of these credits on a tax free basis.

Zale Moransky:

Now each individual owner will have to have actually set up their corporation properly to build up these credits.

Zale Moransky:

Whether it is through a permanent insurance policy, whether it's through owning for example a bank stock that's paying dividends.

Zale Moransky:

All of these type of things will give you an opportunity in future to look at a more tax preferred or in some cases a tax free extraction of capital from your business.

Zale Moransky:

But all businesses are very different.

Zale Moransky:

My specialization typically is work is in working with high income earners.

Zale Moransky:

A lot of professional corporations which have a lot more rules.

Zale Moransky:

Lawyers, doctors don't have the same freedoms as, let's call it a home builder or a massive florist or any other business that isn't subject to a professional organization.

Zale Moransky:

So first thing I would say is understand the rules and limitations of the body that governs how you can set up your corporation and then from there you can make a determination.

Zale Moransky:

Well, like what's the best avenue to.

Zale Moransky:

To pay myself?

Zale Moransky:

Do you have a spouse or children who work inside the business?

Zale Moransky:

How do you income split to meet your needs?

Zale Moransky:

What do your outside savings look like?

Zale Moransky:

I'm very hesitant always to say that there is a one size fits all solution.

Zale Moransky:

It would completely negate the need to have a financial planning team or to have an accountant.

Zale Moransky:

So it is very much specific to someone's individual circumstances and what they're trying to accomplish.

Kelly Kennedy:

Zayl, you had mentioned earlier that your wife works in the business with you.

Kelly Kennedy:

And so let's just get into that.

Kelly Kennedy:

Is that a recommendation that you have or would you recommend that couples work different.

Kelly Kennedy:

Different jobs or different companies?

Zale Moransky:

Depends.

Zale Moransky:

Do you like your spouse?

Zale Moransky:

I love.

Kelly Kennedy:

Let's assume you love your spouse and things are great.

Zale Moransky:

Okay, so she works inside the business, but I will tell you she doesn't do any business with myself.

Zale Moransky:

Okay, so the first thing that I said to Dana when she came in working and I work in a space with high end consumers.

Zale Moransky:

My wife was the manager of menswear at the highest fashion brand in Canada.

Zale Moransky:

Holt Renfrew was the company she was working at for a long time.

Zale Moransky:

So she was used to dealing with the same type of clientele that for the most part high end financial planners are working for.

Zale Moransky:

She also didn't want to be in retail like you said.

Zale Moransky:

Covid really killed a lot of that retail space.

Zale Moransky:

My company was growing to the point where I was already paying a full time administration and that salary was going outside of the house.

Zale Moransky:

So obviously I wanted that money staying in the house.

Zale Moransky:

So she joined the practice, but with someone in between us.

Zale Moransky:

I don't speak to her about work.

Zale Moransky:

She doesn't speak to me.

Zale Moransky:

I have a business partner and an associate who acts in between us and an intermediary.

Zale Moransky:

So it's not like a traditional family business.

Zale Moransky:

She very much manages one portion of the business now, interestingly enough, she is on maternity leave.

Zale Moransky:

My business partner's fiance, who he'll be marrying in September as well, she sort of stepped up to fill Dana's role.

Zale Moransky:

Because when you're dealing with people's money and you can be sued, you want to know that the people that are on your team will be thinking to protect yourself.

Zale Moransky:

Yes, we are.

Zale Moransky:

You know, we all know, unfortunately, that our industry can be subject to a lot of corruption.

Zale Moransky:

People are, are trusting their advisors to do what is in their best interest.

Zale Moransky:

But there are Bernie Madoffs everywhere, and even the most successful people, if they don't surround themselves with the right teams and they don't have the right checks and balances, can do a lot of harm.

Zale Moransky:

So the first thing that I wanted to do is have somebody I know.

Kelly Kennedy:

Yeah.

Zale Moransky:

That will care about our family's success more than anybody else.

Zale Moransky:

And, you know, if I'm mean to her, maybe she will try and put me in jail one day for.

Zale Moransky:

And sign something on my behalf.

Zale Moransky:

Who knows?

Zale Moransky:

But for now, I think she still loves me.

Zale Moransky:

So she's going to take care of our.

Zale Moransky:

Our.

Zale Moransky:

Our proverbial business child like it is our baby, Logan, and make sure that nothing bad happens.

Zale Moransky:

So should you do it if you can actually do it?

Zale Moransky:

Listen, family businesses are tough, but you, everybody who has good family knows that there is no better relationship than that of a good family member.

Zale Moransky:

But there are also lots of bad family members.

Zale Moransky:

So if you don't like your family member, do not get in business with your family.

Kelly Kennedy:

Okay, well, great advice.

Kelly Kennedy:

And I think at the end of the day, it left everybody thinking.

Kelly Kennedy:

So I wanted to ask you that because I know that you work with your wife, but you did mention that, like, it's not as simple as just, you know, we both co own the business and this is what we're doing.

Kelly Kennedy:

It's like on a certain level, you're like, look, I don't want to allow the business to affect our personal life.

Kelly Kennedy:

And so what we've done is we've put some protections in place here, some intermediaries, so it's not just us working together.

Kelly Kennedy:

I like that.

Kelly Kennedy:

I think that's a good idea.

Zale Moransky:

Yeah.

Zale Moransky:

I think every person should understand themselves.

Zale Moransky:

Right.

Zale Moransky:

It's not complicated, but it's the most complicated thing on the planet is to truly understand the people that you're working with.

Zale Moransky:

And the dynamic of social interaction is the interplay of all business you have.

Zale Moransky:

And you compare it to, you know, you're only as strong as your weakest link.

Zale Moransky:

If you have a weak link somewhere in that chain of command, it's going to make everything else so much more difficult.

Zale Moransky:

So create systems.

Zale Moransky:

And all business owners should have systems.

Zale Moransky:

They're at the foundation of organization insanity.

Zale Moransky:

To make sure that you know what takes place.

Zale Moransky:

But at the same time, don't put people in your business who aren't working if they're family.

Zale Moransky:

That really pisses off the CRA in Canada.

Zale Moransky:

I know there's Americans listening, so the IRS would be the CRA equivalent.

Zale Moransky:

Don't put people in your business who aren't actually working.

Zale Moransky:

If you get audited, and you traditionally won't get audited until it's a few years into it, you could end up with the biggest headache of your life.

Zale Moransky:

So be honest in your own interactions, in your own business.

Zale Moransky:

Pay people appropriate salaries.

Zale Moransky:

If you have a spouse who's doing nothing, don't pay them hundreds of thousands or even tens of thousands of dollars a year because it is a form of fraud in the eyes of the government.

Kelly Kennedy:

Gotcha.

Kelly Kennedy:

Gotcha.

Kelly Kennedy:

Zale, I wanted to chat a little bit with you about exits.

Kelly Kennedy:

Right.

Kelly Kennedy:

We are talking to some business owners who maybe, maybe they are there, maybe it's time that they're.

Kelly Kennedy:

They're ready or at least they want to start thinking about it because they're five years or 10 years out.

Kelly Kennedy:

What should a business owner consider when they're at that stage where they're thinking, you know what, maybe it's time to exit the business.

Zale Moransky:

So I think there are so many great resources.

Zale Moransky:

There is a designation called the CEPA designation.

Zale Moransky:

I'm currently pursuing it, but I mean, it's more of a technicality.

Zale Moransky:

Business exit strategy has to do with a number of different things.

Zale Moransky:

And I'm going to just give you the top three.

Zale Moransky:

One, you need evaluation for your business.

Zale Moransky:

So where did the business start?

Zale Moransky:

And if you were to sell it today, what do you think it's worth?

Zale Moransky:

And so many business owners say, I have no idea.

Zale Moransky:

Because some businesses can be bought by anybody, whereas other businesses take a dental practice, can really only be bought by other dentists.

Zale Moransky:

So one, know how much your business is worth.

Zale Moransky:

Two, know who your actual buyers are.

Zale Moransky:

And three, make sure it's the right decision for you because you can't go back from selling a business.

Zale Moransky:

And I have seen people sell businesses for the wrong reasons.

Zale Moransky:

And it's emotionally taken its toll.

Kelly Kennedy:

Yeah.

Zale Moransky:

When you sell your business, it is final, it is permanent.

Zale Moransky:

You better be prepared for that transition.

Zale Moransky:

And that is the top three things that I will say.

Zale Moransky:

Valuate your business with professional services, know why you are selling your business, and know who you are selling your business to.

Zale Moransky:

Because if you don't have those, you know, sort of ducks lined up, you could end up making a decision you very much regret.

Zale Moransky:

And I have seen it professionally.

Kelly Kennedy:

Yeah, it's funny.

Kelly Kennedy:

I actually had an interview not that long ago with a gentleman who sold his business for hundreds of millions of dollars.

Kelly Kennedy:

And it was hard on him.

Kelly Kennedy:

And I was like, oh, dude.

Kelly Kennedy:

Yeah, because we tie ourselves to our businesses, right?

Kelly Kennedy:

Like they become a part of us.

Kelly Kennedy:

And he said he grieved it.

Kelly Kennedy:

Like you would grieve any loss, even though he came out financially on top.

Zale Moransky:

I've unfortunately heard stories of, you know, close friends of mine whose parents, shortly after selling businesses for millions of dollars, suffered very serious depression episodes.

Zale Moransky:

Because like you said, it, it's like it becomes a child for some people.

Zale Moransky:

They've tied their entire identity to this business.

Zale Moransky:

So the other thing that I would tell anybody looking to sell their business is like, understand what's next.

Zale Moransky:

You have to have hobbies, you have to have goals, you have to have things you want to accomplish because you are selling a piece of yourself for a lot of people.

Zale Moransky:

Now, I've never really tied my own sense of self worth to my business.

Zale Moransky:

It has always very much been a means to an end, which is take care of my family.

Zale Moransky:

But there are a lot of solopreneurs and a lot of entrepreneurs who don't have the same type of support systems or desires and, and family that a lot of people have.

Zale Moransky:

You better have a what's next?

Zale Moransky:

Because if you haven't know what's next, that.

Zale Moransky:

That can be terribly problematic.

Zale Moransky:

So don't put your entire sense of self worth into your business.

Kelly Kennedy:

We all need purpose, right?

Kelly Kennedy:

We all need purpose.

Kelly Kennedy:

Whether we're, whether we're business owners or super successful or we're no longer working, you.

Kelly Kennedy:

You're never off the hook.

Kelly Kennedy:

Like, life would be horrible if suddenly you can be as rich as you want, but if you got nothing to do, that's gonna, it's not gonna last.

Zale Moransky:

Yeah.

Zale Moransky:

The saying money doesn't buy happiness, you know, is very true.

Zale Moransky:

Some of the richest people in the world, I'm sure Absolutely miserable because all they have is money.

Zale Moransky:

So if all you have is money and money is the goal, you're going to set yourself up for failure year.

Zale Moransky:

Yeah, I have money because I like experiences.

Zale Moransky:

I love traveling.

Zale Moransky:

I love golfing.

Zale Moransky:

Now I have a new experience of apparently I better love buying diapers, because those things are.

Zale Moransky:

Yeah.

Zale Moransky:

So I have things I love doing.

Zale Moransky:

I do love working.

Zale Moransky:

I have fantastic clients, I have fantastic business partners.

Zale Moransky:

But at the same time, I have a young.

Zale Moransky:

I have a baby right now.

Zale Moransky:

And my clients are so understanding, they're emailing my business partner, CCing me and saying, we don't want to bug Zale about this right now.

Zale Moransky:

He's got better things to worry about.

Zale Moransky:

Which, yeah, I mean, like, I have a child to take care of.

Zale Moransky:

Doesn't mean I'm leaving my.

Zale Moransky:

My clients out to dry.

Zale Moransky:

But my clients have been very receptive to being or letting me be a father for the first few months.

Zale Moransky:

And I'm sure if I just kind of disappeared forever, they wouldn't be particularly impressed.

Zale Moransky:

But most of my clients are families themselves, so they know it's not just for today.

Zale Moransky:

Like, there's future generations.

Zale Moransky:

There's things we all want to accomplish.

Zale Moransky:

Have those things.

Zale Moransky:

Don't just work yourself to the bone.

Zale Moransky:

It's that.

Zale Moransky:

That's maddening.

Kelly Kennedy:

Totally, totally.

Kelly Kennedy:

Zale, this has been absolutely amazing.

Kelly Kennedy:

I really appreciated having you on today and giving us some advice.

Kelly Kennedy:

You know, dude, we talked about this before.

Kelly Kennedy:

You've literally never not been an entrepreneur.

Kelly Kennedy:

You're my first guest.

Kelly Kennedy:

Who can say that?

Kelly Kennedy:

Who can say that?

Kelly Kennedy:

No matter what, they've never worked for anyone else.

Kelly Kennedy:

You pretty well always worked for yourself.

Kelly Kennedy:

What's the best piece of business advice you would give to a young entrepreneur, a young Zale who was just getting into it, who maybe you needed to take that leap.

Kelly Kennedy:

You needed that motivation.

Kelly Kennedy:

What might that be?

Zale Moransky:

Oh, an action plan.

Zale Moransky:

Right.

Zale Moransky:

Don't.

Zale Moransky:

You can always attempt to wing something, and you can figure out the next steps.

Zale Moransky:

But the first thing with any business, have a plan of execution.

Zale Moransky:

Right.

Zale Moransky:

Know what you're trying to accomplish.

Zale Moransky:

Always realize that you need a network.

Zale Moransky:

You can't accomplish anything on your own.

Zale Moransky:

Nobody in this entire world has ever accomplished anything by themselves.

Zale Moransky:

I don't know who said it.

Zale Moransky:

I probably should.

Zale Moransky:

But there's that famous quote, you know, if you want to go fast, go alone.

Zale Moransky:

You want to go far, go together.

Zale Moransky:

That is the epitome of how I'm trying to build my own life, my own business is I don't want to be places by Myself, like, imagine sitting on a beach with nobody ever around.

Zale Moransky:

I think true success comes from being able to bring as many people up to success with you.

Kelly Kennedy:

Yeah.

Zale Moransky:

So it's one thing to be selfish, but like, who wants that?

Zale Moransky:

Right?

Zale Moransky:

Give more than you're willing to take and you will get it all back tenfold.

Kelly Kennedy:

Absolutely.

Kelly Kennedy:

Zale.

Kelly Kennedy:

You know, we've been talking a lot about financial management life, but you know, bring us into mco.

Kelly Kennedy:

What do you do at mco?

Zale Moransky:

From a very simplistic standpoint, when people ask me what we do, we try and bridge that unknown gap from where someone is today financially to where they need to be.

Zale Moransky:

And when I say need to be, for the most part it's either selling a business, it's retiring, it's providing for the next generation.

Zale Moransky:

So a private wealth company is there to assist people with the things that we don't learn enough about, which is tax planning, which is giving to charity, which is giving to kids, which is helping yourself retire for the most part.

Zale Moransky:

I like to tell people my job is to like be the anti CRA and that's to allow everybody to keep as much money as possible for themselves and to not pay it in taxes to the government.

Zale Moransky:

But there is no one size fits all solution.

Zale Moransky:

As a financial planner, we manage money for clients who don't want to understand what stocks, bonds, GICs, investments are.

Zale Moransky:

We protect families who are high income earners who want to make sure that they have insurance plans.

Zale Moransky:

I think every business owner, for the most part, you are your own biggest asset.

Zale Moransky:

Make sure you have a contingency plan.

Zale Moransky:

We all know somebody who's gotten diagnosed with something too early or lost a family member too soon and it really threw the whole family sideways.

Zale Moransky:

Taxes, cash flow.

Zale Moransky:

That is a true certified financial planner is to take someone's vision of where they want to be and then build backwards.

Zale Moransky:

Have a step and a plan in place just to keep climbing.

Zale Moransky:

And you're going to take steps backwards.

Zale Moransky:

So have somebody there who's going to make sure that you are emotionally coached through those decisions.

Kelly Kennedy:

Okay.

Kelly Kennedy:

And this is the question that I think a lot of business owners have.

Kelly Kennedy:

It's like, at what point of success should they be reaching out to a private wealth company, a wealth management company?

Kelly Kennedy:

Like at what point should people reach out to you, Zale?

Kelly Kennedy:

Should it be at the very beginning before they have anything, or should they have a certain level of assets before they reach out?

Zale Moransky:

Yeah, I mean, for myself, I've gotten to a point where my business is actually successful enough that I enjoy the Pro bono work.

Zale Moransky:

And when I say pro bono work, it really is consulting calls that I know I can't monetize somebody because they don't have the the f sufficiencies to to pay our charges.

Zale Moransky:

But I think if you're going to be a business owner from the very beginning, you should reach out and have a good financial planning team, particularly in the early stages when you go to incorporate, make sure your shares and your structure of your corporation is done sufficiently so that it can meet future use needs.

Zale Moransky:

There is no right or wrong time to reach out to somebody.

Zale Moransky:

I think everybody should be reaching out in their, you know, 20s before they have anything.

Zale Moransky:

And it's not just business owners because I think you and I have had this conversation is we are all people.

Zale Moransky:

But I tell every person, even if you are an employee, operate your life like it is a bit of a business.

Zale Moransky:

Make smart decisions for yourself that will allow future you to look back and say, I'm glad I tax planned.

Zale Moransky:

I'm glad I didn't wait until I had no more money coming in to figure out what to do with all of my money.

Zale Moransky:

So the day anybody has a surplus and isn't really just in the earliest foundations of an idea, that's when they should be reaching out to a professional, whether it's me or one of my peers or it's anybody that they trust from day one.

Zale Moransky:

It never hurts to reach out to anybody.

Zale Moransky:

It's not like a lawyer where you hopefully only want to speak to them when you have a legal issue.

Zale Moransky:

Sure, a good financial planner will help you make smarter decisions in the future.

Zale Moransky:

So don't hesitate to reach out to one.

Zale Moransky:

Also know the questions to ask.

Zale Moransky:

How do I pay you?

Zale Moransky:

What are the implications to my business?

Zale Moransky:

What are our opportunities to work together?

Zale Moransky:

We can, you know, sort of go through some of those questions that you should ask.

Zale Moransky:

But anybody can Google what question should I ask a certified financial planner?

Zale Moransky:

And there's five or so of them that are extremely important in regards to what are your specialties, what are your costs, what are the expectations from me to you?

Zale Moransky:

What are the expectations from you to me?

Zale Moransky:

And what's the end goal of working together?

Zale Moransky:

And if somebody can answer those five questions competently, they probably know what they're doing.

Kelly Kennedy:

Perfect.

Zale Moransky:

Perfect.

Kelly Kennedy:

And Zale, if people are listening to this and they want to get a hold of you, what's the best way they can?

Zale Moransky:

Check out the website, it's mcowealth.com they can email me at Zale Z A E L or for The Americans Z A E l@mclwealth.com those are the easiest ways.

Zale Moransky:

Search my name zale Moransky on LinkedIn.

Zale Moransky:

I'm pretty active there.

Zale Moransky:

I'm a bit of a poop disturber in terms of social media.

Zale Moransky:

So if you want to know somebody who is a little bit anti the traditional ways of building a financial planning business, I call out so many bad practices I see and I tell people, remember, banks are for profit institutions.

Zale Moransky:

Banks are not your friends.

Zale Moransky:

Don't trust a bank to give you any advice that isn't going to profit the bank.

Zale Moransky:

They are not charities.

Zale Moransky:

Financial planners are business owners too.

Zale Moransky:

But their success is far more tied to seeing you be successful than taking on things like debts, credit cards, any debt instruments.

Zale Moransky:

Those are what make the banks money.

Kelly Kennedy:

Sure.

Zale Moransky:

Financial planning does not make the bank money.

Kelly Kennedy:

Amazing.

Kelly Kennedy:

Amazing.

Kelly Kennedy:

And Zale, obviously you are based in Toronto, am I correct?

Kelly Kennedy:

You're based in Toronto, but like I'm in Alberta, I have friends in bc.

Kelly Kennedy:

Are you able to work across the country or are there like limitations?

Zale Moransky:

No, there's no limitations in this industry.

Zale Moransky:

I have a license in Alberta, I have a license in British Columbia.

Zale Moransky:

We have a team in Quebec.

Zale Moransky:

Quebec's a little bit of a different beast, but we have our own team.

Zale Moransky:

We have individuals in every single province aside from the Northwest Territories, Nunavut and Yukon.

Zale Moransky:

I'm sure at some point we'll expand to those locations.

Zale Moransky:

But even if I don't have a license in any of those provinces, I know so many great advisors through the Financial Planners association of Canada that I am not trying to hoard every client for myself.

Zale Moransky:

I do have a capacity of clients that I work with and I think every good advisor should have a capacity of clients that they work with or they spread themselves too thin.

Zale Moransky:

So happy to introduce anybody to somebody who might help them a little bit more than I could.

Kelly Kennedy:

Amazing.

Kelly Kennedy:

Amazing.

Kelly Kennedy:

Thanks Zale for coming on with us.

Kelly Kennedy:

Zale is the president of MCO Wealth Management out of Toronto.

Kelly Kennedy:

It was absolutely amazing having you on dude.

Kelly Kennedy:

I.

Kelly Kennedy:

I wish you the absolute best of luck.

Kelly Kennedy:

Congratulations on Logan.

Kelly Kennedy:

I hope that your trip here this coming week goes amazing.

Zale Moransky:

Thanks buddy.

Zale Moransky:

Appreciate you always.

Zale Moransky:

And everybody, tune into all future podcasts.

Zale Moransky:

Listen to all the Path Past podcasts.

Zale Moransky:

So much great information coming from Kelly that I think you'd be a bit of a dummy not to tune in a little bit more and go through the archives and 197 others to listen to do it.

Kelly Kennedy:

Thanks dude.

Kelly Kennedy:

I appreciate that.

Kelly Kennedy:

Until next time, this has been the business development podcast and we will catch you on the flip side.

Narrator:

This has been the Business Development Podcast with Kelly Kennedy.

Narrator:

business development firm in:

Narrator:

His passion and his specialization is in customer relationship generation and business development.

Narrator:

The show is brought to you by Capital Business Development, your business development specialists.

Narrator:

For more, we invite you to the website at www.capitalbd.ca.

Narrator:

see you next time on the Business Development Podcast.

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The Business Development Podcast
The Business Development Podcast is an award-winning show dedicated to entrepreneurs, executives, sales, and business development specialists.

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Kelly Kennedy