The Wealthy Barber Podcast

Our guest this episode is Adam Bornn — founder of Parallel Wealth Financial Group and the creator of the Parallel Wealth YouTube channel, one of Canada's largest channels devoted to retirement planning. Adam returns to the show to focus on a single, high-stakes subject: how Canadians can build a retirement plan that actually works, and the common mistakes that quietly derail one. In this episode, Dave and Adam dive into the realities of the retirement transition, from the most common mistakes people make to how to balance spending early with the cost of care later in life. They break down the "go-go, slow-go and no-go" years, why health and finding joy matter as much as the numbers, and when the ideal time to start planning really is. Adam also explains when it makes sense to convert an RRSP to a RRIF and how a TFSA can act as a flexible lever account inside a broader plan. The conversation also explores the issues that complicate real-world retirement, including the squeeze on the sandwich generation, why more retirees are helping their adult kids financially, and how to plan around large age gaps or being single. Adam digs into some of the costliest missteps too, from taking CPP early when you don't need to, to letting registered accounts grow tax-deferred for too long and running into the OAS clawback. Along the way, they cover tax planning when liquidating cottages and rental properties, the limited role of reverse mortgages and HELOCs, and how to think about high market valuations and cash wedges in retirement. Whether you're years away from retirement or already making the transition, this episode is packed with practical, tax-smart insights to help you avoid the mistakes that cost retirees the most. Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Adam Bornn (01:30) Common Retirement Transition Mistakes (03:22) Balancing Early Spending & Late-Life Care (05:25) Go-Go, Slow-Go & No-Go Years (07:37) Finding Joy and the Importance of Health in Retirement (10:56) Adam's YouTube Channel and Focus on Retirement Planning (13:35) When Is the Ideal Time to Start Retirement Planning? (15:40) When to Convert an RRSP to a RRIF (17:35) The Power and Flexibility of a TFSA Lever Account (19:23) Factoring in Lump-Sum Obligations to Your Retirement Plan (21:36) Careless Tax Mistakes Can Cost You Huge Money (23:18) The Sandwich Generation (25:00) Why Some Retirees Are Helping Their Kids Financially (28:14) Navigating Retirement Planning with Large Age Gaps (30:07) The Disadvantages of Retirement Planning for Single People (31:57) The Biggest Retirement Mistake: Taking CPP Early if You Don't Need To (34:16) Avoid the Trap of Growing Registered Accounts Tax-Deferred For Too Long (36:18) Optimizing to Avoid the OAS Clawback (37:55) Tax Planning When Liquidating Cottages and Rental Properties (40:53) The Limited Use of Reverse Mortgages and HELOCs (41:40) High Market Valuations, Equities & Cash Wedges in Retirement (44:38) Conclusion

Our guest this episode is Robb Engen — a Qualified Associate Financial Planner (QAFP), advice-only financial planner and the longtime voice behind Boomer & Echo, one of Canada's most-read personal finance blogs. Robb returns to the show to share what he's learned helping regular Canadians plan, save and spend through retirement with confidence. In this episode, Dave and Robb take a deep dive into one of the biggest paradoxes in retirement planning: why so many Canadians who have done everything right are still afraid to spend their savings. They break down the "golden tax planning windows" in your sixties, the trade-offs between RRSP and TFSA withdrawals and why DIY retirement income planning is much harder than the accumulation years that came before it. Robb also explains how to budget for lumpy, one-time retirement expenses and why the current RRIF minimum withdrawal rules deserve a rethink, especially for single retirees. Whether you're approaching retirement, already there or just trying to think more clearly about decumulation, this episode is packed with practical, no-nonsense insights from one of Canada's most trusted personal finance voices. Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Robb Engen (03:15) The Longevity of Robb's Blog Boomer & Echo (05:56) Why Robb Focuses on "Regular Canadians" (09:12) The QAFP Designation (11:19) RRSP vs. TFSA: Retirement Tax Brackets & Delaying CPP (14:21) The Ideal Age to Start Retirement Planning (15:31) Why It's Hard to DIY Retirement Income Planning (17:28) Golden Tax Planning Windows in Your Sixties (19:17) Budgeting for Lumpy and One-Time Retirement Expenses (20:30) Rethinking RRIF Minimum Withdrawal Rules for Singles (23:22) Many Retirees Are Hesitant to Spend (25:13) How to Get Retirees to Safely Spend More (27:56) Countering Retirees' Fears of Overspending (29:25) Unlocking the Tax-Free Compounding Power of TFSAs (32:05) Is It Wise to Plan Around Worst-Case Monte Carlo Simulations? (33:55) Robb's Advice-Only Model (37:36) Will the AUM Model Come Under Pressure? (39:44) The Value of Advisory Continuity and Turnover Realities (41:15) Robb's Worries: Navigating Media Anxiety and Alternative Investments (43:51) Dave's Thoughts on Alternative Investments (46:05) "One More Year" Syndrome (48:00) Employer RRSP Matches (49:50) Conclusion

Our guest this episode is Daniel Glazier — a Certified Personal Property Appraiser (CPPA) with more than 25 years in the designation. Daniel spent decades in the used furniture and antiques trade before moving into appraisals full-time and has now completed over 1,000 appraisal reports for families, executors, lawyers and financial institutions across Southern Ontario. In this episode, Dave and Daniel dive into the often-overlooked world of personal property appraisals and why so many family fights after a death have nothing to do with money and everything to do with stuff. They cover the endowment effect, Daniel's "VHS system" for identifying the items most likely to cause conflict, how to resolve disputes over contested belongings and why making a plan ahead of time is one of the most important and overlooked parts of estate planning. Whether you're working on your own estate plan, helping a parent downsize or settling an estate as an executor, this episode is packed with practical insights that could save your family real money and a lot of unnecessary conflict. Show Notes (00:00) Intro & Disclaimer (01:44) Intro to Daniel Glazier (03:42) Daniel's Origin Story: Used Furniture & Strip Joints (06:06) The Endowment Effect & The Used Furniture Market (07:53) The VHS System for Identifying Items That Could Cause Family Conflict (11:16) Resolving Conflicts Over Contested Items by Selling Them (13:26) Make a Plan Ahead of Time to Avoid Family Conflict (16:15) The Research on Sentimental Items (17:34) A Solution to the Wedding Ring Dilemma (18:52) Handling Non-Monetary Heirlooms (20:50) The Appraiser's Role in Estate Planning (23:24) The $5,000 Lamp Nobody Noticed (25:22) Will AI Replace Personal Property Appraisers? (26:55) Getting the Appraiser Involved Early (28:02) How Clients Find Daniel (29:41) Why Sold Prices Beat Asking Prices (31:10) Location & Charitable Auctions Skewing Values (33:11) Conclusion

Our guest this episode is Jason Watt — a Canadian financial education leader and long-time contributor to the professional training and development of financial planners, advisors, and insurance professionals across the country. Jason has spent years helping shape how financial advice is taught in Canada, including previously serving as the lead instructor at Business Career College, where he developed curriculum and continuing education for industry professionals. In this conversation, Dave and Jason explore the financial advice landscape in Canada — from the differences between financial planners and advisors to which credentials actually matter and what it truly means to act as a fiduciary. They dig into how the CFP program has evolved, the pros and cons of advice-only planning, why the middle market is so underserved, and how revenue models shape client outcomes. Jason also shares his thoughts on broken insurance licensing, commission conflicts, specialization in planning and why communication and psychology are becoming just as important as technical expertise. If you’ve ever wondered how financial advice really works in Canada (or where it needs to go next!) this episode is packed with thoughtful insights, practical perspectives and reasons for optimism about the future of the profession. Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Jason Watt (03:14) Pro Bono Financial Planning (04:27) Jason’s Background with Business Career College (05:53) What is a Financial Planner vs. a Financial Advisor? (08:47) What Credentials Actually Matter for Financial Advisors? (10:52) What Does it Mean to Be a Fiduciary? (12:46) How the CFP Program Has Evolved (16:36) Different Revenue Models for Financial Advice (18:49) Why the Middle Market is Underserved in Canada (21:00) Advice-Only Planning: Strengths and Weaknesses (23:29) Specialization and Niches in Financial Planning (24:22) Financial Advisors are Focusing More on Communication and Psychology (26:06) Why Insurance Licensing is Broken in Canada (31:28) The Commission Conflict in Insurance Sales (32:53) An Idea to Redesign Licensing: Certify by Complexity (Not Products) (34:56) Cross-Border Financial Planning Gets Complicated Fast (37:39) The Updated “The Wealthy Barber” (39:33) Canada Has Some Great Financial Educators (42:17) Should You Commute a Pension or Leave It? (44:01) Reasons for Optimism in the Financial Advice Industry in Canada (48:31) Gambling Worries (49:57) Housing Affordability and Expectations (51:43) Conclusion

Our guests this episode are Heather and Doug Boneparth — co-authors of the book Money Together: How to find fairness in your relationship and become an unstoppable financial team. Doug is the founder of Bone Fide Wealth in New York City and serves on the advisory councils for CNBC and Investopedia. Heather is a lawyer-turned-financial-writer, Bone Fide Wealth’s Director of Business and Legal Affairs and a rising voice at the intersection of love, money and family. In this conversation, Dave sits down with Heather and Doug to explore how couples can navigate money as a team — from shifting income dynamics and caregiving to power, communication, and the invisible labour that often goes unrecognized. They share why they wrote Money Together and why strong financial partnerships aren’t built with spreadsheets, but with trust, curiosity, and shared values. Whether you’re in a long-term relationship, newly partnered, or just want to understand how money and relationships intersect, this episode is packed with thoughtful insights and practical takeaways. Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Heather & Doug Boneparth (03:15) Why They Wrote “Money Together” (07:22) How Power and Income Shift Relationship Dynamics (09:13) Caregiving is a Real Economic Contribution (14:26) The Breaking Point That Forced Change (17:08) Division of Labour and How to Truly Create Space for Your Partner (21:57) How to Talk About Money as a Team (24:27) Start with Money Wins, Not with Spreadsheets (27:42) Both Members of a Couple Need to Understand Their Finances (29:04) Managing Your Finances Together is an Ongoing Activity (30:12) Teaching Kids Values, Not Financial Math (32:58) Money is Finite (35:36) Money, Divorce and Difficult Conversations (37:43) Growth Requires Discomfort & Curiosity (39:02) Strong Couples Are Resilient to Whatever Life Throws at Them (40:38) Conclusion

Our guest this episode is Melissa Leong — national media personality, a sought-after speaker and award-winning author of the feel-good finance guide “Happy Go Money.” Melissa has been the resident money expert on Canada’s leading daytime talk show “The Social” for 14 years and is also a repeat guest on “The Drew Barrymore Show” on CBS. This is an amazing episode for anyone looking to better manage their money in 2026. In their conversation, Dave and Melissa explore the idea that money should support happiness, not compete with it. They dig into behavioural finance and simple “brain hacks” that can lead to better decisions, from the 24-hour rule for spending to the power of spending summaries. Melissa also shares insights on social media comparison, why experiences tend to bring more lasting happiness than stuff, the joy of anticipation, and why big purchases like cars so often fail to deliver long-term satisfaction. The discussion also touches on generosity and happiness, valuing time over money, financial challenges women face, managing money as a couple, and practical ways to get started building healthier financial habits — without guilt or perfectionism. Whether you’re trying to spend more intentionally in the new year, stress less about money, or align your finances with what actually makes you happy, this is a thoughtful and refreshing conversation you won’t want to miss. Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Melissa Leong (02:09) Melissa’s Path from Journalism to Money (05:42) Behavioural Finance & Brain Hacks (09:32) The 24-Hour Rule for Spending (14:16) Social Media & The Pressures of Comparison (16:41) Money Should Support Happiness, Not Compete With It (18:56) Spending Now vs. Spending Later (22:39) Experiences Create More Lasting Happiness Than Stuff (24:12) The Joy of Anticipation (30:29) Dave Doesn’t Have FOMO, He Has FOBI (32:07) The Power of Spending Summaries (36:16) Charity, Generosity & Joy (39:17) Valuing Time Over Money (40:31) Why Cars Rarely Deliver Lasting Happiness (43:32) How Melissa Became a Regular on The Drew Barrymore Show (45:11) Financial Challenges Women Face (51:22) Managing Money as a Couple (56:43) How to Get Started Managing Your Money Well (59:01) Conclusion

Our guest this episode is Aravind Sithamparapillai, a financial planner at Ironwood Wealth Management Group. Earlier this year, Aravind earned his CFP® designation with the highest exam score in the country, placing him at the top of the CFP® Exam President’s List, and was also selected for FP Canada’s Emerging Leader’s Award. In this conversation, Dave and Aravind walk through what great financial planning actually looks like in practice. They discuss the “financial quarterback” model, Aravind's four-step process for investing and why assessing true risk tolerance goes far beyond a simple questionnaire. Aravind explains how biology and financial stress affect investor behaviour, why unusually high returns are unlikely to last forever and how personal preferences should factor into a well-designed plan. The episode also dives into estate and tax planning topics that are often overlooked—from common estate planning mistakes and the risks of joint accounts to when RRSPs should be left to an estate, how taxes work at death and traps grandparents can fall into with RESPs. The conversation wraps up with a practical comparison of TFSAs vs. RRSPs, a discussion on alternative investments and Aravind’s personal story about discovering The Wealthy Barber. Whether you’re building your first financial plan or refining an existing one, this episode is packed with clear, thoughtful insights from one of Canada’s brightest young planners. Show Notes (00:00) Intro and Disclaimer (00:55) Intro to Aravind Sithamparapillai (04:47) ​​The Financial “Quarterback” Model (10:32) The Four-Step Investing Process (14:38) How Do You Assess True Risk Tolerance? (16:47) A Financial Planner’s Role in Changing Risk Tolerance (19:04) Biology and Financial Stress (21:38) 20% Returns (Probably) Won’t Go On Forever (23:30) Personal Preferences & Maximizing Return (25:05) Common Estate Planning Mistakes (26:50) Reasons Why RRSPs Should Be Left to the Estate (31:47) The Risks of Using Joint Accounts to Avoid Probate (34:44) The Benefits of Leaving a Letter of Direction with Your Will (36:43) What Happens Tax-Wise When You Die? (38:26) The RESP Trap for Grandparents (45:00) TFSA vs. RRSP (49:09) The Risks of Alternative Investments (56:13) Aravind’s Personal Story About The Wealthy Barber (58:45) Conclusion