At the core of Patrick’s professional mission lies a deep-seated dedication to fostering genuine connections, nurturing trust, and leveraging expertise to empower clients on their financial journeys. As a seasoned financial advisor with over ten years of experience in banking, insurance, mortgage advising, small business credit planning, and investing, he brings a wealth of experience and knowledge, particularly in retirement planning and the nuanced art of decumulating retirement assets.

Patrick’s mission is to establish authentic relationships built on trust and respect and provide clients with the insights and strategies needed to navigate retirement planning, reach their goals, and decumulate assets confidently.

Additionally, he seeks to build enduring relationships beyond financial strategies by prioritizing transparent communication and collaboration. Values that chart a course toward financial freedom, security, and fulfillment—grounded in trust, integrity, and a commitment to achieving client goals and aspirations.

With a firm belief in the transformative power of trust and relationship-building, Patrick is honoured to serve as a trusted advisor and partner as clients navigate the complexities of retirement planning and beyond. Together, clients
can transform dreams into legacies that endure for generations. He looks forward to continuing to offer wealth management services throughout the Huntsville region.

Patrick Senior, Financial Advisor at Assante Financial Management Ltd.
Email: psenior@assante.com C: 226-228-4609 O: 705-789-7940
395 Centre Street North – Suite #300 Huntsville ON P1H 2P9

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As record numbers of immigrants arrive in Canada, scammers are preying on newcomers navigating an unfamiliar financial landscape. The top scams they face include fake job postings (witnessed by 40 per cent of new Canadians surveyed), phishing attempts (37 per cent) and scammers disguising themselves as representatives of official government institutions (34 per cent).

“Being targeted for financial scams is an all-too-common experience for newcomers. We all have a role to play in providing advice to help build their financial literacy and spot scams before it’s too late,” said Rachel Jolicoeur, Director, Cybermarket Intelligence and Financial Crime at Interac. “Newcomers want to feel in control and most prefer to spend their own money versus borrowing. As they get used to life in Canada, we need to build their trust when transacting in new ways – such as using Interac e-Transfer or Interac Debit for the first time.”

The Interac survey reinforces that high scam rates are taking a toll on the financial fortitude of newcomers. Only two in ten (22 per cent) newcomers polled strongly agree they would know what to do if they were the victim of a financial scam. Furthermore, nearly six in ten newcomers (56 per cent) say being targeted makes them feel less financially confident, as compared with a third of all respondents polled (36 per cent).

Building financial know-how is a priority for newcomers. The majority of newcomer respondents (73 per cent) indicate they want to learn more about how to protect themselves from fraud, and more than eight in 10 (83 per cent) point to the value of having access to tools that help with managing their spending. To answer these needs, Interac and Conscious Economics have launched Mindfulness & Money for Newcomers and International Students, a digital learning program that teaches financial literacy and fraud prevention techniques.

The three-part course is available free and online to all newcomers who wish to participate, with subtitled modules available in a variety of languages. In addition, the program will be a part of the international student’s orientation package at Toronto Metropolitan University (TMU). The new modules build on the success of the Mindfulness & Money program, presented by Conscious Economics and Interac, which has helped nearly 80,000 Canadians build their financial confidence.

“At Interac, our aim is to help empower Canadians to transact digitally with confidence. The latest course we have developed with Conscious Economics is designed to provide newcomers with a supportive community, while establishing the fundamentals of financial and digital literacy,” said Daria Hill, Vice President, Marketing & Communications. “Through our research, we particularly see this appetite and need among international students, 93 per cent of whom say they face barriers in managing their everyday finances. The survey also highlights the critical role Interac solutions can play in the lives of newcomers.”

To help stay in control, the Interac survey reveals that more than six in ten (63 per cent) newcomers say they prefer to spend their own money instead of borrowing. Using their own money (43 per cent), like with Interac Debit, ranks among the top three strategies newcomers would turn to in order to boost their financial confidence, alongside following a budget (55 per cent) and having savings or investment goals (60 per cent).

“It’s critical that newcomers and international students feel supported in every step of their financial journey here,” said Aseel El-Baba, co-founder of Mindfulness & Money and the in-house financial therapist at Conscious Economics, who was a newcomer to Canada herself. “This new set of modules will help explore common challenges newcomers face while navigating an unknown financial system and transacting in new ways. They will also look at the ins and outs of fraud prevention as a newcomer.”

“As more newcomers choose Canada as their educational destination, it’s imperative that they have the supports to set themselves up with healthy financial habits. Mindfulness & Money for Newcomers and International Students will be critical to the new student experience as it will help them navigate their finances in a new setting and feel confident doing so,” said Dr. Mohamed Lachemi, President, and Vice-chancellor of TMU. “We are proud to be the first university to include these modules in the supports offered to our international students, so that they can hone skills to carry with them throughout their lives.”

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The in-depth survey fielded by Maru/Blue* for Meridian reveals that a whopping 77% of Millennials and 88% of Gen Zs agree that the rising inflation economy has left them “with a pit in my stomach” compared to 70% of Canadians nationally.

Despite admitting uncertainty (70%) about their financial futures, 70% of Millennials surveyed report that although the past year was a tumultuous time, “my family’s finances are stable, and I think we will be OK.” 55% of Millennials surveyed say they “feel hopeful” that better times lie ahead in 2023, compared to 62% of Boomers and 67% of Gen Zs surveyed.

“The survey reflects what Meridian’s Millennial clients are telling us,” sums up Naveen Senthamilselvan, Meridian’s Director of Strategic Initiatives. “Although Millennials are still experiencing anxiety from the past few months, they are motivated to move on, cautiously to reset their financial foundations.”

According to Naveen, the key question from Millennials is whether they should act now to reset their finances or wait until spring, with most Millennials anticipating continued economic uncertainty ahead.

Although Meridian’s survey shows that most (78%) Canadians agree there may be positive financial opportunities for those who have the means and confidence to invest in the months ahead, 81% of Canadians and 77% of Millennials surveyed share the pessimistic view that the stock market will take longer to recover than expected. Less than half of Canadians (45%) surveyed anticipate that inflation will eventually taper off and rebalance over time — and two-thirds (61%) agree that housing costs likely won’t get more affordable in the months ahead.

“This is the first time Millennials’ money resilience has been tested in a high inflation economy, so it’s not surprising that Millennials and Gen Zs surveyed were the most likely to agree they ‘feel financial paralysis and uncertainty’ when it comes to financial planning and investing,” explains Naveen. “My advice for fellow Millennials is to consider getting back into the market now and stagger your investments over time with the support of a professional you trust,” he says. “Depending on your personal financial situation, if you have the means, now is a good time to invest in your financial future,” sums up Naveen.

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At a time when Canadians should be looking forward to the holidays, many are looking closely at their wallets instead. A new survey released today by PayPal Canada found two in three Canadian respondents (66%) report feeling financial pressures this year. PayPal Canada’s 2022 Holiday Snapshot Survey polled 2,000 Canadians and found seven in ten respondents (68%) would be too embarrassed to ask for financial help with splitting the cost of celebrations.

Which generation is more open to splitting costs?
Heartwarmingly, Gen Z respondents report being three times as likely (33%) to split the cost of gifts this year than those 65 and over (11%). The younger generation still want to do their part. Two in five Gen Z respondents say they will offer to chip in for festivities at their parents (45%) and grandparents (43%) as they feel the older generations would be too proud to ask for money.

Consumers are considerate when asking for help
When it comes to asking others for help, Canadians are thoughtful about how it might affect others. The top reason survey respondents are too embarrassed to ask friends and family to chip in for seasonal festivities is because they believe others are struggling financially too (66%). Other reasons include to avoid others worrying (52%) or having too much pride to ask for financial support (35%).

Furthermore, the survey revealed 16 per cent of respondents would feel bad about owing people money if asked to divvy up spending and 15 per cent are concerned that cost-splitting requests will dampen the festive mood.

Finding cost savings
To keep budgets under control, half of Canadian respondents (51%) admit they’ll be making financial cutbacks this holiday season, specifically in British Columbia (53%), Alberta (52%), Ontario (51%) and Quebec (48%). Top cutbacks include:

• Avoiding purchasing unnecessary presents (73%)
• Having a spending cap agreement with family and friends (45%)
• Limiting travel plans (36%)
• Entertaining fewer people (32%)
• Asking guests to bring dishes to gatherings (27%)

However, Canadians will not go for the lower price tag on their search to find the perfect gift for loved ones. Over half of respondents (53%) do not plan to reduce their spending when it comes to buying for family and friends – even if it means they must knock a few items off their own wish list.

Cost sharing is digital
Despite hesitancy over splitting costs, the findings reveal bill-splitting with family and friends is happening online, with one in three Canadian respondents (35%) saying they would transfer money through a banking app. Other ways respondents plan to divide costs include asking someone to buy a specific item (18%), paying someone back with cash (15%), and transferring money via digital payment services (6%). What’s more, 45 per cent of respondents say they would be open to hearing about new digital ways to split costs as they navigate ongoing economic uncertainty.

“Sharing the load and splitting costs with friends and family can be a difficult conversation, especially for Canadians who want to be thoughtful about others and their financial situation,” said Malini Mitra, Director, Communications, PayPal Canada. “Money management and splitting costs with family and friends is a difficult conversation. At PayPal, we’re committed to helping people share costs with our send and request money features and PayPal.me, a personalized web link that can be shared to make bill splitting a lot easier and less awkward this holiday season.”

Head to the PayPal website for more information on easy and efficient cost-splitting solutions for the festive season, such as PayPal.me.

Survey Methodology 
PayPal Canada’s 2022 Holiday Snapshot Survey was conducted online by OnePoll, which surveyed 2,000 Canadian respondents. The survey took place in the last week of October, 2022.

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