Two Families Come Together: Scrivens acquires Mullally Insurance & Annuity Agency Ltd. [Press Release]

Updated:
May 8, 2019

OTTAWA, ON (January 10, 2019) – A leading provider of financial planning solutions, W.H. Scrivens Financial Services Ltd. entered an agreement to acquire Mullally Insurance & Annuity Agency and will continue to operate under Scrivens Insurance and Investment Solutions at its main office, 270 MacLaren Street, Ottawa. Vince and Jeff Mullally, the principals of Mullally, have decided to retire, thus the need of a solution for their many long-term clients.

Scrivens and Mullally have many of the same values and the transition will be seamless for clients of both organizations. The acquisition of Mullally further increases Scrivens share in the marketplace and will be able to provide greater access to financial markets.

Scrivens has brought on two additional employees to ease the transition to help maintain its focus on superior service. Jake Scrivens, the son of Michael Scrivens, has joined the organization as a Technical Assistant. Stephan Smith has joined as a Financial Advisor and, with over 18 years of experience in financial services,
will be a great addition to the Scrivens team.

Contact:

Roy Evans, (613) 236-9101 | revans@scrivens.ca

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.