Steven Hill
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For many employees of the soon-to-close Woodfibre pulp mill, the financial future may look bleak.
But local banks and investment companies have been trying to clear those grey clouds of doubt with the silver lining of options and financial advice.
Mike Nasu, investment representative at Edward Jones, said his company held a seminar for Woodfibre workers Jan. 28, and plans to hold another sometime in February.
"We basically went over the options that Woodfibre employees do have," he said. "We are known as a long term conservative investment firm. We offer stocks, bonds and mutual funds.
"At the same time we didn't give anyone any advice until we see their paperwork. When they get their severance packages or pension they have one or two options, which is to leave it with Woodfibre, or to take it and invest it," he said. "Everybody will be in a unique situation, with age, whether they found a new job, if they have a mortgage, etc. The purpose of our seminar was to educate them on what to expect, and what kind of solutions we can offer."
Denise Rittberg, branch manager at the Royal Bank of Canada (RBC), said they also took the time to hold seminars for Woodfibre employees seeking financial assurances.
"We were first out of the gate," she said. "We did our first seminar Jan. 10 and then a second one on the 18th.
"We heard about this before Christmas and got on it right away," she said. "On the first day we had 100 people and the second had 30."
Rittberg said RBC offered a team of three financial planners to workers.
"We reviewed with clients their options with respect to their pensions and their severance packages," she said. "We were reassuring them that they did not need to make decisions quickly and that they should take the time to explore the different options."
Options are what the Woodfibre employees have lots of right now, both in terms of financial avenues and investment firms and banks offering aid and advice.
In addition to Edward Jones and RBC, those seeking sound and professional financial advice have been seeking out representatives from BMO-Nesbitt Burns, Clarica, Squamish Savings and Scotiabank.
"I have met with several clients," said Peter Pearson, certified financial planner for Clarica. "The biggest financial stresses in life are death, divorce and changing your job.
"We are just trying to be sensitive and help with the current situation in their lives."
