Canadians in the thousands have found financial independence due to the untiring efforts of a man named Fraser Smith.
Fraser, best known as the father of “The Smith Maneouvre,” passed away Sunday morning after a battle with cancer.
“It is a great loss,” expressed Karl Straky, a friend of Fraser’s and Canadian First Financial Holding’s CEO. “Fraser will be truly missed by many.”
Fraser’s nationwide prominence started with a compact but powerful book he published in 2002 called The Smith Manoeuvre.
The book illustrated how regular Canadians could use techniques previously employed by the affluent to accelerate mortgage paydown and build a larger retirement portfolio.
“His mission was, ‘To give every Canadian homeowner the opportunity to make their mortgage interest tax deductible’,” said his son Rob Smith.
The Smith Manoeuvre soon became a household name in the financial planning industry and Fraser’s book became a national bestseller.
With the strategy flourishing in popularity, Fraser went on to establish Smith Manoeuvre Financial Corp. SMFC launched in 2006 and ultimately became Canadian First Financial Centres, a financial planning firm built largely around his strategies.
“His motivations were always to encourage Canadians to not accept ‘average’,” said mortgage planner Darren Woodcock. “In his speeches, he often jokingly used the analogy, ‘You have to be careful of averages – if you’re sitting on a block of ice, and your hair is on fire… on average you are doing fine!’”
Fraser earned great respect from colleagues in the financial planning and lending industry. Sandy Aitken, CEO of TDMP, said simply: “Make no mistake that Fraser was a mentor and hero – and I consider him a legend in our industry.”
Fraser was well known for teaching people the difference between “good debt” and “bad debt,” and this message of his was adopted by mortgage professionals across Canada. “Fraser was a strong advocate for mortgage brokers,” said Straky. “His influence contributed to the advancement of our industry.”
Fraser made contributions far in excess of his financial planning success. He was a loving husband, father of two and grandfather of four. Fraser was also strongly committed to community service with considerable involvement in and support of the Sidney-by-the-Sea Rotary Club and the Saanich Peninsula Chamber of Commerce.
We knew Fraser a very short time, but that was long enough to know he had a warm heart, an infectious sense of humour and an outlook on life that was magnetic. He kept all three to the end.
Fraser Smith, 1938-2011
Last modified: April 29, 2014
Very well written and touching post. He really was a remarkable man and his teachings and contributions will live on for quite some time.
I feel fortunate to have known Fraser personally and professionally. He will be missed.
Fraser definately had some thought provoking ideas and concepts.
He helped build relationships between Mortgage Brokers and Financial Planners in providing a comprehensive plan on people largest debt and investment.
He will be missed.
You don’t find many people working for the little guy like Fraser did. He was a truly decent human being.
I continue to use his principals in my practice and use the strategy myself. @cameronbwilson
Excellent blog about a man who truly did think outside of the box.
Fraser helped bring credibility to the mortgage brokering business by allowing us to offer more to our clients in an advanced yet simplified way. My job had a much greater purpose once I found Fraser’s teachings. Fraser was a warm, brilliant, and caring person. My clients and I thank him immensely.
His deep and infectious laugh will be missed around our board room table and annual dinners…I am proud to have said I new him and that he was a friend.
Has anyone on this site used the “Smith Maneuver” and actually benefited from it? Does it work in more stable economic environments, or would it work in this “non-confidence”, and low rate environment? Any Coles Notes version of the Smith Maneuver? I have no clue who this man is, but I wish his family all the best.
Is this article designed to sell Fraser Smith’s Book. Why does’t it explain he Smith Manouvre, and show how it is benefited the “little folk”. This would have been a more respectful tribute.
Have some class. If you want an explanation, click the link that says “Smith Manoeuvre.” No need to blemish an otherwise positive tribute to a great man.