text: I agree that KYC means a financial advisor is basically hamstrung and has to suggest GIC's here.  The problem with KYC is that when people are unsophisticated, as this couple is, it leads to horrible choices (like putting $300K in GIC's).  What these people really need is an education.
  
  Right now all their income is from GIC's, pensions and annuities.  They are basically 100% invested in secure stuff.  They have $300K leftover, a long-term investment horizon (both mid 60's, so most likely 20 years) and need income.  Clearly, the best option here is dividend paying stocks.  
  
  While they were burned by the Great Recession, the only reason they were burned is because they sold.  Again, showing a lack of understanding about risk.  Buy dividend stocks, earn more money than a GIC and on a tax-preferred basis.  And in 20 years you kids will have way more than $300K.