When you’re successful, you tend to have everything under control. You’ve put the right team in place so you and your company can grow. Your hard work has paid off and you’re compensated well, but are you doing enough with your investment portfolio?
Putting the right wealth management team in place or even seeking the advice of a wealth professional might not be on the top of your list of things to do, but you and your family have complex financial needs, which is why you want to ensure you’re on the right track to achieve the life you want for you and your family, including how to transfer your wealth to future generations.
“Our wealth managers guide our clients through all aspects of their financial lives, through every life stage, from managing the risks of incapacitation to succession planning or tax reduction strategies at death, and a host of others in between.” Says Matt Berry, Scotia Wealth Management Branch Manager, Burlington. He notes that the level of depth in terms of relationship, discovery and complexity of issues his team handles is becoming increasingly personal to each client’s unique needs.
When working with a wealth manager and their team of specialists, you want to work with someone who makes you feel comfortable. Someone you can develop a relationship with. You’ve worked hard to accumulate your wealth, and you deserve a team that cares and can help you invest your wealth today and for the future.
“For new clients, we prefer there is a written plan in place before discussing how their wealth will be managed. The plan for existing clients is reviewed regularly or when life stage needs arise” says Rod White, Portfolio Manager and Director, Wealth Management of Rod White Financial Group with Scotia Wealth Management. “Without a plan, we cannot possibly determine how to effectively work with a client.”
“Our wealth managers guide our clients through all aspects of their financial lives, through every life stage, from managing the risks of incapacitation to succession planning or tax reduction strategies at death, and a host of others in between.”
– MATT BERRY, SCOTIA WEALTH MANAGEMENT BRANCH MANAGER, BURLINGTON
Having a plan doesn’t mean you’re on that same track for the rest of your life. The idea is to present you with different strategies and solutions to help you reach your goals across financial disciplines including investment management, private banking and estate and trust services as your life changes. Since plans are customized based on your individual needs, a wealth management team can suggest adopting necessary changes along the way and help you get to where you want to be and even open up possibilities you may have not imagined.
Wealth managers will spend time with clients in order to assess their needs and goals, and then provide options and recommendations to help achieve them.
“Once a decision has been made to work with our team, we engage in a thorough discovery” says Reg Meecham, Portfolio Manager and Director, Wealth Management of Oakvest Group with Scotia Wealth Management. “Only after we fully understand the clients’ needs, will we propose and implement an agreed upon investment strategy.”
““We have access to a strong depth of services such as private banking, estate and trust services, insurance, tax strategies and more.”
– STEVEN TURNER, PORTFOLIO MANAGER AND DIRECTOR, WEALTH MANAGEMENT, OAKVEST GROUP, SCOTIA WEALTH MANAGEMENT
Some individuals currently not working with a wealth manager may be influenced by past negative experiences and market volatility. This is understandable since investing can be emotional, but it could also mean that they weren’t properly prepared.
There are many financial instruments and strategies that Canadian investors may not be aware of. Some of which carry lower risk and may fit well within their overall plan, which is why having an open dialogue with a wealth manager who considers every facet of your family, future and business goals can be beneficial.
Portfolio Managers have a fiduciary duty towards their clients. So the objective is to always look out for their best interests first.
– ROD WHITE, PORTFOLIO MANAGER AND DIRECTOR, WEALTH MANAGEMENT, ROD WHITE FINANCIAL GROUP, SCOTIA WEALTH MANAGEMENT
“It is our role to help clients navigate through their emotions by understanding their goals, their risk tolerances and their biases,” said Meecham. “If we spend as much time required at the onset listening, we strive to help clients potentially avoid unnecessary anxiety or realized losses.”
Only after we fully understand the clients’ needs, will we propose and implement an agreed upon investment strategy.
-REG MEECHAM, PORTFOLIO MANAGER AND DIRECTOR, WEALTH MANAGEMENT, OAKVEST GROUP, SCOTIA WEALTH MANAGEMENT
It’s also worth noting that the wealth management industry has changed immensely over the last decade. What used to be a transactional type of business has evolved into a business that truly defines wealth management.
When it comes to clients who have accumulated significant assets, some people choose to diversify their portfolio by using different wealth managers. This approach is understandable, but it may not always be the best choice for your short and long-term needs.
Trying to juggle multiple portfolios can be tricky since they may not all be aligned with your goals.