Describe The Wealth Management Process

Going over the plans, they had put forward a bunch of different graphs and strategies that allowed me to see what different investment plans would look like. So how much I would invest, what that would accrue over a different amount of years. So we really had a lot of options to look at. If you invest x amount of dollars, this is what your future is going to look at. If you want to do more or less, these are what the different variations will look like.

From a business standpoint, they really emphasize the tax efficiency strategies within my medical corporation. At this point in my life, my financial affairs are becoming more complicated. It's beneficial to me to have a team of advisors who can manage the day-to-day affairs, allow me more time to focus on medicine, and for the more enjoyable things in life like family.

Yeah. Well, it made me feel confident in our long-term goals. For us, you know, family is very important. We have youth on our side now, and we would like to keep that youthful glow with us even in our retirement. And investing with this team was our first step into doing that.

He brought in a chartered accountant. And the chartered accountant did some projections which gave us a tremendous level of comfort. Well, they did projections based on a conservative benchmark, and they also looked at our tax situation. They looked at the insurance that we have, and it was comprehensive. We felt they covered all the bases.

We also wanted plans included for our grandchildren, their education-- the grandchildren for their education fund.

He brought in, I think it was a retirement specialist-- forget the gentleman's name-- very, very experienced. He asked us a ton of questions, asked us about, did we want to leave anything for our children upon us passing away? He asked about when we each wanted to retire. He asked about our incomes, and that sort of thing, because at the time, neither of us had retired.

Right. We had to do a budget up front. So we were sent some kind of like homework to do prior to meeting with him, where we did a budget, what did we want to live on, did we have a travel budget in mind that we wanted to live on? So all that kind of stuff, when were we thinking of drawing on our CPP? Were we expecting any future inheritances down the road? And that way, he could make a plan and what were our plans going forward as well.

Actually, they gave us the optimum time from a tax perspective, of when to take out our CPP, because remember, yours was different than mine.

Yeah, that's right.

And so we're now pursuing that with Cavin as I'm retired now for the last two years.

The team also took a look at other aspects of our income. We are fortunate enough that we have rental properties. So they took the rental properties into consideration. And it's not just from your investments, but they take a look at your whole portfolio in order to be able to take a look to see where you are at. And it has been a smooth transition. It's been a wonderful process, and it's been a great team and organization to be able to work with.

The financial process that Darrell took me through was extensive. He utilized a chartered accountant and an estate planner. And not only did he make a financial plan for me today, but for the future, with tax efficiencies during my lifetime. But the most important part to me was for my estate. Now, I'm comfortable knowing that our funds are going to the places that we intend.

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