Wealth Management for Business Owners

[Whitehorse Yukon sign]

[Coast Mountain Sports sign]

[Mary-Jane] Business is hard. It's hard.

I mean Craig and I are pretty good at taking risks in retail and we're pretty confident with the risks we take, but there are still risks.

[Craig and Mary-Jane RBC Wealth Management Clients Business Owners]

In the nineties, I was in our one of our stores it just before Christmas and I walked through the back rooms and looked at all the inventory and started to cry. I can still get teary about it was just like “oh my God. Are we going to sell all this stuff? Do we have the money for this?”

[Craig] RBC has been a game changer for us and what they've done, they’ve taken us to the next level.

We went to a meeting in Vancouver and there was a group of professionals there and we looked each other and we almost thought we walked into the wrong room.

It’s like, “all these people are here for us?”

We feel like a curtain has been pulled back and there is a whole set of resources that are available to us that we weren’t aware of before and they have done some financial planning for us that goes beyond simple financial planning, but kind of family planning, estate planning, succession planning, financial literacy- for children.

[Mary-Jane] That part is so important.

[Craig] We've got this detailed financial plan now, beyond a financial plan, it’s more like a life plan.

[Mary-Jane] Last year is able to buy a new a new horse. Now, I'm a crazy horse person and I was able to get this beautiful animal, and they're not cheap. I would advise no one to ever think it's an investment. Like it's really, really, a dumb way to spend your money, unless you love them.

[Jeff Glaicar, MBA, CIM, FCSI. Vice President, Portfolio Manager and Wealth Advisor RBC Dominion Securities Inc., RBC Wealth Management]

[Jeff Glaicar] Successful business owners sometimes don't know how successfully they have been.

I think over my thirty to thirty-five years of experience. We've seen some very successful individuals and their life was saying I wish I should have.

When your financial means are there and we can do a road map to show that you can do that., you can go ahead and do something like MJ did, and she can only do it at a certain age and she's done it and it's the best personal dividend anyone could get.

[Mary-Jane competing at 1.10 metre Adult Amateur Champion, BC 2019]

[Mary-Jane] There’re no regrets, right? I was able to achieve something that was really, really, obviously, important to me.

[Craig] Part of the reason that we have the confidence to go and buy this very expensive horse is because, we had a plan.

[Mary-Jane] Yeah.

[Craig] Because of that plan, it let us do those kinds of things, without being concerned about it.

[Mary-Jane] And I don't feel guilty. I didn't feel guilty doing it.

[Craig] We weren’t spending our child’s inheritance.

[Mary-Jane] Or putting our business at risk.

[Craig] And it's happened because of planning and because of this relationship we have with the people at the World Bank.

[RBC Wealth Management logo]

This video is provided by RBC Wealth Management for informational purposes only. The comments contained in this video are general in nature, and do not constitute legal, investment, trust, estate, accounting or tax advice. RBC Dominion Securities Inc.*, Royal Trust Corporation of Canada, The Royal Trust Company, RBC PH&N Investment Counsel Inc., RBC Wealth Management Financial Services Inc. are affiliated corporate entities and member companies of RBC Wealth Management, a business segment of Royal Bank of Canada. *Member – Canadian Investor Protection Fund. Please visit www.rbc.com/legal/ for further information on the entities that are member companies of RBC Wealth Management. ®/TM Trademark(s) of Royal Bank of Canada. Used under license. © 2021 Royal Bank of Canada. All rights reserved.

Whether you’re already a business owner or thinking about becoming one, the decisions you make will have far-reaching implications – not only for your business, but also for you and your family.

A business consumes a large portion of your resources, time and attention throughout its lifetime, and your family’s financial security may depend on its success. We understand the importance every decision you may make, and with our team of experts we will help you make the best decision.

Our business owner solutions can be ideal if you need help:

Managing business and personal assets separately but efficiently
Investing, preserving and maximizing surplus cash
Designing a succession plan for a smooth transition
Supporting your local communities and organizations you care about in a tax-efficient way
Exploring tax planning strategies today to minimize future tax liabilities with tools such as Estate Freezes
Creating diversified, tax-efficient income with the sale proceeds
Protecting against the sudden loss of a key employee using insurance solutions
Safeguarding personal and business assets from adverse events
Building employee loyalty with employer-sponsored retirement plans

Each business owner will have a unique set of circumstances requiring some customized planning and solutions. Some of the most common strategies include:

Succession Planning

Tax Planning

Supporting your local Communities

Business Owner Planning Specialist

Prashant Patel, ASA, CFP, TEP

Vice President, Business Owner Specialist, RBC Family Office Services

As a Business Owner Specialist, High Net Worth Planning Services, Prashant, together with your primary RBC advisor, helps you explore succession, tax, retirement and estate planning issues you face as a business owner.

His guidance supports clients in their relationships with their external professional advisors, with whom he frequently interacts.

His expertise includes tax and estate planning for business owners, executives, retirees, sports professionals and individuals with U.S. issues. He also assists individuals facing significant financial events (sale of business, financial windfall, retirement, job loss, moving to Canada, leaving Canada, etc.)

Prior to joining RBC in 1999, Prashant honed his expertise by working as a Canadian and U.S. tax specialist for two of the big four accounting firms in downtown Toronto.

Prashant is a Certified Financial Planner, Associate of the Society of Actuaries and member of both the Society of Trust and Estate Practitioners and Canadian

Tax Foundation.

Financial Planning Specialist

Chris Leslie, CPA, CA, CFP

Financial Planning Specialist, RBC Family Office Services

Chris is a Chartered Accountant (CPA, CA) with over 25 years of experience in financial services. He holds his Bachelor of Commerce Degree (Accounting) from Carleton University.

Chris began his career with a major international public accounting firm for 5 years upon graduation from university. Chris then started his role in wealth management services as an investment advisor in 1997 providing clients with investment management, financial planning and insurance solutions. Chris utilizes his experience as a Chartered Accountant and investment advisor to provide comprehensive financial planning services to professionals, business owners and other high net worth clients.

Will and Estate Planning Specialist

Joseph Power, BA, LL.B

Vice-President & Will & Estate Consultant, RBC Family Office Services

Joseph graduated from Carleton University in 1988 and from the University of Western Ontario Law School in 1991. He was called to the Ontario Bar in 1993.

He is an Associate Member of The Society of Trust and Estate Practitioners and a Member of the Carleton County Law Association.

Prior to joining RBC, he practised estate planning in private practice and served as Will & Estate Consultant with Royal Trust Corporation.

He was an instructor for the Ontario Bar Admission Course in Estate Planning and Administration and has been an instructor at the University of Ottawa Law School since 2003 teaching the Will & Estate course.

Wealth Management for Business Owners and Professionals