Wealth Management for Business Owners and Retirees

A disciplined process is the key

To provide wealth management, Kirkpatrick Wealth Management of RBC Dominion Securities follows a disciplined five-step process to keep you on-track to achieving your goals. A disciplined process keeps everyone focused on what’s important – helping you live life the way you want.

1. Introduction: The team will introduce you to the wealth management services they provide, not just during the first meeting, but on an ongoing basis as your needs evolve and new services become available.

2. Discovery: Together, you and Michael will gain a deeper understanding of your individual needs, goals and circumstances to help you clarify your financial objectives. This includes gathering together all your important financial information.

3. Strategy: Next, Michael and his team will analyze your financial and personal information to match your objectives with smart, time-tested strategies.

4. Solutions: Michael will develop thoughtful and creative solutions tailored to your objectives, drawing from a wide selection of world-class products and services.

5. Service: Michael and his team will regularly review your situation to ensure your financial objectives are being met in light of your changing needs.

Our approach to wealth management

Michael recognizes that wealth management means different things to different people. For some, it’s all about establishing solid financial footing, one that brings you peace of mind and total financial security. For others, the goal of wealth management is to enable you to enjoy your success, spend time with your family, and create memories that last for generations.

Wealth management requires professional attention that acknowledges all your goals in life – not just financial. In addition to helping you manage your investments and finances, Michael helps you plan your retirement, creditor-proof your business, diversify your portfolio outside of your business, protect your lifestyle, fund a major purchase or create your legacy. Whatever your goals, Michael and his team can help. This is the essence of his approach to wealth management.

Guiding you through each stage of your life

Wealth management is an ongoing process to help guide you – and your family – through each stage of your life.

Accumulating wealth – growing assets: Together you and Kirkpatrick Wealth Management of RBC Dominion Securities develop strategies to achieve your financial objectives, including planning for retirement, funding an education or preparing for a major purchase.

Converting wealth – creating an income stream: Michael puts strategies in place to help you maximize your after-tax retirement income. He will help you determine which types of income- producing investments are most appropriate for you.

Protecting wealth – managing risk: To help protect your financial well-being, Michael will implement proven strategies to reduce risk. His goal is to provide you with peace of mind, help maintain your independence and preserve family harmony or current lifestyle.

Transferring wealth – creating a legacy: Working together with your other professional advisors, Michael and his team will help create your legacy for family and charity, while addressing tax obligations and debts.

Michael’s eight wealth building beliefs

Successful wealth accumulation does not happen by accident. With this in mind, Michael has designed the following belief system so that he always maintains a disciplined approach to investing:

Equity is essential to building wealth, while fixed income assets are essential to protecting wealth
The loss of purchasing power is one of the greatest risks we face
A client’s wealth plan should provide them with comfort, protection, security and a solid return on investment
A portfolio diversified by asset class, style and geographic region allows us to capture the returns of the overall market with less volatility
An effective strategy to reduce tax as well as costs are key to increasing your returns
Allow long-term trends, not short-term events, to guide your investment decisions
Rebalancing consistently takes the human emotion and gueswork out of the investment process and it forces us to buy assets that have gone down in value and sell assets that have gained
All clients need an insurance plan to protect them and their families from the unexpected and an estate plan to ensure assets are transferred in a tax efficient way to the next generation

RBC Family Office Services: Our approach

Find out how our holistic approach to wealth management could help you reach your financial goals. From tax strategies to investment management, our team of highly-skilled specialists can meet your personal and professional needs.

View transcript & Disclaimer

[MUSIC PLAYING]

In all honesty, we were a little surprised by the breadth of services that RBC offered us. It is nice to know that the people that you're working with are working in tandem as a team.

In my heart, I believe that we're helping to solve problems that they'll hopefully never know existed.

One of the unique things that we bring in our approach is our ability to combine tax, legal, and investments all into one conversation. Holistically approaching all three of them allows us to really have a unique view on our clients' wealth.

We are part of a great team. We have best professionals working with our team from lawyers, accountants, business valuators.

I'm someone who helps you think through how you own your assets and what you ultimately want to do with them for yourself and your family over time.

I was 33 years with one of the big four accounting firms. And my expertise is tax laws on both sides of the border.

I have a very special interest in disability law. I myself have five children. I have one son that has disability. I can work with families that have children or family members with disability and help them in quite a special way. It's a great job.

There's always a benefit to having one person look at your entire structure and look at your whole situation from a bit of a higher level and ensure that everything is really in place and that everything works together.

The term "financial plan" often suggests financial. But obviously, a financial plan is really a plan to meet personal objectives. So it's really important that when we meet with the client that we have a good understanding of what's important to them.

They come up with answers, or they will find the answers.

It's just--

Yeah.

--crazy. I mean, there's just no way we could have accomplished without the Wealth Management team where we are today. I mean, we'd never be this far.

You can't put a price I guess.

It's invaluable.

Yeah, invaluable.

And that's the reward that you can't measure. It's just what makes me want to get up the next morning to help more families.

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. © 2023 Royal Bank of Canada. All rights reserved.