We offer two primary services to our clients: Portfolio Management and Wealth Planning Advice. Our clients also benefit from supporting services beyond Portfolio Management through RBC Dominion Securities including financial, estate and corporate succession planning. These services are described in more detail below.
The Discovery Meeting
When you contact us, the first step is for our team to form a complete picture of your needs, goals, and concerns. In the Discovery Meeting, we will ask you about your previous experiences with advisors, what you liked/didn’t like, why you are seeking a change, and what expectations you have for us as your advisor. We will take you through all the services that we can provide to you. To ensure complete transparency, we will also review our compensation structure and anticipated range of annual fees for the services we provide.
We will ask to see your most recent investment statements and tax return to get a clear understanding of your overall financial situation. We believe it is important to understand the entire picture, including funds outside your investment portfolio with us, because if you do choose to become a client, our team will look for all possible opportunities to improve your financial picture.
In the Discovery Meeting, you are free to ask us anything. It is vitally important that you are comfortable with us filling the role of a trusted advisor, responsible for your future financial success.
Client Account Set up
If we both agree that the fit is right, we will send you the formal paperwork by secure email to open your accounts and transfer your assets in-kind to Whitehead Wealth Management. You need only read and sign the paperwork- we do all of the background administration tasks to transfer the funds.
Preparation of your Goals, Priorities, Solutions (my GPS) Plan
The next step is to prepare your financial plan, which we call a “myGPS” plan. MyGPS provides you with a comprehensive overview of your personal wealth situation. It enables us to quantify and track progress of your Goals and Priorities and identify possible Solutions and opportunities for you. You may click here to view a few pages of a sample MyGPS plan.
We will ask about your assets, income and lifestyle expenses and then give you a projection into the future. We will provide you with such helpful information as how much you can comfortably spend on lifestyle each year, the growth of your assets so we can discuss estate planning and how much tax you will pay annually so we can help you with tax planning. We can also do “what if” scenarios to show you the financial impact should you be considering a major change such as buying or selling real estate.
With your myGPS plan in place, we are now able to create your personal investment plan.
We apply a very structured process to build your portfolio, starting by setting the asset allocation or mix of equity (stocks), fixed income (bonds), and cash that is suitable for you.
We use the recommendations of the RBC Global Asset Management Strategy Committee for the mix and for the optimal geographical distribution for your holdings – either Canada, the United States or international – based on an assessment of the macro environment and economy in those regions. We then allocate the equity and fixed income to the underlying accounts while considering tax treatment of the income/gains, your income needs, your comfort with market fluctuation and other factors.
Next, we assign personal Portfolio Models to your accounts. We use six types of models:
- Canadian Equity
- US Equity in Cdn Dollars
- US Equity in US Dollars
- International Equity
- Fixed-income in Canadian Dollars
- Fixed-income in US Dollars
Therefore, as a client, you could have just one or up to six different models in your portfolio under our management – it depends on your personal investment plan.
Finally, every individual investment in each model, whether it is a stock, mutual fund, or exchange-traded fund, is assigned a percentage in the model based on our assessment of its potential risk and return. Every investment, of course, comes with risk and return – that is the nature of investing. You can be assured that as a Portfolio Manager at RBC Dominion Securities, we are required to adhere to strict Discretionary Investment Risk Management Guidelines, which are in place to reduce the risk.
Ongoing Portfolio Management & Communications
We monitor the financial markets daily and constantly review research to support day to day investment changes in the models. Every quarter, we review and rebalance client portfolios to ensure the percentages in accounts match our Portfolio Models and to “buy low and sell high”.
In terms of reporting, you will receive monthly, quarterly, and annual statements for each account and for all accounts combined so you can see your full financial picture. We offer an electronic version of these statements so you are not overwhelmed by the number of papers you might receive! Your quarterly review report allows you to track your overall asset allocation and total portfolio performance throughout the year. We also prepare a quarterly newsletter that accompanies your quarterly report in which we share our thoughts on the market and summarize the model changes that we have made throughout the quarter.
We welcome clients connecting directly with us at any time either by phone or email to discuss their portfolio. At least once a year, we will reach out to you to formally review your portfolio performance, confirm your “myGPS” plan is still relevant, and discuss life changes, concerns or opportunities which may have a bearing on your finances so that your portfolio can be adjusted as necessary.
Beyond Portfolio Management: Wealth Advice
We are huge advocates of financial planning.
As a Wealth Advisor, Sheila can provide you with valuable planning advice if you choose to take advantage of her experience – but she can also coordinate and facilitate connections with a range of specialists in RBC who can assist you at no extra charge. These services are included as part of your portfolio management fees.
Financial Planners: For many of our clients, their personal financial situation is relatively straightforward and their “myGPS” plan provides sufficient guidance. If you have more complex needs, we can connect you with one of our Financial Planners who has a CPA and specializes in tax planning*.
Estate Lawyers: If you are considering changes to your will, we can refer you to our Estate Lawyer who will review your current legal documents and make recommendations, saving you time and money when you have the documents drafted by your personal lawyer*.
Business Specialists: If you are considering selling your business or transitioning ownership, we can connect you with Business Specialists who can provide advice and assist you. Certainly, for clients looking at corporate restructuring or complex corporate tax strategies and vehicles, we recommend the services of a Business Specialist.
RBC Banking: If you need assistance in banking, we can refer you to RBC Bankers who can help you get the services, advice, and products you need from the bank. If you have $1 Million or more in assets with RBC Dominion Securities, you are eligible for RBC Premier Banking which offers one contact at RBC who can arrange credit facilities and be there to assist you in resolving any banking issues. RBC Premier Banking also offers you complimentary bank accounts, discounts on credit cards and much more.
* Note that this service is available to those clients who have $1 million or more in investable assets with us.