Total Wealth Planning

Success never happens by accident.

You didn’t get where you are today without planning. With Scotia Wealth Management, Total Wealth Planning will play a pivotal role in helping to ensure your continued financial success. That means, gaining a deep understanding of your unique situation: your assets, your concerns, and your short-, medium- and long-term goals.

Total Wealth Planning is more than just generating a basic financial plan. It begins with your advisor gaining a deep understanding of your entire financial picture, your immediate needs and your goals for the future. 

Working together with our team of specialists, who offer fresh perspectives and discover new possibilities, your advisor will act as your financial partner, to create your Total Wealth Plan that will guide your financial decisions and evolve as life changes. Most importantly, your Total Wealth Plan can help you realize your goals and achieve future success, however you define it. 

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Business transition planning

You may never make a more difficult, complex and bittersweet decision in your life than when the time comes to transition out of your business. Do you sell it? If so, to whom? Do you transfer ownership to outsiders, the employees, or a family member? What can you do, today, to build long-term equity for your business? What is the best way to structure the transaction? The possibilities and questions are many, and each of them will have a unique impact on your overall financial situation.

Our approach to business transition planning takes into account your personal and business specifics, and will be designed to reflect your overall wealth management strategy. From recognizing and reviewing your personal priorities to identifying a successor or buyer, Scotia Wealth Management professionals will work with you and your advisor to help you develop a transition plan that is smooth and advantageous.

Our specialists understand the challenges, issues and complex needs of business owners and affluent families, and are experienced in helping them manage this intricate process. We will offer guidance and assistance around continuity of business ownership, family dynamics, contingency plans, tax-efficient structures, integration of personal and business wealth, and legacy plans, all with the end-goal of you getting what you want out of the business you’ve worked so hard to build.

Family transition planning

Shirtsleeves to shirtsleeves in three generations — we work with the wealth builders to secure financial sustainability to ensure your family’s well-being now, and for generations to come. Financial sustainability starts with addressing each stakeholders’ wants and needs and creating financial, tax and estate planning for each stakeholder to ensure family harmony. When working with business owners, we help ensure that personal and business goals are aligned by examining the entire financial situation—including the interaction between family, business and ownership structures for today—and with a future transition in mind. Our holistic wealth management approach involves exploring business and family continuity, contingency, financial security and legacy goals. The result is a highly tailored comprehensive strategic roadmap that balances the needs and goals of family and business.

Often overlooked, insurance can be used in innovative ways to help build and preserve your wealth, regardless of your stage of life. Whether your goal is to protect your family in the event of an untimely death, or transition your wealth to the next generation, our Insurance Consultants will work with you and your advisor to develop and implement a plan to enhance your overall wealth strategy. Areas to consider include:

Managing risk – Some of the roles of insurance include managing risk, helping to protect you and your family against financial loss resulting from a disability, critical illness or death, and providing a certain relief at a time you need it the most.

Minimizing taxes – We have a wide range of insurance solutions designed with a view to helping you minimize, defer, and at times, offset taxes payable. From sheltering your assets, to minimizing estate taxes, to creating a tax-preferred income stream, we will discuss with you and your external tax professionals the many possible roles insurance solutions can play in your portfolio.

Enhancing income – Diversifying your income sources with insurance solutions can help improve your overall financial position from a retirement and estate planning perspective. If you are interested in receiving a guaranteed income stream for life, while still ensuring your original investment is preserved for the next generation, insurance could be a nice addition to your Total Wealth Plan.

Caring for your health – For a variety of reasons, people are living longer today than ever before. Unfortunately, this means that for many people, health issues could have a greater impact on wealth and savings than things like stock market performance. Issues like a critical illness, disability, or the need for long-term care can all be taken into account with insurance planning.

Leaving a legacy – One element you’ll likely want to consider for your overall wealth strategy is the legacy you’ll ultimately leave your loved ones. A key to effective Total Wealth Planning is employing strategies designed to minimize estate taxes and maximize the amount of wealth that can be transferred to the next generation. Insurance solutions can play a key role in transitioning wealth to the next generation, and ensuring your legacy lives on long after you are gone.

Contact your advisor today to find out how we can help you achieve your goals through a carefully thought-out plan.