We have experience advising lawyers and can provide strategies to help you succeed financially at all stages of your legal career.
Rely on us for assistance with debt management, tax-conscious portfolio management, integrated wealth planning and bespoke banking from a network of experts under one roof We also provide tax planning, consulting regarding the benefits of incorporation, real estate and practice valuations, cash flow management, children’s education planning, retirement and estate planning, and general financial advice for you and your family as needed.
Law school tuition has increased significantly, so your wealth plan should include a student loan repayment strategy to shorten the time spent making payments so you can begin contributing to your portfolio sooner and benefit from long-term compound growth. On top of your student loans, you may also have a mortgage, car loan, or other debts to repay. We will develop a consolidated plan to pay down your debt which includes a repayment schedule for all that you owe.
Lawyers can earn significantly higher incomes than most people, yet they often spend more, too. Their busy lifestyles and high-pressure profession can prompt them to spend on expensive conveniences, lifestyle enhancements and entertainment.
We will help you budget to balance your short-term lifestyle needs with your long-term life and legacy goals; manage cash flow between your professional, personal and trust accounts; and advise you on the best way to use the extra cash flow when your practice starts generating growing revenues.
Your wealth plan should include insurance coverage to protect you, your loved ones, and your practice should unforeseen crises occur, such as illness, injury or a malpractice suit. Insurance can also be a very effective and tax-wise estate planning tool. When an added measure of sophistication is required, we will introduce you to a trusted BMO Private Wealth Estate and Insurance Advisory specialist.
Beyond contributing to a Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) or Individual Pension Plan (IPP), we can offer a wealth of tax planning strategies you can use to further mitigate tax.
When you are incorporated, you can pay yourself through your corporation, and own stocks directly rather than through a mutual fund or pooled fund. This brings you much greater tax flexibility and efficiency. You can opt to receive your income through dividends rather than through income or capital gains, which are taxed at much higher rates.
We will work with the expert tax planners at BMO Private Wealth to ensure your corporation and portfolio are structured to maximize every allowable tax advantage.
We will help you determine what you need to accumulate to enjoy the lifestyle you envision for your retirement and then build a prudent, income-generating portfolio to fund the steady stream of needed liquidity. Lawyers often have above-average expenses and start investing later in life than other investors, so diligent retirement planning is extra important. We will work with High-Net-Worth Wealth Planners to ensure you meet your goals without running the risk of outliving your savings.
If you are a professional who owns and operates your own practice, an IPP can be a beneficial strategy to provide financial security in retirement.
An IPP allows you to:
Crafting a thoughtful and tax-conscious estate plan that ensures your wealth will be distributed according to your precise wishes is a high priority. We will consult regarding your Will, beneficiaries, and powers of attorney and ensure all the details are correct and up to date. We can also introduce you to professionals from BMO Trust Company to help administer your estate and provide trusts in complex situations.
As an entrepreneur myself, I understand the challenge and complexities of running a business and the importance of maximizing synergies between your personal and corporate finances.
Most of my clients own family businesses or incorporated practices. I have great respect for entrepreneurs who have spent time, faced risks and worked hard to build a business. I bring you customized advice and a comprehensive suite of strategies to help you preserve and grow your wealth and reap the rewards of your efforts.
BMO Private Wealth has a very strong offering for entrepreneurial and professional clients. With breadth and depth of financial options, specialists and resources, you'll be well positioned to invest your corporate reserve funds or retained earnings and make them a powerful component of your overall wealth plan.
I advise:
Before investing your assets or making any recommendations, I will get to know you and your business or practice very well; learning what drives you and your company or practice, your vision of the ideal retirement, your personal and professional goals, and your lifestyle priorities.
I can bring you access to banking, lending and point-of-sale payment solutions such as debit, credit, and automatic bill payments, plus a full holistic solution for all your wealth needs – under one roof.
I can help you:
When you are incorporated, you can pay yourself through your corporation, which is taxed at lower rates than personal income tax rates. As well, your corporation enables you to own stocks directly rather than owning them through a mutual fund or pooled fund. This brings you much greater tax efficiency. As an incorporated individual, you can opt to receive your income through dividends, which are taxed at a much lower rate than income or capital gains.
I will work in collaboration with your accountant to:
I will streamline the liaison between you, our team, your other advisors and BMO Private Wealth specialists. To save you time, I'll be involved in calls from a consultation standpoint. At your business year-end, I will send out tax packages to you and your accountant(s) documenting all income, dividends, and capital gains. And I will consult with legal and tax advisors to look at your business or practice from all angles and manage your money in the best way possible.
BMO Private Wealth can serve multiple financial needs under one roof to save you time and money and guide you through all the red tape. We offer professional credit solutions to help you enjoy the convenience of managing your family and business or practice banking at the same firm. For example, we can finance your business and the building in which it operates as well as provide your personal mortgage and line of credit.
When you wish to borrow money or source venture capital, I will liaise with my network of Private Bankers, lending specialists and corporate finance professionals. I have deep relationships with BMO Private Wealth partners and will connect you to the right financing opportunities according to your level of need:
If you are a professional who owns and operates your own practice, an IPP is a beneficial strategy to provide financial security in retirement.
An IPP’s funding commitments can be onerous and the nuances can be challenging. Let’s discuss if an IPP is right for you.
Investment Management
The highest standard of objectivity. The right choice for you. Serving your best interest means offering an unbiased range of investment solutions; taking the time to explore new opportunities; and accessing both internally and externally managed strategies – including world-class managers from around the globe. Tailored to your specific risk profile and goals, the right choices are informed by a depth of experience, proprietary research and ongoing evaluation, designed to efficiently, and prudently, manage your portfolio of capital for generations to come. Disciplined Approach An optimal balance of internal and external boutique investment managers based on macroeconomic analysis and your unique objectives Competitive Fees Scale, scope and buying power to negotiate fees with third parties Continuous Oversight Rigorous due diligence and dedicated research across our platform based on investment policy and management committee standards Strong Performance Proven track records for selected managers that is closely monitored on an ongoing basis Broad Diversification Asset allocation strategies and opportunities that offer different approaches/styles to optimize long-term return potential and manage risk Cross-Border Expertise Global resources and bench strength used to inform investment decisions Streamlined Reporting Investment management from a trusted, centralized source
• Industry leading team of in-house experts
• All solutions are coordinated through a single point of contact, your relationship manager
• Trusted, multi-generational family expertise
• Concierge-style service
• Customized, personal solutions
• Elite professionals form a culture of teamwork, transparency and integrity
• Proactive investment management
• Strategic wealth planning professionals
• High fiduciary standards
• Local support, global reach
At BMO Nesbitt Burns, our Investment Advisors can help you develop a plan that’s right for your needs – today and in the future. No matter where you are in life, our Advisors help individuals, families, successful entrepreneurs, business professionals and corporations by providing expert financial advice.
Working with an advisor
We’re here to help you plan for the expected and the unexpected in your life. From getting married, buying a home, planning for a child’s future to building a business, we can help make it all possible. A BMO Nesbitt Burns Investment Advisor can help you through these important periods of transition.
About Us
BMO Nesbitt Burns Investment Advisors have a long history of supporting the wealth management needs of Canadians, and we are proud of the lasting relationships we have built with Canadian families through the generations.
Through partnerships across BMO Financial Group, BMO Nesbitt Burns Investment Advisors have access to a full spectrum of resources to address the wealth management needs of clients including lending, estate and insurance, wealth planning, business succession and more. We offer clients a highly personalized service through more than 50 offices coast to coast
Our people and partnerships set us apart from other trust companies. We have eliminated silos to work closely with specialized internal professionals across BMO Financial Group to put the right people in front of your family.
We are local, responsive, and have experience in the industry. The trust and advisory service business is all about people. We are very well known in the trust community and have built a strong track record of excellent service. Our team is caring and capable, so you can trust that you will have an excellent experience with BMO Trust Company.
As you grow wealthier, you may face increasingly complex wealth and estate needs, more dynamic relationships and diverse assets held across various geographies involving multiple generations.
We help you to manage these complexities and make some of the most emotionally charged decisions you’ll ever have to face – from caring for a loved one to planning and executing your multifaceted estate.
With sensitivity and advocacy, we always look for ways to add value, remove complexity, address long-term objectives, improve your family’s overall wealth structure, and seek efficiencies to reduce cost.
Whether creating trusts and estates to safeguard your last wishes, preserve your wealth and transfer assets, or liaising with beneficiaries, managing property, or simply paying bills, we work together with partners across BMO Financial Group to simplify wealth’s inherent complications and craft professional, collaborative solutions to ensure your family is protected today and always.
You worry about their wellbeing as well as your own reputational risk.
We are known for our strong relationships with referring partners – if you have questions or need support, just pick up the phone. We welcome questions or ideas from you and want to be a resource for you as well as your clients.