Specialized family office wealth services for physicians

At all stages of your practice, I can help you manage your assets, plan for retirement and enjoy the lifestyle you’ve earned.

I advise physicians at every stage of their medical careers. With long hours, busy schedules and the profession’s other extreme demands, you need a dedicated team to manage your complex financial affairs and keep them streamlined and simplified.

I have expertise in diverse strategies, from helping you reduce debt by consolidating all your loans under one roof rather than amongst various institutions, boost cash flow, plan for a fabulous retirement, and more.

My family-office style platform for physicians includes BMO Private Banking services to help you manage your personal, medical corporation and practice financial needs. In addition, I will coordinate seamlessly with your accountant and lawyer to simplify money matters and have partnerships with accountants who specialize in physician management. 

Structured processes ensure efficiency. For example:

  • Your medical corporation receives payment and pays out expenses, including your salary.
  • We move your corporate savings out of your current account monthly.
  • When your salary arrives in your chequing account, we transfer your RRSP contributions. 
  • Each month, all cash flows are completed without any human interaction.
  • This keeps things easy, ensures contributions are made in a disciplined manner, and minimizes the time you need to spend on your financial management.

 

Your Private Banker will provide nuanced and attentive service. He or she will:

  • Get to know you and build a long-term relationship with you.
  • Simplify your banking and take care of your day-to-day needs with white-glove service to save you time and money.
  • Offer you enhanced rates and lending opportunities in certain circumstances.
  • Help you manage debt effectively by offering:
    • Financial advice,
    • A BMO® Medical Student Line of Credit,
    • BMO® CashBack® Mastercard®,
    • BMO® Rewards® Mastercard, and a
    • Free chequing account.
  • Connect you with BMO lending experts:
    • A medical professional’s line of credit and credit cards at good interest rates,
    • Small business incorporation and tax planning advisory services,
    • Business mortgages, and
    • Capital financing and cash flow management.

 

Practice succession advice:

  • Unlike traditional business owners, physicians cannot easily or objectively measure the value of their practice to transfer it to another clinician. You ARE your practice. 
  • Together with experienced BMO business advisory and practice succession experts, I will help you decide how and when to retire and transition your wealth tax-effectively to loved ones and charitable organizations.
  • In addition, if required, I can help you to:
    • Find a graduating resident to take over your practice.
    • Store hard copies of medical records while searching for a locum.
    • Safely shred and discard medical record files after seven years.
    • Manage your electronic medical records.

 

Incorporation for tax efficiency

I will help you incorporate in context of your overall Wealth Plan and manage the tax and estate implications.

  • A corporation pays less tax. You can potentially earn more active business income in your medical corporation. 
  • After deducting living expenses, the money left in the company is taxed at a much lower rate than your personal income. Money left in the company defers tax—you can retain it and reinvest it to grow your portfolio. 
  • I can manage your medical corporation, RRSP, various insurance policies and strategies, corporate accounts, real estate, and other holdings or financial components.

 

Individual Pension Plans (IPPs)

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 allows you to:

  • Contribute more tax-deductible assets annually than an RRSP
  • Adjust your annual contribution amounts according to available capital
  • Enjoy the highest degree of creditor protection in Canada
  • Invest in asset classes that are not allowed in an RRSP 
  • Deduct your investment, pension management and other IPP fees
  • Enjoy the assurance of having fiduciary oversight from the pension committee and compliance officers
  • Transfer wealth to your loved ones without triggering a tax event