Wealth Management for Veterinarians

At Bongard Wealth Advisory, we understand that veterinarians face unique financial challenges and opportunities throughout their careers. That’s why we specialize in providing holistic wealth management services and banking solutions tailored specifically for you and your family. Whether you’re considering buying or starting your own practice, looking to grow your practice and personal wealth, or planning for retirement and the sale of your practice, our experienced team is here to guide you through every transition.

Managing a successful veterinary practice requires not only a focus on your patients’ well-being but also a robust financial strategy. Our team of financial professionals is dedicated to offering timely advice and innovative solutions to streamline both your personal finances and business operations.

We offer our clients a comprehensive suite of services, including:

  • Personalized and Tax-Efficient Investment Management

  • Financial Planning for Each Stage of Your Career

  • Optimization of Assets and Income through your Veterinary Professional Corporation

  • Comprehensive Life and Disability Insurance Planning

  • Succession and Transition Planning for a Seamless Handover

  • Expert Will, Estate, and Trust Planning

  • Support for Philanthropic Giving

  • Seamless Coordination with your Tax and Legal Advisors

Our commitment is to provide you with tailored solutions that meet your individual needs. Let us help you secure the financial future of your veterinary practice and personal wealth. Contact us today for a personalized consultation and start your journey towards financial peace of mind.

Navigating Wealth Management Complexities: Customized Wealth Management Services

At Bongard Wealth Advisory, we’re dedicated to offering bespoke wealth management services tailored to your unique needs. Our expertise encompasses comprehensive tax, trust, and estate planning, along with personalized wealth and cash management strategies. We take a collaborative approach, working closely with your legal and tax advisors to ensure a holistic strategy for wealth preservation, growth, and legacy planning.

Investment Services
Our team is committed to creating customized investment portfolios that align with your family’s financial goals. We manage your investments on both a discretionary and fiduciary basis. With discretionary portfolio  management, our skilled team handles the day-to-day management of your portfolio, providing you peace of mind and freeing your time from financial stress. Leveraging BMO’s leading industry research and our extensive cross-border platform, we deliver tailored solutions encompassing both public and private market strategies, aimed at achieving your financial aspirations.

Financial Planning
Understanding the various transitions in your career, our team is adept at developing adaptable financial plans that evolve with your family and professional life. We engage in a detailed process to comprehend your unique aspirations, crafting a custom strategy to realize them. This process includes collaborating with your tax and legal advisors to uncover opportunities for tax reduction and capital preservation for future generations. Moreover, our partnership with specialists across Private Wealth in areas like business succession and insurance planning ensures a comprehensive approach to meeting your financial objectives.

Partnering with BMO Commercial Banking for Comprehensive Business Financing Solutions

BMO has been an OVMA Corporate Partner for over 15 years. BMO Private Wealth collaborates closely with our Commercial Banking partners to offer comprehensive financing solutions tailored to the unique needs of veterinary practices. Our services are designed to support every aspect of your business’s financial requirements, ensuring smooth and efficient financial operations.

Business Acquisition Financing

Acquiring an established veterinary practice demands a financial solution that:

  • Recognizes the market value of the business.

  • Facilitates collaboration with your key business relationships and advisors for a seamless purchase process

Leasehold/Equipment Financing

We offer capital financing solutions for:

  • Upgrading or replacing essential equipment and furniture.

  • Making leasehold improvements to enhance your practice.

Operating Financing

Tailored to meet your day-to-day financial needs:

  • Flexible financing for inventory and operational expenses.

  • Convenient automatic credit of deposits to your outstanding loan, simplifying cash flow management.

Real Estate Financing

Our specialized real estate financing services can help you:

  • Acquire new property for your practice.

  • Expand or renovate existing premises to better suit your professional needs.

Optimizing Your Cash Flow

Efficient management of receivables and payments, including point-of-sale transactions, ensures:

  • Quick conversion of receivables into usable cash.

  • More effective and harder working cash flow for your business

Private Banking: Bespoke Personal Banking For Your Every Need

BMO Private Wealth’s Private Banking provides you and your family access to a suite of customized banking services. You’ll benefit from the expertise of a dedicated Private Banker who is well-acquainted
with your financial situation, ready to address your queries and respond swiftly to your requests.

Our Private Banking Services Include:
Customized Banking and Borrowing Solutions:

Receive personalized service from a dedicated private banker who understands your unique financial needs. We offer tailored solutions that cater to both your everyday banking and specialized borrowing requirements.

Flexible Borrowing Options

Access a variety of borrowing solutions including lines of credit, mortgages, and other personal financing options. These are designed to provide you with the necessary funds to achieve your immediate and long-term objectives.

Complex Borrowing Needs

Secure financing through various means such as personal holding companies, life insurance policies, and monetization of investment holdings. This allows you to free up cash for other complex personal borrowing requirements.

Comprehensive Cash Management

Efficiently manage your deposits, transfers, and cash management needs. Our services also extend to foreign exchange and other related banking services.

How Much Do I Need to Retire?

This is a universal question that everyone faces when they are looking to transition to retirement. When you are working, you may be making your annual RRSP and TFSA contributions but do not know where this leaves you as you are getting close to retirement. Our team is specialized in helping professionals go through the transition to retirement.

Retirement is no longer a single transition, and you may want to sell your practice but continue working in an associate capacity a few days a week during the transition. One of the biggest questions facing veterinarians is "How Much Do I Need?" By creating a holistic financial plan, we can help you determine a retirement transition plan that will allow you to live comfortably in retirement and where your sources of income will come from.

How Do I Maximize The Value of My Practice?

Your practice is one of the largest assets you have besides your human capital. Selling your practice when you are looking to retire is a significant time in your career, as the opportunity to sell your practice usually only comes by once. When you are looking to sell, you must understand the variable that determines the selling multiple your practice and what changes you should make to your practice to make it more attractive to a potential buyer. You never know when you will get an offer to sell your practice, but you need to know your valuation in case that opportunity presents itself.

Furthermore, as an incorporated professional, there are many tax and investment opportunities available to you that can be used to maximize your personal wealth. An example of this keeping unused income in your corporate instead of pulling it out as income. By keeping the retained earnings in your corporation and investing those proceeds, you are minimizing your tax impact, which can have long-term benefits over your lifetime.

Am I Protected?

The biggest investment you have made is in yourself through your additional education. As an incorporated professional, you are responsible for your own insurance, whether for disability insurance, professional corporation insurance or life insurance.

Buying Insurance can be a difficult minefield to navigate as you do not want to be underinsured, leaving yourself vulnerable if something were to happen, or overinsured paying too much in premiums for insurance that you do not need.

Our team can help you select the most appropriate insurance for you and explain it to you in simple terms to ensure you are only buying what you need and not a complicated product that is not suitable for you.

Financial Planning Checklist for Veterinarians

Our team at Bongard Wealth Management are happy to help you answer these question to make sure you. We have included our financial planning checklist for every stage of your career as a veterinarian.