Healthcare Professionals
Prescribe yourself the ideal financial future.
Trusted Wealth Management For Healthcare Professionals
We understand why health care professionals are different.
As a healthcare professional, we understand the demands on your time and the challenges of balancing work, family, and finding downtime to recharge. We approach your financial future with the same level of dedication, discipline and attention to detail that you have brought to your career.
Most health care professionals often have a decade or more of education with minimal earnings and sizable debt upon graduating. After years of austerity, it can be really tempting to let loose, and before you know it you can be saddled with even more debt.
Risk management, tax planning strategies, wealth management, and retirement planning should be a primary concern and focus for all healthcare professionals. A comprehensive financial plan will help you secure your ideal retirement and a sound financial future for you and your family.
Personalized
Collaborative
Even the best plans and intentions can be compromised if a collaborative approach is not taken with all key advisors in your life. It is important to us to work closely with your accounting and legal advisors to make sure everyone is on the same page to serve your needs best.
Comprehensive
Comprehensive Financial Planning for Healthcare Professionals
Do you have clarity in all 7 areas of your financial life? A comprehensive financial plan is a road map that will be unique to you. It is designed around your goals and financial aspirations for the future of you and your family.
We define your goals, timelines, and the associated costs, so that we can help you to make the informed decisions necessary to make these goals a reality.
The earlier you start, the easier it will be to realize your ideal life without having to compromise. With detailed planning, we can provide you with the clarity and confidence to live your ideal life today, and into retirement. We call this a win / win scenario.
Depending on your stage of life you will have different objectives in the short, medium and long term.
We know that healthcare professionals will likely have considerable debt as recent graduates. As you begin your career, you may have questions – if you should incorporate, should you pay yourself with dividends, salary, or both? If you incorporate and pay yourself a salary, when and should you set up an Individual Pension Plan (IPP)? When and how should you use other tax preferred investment accounts such as Registered Retirement Saving Accounts (RRSP), and Tax-Free Savings Accounts (TFSA)?
We will make sure to provide you with answers to these questions, addressing your unique situation.
Our comprehensive financial planning process for medical professionals will provide you with clarity in the following seven areas of your financial life:
We carefully consider how best to optimize your situation from a tax perspective. This includes making sure we are taking advantage of the available tax preferred accounts, such as RRSP and TFSA, We also consider the manner in which retained earnings in your professional corporation (PC), are being invested. If your province allows a holding company or family trust, does it make sense in your situation? Should we use corporate owned life insurance to start sheltering retained earnings in your PC and allow for tax efficient transfer and growth of your wealth?
Estate Planning
We start by reviewing your will, power of attorney and personal directives. We then review the accounts you have and make sure that the beneficiaries are correct and allow for tax efficient transfer of wealth (to your spouse where applicable). With financial success, there is a risk for significant tax consequences on your death. Through planning, we are able to estimate the magnitude of the potential tax on death based on normal life expectancy. We will take a proactive approach to reduce the potential taxes on death and plan for an efficient transfer of wealth to your beneficiaries or charity of your choice.
Investment Management
With a financial plan, you’ll realize that given your higher level of income, you can meet your future retirement needs without taking on undue risk. Consistent saving habits and the time value of money are more important than taking on high-risk investments where losses can be substantial.
Risk management is about making sure you understand and are prepared for risks that may impact you both personally and professionally. Once risks are identified, we assess the likelihood or probability of the risk and the potential impact it would pose to your business or career. When the assessment has been completed, you can then determine how you will address them. In many cases, you will look to use insurance, processes, or procedures to reduce the risk to an acceptable level.
Insurance Analysis
Careful analysis will be conducted to make sure you and your family are adequately protected. The first thing we will consider is adequate disability and critical illness insurance to protect your future earning ability and retirement. We then make sure that you have adequate life insurance in place to protect your family and your business from an unexpected death. This considers debt levels, lost earnings, support for your spouse, children etc. We also consider at this point how we may want to leverage the power and tax efficiency of permanent life insurance to achieve estate planning goals, and tax efficient transfer of wealth to your beneficiaries.
Debt
We will establish a plan to address debt if needed. We will evaluate the current use of debt, including amount, type, the rate, deductibility etc. Once these details are understood, a plan to reduce the burden of debt will be put into place. We will aim to accelerate debt reduction with consideration of other financial goals you are working towards.
Retirement
We will work closely with you to help you define your desired retirement goals and quantify the amount of wealth required to realize your dream retirement, and steps required to get there. Annually reviewing and updating your financial plan with changes to your life, income and goals will mean that this is a ‘living document’ that will continually be reviewed and updated based on changes in your situation.
Tax Planning
We will carefully consider how best to optimize your situation from a tax perspective. This will include making sure we are taking advantage of the available tax preferred accounts, such as RRSP, TFSA. In what manner retained earnings in your PC are being invested, considerations regarding individual pension plan (IPP) or a retirement compensation agreement (RCA). If your province allows a holding company or family trust, does it make sense in your situation? Should we use corporate owned life insurance to start sheltering retained earnings in your PC and allow for tax efficient transfer and growth of your wealth?
Estate Planning
Investment Management
One of the realizations that a comprehensive financial plan brings to light is that given your higher level of income taking on undue risk is not required to meet your future retirement needs. Consistent saving habits and the time value of money are more important than taking on high risk investments where losses can be substantial.
Risk Management
Insurance Analysis
Careful analysis will be conducted to make sure you and your family are adequately protected. The first thing we will consider is adequate disability and critical illness insurance to protect your future earning ability and retirement. We then make sure that you have adequate life insurance in place to protect your family and your business from an unexpected death. This considers debt levels, lost earnings, support for your spouse, children etc. We also consider at this point how we may want to leverage the power and tax efficiency of permanent life insurance to achieve estate planning goals, and tax efficient transfer of wealth to your beneficiaries.
Debt
We will establish a plan to address debt if needed. We will evaluate the current use of debt, including amount, type, the rate, deductibility etc. Once these details are understood, a plan to reduce the burden of debt will be put into place. We will aim to accelerate debt reduction with consideration of other financial goals you are working towards.We will establish a plan to address debt if needed. We will evaluate the current use of debt, including amount, type, the rate, deductibility etc. Once these details are understood, a plan to reduce the burden of debt will be put into place. We will aim to accelerate debt reduction with consideration of other financial goals you are working towards.
Retirement
We will work closely with you to help you define your desired retirement goals and quantify the amount of wealth required to realize your dream retirement, and steps required to get there. Annually reviewing and updating your financial plan with changes to your life, income and goals will mean that this is a ‘living document’ that will continually be reviewed and updated based on changes in your situation.
Your Retirement: Don’t Leave it to Chance.
Regular check ups with your physician or regular visits to your dentist are an important part of taking care of your personal health. Your retirement should be no different.
It is so important to start working with a wealth advisor who does comprehensive financial planning as part of their wealth management offerings. Implementation of a comprehensive financial plan takes the chance out of your ideal retirement with methodical and careful analysis of the best use of your financial resources to grow your wealth and mitigate financial risks. The value of advice should not be underestimated.
Wealth Management
Moraine Wealth Advisory offers investment management for healthcare professionals with a unique perspective. We invest alongside our clients, which makes for the best alignment of interests.
Our approach to investment management is anchored in disciplined long-term thinking. Wealth management is more than just generating investment returns; it is taking the different aspects of your financial life and finding ways to have the greatest impact on both your finances and your quality of life. We look at the big picture, and this influences how your investment portfolio is constructed. We consider taxes, estate planning and desired legacy, and provide you with the clarity and confidence that everyone deserves.
How Our Portfolios Are Designed:
Risk Drives Portfolio Design
Disciplined, Long-Term Thinking
Our focus is on relevant information, we ignore emotional sentiment. We construct portfolios utilizing robust quantitative data to lead our decision making.
