A story of protection and growth across generations
By Tony Sutey, CFP®, FMA, CIM / Senior Financial Advisor, Spire Advisors of Assante Capital Management Ltd.
The concept of “wealth” should never be confused with “money to spend.”
Wealth is much larger—not just in size, but in long-term implications. Consequently, it requires a broader scope of consideration.
Wealth is something to be protected; and its growth should be nurtured, not just throughout the course of one lifetime, but across generations to come. This is my philosophy—and when a client believes in this philosophy with me, a fantastic outcome can be the result…
In 1994, Adam became a client. He was in his late 60s, and he had worked two jobs since leaving the army after WWII.
Adam was proud of his wife (Jenny) and their two children; he was also proud of the fact that his hard work had allowed him to purchase a nice home for his family, educate his kids, and put some money aside for “the future”.
On top of these accomplishments, Adam and Jenny inherited her family cottage in Muskoka, which allowed them to move up here with the purpose of enjoying an early (but busy) retirement.
It was at this time that Adam came to me. He told me he wanted to retire, but he also wanted to make it “worthwhile”—so we started a conversation about the necessary steps that must be taken in order for him to enjoy his retirement and provide for his family.
We discussed wills, gifting to charity, and passing wealth (not money) along to his grandchildren.
Because Adam understood the difference between wealth and money, we accomplished his goals with careful planning and effort that came to fruition over the course of several years.
The financial plan I designed with their lifestyle in mind allowed Adam and Jenny to enjoy a retirement filled with travel; and the estate plan I created for their circumstances incorporated an enhanced will, testamentary trust, joint property (and more).
When my clients passed away, their children received substantial inheritances; and investment monies also went to their grandchildren.
Today, I continue to look after the next two generations that Adam and Jenny so carefully considered.
At this moment, the wealth of their children and grandchildren is being organized in a way that will allow them to enjoy it while they are alive—but it will also be passed on as tax efficiently as possible (in accordance with today’s climate) to future generations.
Adam passed away knowing that he enjoyed his life to the fullest; and he also knew that the family he cared for so strongly would benefit from the protection and growth of his life’s financial efforts, across generations.
This is what I do.
And this is just one of many stories that demonstrate our commitment to the people, children, and grandchildren behind the figures, who matter most.
If you’re wondering what your investment story should look like today and into the future, reach out to one of our advisors in Huntsville, Powassan, Orillia, North Bay, or Parry Sound to start the conversation.
*The case study mentioned in this article is based on actual scenarios but names and identifying details have been changed to protect the privacy of individuals. The case study is provided for illustrative purposes only to provide an example of our process and methodology. Past performance does not guarantee future results. The results portrayed in this case study are not representative of all of our clients’ experiences. Different types of investments involve varying degrees of risk, and actual results may vary materially than those portrayed herein. Therefore, it should not be assumed that the future results of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken in this article) will be profitable or equal the results portrayed herein. An individual’s experience may vary based on his or her individual circumstances and current/future market conditions, and there can be no assurance that any client will achieve similar results in comparable situations. The information contained herein should not be construed as personalized investment advice. Please contact us for additional information with respect to the strategies and/or investments described herein.
*Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see a professional advisor for individual financial advice based on your personal circumstances.
Article by Tony Sutey, CFP®, FMA, CIM / Senior Financial Advisor, Spire Advisors of Assante Capital Management Ltd.
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