The benefits of working with an integrated team when managing your taxes, investments and estate planning!
It’s an exciting time for David and Samantha, a married couple who recently paid off their mortgage. David and Sam are high-income earners with two young children, and plenty of dreams for their family’s future. They have also recently received a sizeable inheritance. While they consider themselves financially knowledgeable and currently manage their own investments, they do not have time to regularly attend to their financial needs. They recently met with the Kerr team to discuss the benefits of an integrated wealth management experience.
We explained to the couple that partnering with Kerr would be akin to hiring a family CFO, as it would be our fiduciary duty to look after their best financial interests. With the many facets of their personal and professional lives competing for time and attention, we would be there to keep a watchful eye on their overall finances and wealth management strategy. Minimizing the financial complexity that is typically an inescapable part of success would allow David and Sam to better focus on their family as well as the parts of their lives that matter to them most. With a team approach, we would help them meet their financial goals and optimize their financial resources by providing a full spectrum of tailored solutions, including investment management, financial planning, estate and trust planning, accounting and tax advisory, as well as ongoing advice throughout the year.
After going over David and Sam’s financial objectives, we explained to the couple that investment management is just one component of a well-rounded plan for building and preserving wealth, and that a customized wealth solution would be designed around their unique set of needs. Elements of their plan could include sourcing or increasing appropriate life insurance, opening a family trust to help fund the children’s educational expenses, implementing tax strategies for capital preservation, as well as establishing a savings and investment strategy so as to maximize the benefits of their high-earning years. Another benefit of our integrated service would be the construction of a goals-based asset mix for the portfolio. This would involve strategically selecting investments designed to earn a rate of return that will help achieve the objectives set out in the financial plan, without taking undue risk.
David and Sam left the meeting feeling excited about the future, with the notion that the Kerr team could really take care of their family. On the drive home they even discussed how their respective parents could benefit from an integrated wealth management experience, especially since Sam’s were recent retirees and unsure of how to preserve capital while maintaining sufficient income to enjoy their lifestyle.