C lients often come to us initially with just their investment needs. Our services are, however, far more comprehensive. We engage in a process of consultation with our clients to analyze their current financial situation and over time, keeping priorities in mind, and together with our team of experts, create and implement a consolidated financial strategy that will take care of their investment, income, banking and borrowing needs.
We will initiate retirement and estate planning, review your Will to ensure it fulfills your wishes and meets current legal requirements, and determine if there are needs for income and asset protection. This process will be ongoing and subject to revision as your circumstances change.
Most people find managing their finances a challenge. The tendency is to ignore or put it off indefinitely. Just as you would not embark on a vacation without making some arrangements financial planning is no different. By developing a financial plan, you and your family will take control of your financial future by setting realistic and attainable retirement, education, insurance and major purchase goals. You will have the necessary financial resources to fund these goals as they occur and reduce the effect of negative events in your life, whatever they may be.
We begin with an overview of your financial objectives. While we look at these goals with the intent to achieve them in a practical monetary sense, the goals are actually very important in personal terms to you. In consultation with you we will determine whether we need a full financial plan, a comprehensive plan, or concept illustrations that will provide a means to measure whether we will achieve various goals. Regardless of the type of plan, we will review your circumstances regularly and make adjustments as necessary. We have a team of specialists within ScotiaMcLeod and the Scotia Private Client Group that we can access to ensure that we provide you with a comprehensive wealth plan that addresses all of your needs and goals for the future.
At ScotiaMcLeod we are able to provide a full range of investments from individual stock and bond portfolios to multi-manager investment programs. We have access to a wide range of financial industry expertise and management in mutual funds, ScotiaMcLeod Guided Portfolios, Managed Portfolios, stock and bond research and portfolio development, insurance protected investments, annuities, and other income programs. Investments that we utilize will be chosen on the basis that they present the best likelihood to realize the achievement of your goals.
For most people planning for retirement is making sure that they will have enough money to live, and hopefully, enjoy their retirement years. Often, however, little thought is given to what you will do in retirement and this will be different for every individual.
Retirement is not what it used to be. In the past you saved money, hoped you had enough, and lived off of the income from low risk investments. Studies now show that much of what we spend in retirement will actually be earned in your retirement years. You retire, but your investments do not. We know that you will have varied needs in retirement so we plan for these:
- We help you plan and invest to have enough to cover your day-to-day expenses. These are the fixed expenses that you have to pay on a monthly basis.
- We help you plan and invest to enjoy your lifestyle and, if it is important to you and your family
- We put aside assets for the next generation or charitable bequests.
- We want you to be comfortable and to enjoy your retirement. It might last a long time!
Estate Planning-Will Reviews
Estate planning is the act of ensuring that your assets are distributed to your beneficiaries in full accordance with your wishes in the most tax efficient manner.
We assist you in this very personal examination of the effect of your death on your loved ones and beneficiaries.
- Will your family be financially secure?
- Will Revenue Canada be your biggest beneficiary?
- How can you protect your assets?
- Does your Will actually distribute your estate in the manner that you expect?
We bring to bear expertise in each of these areas to examine your estate plan to ensure that your wishes are fulfilled. Unfortunately, we also see many people lose the capacity to make choices. We recommend that you ensure you have the necessary Powers of Attorney, an updated Will, and relevant conversations with your family.
We insure our cars and our houses but we often neglect our most significant assets: retirement savings and the ability to produce income. At Eiriksson Wealth Management we treat insurance as a vital solution to complete your financial strategy.
Life Insurance can help build your estate while protecting your loved ones in the event of your death. You worked hard for many years to build your retirement assets. We should protect those assets. Disability, Critical Illness and Long Term Care products can provide protection in the event of illness and disability. Annuities can provide lifetime income security. Insured annuities can enhance your income level and restore your assets to your beneficiaries. By addressing a host of risk management and estate planning issues you can protect your family and your business assets. Insurance can often be complex. Eiriksson Wealth Management routinely calls on the expertise of our ScotiaMcLeod insurance experts to ensure that you have the best protection available. These individuals are an integral part of our team.
Eiriksson Wealth Management works in close partnership with Scotiabank, one of Canadas leading financial institutions. Through their various divisions, we are able to provide a complete suite of products and services for even the most sophisticated client. We trust our local Scotiabank partners to provide customized borrowing and day to day banking solutions. This often involves arranging chequing and savings accounts, credit cards, lines of credit and mortgages.
Occasionally we arrange access for more extensive and highly personalized service at a Scotia Private Banking Centre, one of which is here in downtown Hamilton. The Scotiabank Group offers a full range of services for businesses of all sizes. We can assist you by introducing you to the appropriate professional to serve your specific business needs.