Finding the Best Wealth Management Firm for High Net Worth Needs
Dedicated Financial Solutions, an award-winning top financial firm in Mississauga, answers some wealth managing questions specific to the needs of high net worth.
Q. I’ve done very well growing my second-generation family business, expanding to several locations. I’ve also had considerable success in the stock market. The result is that my personal wealth has become significant. I’m looking for a high-net-worth advisor in Mississauga and I want the best. I’d like to know what you can do for me.
A. You need someone who can help you achieve your unique goals while protecting and growing your wealth. Wealth management plans for high-net-worth clients can be more complex than plans for the average investor. You need to include consideration of insurance, tax planning and minimization, retirement planning, possibly trust funds for children and grandchildren, investments and more – and your plan needs to be tailored specifically for your unique situation and goals.
So you clearly need a well-qualified and experienced wealth management consultant who specializes in high-net-worth individuals. The top financial planning firm in Mississauga is Dedicated Financial Solutions, as voted in the 2013 Top Choice Awards. The Dedicated team are experts at working with high-net-worth families from Toronto to Oakville, recommending the best solutions for each unique situation.
Q. I’m from a high-net-worth family. There are four adult children, nine grandchildren, a couple of ex-spouses, plus my aging parents. Things are getting complicated. Some family members seem to be angling for position as my parents get older, some accuse others of treating the family wealth as if it were endless and my parents just wish we would stop fighting. But they don’t seem to have a plan for the future. We’ve always just “gone along.” Is there any way you can help us?
A. Yes, we can certainly help. Your family, especially your parents, would be well advised to meet with a financial planner who has experience with high-net-worth families. They need to talk about insurance, investments, legacies and trusts and their wills – they need to make clear plans for the time when they are not there to control the family wealth. With a solid plan in place that takes everyone’s needs into account, family members should be able to end the animosity and work together to enjoy and protect the family’s wealth legacy. Because your family situation is complex, your family needs the help of qualified wealth management professionals, such as Dedicated Financial Solutions in Mississauga.
Q. My widowed father, who is quite wealthy and has some very valuable assets (a motor yacht, a beautiful cottage and a large home, for example) has begun dating a woman who my siblings and I don’t know well. The relationship seems to have become serious very quickly. We – and my father –want to make sure he doesn’t become the victim of someone seeking to marry for the money. We would hate to see him lose any of what he worked so hard to build to an opportunist, and we want to make sure he continues to be able to enjoy his own property and wealth. He’s always said he wants my brothers and me to have it all when he’s gone. Is there any way you can help my father protect his wealth?
A. There are a number of steps your father can take to ensure that his wealth is protected and that any legacy he wishes to pass on is transferred as he wishes, not as a court decides. We suggest he meet with a lawyer and a certified financial planner. He will need to ensure that his will and power of attorney are up to date, comprehensive and specific. Financially, he needs to consider whether setting up a trust might be right for your family. A trust can allow your father to enjoy his assets now, but ensures they will pass to his children when he’s gone if that’s what he wants, regardless of whether he has a new spouse. Trusts can also greatly reduce probate fees.
Have your father meet with a wealth manager who can talk with him to get a clear, detailed picture of his financial situation and his goals. Together, they can work out a plan that takes into account his assets, taxation, property and planned legacy so that both his current lifestyle and his family’s legacy are protected.
More High Net Worth Questions?
Dedicated Financial Solutions is a leading wealth management firm that have financial planners with expertise in the unique needs of protecting and optimizing high net worth clients. They are located in Mississauga (of the Greater Toronto Area). Have more questions? Just contact the Dedicated Financial wealth experts today!
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