MONEY SENSE

Whether you want to create a legacy with lasting impact or involve your family in financial planning, we ask experts about how to meet your goals and stay financially healthy.

MAKE FINANCIAL PLANNING A FAMILY AFFAIR

Whether you’re investing to grow your portfolio, estate plan or just thinking about how best to plan for your kids’ future, speaking with an ATB Wealth advisor means solidifying your financial health.

What matters most to you? That is what ATB Wealth advisors think of first when offering expert advice in a down-to-earth, empathetic way. That means they consider who you are, not just your portfolio. Trent Hamans, vice president of private banking and wealth planning with ATB Wealth, says that what sets ATB Wealth apart is its advisors and how they focus on their clients as people.

“When we engage with clients, we want to understand what they want to achieve right now, as well as in the future,” he says.

Simply put, connecting with an ATB Wealth advisor isn’t just about looking after your wealth. It’s about looking after you and your family.

START EARLY: DISCUSS MONEY WITH YOUR KIDS

According to Hamans, financial planning isn’t just about a couple or the parents; it’s about the whole family unit.

“Our financial advisors aim to understand what the investor’s purpose, or legacy, could be, and then engage that next generation,” says Hamans. “Financial advisors give the children some peace of mind that mom and dad have worked hard to create a plan.”

And when should you bring your kids into the discussion? As soon as possible, says Hamans. But keep it age-appropriate. For example, discussing spending and saving when your young child receives birthday money is a good way to introduce financial planning and develop their financial literacy.

KEEP THE CONVERSATION GOING

To properly plan for wealth transfer, Hamans recommends having ongoing financial conversations with the whole family.

“Back in the ’90s, seniors were reluctant to talk to their children about their estate plan. Today, there’s a lot more transparency,” says Hamans. “People want heirs to be prepared for that inheritance as opposed to it being like a lottery win, where they aren’t properly equipped.”

HAVE THE FAMILY MEET THE FINANCIAL ADVISOR

Introducing your wealth advisor to the whole family can offer everyone confidence with how the family’s wealth is managed. ATB Wealth advisors go beyond expert financial mentorship — they’re also focused on providing a great, personable experience to all family members.

“Lives are complicated today: children, second marriages, mixed families, different tax situations, immigration. All those factors can impact the financial objectives of a family,” says Hamans. “Unless you go through that discovery to get to know your client and understand their goals and purpose, you’d be doing a disservice to simply make investments for them. You really need to understand their lives.”

THE GIFT OF GIVING BACK

Financial legacy planning is an opportunity to create a lasting impact on the people and community you value and love.

Shelley Waite is a partner with McLeod Law LLP and has worked as a lawyer specializing in estate planning, wills and estates for over 19 years. In her role, Waite has the opportunity to educate clients about the value of giving back and the importance of leaving a legacy that supports the people, causes and communities they care about.

“A great part of my job is being an educator, helping clients understand how to give to a charity, and also including family members and loved ones in identifying how that money gets utilized, by which charity and for what purpose,” says Waite.

Waite helps clients build legacy plans into their wills or estate plans that reflect their personal values. Legacy planning involves deciding how a client wants their assets donated or entrusted to a loved one after passing away. Waite says the process creates an opportunity to discuss the client’s unique “why” about the specific reasons or values that motivate them to give back.

“It’s important for all people doing their estate planning to understand that their “why” is particular to them because there are so many different ways to give,” says Waite.

When choosing an organization to work with, Waite frequently directs clients toward the Calgary Foundation. “I always say the Calgary Foundation is a charity for charity,” explains Waite. “The Foundation has all these wonderful tools we can utilize to create a community of giving.” Since its inception in 1955, the Calgary Foundation has dedicated itself to nurturing healthy, vibrant, giving and caring communities across Calgary. By working with donors and their advisors, the Foundation supports both charitable and financial goals, while ensuring donors receive the maximum tax benefits from their gift. The Foundation’s endowment model means donors’ gifts will grow and support Calgarians well past their lifetimes. The Foundation also offers professional investment management for those endowed gifts. Waite says all of this brings peace of mind to clients interested in addressing the needs of loved ones and their community through the gift of giving.

According to Waite, there are two guarantees in life, “death and taxes.” Creating a personal legacy plan ensures that more of your money goes to the people and organization you care about, even after death. Without proper planning, a large portion of taxes owed on your estate can go to the Canada Revenue Agency rather than benefiting family members or a chosen charity. Charitable giving, however, always grants a tax-saving return. Many clients, Waite says, don’t realize that every dollar spent on charitable giving earns approximately a 55 cent credit.

Creating a legacy plan doesn’t have a deadline either, says Waite, as you can begin immediately, and don’t have to wait until the end of your life to give back. A fund created by family members can be passed down and managed by the family for years. At the same time, donating to an existing fund can support the generations impacted by those initiatives. Either way, Waite adds, the impact is significant. “Every single dollar you give makes a difference,” she says. “$5,000 from one individual is just as meaningful as the gift of $5 million by someone else.”

Being able to shape these lasting impacts is what makes Waite’s job so fulfilling. “Creating something so powerful and meaningful and lasting is the best part of my job,” says Waite. Financial legacy planning is an opportunity to create a lasting impact on the people and community you value and love.

Professional advisors can learn more about making Calgary Foundation a part of their clients’ legacy plan by visiting the website at CalgaryFoundation.org.

INVESTING WITH A PERSONAL TOUCH

Acumen Capital Partners can help you grow your wealth

When it comes to wealth management and smart investing, Acumen Capital Partners’ Vice President, Senior Investment Advisor Craig Madill believes that a tactical approach is vital.

“It’s common in the investment industry to reduce volatility by diversification through managed products. However, the reality is that after 50 stock positions, you typically have similar volatility to a portfolio with hundreds of positions. There is a diminishing return with over-diversifying, resulting in a portfolio that lacks strategy and just follows the market,” says Madill.

At Acumen, the Madill & Le Lievre team takes a hands-on approach, focusing portfolios on individual equity and bond positions.

KNOW YOUR ADVISOR’S APPROACH

Madill says it’s also important to understand your advisor’s investing methodology and that it aligns with your wealth management goals.

“We believe that our focused approach to wealth management gives us greater depth of understanding into how we are positioned through a changing economic environment and the ability to adapt through those cycles,” he says.

“When markets are good, it’s easy to ride the wave. But when they are not, you want to have confidence that your advisor can manage through difficult times.”

AN INVESTED TEAM

Madill says the team at Acumen is passionate about investing, including the companies they work with, the strategies they create and how it all comes together.

“Our approach aligns with our passion and helps ensure our clients meet their goals.”

For help creating a comprehensive plan for your investments, reach out to Craig Madill at Acumen 403.410.6018.