Specialized Family Office Wealth Services for Physicians

At all stages of your practice, I can help you manage your assets, plan for retirement and enjoy the lifestyle you’ve earned.

I advise physicians at every stage of their medical careers.

With long hours, busy schedules and the profession’s other extreme demands, you need a dedicated team to manage your complex financial affairs and keep them streamlined and simplified.

My family-office style platform for physicians includes BMO Private Banking services

To help you manage your personal, medical corporation and practice financial needs. In addition, I will coordinate seamlessly with your accountant and lawyer to simplify money matters and have partnerships with accountants who specialize in physician management.

Structured processes ensure efficiency.

For example:

• Your medical corporation receives payment and pays out expenses, including your salary.

• We move your corporate savings out of your current account monthly.

• When your salary arrives in your chequing account, we transfer your RRSP contributions.

• Each month, all cash flows are completed without any human interaction.

• This keeps things easy, ensures contributions are made in a disciplined manner, and minimizes the time you need to spend on your financial management.

 

Your Private Banker will provide nuanced and attentive service.

He or she will:

• Get to know you and build a long-term relationship with you.

• Simplify your banking and take care of your day-to-day needs with white-glove service to save you time and money.

• Offer you enhanced rates and lending opportunities in certain circumstances.

• Help you manage debt effectively by offering:

  • Financial advice,

  • A BMO® Medical Student Line of Credit,

  • BMO® CashBack® Mastercard®,

  • BMO® Rewards® Mastercard, and a

  • Free chequing account.

• Connect you with BMO lending experts:

  • A medical professional’s line of credit and credit cards at good interest rates,

  • Small business incorporation and tax planning advisory services,

  • Business mortgages, and

  • Capital financing and cash flow management.

 

Practice succession advice:

• Unlike traditional business owners, physicians cannot easily or objectively measure the value of their practice to transfer it to another clinician. You ARE your practice.

• Together with experienced BMO business advisory and practice succession experts, I will help you decide how and when to retire and transition your wealth tax-effectively to loved ones and charitable organizations.

• In addition, if required, I can help you to:

  • Find a graduating resident to take over your practice.

  • Store hard copies of medical records while searching for a locum.

  • Safely shred and discard medical record files after seven years.

  • Manage your electronic medical records.

 

Incorporation for tax efficiency

I will help you incorporate in context of your overall Wealth Plan and manage the tax and estate implications.

• A corporation pays less tax. You can potentially earn more active business income in your medical corporation.

• After deducting living expenses, the money left in the company is taxed at a much lower rate than your personal income. Money left in the company defers tax—you can retain it and reinvest it to grow your portfolio.

• I can manage your medical corporation, RRSP, various insurance policies and strategies, corporate accounts, real estate, and other holdings or financial components.