Timothy Ruffilli, CFA

Senior Investment Counsellor & Portfolio Manager

Tel: 519-667-1435

Address

BMO Private Wealth
255 Queens Avenue
Suite 2560
London, ON
N6A 5R8
Map

Contact Me

Physicians

Specialized family office wealth services for physicians

At all stages of your practice, we can help you manage your assets, plan for retirement and enjoy the lifestyle you’ve earned.
 
Our team specializes in advising 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.
 
Our family office platform for physicians includes BMO Private Banking services to help you manage your personal, medical corporation and practice financial needs. In addition, our team coordinates seamlessly with your accountant and lawyer to simplify money matters and we 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, we 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, we 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
Our team 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.
  • We can manage your medical corporation, RRSP, various insurance policies and strategies, corporate accounts, real estate, and other holdings or financial components.
 
Contact us to discuss your needs.