Client Case Studies

The Thompson Family: Guiding a Legacy Across Generations

Our Family Serving Yours

When Mrs. Thompson*, the matriarch of the Thompson family, came to us, she had been a widow for 40 years and was the proud mother of four sons. She knew her eldest son was set to become the executor of her estate, but she was concerned. Her boys were passionate about muscle cars and turning wrenches, less so about turning the pages of financial reports. Mrs. Thompson wanted to ensure her eldest was prepared for the responsibilities ahead, so she turned to us for help.

Challenges:

• Executor Preparation: Her eldest son initially felt overwhelmed by the idea of managing the family’s finances. We understood his concerns and focused on helping him increase his understanding and confidence in handling money. One of his first decisions was to keep us as his advisor, continuing the trusted relationship we had built with his mother.
• Customized Financial Planning: Each of Mrs. Thompson’s sons had unique needs. Two had substantial civil service pensions, one had no pension, and one lived abroad. Each situation required a tailored approach to ensure that their inheritance was managed wisely.
• Intergenerational Wealth Transfer: Mrs. Thompson’s $8 million estate was to be divided among her sons, with each receiving roughly $2 million. The goal was to ensure that this wealth transfer was as smooth and beneficial as possible for each family member.

Our Approach:

1. Building Confidence and Trust: We began by involving the eldest son in financial reviews once his mother reached 85. Over time, he gained the confidence he needed to take on the role of executor. The trust Mrs. Thompson placed in us was seamlessly passed on to her son, reflecting our commitment to “Our Family Serving Yours.”
2. Tailored Financial Strategies: We met individually with each son to develop comprehensive financial and investment plans that reflected their unique situations. Whether it was managing pensions, addressing cross-border tax concerns, or planning for retirement, we ensured that each son received the guidance they needed to make informed decisions.
3. Preserving and Growing Wealth: Through careful planning and active management, we leveraged our unique expertise with intergenerational wealth to help the Thompson family navigate the complexities of wealth transfer. Three of the sons chose to continue working with us, confident that their family’s legacy was in good hands. One son used part of his inheritance to build a cottage, while the others continued their passion for cars, whether it was restoring period-correct vehicles or prioritizing horsepower.

Results:

• Executor Readiness: By the time Mrs. Thompson passed, her eldest son was ready and able to manage the $8 million estate with confidence, knowing he had the support of our family behind him.
• Long-Term Relationships: The Thompson family’s trust in us has continued across generations, with three of the sons staying on as clients. They know that their financial well-being is our priority, just as it was for their mother.
• Successful Wealth Transfer: The Thompson family’s wealth has been successfully preserved and grown, ensuring that Mrs. Thompson’s legacy will endure for years to come.

Conclusion: The Thompson family’s story is a testament to the power of intergenerational relationships and the importance of personalized financial guidance. At Evans Family Wealth, we believe that nobody cares like family, and we’re honoured to have been a part of the Thompson family’s journey. Our commitment to “Our Family Serving Yours” remains as strong as ever, ensuring that your family’s legacy is protected and nurtured across generations.

*Names have been changed to preserve confidentiality

Retired Overseas: The Santos Family’s Path to Financial Security in Portugal

When the Santos family*, a Brazilian couple with no children, decided to retire in Portugal, they knew they needed expert guidance to ensure their financial security. With $3.5 million saved for retirement, they were ready to leave behind Canada’s winters and embrace the sunny shores of Portugal. But even as they settled into their new life, they chose to keep their financial management in Canada, entrusting us with their retirement plan. As they once said, “Glen, you are our retirement plan!”

Challenges:

• Cross-Border Financial Management: Exiting Canada presented challenges, including managing assets repatriated from Australia and converting those assets into Canadian and U.S. dollars.
• Stable Retirement Income: The Santos family sought a retirement income strategy that offered stability, modest inflation protection, and growth. Having experienced financial distress in Brazil, they were particularly focused on preserving their capital during periods of market volatility.
• High-Level Service: Ensuring that the couple received personalized and attentive service despite the geographical distance was a priority.

Our Approach:

1. Cross-Border Coordination: We guided the Santos family through the complexities of repatriating their assets from Australia, offering strategic advice on the timing and process of converting their funds into Canadian and U.S. dollars. This careful management ensured they could maximize the value of their savings in their new home.
2. Tailored Retirement Strategy: Understanding their focus on capital preservation, we crafted an adaptive asset allocation strategy. This approach allowed us to actively manage their portfolio, providing the stability they needed while still offering opportunities for growth and inflation protection.
3. Enhanced Client Service: Transitioning to Wellington-Altus Private Wealth allowed us to provide the Santos family with a higher level of service than they had experienced with a bank-owned wealth management firm. We remained closely connected with them, ensuring their financial needs were met and their retirement plan remained on track, even from across the Atlantic.

Results:

• Financial Security in Portugal: The Santos family successfully transitioned to their new life, confident in the stability and security of their financial future. Their retirement income is steady, and their assets are well-protected against market volatility.
• Capital Preservation and Growth: By focusing on an adaptive, actively managed strategy, we have safeguarded the Santos family’s assets, ensuring they can enjoy their retirement without the financial anxieties they experienced in the past.
• Continued Trust and Satisfaction: The Santos family feels reassured in their decision to make us their financial plan. Our unique expertise in managing cross-border finances and intergenerational wealth has allowed them to focus on enjoying their retirement, knowing their financial well-being is in capable hands.

Conclusion: The Santos family’s experience demonstrates the value of personalized financial strategies, especially for those navigating retirement across borders. At Evans Family Wealth, we’re dedicated to ensuring our clients feel secure and supported, no matter where life takes them. With our commitment to “Our Family Serving Yours” and our expertise in managing wealth across generations and borders, the Santos family can now enjoy their retirement in Portugal with complete peace of mind.

* A professional tax advisor should always be consulted when considering a change in country of residency.

*Names have been changed to preserve confidentiality

Two Business Owners and an Emptying Nest: Taking Control of Their Financial Future

Client Overview: The Johnsons*, a dynamic couple in their early 50s, are both successful business owners with well-known franchise locations in their community. As they approach their peak earning years, they are also navigating the transition of an emptying nest, with their three children gradually leaving home. Despite their business success, they found themselves frustrated and disillusioned with the service they received from their previous financial advisor at a large financial institution. Their investments were largely ignored, their emails went unanswered, and they knew they needed a change.

Challenges:

• Advisor Neglect: The Johnsons were dissatisfied with their previous advisor’s lack of communication and oversight. Their investments were left unattended, leading to a lack of confidence in their financial plan.
• Busy Lifestyles: As hands-on managers of their franchise businesses, the couple had limited time to devote to managing their investments and financial planning.
• Planning for Retirement: With $750,000 in savings, a net worth of $2 million, and a combined income of $350,000, the Johnsons needed a comprehensive financial plan to prepare for their retirement years, which were approaching quickly.

Our Approach:

1. Personalized Service and Communication: Evans Family Wealth came highly recommended by the wife’s sister, who, along with their father, had already experienced the level of service we provide. After a referral from the sister, we met with the Johnsons to explain how we work, what service levels we offer, and how we differ from their previous experience. They were delighted to learn that we communicate with clients via a weekly bespoke email and conduct quarterly portfolio reviews, ensuring they were always informed and in control.
2. Comprehensive Financial Planning: We began the process of financial planning to align their expectations with their retirement goals. We provided them with clear, realistic projections, helping them understand the steps needed to achieve financial security in their retirement.
3. Advisor Managed Solutions: As the Johnsons’ portfolio grows, we plan to increasingly utilize our in-house Advisor Managed Solutions to reduce their expenses, which will result in higher net returns over time. This approach not only improves their investment outcomes but also aligns with their desire for a hands-off, yet actively managed, investment strategy.

Results:

• Renewed Confidence: Three years after making the move to Evans Family Wealth, the Johnsons have never felt more on top of their investments. They are confident in their financial plan and appreciate the consistent communication and personal attention they receive.
• Financial Preparedness: With a solid financial plan in place, the Johnsons are well-prepared for their peak earning years and beyond. They now have a clear path to retirement, with their investments actively managed to meet their evolving needs.
• Cost Efficiency: By transitioning to our Advisor Managed Solutions, the Johnsons are set to benefit from lower expenses and higher net returns, further enhancing their financial security as they continue to save and grow their wealth.

Conclusion: The Johnsons’ experience highlights the importance of personalized, proactive financial advice, especially for busy business owners who need a trusted partner to manage their wealth. By choosing Evans Family Wealth, they have regained control of their financial future and can now focus on what they do best—growing their businesses—while we take care of their investments. With our unique expertise in managing wealth across generations, we’re proud to say that “Our Family Serving Yours” remains the cornerstone of our service to clients like the Johnsons.

*Names have been changed to preserve confidentiality

The Patel Family: Building a Strong Financial Future for Their Young Family

When the Patel family*—a high-achieving couple in their early 40s—relocated to Canada a few years ago, they knew they needed expert guidance to navigate their new financial landscape. Mr. Patel, a partner at an international firm and a thought leader, and Mrs. Patel, a therapist in private practice, are driven and focused on securing a bright future for their young family. With high cash flow and substantial savings potential, they were ready to take their financial planning to the next level.

Financial Snapshot:

• Current Savings: $500,000
• Annual Income: $300,000
• Net Worth: $1.3 million

Challenges:

• Cross-Border Financial Management: The Patels needed help managing assets repatriated from Australia, including converting those assets into Canadian and U.S. dollars—no small task when dealing with multiple currencies and tax considerations.
• Corporate Account Setup: With recent tax changes on their minds, they needed advice on when and how to open a corporate account to optimize their financial situation.
• Education and Retirement Planning: As parents, they were keen to get started on education savings for their children while also laying the groundwork for their own retirement.
• Long-Term Strategy with Active Management: They were clear on wanting a long-term strategy but knew the importance of active management to keep their wealth growing and protected.

Our Approach:

1. Cross-Border Asset Management: We guided the Patels through the complexities of repatriating their assets from Australia, providing strategic advice on currency conversion to make the most of their funds. With our help, they were able to smoothly transition their wealth to Canada and the U.S.
2. Corporate Account Advisory: We offered clear advice on the best timing and structure for opening a corporate account, considering the Patels’ income, savings potential, and the recent tax changes. This setup ensured they could take full advantage of tax efficiencies, aligning with their long-term financial goals.
3. Education and Retirement Planning: We worked closely with the Patels to develop a comprehensive plan for their children’s education savings, incorporating strategies like Registered Education Savings Plans (RESPs) to maximize government contributions. At the same time, we laid out a retirement plan that balanced growth with risk management, ensuring they stay on track to reach their goals.
4. Active Management with a Long-Term Focus: Drawing from our own journey—from early days with Supercharts and dial-up modems to building sophisticated algorithmic trading tools—we created a personalized investment strategy for the Patels. This approach allowed us to actively manage their portfolio, adapting to market conditions while staying true to their long-term objectives.

Results:

• Optimized Asset Management: The Patels successfully repatriated their assets and are now strategically positioned in Canadian and U.S. dollars, ready to take advantage of opportunities in both currencies.
• Tax-Efficient Structure: With a well-timed corporate account setup, the Patels are now benefiting from a tax-efficient structure that supports both their business and personal financial goals.
• Comprehensive Financial Planning: With a solid plan in place for their children’s education and their retirement, the Patels feel confident that they are well-prepared for the future.
• Proactive Wealth Management: The Patels appreciate the active management approach we’ve taken, allowing them to focus on their careers and family while we ensure their investments are working hard for them.

Conclusion: The Patels are exactly the kind of dedicated savers and forward-thinkers we love to welcome into our practice. By partnering with Evans Family Wealth, they’ve set themselves up for success, not just for today, but for the long haul. Our experience in managing wealth across generations and borders is reflected in every decision we make together, ensuring that their financial future is as bright as their present. As always, “Our Family Serving Yours” is more than just a motto—it’s the way we do business, ensuring that the Patels, like all our clients, feel secure and supported every step of the way.

*Names have been changed to preserve confidentiality

Preserving Wealth Through Strategic Use of Insurance: The Williams Family’s Estate Planning Success

When the Williams family* moved to Victoria, they were looking forward to enjoying their retirement in one of Canada’s most beautiful cities. With investable assets of $7 million and a net worth of $9 million, they had worked hard to secure their financial future. As a retired couple with two children and two grandchildren, their primary concern was ensuring their wealth would be preserved and passed on efficiently to the next generation. That’s where our expertise in estate planning and insurance came into play.

Challenges:

• Estate Preservation: The Williamses were keen to minimize the tax burden on their estate upon their passing. They wanted to ensure that as much of their wealth as possible would be transferred to their children and grandchildren.
• Generating Cash Flow: While preserving their estate was a priority, they also needed to maintain a robust cash flow to sustain their lifestyle in retirement.

Our Approach:

1. Insurance for Estate Planning: We recommended that the Williamses purchase a joint last-to-die insurance policy with a $1 million benefit. This type of policy is particularly effective for estate planning because the death benefit is paid out when the surviving spouse passes away, providing funds at the exact time the estate would need to settle any taxes or other liabilities. This approach ensures that the heirs receive the full benefit of the estate with reduced tax implications.
2. Maximizing Cash Flow: With the insurance policy in place, we were able to invest the Williamses’ current assets in a way that maximized cash flow, allowing them to enjoy their retirement years comfortably. By knowing that the policy would cover the tax liabilities upon death, we could take a more growth-oriented approach with their investments.
3. Ongoing Financial Strategy: We’ve continued to work closely with the Williamses to ensure that their financial plan evolves with their needs. As Canadian tax laws change, we’ve kept them informed and made adjustments to their strategy as necessary, ensuring that their estate planning remains effective and that their lifestyle is maintained.
4. Intergenerational Wealth Management: Recently, one of the Williamses’ children began working with us as well, continuing the family’s legacy of thoughtful financial planning. This allows us to provide a seamless transition of wealth management expertise from one generation to the next, ensuring that their financial values and goals are preserved.

The Role of Insurance in Wealth Preservation: The strategic use of insurance has become increasingly vital in the landscape of Canadian estate planning, especially with recent changes to capital gains legislation. For many, insurance is viewed merely as a safety net, but for families like the Williamses, it plays a dual role as both a protector of wealth and a tool for financial growth.

• Tax Advantages: Insurance policies, particularly permanent life insurance, offer tax-advantaged growth within the policy and provide a tax-free payout to beneficiaries. This makes insurance an attractive option for reducing the tax burden on estates.
• Wealth Transfer: By utilizing life insurance, the Williamses were able to ensure that their wealth would be transferred efficiently to their heirs, avoiding the significant erosion of their estate by taxes.

Results:

• Tax-Efficient Estate Planning: The $1 million joint last-to-die insurance policy has positioned the Williams family to preserve the maximum amount of their wealth for their children and grandchildren. When the time comes, the insurance payout will cover the taxes, leaving the estate intact for their heirs.
• Sustained Lifestyle: The strategic use of insurance allowed the Williamses to invest their assets for growth, generating the cash flow needed to sustain their retirement lifestyle in Victoria.
• Intergenerational Continuity: With one of the Williamses’ children now working with us, we’re ensuring that the family’s financial values and strategies are carried forward into the next generation.
• Peace of Mind: The Williamses have peace of mind knowing that their estate is well-protected and that their financial legacy will be passed on efficiently to the next generation.

Conclusion: The Williams family’s story highlights the powerful role that insurance can play in comprehensive wealth management. At Evans Family Wealth, we understand that preserving your legacy is as important as enjoying your retirement years. By integrating insurance into your financial strategy, we ensure that your wealth is protected, your estate is efficiently managed, and your family is taken care of. With our experience in managing complex financial strategies, and now working with the next generation of the Williams family, we continue to uphold our promise: “Our Family Serving Yours.”

*Insurance products and services are offered by life licensed advisors of Wellington-Altus Insurance Inc.

*Names have been changed to preserve confidentiality