Private wealth management

[birdman86]

Hoping some of the beyond ballers can help out here.

My dad is at the point of retirement and has built a pretty comfy nest egg for himself, but has no interest in managing his investments anymore. Also, none of us kids want to take over the farm so he also has big tax and estate things to worry about too.

Does anyone use a private wealth manager? What kind of track records do these guys have? Who are you using? I sent a cold-email to McLean & Partners, but there's got to be tons of other offices in town that do it.

Short of it is I'm shopping around, looking for someone who will put in the time to build dad a solid retirement portfolio, work out a plan to liquidate the farm assets as retirement progresses, and most of all not eat up my inheritance in fees and losses. The typical mutual fund salesman won't cut it at this point. I'd like to collect info for a bunch of offices to feel out the track records and fee structures. Reputable names only of course. Last thing I want is for the family to blame me if we get ripped off by some Bernie Maddoff...

[R-Audi]

I believe all major banks have a 'Private Wealth management' or Private Banker sector... you just have to qualify (>$$)

Im with CIBC, but my CIBC Wood Gundy account and Investment broker is separate, not sure that helps.

[Xtrema]

Originally posted by birdman86
Also, none of us kids want to take over the farm so he also has big tax and estate things to worry about too.

Sell the farm.

Put all asset in trust.

Put kids in trust and set up will.

Go live it up in retirement.

[HomespunLobster]

Originally posted by Xtrema


Sell the farm.

Put all asset in trust.

Put kids in trust and set up will.

Go live it up in retirement.

Stardew valley it, wait for one day you hate your job and open that envelope that is left for you. Go to farm, remove weeds, rocks, trees, and then profit and marry

[revelations]

Depends on your fathers net worth.

I know several, specialized (non-bank) advisers, who only work with mid 7 to high 9 figure clients to optimize investment returns, CRA dealings, holdings, offshore, etc.

There are levels of net worth where going this route makes sense and where it doesn't.

[sneek]

I used to work a group that did this (overseas). Private Wealth usually involves having quite a bit of cash on hand. The firm I worked for had Private banking for people with 30+M invest-able but from what I hear most banks in Canada are around the 1-10M threshold. There is usually one point of contact and then a team of folks that work to invest (protect) the money in the most tax efficient manner. I know some folks at TD that specialize in this but I can't vouch for how good they are ...because I am poor

[krazykhoja]

As some stated above a lot of it will be based on your father's net worth, as that will determine what type of advisor he will deal with.

Depending on the total assets/net worth as someone in the thread stated most banks have a Private Banking side that deals with the investment assets, will/estate planning, tax planning etc (this will help save on costs and fees). I work for a big 5 bank and have partners in the Private Banking side if you or your dad wanted to speak to someone in more detail.

Typically the best thing is for you or your dad to let them know what you are looking for, as everything is tailored to the individual client needs. If your dad already deals with a bank, they can refer him within the same company.

Hope that helps!

[blownz]

Check out Royal Bank, you get awesome black Visa and Debit cards:

[Dycker]

Do not go with any of the banks or generic Wealth Management Firms. Akin to telling someone to take their high-clearance sprayer to a Mr. Lube for servicing...

Find a company that specializes in Agriculture Estate Planning. Even the large accounting firms (ex. KPMG) will know how to sell and transfer assets better than any person from a bank.

Good luck, but you could always buy it off your father and build a private race track...

[GOnSHO]

pm'd

[Marsh]

Might sound odd, but ATB Financial actually has a dedicated service branch for Business & Agriculture, catering exactly to people like your dad. They may be worth checking out

[91_Integz]

Sent you a PM!

[91_Integz]

Originally posted by Marsh
Might sound odd, but ATB Financial actually has a dedicated service branch for Business & Agriculture, catering exactly to people like your dad. They may be worth checking out

I work in the Private Investment Counsel area that deals with clients exactly like the OP has described.

But you're right, not many know that ATB offers all services another big bank can offer, with an entire group dedicated to the area of Business and Agriculture. While that group isn't responsible for Investment Management, they work closely together.

[852VR6]

PM'd

[timdog]

Originally posted by Dycker
Do not go with any of the banks or generic Wealth Management Firms. Akin to telling someone to take their high-clearance sprayer to a Mr. Lube for servicing...

Find a company that specializes in Agriculture Estate Planning. Even the large accounting firms (ex. KPMG) will know how to sell and transfer assets better than any person from a bank.

Good luck, but you could always buy it off your father and build a private race track...

this. do not go to a bank.

[91_Integz]

Originally posted by timdog


this. do not go to a bank.

I wouldn't argue that there are accounting firms that can provide fantastic advice around the topic, but I would suggest that a blanket statement like "do not go to a bank" is narrow minded.

While I can't speak for other banks, I can speak for ATB and tell you that we have a position within our company that whose role is to provide clients with tax and business succession planning advice. Rather than joining one of the big accounting firms as a partner, she chose to join us in this role instead.

I hope that highlights to others that this type of expertise does exist in the banking world as well.

[timdog]

i'm not saying the banks dont have smart people. i'm saying their motivations are in the wrong place. say what you want about ATB but I would never ever go to bank for financial advice or wealth management. in my personal experience and what I have read of many other people's experiences, banks are motivated to sell you mutual funds and investments where they rake in huge management fees. they deter you from low cost ETFs of index funds (which are proven to outperform 98% of mutual funds).
They probably still employ people that know economics and finances but they are strongly encouraged by their employer to sell certain funds.

[dezmarez]

Originally posted by timdog
i'm not saying the banks dont have smart people. i'm saying their motivations are in the wrong place. say what you want about ATB but I would never ever go to bank for financial advice or wealth management. in my personal experience and what I have read of many other people's experiences, banks are motivated to sell you mutual funds and investments where they rake in huge management fees. they deter you from low cost ETFs of index funds (which are proven to outperform 98% of mutual funds).
They probably still employ people that know economics and finances but they are strongly encouraged by their employer to sell certain funds.

Where do you go for financial advice and how much do you pay for that advice?

[91_Integz]

Originally posted by dezmarez


Where do you go for financial advice and how much do you pay for that advice?

This would be my question as well. Just because a firm is independent from a bank does not mean they are providing the best advice or products that aren't expensive.

It's important to note there are clear differences between a retail advisor and a high net worth advisor. You cannot paint the entire industry with one brush.

If you are a high net worth investor you should be looking for discretionary investment managers, and particularly one with their CFA designation. The ensures you're getting someone with deep knowledge of investments, and the fiduciary duty (legal obligation) to do what is in the best interests of their client. Also, this service will also be the cheapest. In essence, you get more for less when you have more money to invest.

[Marsh]

Originally posted by timdog
i'm not saying the banks dont have smart people. i'm saying their motivations are in the wrong place. say what you want about ATB but I would never ever go to bank for financial advice or wealth management. in my personal experience and what I have read of many other people's experiences, banks are motivated to sell you mutual funds and investments where they rake in huge management fees. they deter you from low cost ETFs of index funds (which are proven to outperform 98% of mutual funds).
They probably still employ people that know economics and finances but they are strongly encouraged by their employer to sell certain funds.

This is sort of true. If you are an average joe, with like $20k to invest, the bank will just refer you to a financial advisor who will likely just throw you into some mutual funds.

If your a HNW client or prospective client like the OP, most banks refer you to their high net worth group who work one and one and have customized solutions as well as provide tax and wealth planning solutions...

It depends on how much money you have though. very different outcomes