Scotia Wealth Management Senior Wealth Advisor, Dave Lee, offers Total Wealth Planning to clients in White Rock.

Scotia Wealth Management Senior Wealth Advisor, Dave Lee, offers Total Wealth Planning to clients in White Rock.

How INSURANCE fits in a Total Wealth strategy

For most people, Total Wealth Planning means investing. For Dave Lee, that’s just the beginning

When you think about your finances, investments, income and expenses are probably the first things that come to mind. Scotia Wealth Management Senior Wealth Advisor, Dave Lee may start the conversation there, but he knows your financial picture involves many other components.

“I use a process called Total Wealth Planning,” says Dave. “After meeting with a client, I consult with my team of Scotia Wealth Management specialists — including Anthony Windeyer, Insurance Consultant, and other experts in tax, estates and more. Together we look for the best options for each client.”

Dave works with a dedicated team of specialists including Anthony who is an Insurance Consultant. Anthony reviews the clients’ personal circumstances and future needs and goals with them to determine with Dave if there are any suitable insurance recommendations.

“Most people think about Insurance as risk management — a way to protect you and your loved ones from hardship and stress. The four main types are Life, Disability, Critical Illness and long-term care, and I usually recommend them in that order,” Anthony says. “You can also use Insurance for wealth management.”

For clients who’ve already worked with Dave to make the best use of TFSAs and other investment accounts, using Insurance for wealth management — not risk management — can be a brilliant move.

“You can acquire a significant amount of wealth within an insurance plan, and it grows tax efficiently,” Anthony says.

It’s an excellent option for small business owners, doctors, and other professionals looking beyond saving for their future and are ready to consider different creative ways to manage their wealth.

When considering Insurance, Anthony poses three questions:

  • Do you need it? Is the service one this client needs, either for risk or wealth management?
  • Do you qualify? Does the client meet the health requirements for the insurance product?
  • Do you have the means to fund it? Are the fees or payments not just affordable, but potentially beneficial from a tax perspective?

“It’s just about determining if insurance makes sense for a client’s profile, and determining what potential products may be suitable for their unique and specific situation,” Anthony says.

“Insurance has benefits as a way to diversify your portfolio.One compelling aspect of permanent Insurance strategies is they have the potential to halve the cost of taxes when doing estate planning literally,” Dave says. “Permanent Insurance is not right for every client, but through the Total Wealth Planning process, we can determine who it is beneficial for.

Call 604.535.4743 to book an appointment with Dave Lee in White Rock, or email dave.lee@scotiawealth.com to discuss investments, life insurance, retirement planning, estate planning, generating income and minimizing your taxes. Follow him on Facebook, Twitter and Linkedin for more financial insights.

ScotiaMcLeod, a division of Scotia Capital Inc. Insurance services are provided by Scotia Wealth Insurance Services Inc.

Financial planninginsurance

Just Posted

Volunteers from Semiahmoo Secondary joined with members of the Lower Mainland Green Team and the White Rock and South Surrey Naturalists Wednesday to remove invasive plants from White Rock’s Ruth Johnson Park in March. (Contributed photo)
Green Team, South Surrey students mark Earth Day with invasive plant removal

Volunteers to be on site at White Rock’s Ruth Johnson Park

rcmp
South Surrey neighbours’ calls to police lead to break-and-enter arrest

‘Prime example’ of RCMP and public working together, constable says

Members of the Wheeling 8’s dance group go on a roll at Surrey’s Chuck Bailey Recreation Centre in 2018, during the club’s 45th-anniversary event. If not for the pandemic, such activities could be socially prescribed as part of a new program involving Fraser Health and DiverseCity Community Resources Society. (File photo: Tom Zillich)
‘Social prescriptions’ connect Surrey seniors to activities and other services they need

Fraser Health-backed program involves GP referrals to a Seniors’ Community Connector with DiverseCity

Linda Annis, Aug. 12, 2020. (Photo: Malin Jordan)
Annis wants independent auditor general for Surrey

‘Surrey taxpayers deserve the best possible oversight of the tax dollars they send to city hall,’ Surrey councillor says

SkyTrain’s end of the line, for now, in Whalley. (File photo)
Provincial budget watchers lament no mention of Surrey SkyTrain expansion

But $1.66 billion is earmarked for a second hospital for Surrey, in Cloverdale

A large crowd protested against COVID-19 measures at Sunset Beach in Vancouver on Tuesday, April 20, 2021. (Snapchat)
VIDEO: Large, police-patrolled crowds gather at Vancouver beach for COVID protests

Vancouver police said they patrolled the area and monitored all gatherings

Thousands have converged in Whonnock Lake Park to enjoy the nice weather. (Roxanne Hooper/The News)
Thousands enjoy B.C. park with warnings about social distancing

Portable toilets installed in anticipation of nice weather

FILE – The Instagram app is shown on an iPhone in Toronto on Monday, March 19, 2018. THE CANADIAN PRESS/Graeme Roy
Judge acquits B.C. teen boy ‘set up’ on sex assault charge based on Instagram messages

The girl and her friends did not have ‘good intentions’ towards the accused, judge says

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Kai Palkeinen recently helped a car stuck on the riverbed near the Big Eddy Bridge. While the car could not be saved, some of the driver’s belongings were. It’s common for vehicles to get stuck in the area due to significantly changing river levels from Revelstoke Dam. (Photo by Kai Palkeinen)
“I just sank a car’: Revelstoke resident tries to save vehicle from the Columbia River

Although it’s not permitted, the riverbed near the city is popular for off roading

Playland at the PNE is set to reopen this May, with COVID-19 health and safety measures approved by the province. (Website/Playland)
VIDEO: Playland at PNE scheduled to reopen this May to masked customers

British Columbians are discouraged from travelling outside of their local health authority to visit the theme park

Meng Wanzhou, chief financial officer of Huawei, walks down the street with an acquaintance after leaving B.C. Supreme Court during a lunch break at her extradition hearing, in Vancouver, B.C., Thursday, April 1, 2021. A judge is scheduled to release her decision today on a request to delay the final leg of hearings in Meng Wanzhou’s extradition case. THE CANADIAN PRESS/Rich Lam
B.C. judge grants Meng Wanzhou’s request to delay extradition hearings

Lawyers for Canada’s attorney general had argued there is no justification to delay proceedings in the case

B.C. Premier John Horgan announces travel restrictions between the province’s regional health authorities at the legislature, April 19, 2021. (B.C. government photo)
B.C. sees 862 more COVID-19 cases Wednesday, seven deaths

Recreational travel restrictions set to begin Friday

B.C. Finance Minister Selina Robinson is photographed following her budget speech in the legislative assembly at the provincial legislature in Victoria, Tuesday, April 20, 2021. THE CANADIAN PRESS/Chad Hipolito
B.C. budget lacks innovative drive, vision during uncertain times, say experts

Finance Minister Selina Robinson’s budget sets out to spend $8.7 billion over three years on infrastructure

Most Read