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 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.

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