What is it and what does it mean to our clients?

CRM 2 is an investment industry acronym for “Client Relationship Management 2”, the second part of a rollout of improved communications to clients in order to provide more transparency about two very fundamental questions:

“What returns are my investments generating?” and “What are the costs for your services?

Every investor should know the answer to these questions and providing you with this information is an important part of our service. However, there’s more to proper wealth management than just returns and costs. We also want you to be aware of all the integrated activities we perform for your broader benefit so that you don’t just enjoy the best possible investment returns, you also enjoy financial confidence. Below is a summary of the many valuable services we provide to help you get the most out of our relationship. 

Investment management: This begins with in-depth meetings that enable us to learn everything we can about you, your goals, your risk tolerance and what will provide you with financial peace of mind. Next, we choose investments that are right for you and manage them according to changes in both the market and your life. You get up-to-date reporting on your portfolio strategy so you know what you own and why and whether the strategy is performing appropriately to meet your goals. We will implement changes to your investment strategy by rebalancing your holdings as needed and always act in your best interests.

Financial planning: We can help you recognize your key financial objectives (which may include paying down debt, saving for major purchases, funding education, and investing for retirement), and then help you plan to achieve those goals. We develop and review your plan to keep you on track to meet your financial needs throughout life. We check in with you regularly so that we know when a change occurs – a new job, the birth of a child, a divorce, illness or death, and so on – and then make the necessary adjustments to your plan.

Retirement planning: We help you determine when you want to, or are able to, retire and plan wisely to achieve a secure retirement. First, we identify your expected sources of income (Old Age Security, Canada Pension Plan, company pension, inheritances, etc.), estimate your expenses and other liabilities, estimate the amount you need to save by a certain date, gauge the income you will need during your retirement and the lifestyle you hope to enjoy, help you budget and save effectively, ensure you pay no more than your fair share of taxes, and choose the best registered accounts for your needs (RRSP, RRIF, LIRA, or LIF).

Estate planning: We help you to preserve your legacy by strategically directing the course of your wealth after your death. Effective planning can reduce the stress your heirs will experience as they deal with taxes and expenses that become due on your estate. It will simplify and speed the transition of your assets to your heirs in the wake of your death, and ensure that your heirs are protected from legal complications. To ensure your legacy to your family, charities and other beneficiaries, we work together with our Tax & Estate Planning team to educate you about investments and account structures, such as joint non-registered accounts, that can benefit your estate; help you prepare your Will and select an executor; minimize or defer estate taxes; ensure the smooth and seamless transfer of your wealth to the next generation; and pass good wealth stewardship principles on to your heirs.

Paying less tax: We will help you to meet your tax obligations while minimizing your personal and corporate tax burdens. We’ll help you find the right accounts for your needs and manage your investments so you pay as little tax as possible. There are many strategies to reduce your tax requirements and our team will work with you to find the appropriate tools.

Risk management: A critical aspect of building long-term wealth is mitigating risk. We help you protect your wealth, income, lifestyle, family, and business from the financial fallout of an unexpected disability, illness or death using a variety of insurance strategies and investment strategies. Working with our in-house insurance experts, we can perform a complete needs analysis, help you understand the benefits of various life insurance policies and trusts, protect your business from the loss of a key executive, provide group life and health insurance plans, and use insurance as a tax minimization strategy.

Education planning: Post-secondary education is more necessary than ever before. Using RESPs and/or trusts, we can help you to prepare and save for the goal of post-secondary education for yourself or your children and grandchildren while taking full advantage of government grants and investment vehicles that maximize the potential for tax-free growth.

Advising business owners: We can help you to structure your business optimally, develop a succession plan, design a complete wealth plan to solve daily business issues, manage your cash flow, invest your corporate reserve funds, creditor-proof your wealth, and design a succession plan to transition into a well-planned and well-funded retirement.

In addition to all these advisory services, we also provide a range of efficient and convenient administrative services to keep track of your investments and financial data. We will always answer any questions you have about your investments or the markets, and will gladly liaise with your accountant and lawyer to streamline your financial matters – not just at tax time, but all through the year, making sure every detail is well managed.

Due to recent changes by the Canadian securities regulators, Richardson GMP will be making several improvements to our statements to more clearly report the book costs of the securities in your account, the fee or commissions you pay and your portfolio’s rate of return. Simply put, you’ll clearly see how much you invested, how much it cost and how much you earned. Your investment performance will be reported for up to 10 years while all costs associated with your investments will always be clearly disclosed.

Thank you for your continued trust and for allowing us to review the integrated, comprehensive wealth management services we offer to help you make smart financial decisions and truly enjoy the rewards of your wealth. We hope this article captures the full scope of value you receive for the fee you pay and look forward to continuing to enjoy the privilege of working with you to secure your financial success.