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Why collaboration matters when it comes to wealth management

Working with a trusted team can make all the difference to having a Total Wealth Plan that delivers

The COVID-19 pandemic has generated unparalleled levels of stress. Many of us find ourselves worrying constantly, not least of all about what this means for our financial security, now and into the future. Even in the best of times, when it comes to wealth management, it can be hard to decide how to plan properly for all aspects of your life—home, work, family, investments, estate planning. Understanding current market dynamics and piecing together different solutions requires time and effort, not to mention financial expertise. Some of us simply don’t feel prepared to take this on.

The good news is, you don’t have to do it alone. The key to a successful total wealth management solution is collaboration. By taking an innovative team-based approach that addresses all areas of your life with knowledgeable and trusted professionals, you can build something better together.

One size does not fit all

First, it’s important that your wealth management team truly listens and understands your distinctive situation and goals. “The circumstances of each client who walks through our doors are unique and deserving of a customized approach to make their vision for tomorrow a reality,” says Erin Griffiths, senior vice-president of client solutions at Scotia Wealth Management.

In uncertain times especially, people recognize the importance of professional advice for assurance and stability. Advisors must understand their clients’ concerns, not just relative to market pressures or the economy, but based on their particular needs and objectives.

Worries or disagreements about finances are among the top stressors for individuals and couples, so it’s beneficial to have an objective team that can effectively work with you to address these concerns. “Our team of experts works as a unified voice across areas of specialty to help clients achieve their short- and long-term goals–while navigating any obstacles that might arise along the way,” says Griffiths. “Furthermore, the team is not fixed; it’s assembled to suit the client and is also flexible.”

A big-picture approach to wealth management

Ensuring that both family and business needs are balanced can be challenging. Your wealth management team can help you manage your wealth in a more comprehensive and integrated way throughout your life, from accumulation to tailoring retirement plans to leaving a legacy. Truly comprehensive financial planning goes well beyond portfolio management. Complex wealth planning often includes well-considered risk management, insurance planning and tax optimization as well as strategies for financing your children’s education, caring for your aging parents, business transition, retirement living and legacy planning.

“The past few years, in particular, have shown the importance of having a holistic financial plan that incorporates the appropriate investment, banking, insurance and estate strategies to give clients and their families the confidence and peace of mind that comes with knowing they are well prepared,” says Griffiths.

A trusted wealth management team quells worries

Collaborating with a wealth management team that understands your history, your full wealth picture and your goals leads to a more streamlined and integrated approach that ultimately helps achieve those goals.

Having this trusted relationship with your team enables you to work together to devise a comprehensive financial plan. That plan then helps you make important life decisions such as when best to retire or whether to launch a new business.

It’s about the active role you play throughout the process. It’s not about handing over your information and letting them take it from there. “We take the journey together,” affirms Griffiths. “A Total Wealth Plan is not a basic retirement plan to ensure there’s enough money upon retirement, but rather a road map that factors in all the complex aspects of a client’s life and is adaptable to change.”

Collaborate with a trusted team of wealth advisors. Find out how a meeting of the minds or Enriched Thinking at Scotia Wealth Management can help you build a Total Wealth Plan, tailored for you, your family, business and future.

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