Services for Business Owners
Wealth Management
Executive financial planning service
Many companies retain our team to act as personal wealth managers to the executive staff. We are trained to evaluate and provide ongoing consultation on every aspect of the executive's financial situation – from investment and retirement planning, to insurance, and estate and tax planning.
Executive money management services
Business owners and professionals are generally so busy running their companies that they often don’t have the time or resources to properly manage their personal portfolios. We can provide a full money management and portfolio service tailored to each executive’s risk tolerance, time horizon and personal objectives. Our team is independent and objective in providing solutions for money management.
Retirement Planning
Specialized retirement savings vehicles
Under the income tax laws, small business owners and professionals have a special opportunity to increase their contributions to a retirement savings program beyond regular RRSPs. Retirement Compensation Arrangements (RCAs) and Individual Pension Plans (IPPs) allow for increased tax deductions to the company, as well as the ability to grow retirement funds in a tax-deferred environment. The best option will depend on individual circumstances, including income level and availability of cash.
Our team can also help you set up deferred-profit sharing plans (DPSPs) and Group RRSPs for executives and other employees. Click here for more details. [link to Executive and Employee Groups]
Risk Management
As a broker representing multiple insurance companies, the Taylor Team will help identify the best risk management solutions for your particular situation, while ensuring best value. Through our network of specialists, we are able to meet your requirements for all kinds of insurance – from life, disability, critical illness and long term care, to group insurance for executives and employees. Potential solutions for business owners include:
“Key person” insurance
Most businesses have a few “key” people upon whom the company’s success depends. In the event of death, critical illness or long-term disability of these key employees, there could serious financial repercussions for the company and its stakeholders. Many businesses rely on our team to evaluate the potential risks involved in the loss of certain key people and offer strategies and contingency plans that can be put in place to minimize such damage.
Buy/sell agreements
In businesses where there are partnership arrangements, the principals should consider developing a fully funded buy/sell agreement. Our team can analyse your current buy/sell arrangements and make recommendations on the best funding vehicles in the event of death, critical illness or the long-term disability of any principal.
Disability insurance carve-outs
For many business owners and professionals, the disability insurance provided by a company group plan is inadequate for their needs. Our team can assess your personal circumstances and make recommendations to help close the gap.
Succession planning services
Small businesses and corporations that are tightly held by a few individuals must plan for the succession and continuing success of the business they have helped to build. There are many factors to consider when developing a succession plan, especially taxation of the assets when they are transferred and the availability of funds for the buyer of the business. Our team can work with your other advisors to help formulate a succession plan and address each issue relating to that plan.
Estate and Tax Planning
Estate planning is the process of structuring your affairs to preserve your wealth and transfer what’s left at the time of your death to your beneficiaries, whether they are your family, partners or favourite charities. It is especially critical for small business owners, whose assets may be largely tied up in the business and who wish to ensure the business’s survival while also meeting the needs of loved ones.
As well, there is often significant opportunity for business owners and professionals to reduce and defer taxes for the benefit of stakeholders.
Because of its complexity, estate and tax planning for small business owners requires the complementary skills of various experts specializing in income tax, life insurance, estate law, family law, powers of attorney and other areas. Our team can bring these disciplines together to create an integrated solution that seamlessly addresses your personal, family and business objectives.
Cash and Credit Management
Our team can provide small business owners and professionals with cash and credit management services. We have developed a program that gives executives access to some of the best in savings accounts, lines of credit, mortgages, GICs and other banking services. Our team will map out a full lending and saving plan for each executive to lower borrowing costs and increasing savings rates.
Disclaimer: The information contained herein is for ON residents only and does not constitute an offer to sell or solicit sales in any other Canadian or foreign jurisdictions.