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Ellen

Given the financial complexities and time-consuming responsibilities of running a busy household, Ellen’s situation is best suited for discretionary investment management. Ellen and her husband have worked with their long-time Private Investment Counsel Portfolio Manager to build a multi-faceted discretionary portfolio with tax-efficient returns for their family’s long-term financial security, their retirement and their children’s education.

Ellen meets regularly with her Portfolio Manager to review the progress of their portfolio and to discuss any changes in their lives or financial circumstances that may impact the day-to-day management of their portfolio.

Working with Ellen’s external tax professionals, Ellen’s Portfolio Manager and Scotia Wealth Management specialists identified income-splitting strategies that could be implemented to help reduce the family’s overall tax burden.

As Ellen’s children begin thinking about their university education options, Ellen’s Portfolio Manager and banking professionals are working closely together to help Ellen and her family take advantage of tax-effective savings and education funding options through Registered Education Savings Plans (RESPs) and Tax-Free Savings Accounts (TFSAs).

Ellen’s Portfolio Manager introduced Ellen and her husband to an estate planning specialist who worked with them and their external advisors to create Wills and financial Powers of Attorney. They appointed Scotiatrust® as Executor, Trustee and Attorney to provide professional services to ensure their wishes will be carried out and their estate administered in a professional and timely manner. Ellen was introduced to Scotiatrust’s Estate Assist service, which is available to help her carry out the time-consuming and complex legal duties of acting as Executor for her mother’s estate when the time comes.

Ellen’s Portfolio Manager worked with a Senior Financial Planning Consultant to identify a retirement income strategy that can help build retirement savings for Ellen while lowering taxes for her husband during his highest income-earning years. Their strategy is focused on creating co-ordinated, tax-efficient retirement incomes for both individuals during their retirement years.

Ellen’s Insurance Consultant used insurance strategies to help protect her family’s financial security should Ellen or her husband suffer from an accidental death or be diagnosed with a critical illness. Her Insurance Consultant also recommended that disability insurance be considered for her husband, as he is the family’s sole source of income.