The economic impacts of the COVID pandemic – roller-coaster stock markets, job losses, struggling businesses – have left many Canadians concerned about their financial security. The world crisis has reinforced the importance, at any age, of having a detailed financial plan that can help you realize your dreams and retire comfortably.

This five-part series of articles highlights the importance of having a financial plan, and how an advisor can help you be prepared for market corrections, as well as all the big events in your life. In the final article of the series, we look at wealth management as the next logical step in your financial planning wealth and the complexities of life grow exponentially.


“Often, it’s about helping clients redefine their goals or visions and then bringing a team to the table that has fresh perspective and the experience to evaluate what all those possibilities might look like”

Kimberly Pongo, Regional Director, Wealth Management Partnerships, Scotiabank

In the next 10 years, the number of high-net-worth individuals in Canada is expected to double just as the country’s large Baby Boomer and X generations retire. Many of those wealthy individuals are going to be looking for advice that takes into consideration their need to protect and grow their wealth for future generations.

Much of that wealth has come from gradual accumulation over the years with the help of financial planners. If you have been working with an advisor for a while, chances are you have been nudged into the high-net-worth category and require a higher level of personalized service. Of course, you might also have had a windfall from the sale of a business or real estate, an inheritance, or even a lottery win, and require help managing the money so it’s there when you need it.

As your wealth grows, additional strategies become available that you can leverage to both preserve your wealth and make it work efficiently so you have the lifestyle you want in retirement. Helping you unlock those strategies is the job of a wealth manager.

Are you ready for wealth management?

If your chequing, savings, and investment accounts — your investible assets — add up to more than $1 million it is time for you to take a deeper look at your needs. However, for financial planners, the time for referral to other professional partners may come even sooner, says Tonya Campbell, Regional Vice President, Central Canada Mobile Advice Team at Scotiabank. “If the trajectory of your investments is heading into the $1 million range and we can see that there’s still plenty of time for you to continue gathering and growing your assets, it may be time,” she explains.

You will also need to consider the complexity of your needs. Has your business or family dynamics — marriages, divorce, children — changed? Your needs, along with your financial disposition are factors in deciding if you should be accessing services such as tax strategies, legacy planning, wealth transition, business succession and insurance.

Getting started

Once it’s decided you would benefit from a team of wealth management professionals, an advisor will go over with you all of your assets, concerns, goals for short-,medium- and long-term, and help you uncover any additional needs. Then, leveraging a team of experts, the advisor will tailor a strategy to address those needs. Do you have any unfilled objectives that some strong support could help you get going? This is the time to discuss them. Wealth management allows you to be as hands-on or discretionary as you wish and to incorporate your personal beliefs into your investment strategy, whether that’s a desire to only hold environmentally or socially responsible investments or to support a particular cause.

“Wealth Management is an evolution of financial planning, and part of that evolution is really understanding what motivates clients,” says Kimberly Pongo, Regional Director, Wealth Management Partnerships, Central at Scotiabank.

“Often, it’s about helping clients redefine their goals or visions and then bringing a team to the table that has fresh perspective and the experience to evaluate what all those possibilities might look like,” says Pongo, who manages a team of consultants responsible for triaging clients into the group that will best suit their needs.

Extended services

Typically, if you are working with a bank on the financial planning side, investment options can be limited to proprietary mutual funds, and a handful of products that are available at the retail level such as deposit products, Guaranteed Investment Certificates, and Exchange Traded Funds.

Aside from providing a much wider range of investment options, wealth management services usually include legacy planning and wealth transfer, trust creation and administration, and philanthropy advice, as well as day-to-day financial support either personal or custodial.

It can also provide private banking for those who have accumulated significant wealth

through a variety of assets. Private banking essentially is about being able to look at all of the assets and wealth you have accumulated — real estate portfolio, insurance cash surrender value and holdings in a business — and create a credit facility that allows you to continue to build your wealth and leverage existing wealth to take advantage of additional opportunities, whether they be investing opportunities, business purchases or even buying a cottage, sailboat, or family vehicle.

What it comes down to, Pongo says, is taking the time to ask the questions and review your situation regularly. “When you do, you’ll be amazed at how you can get your money working for you in a lot of ways that you might not have known about.”

To learn more about Wealth Management investment solutions available at Scotiabank go to

Preserving Wealth
A snapshot of Total Wealth Planning.

  • A review of your entire situation resulting in professional, tailored advice to help you plan for today and the future.
  • Adds value by being as complex or as simple as you need it to be to fit your circumstances.
  • Incorporates both short- and long-term goals and needs, including planning for retirement, leaving a legacy or ensuring your wealth is preserved for future generations.
  • Encaptures the areas of your life that make it different and unique, from relationships to careers, hobbies, health and more.

Ready to get started?

Now that you know the basics, you’re all set to meet with a Scotia advisor.

For your personalized financial plan, find an advisor and book a meeting at a branch near you.