People in their 50’s and 60’s have been called the sandwich generation. With couples having children later in life, and with many of their parents living well into their 80’s and 90’s, it is not unusual to be dealing with childcare and elder care at the same time. Changes in life style and demographics have affected all of us.
Since its inception, Baskin Wealth Management has focused on families. We manage accounts for people of all ages, from new born to old age. We recognize that optimal wealth management within families is a long term process. The TFSA we open for an 18 year old now may take time to grow, but in thirty years it will be well into the hundreds of thousands of dollars. RESPs start small, but if invested well and added to regularly will pay for higher education when needed. On the other end of the age spectrum, we manage RIFs and retirement funds in a hands-on, individualized environment to ensure that our oldest clients maximize the longevity of their accounts and gain the most benefit possible from their years of saving.
Over our more than 20 years in business we have found that an integrated multi-generational approach to wealth management works very well. No one in our business would manage TFSA or RESP accounts on a stand-alone basis; they are simple too small and too time consuming. Similarly, few portfolio managers are enthusiastic about handling a $400,000 account for an octogenarian. However, when all the accounts required by a two or three generation family are combined, effective professional management becomes available for even the smallest of accounts.
In recognition of the importance of this approach, Baskin Wealth Management has structured its management fees so as to treat all members of a family as one entity for billing purposes. Family assets are also combined to meet our minimum account size of $750,000. Rather than being loaded down with high administration or management fees, small accounts are combined with other larger accounts and benefit from the lower fees that larger accounts pay. Lower fees have a significant impact on the growth of tax sheltered accounts, and slow the depletion of funds being used for monthly living expenses.
Finally, a multi-generational approach assists families in planning the orderly disposition of assets through use of joint accounts, family trusts and similar mechanisms. We are happy to work with lawyers, accountants, actuaries and other professionals to effectuate optimal long term plans.
We are also happy to talk to prospective clients about managing their family’s wealth. Give us a call.