Customized financial planning targeted to your goals
Your personal financial plan is the umbrella that covers all aspects of managing your wealth. Working with our financial planning specialists, your BMO Private Bank wealth advisor will provide objective advice to help create a comprehensive, integrated plan that meets your specific objectives. In addition to establishing guidelines for constructing your portfolio, your financial plan can help accomplish these goals:
Retirement and income planning
Make the most of your retirement by taking advantage of retirement savings and income strategies today. Your wealth advisor can help you explore withdrawal strategies, guaranteed income options, and other methods that can help you maintain your standard of living while also achieving your legacy goals.
To read more articles about retirement planning, visit our Insights section.
A well-structured wealth transfer plan can help achieve a number of goals: preserving your assets, supporting charitable causes and, ultimately, ensuring the efficient transfer of your wealth to your beneficiaries.
To view videos on "Enhanced Estate Planning" visit our Insights section.
Protect the legacy you've built—for yourself, your family and your heirs. Our risk management and insurance planning specialists work with you to navigate various insurance solutions, and identify the transfers and purchases that will make the most sense for your particular risk profile.
Maximizing a Legacy with Effective Tax Strategies
Stephen, age 59
Married with three children
Personal net worth: $7 million
I had always found it disconcerting that a large chunk of my estate was likely to go to estate taxes when I die. I would prefer that my hard-earned money go to my children and the charities my wife and I care about. We tried to reduce our estate by giving the maximum allowable gifts each year, but I knew there were more ways to protect our wealth. I just didn’t know what they were. I needed someone to help me visualize and understand the options.
At a friend’s recommendation, I met with a wealth advisor at BMO Private Bank. I explained that we wanted to leave three-quarters of our money to our children and the rest to charity. The solutions she offered us were, in my opinion, ingenious. Essentially, she combined several financial planning tools into one comprehensive plan. First, we used a charitable remainder trust to move some assets out of our estate, yet we will continue receiving income from those assets until we die1. And then we set up a life insurance policy that will pay our children the equivalent value of those assets that go to charity after my wife and I are gone.
My wealth advisor went well beyond what I expected in terms of creative thinking. She introduced strategies which helped reduced my estate tax liability from $2 million to about $200,000, and I’m still in control of my assets. My wife and I can now enjoy a very comfortable retirement knowing we’ve taken care of the people and charities that matter most to us2.
Improving the odds, late in the game
Paul, age 56
Married; sole wage earner
Personal net worth: $1.5 million
I had always planned to quit working at age 60. As the day got closer, though, I started to grow concerned that my retirement plan wouldn't support my wife and me for the rest of our lives. So I met with a wealth advisor at BMO Private Bank. I'm really glad I did. He took a close look at our situation and calculated that there was only about a 65% chance that our investments and retirement plan income would be sufficient for our lifetime needs. Then he surprised me by saying I had several short-term options for improving that statistic.
At first, he explained that by working just two years longer than I'd originally planned, the probability that my retirement plan would support us throughout our lives would jump to 95%. He also said that by making modest cuts in our monthly expenses and scaling back slightly on vacations and other big-ticket items, my wife and I could boost that percentage even more.
My wealth advisor also took time to explain some of the more complicated aspects of retirement planning and income. We talked about the tax implications of withdrawing funds from my portfolio; he helped me make important decisions about pension and benefit plan options; and we explored the idea of gifting some of my life insurance to reduce estate taxes and create an endowment for our colleges.
I feel much better prepared to handle retirement thanks to my BMO Private Bank wealth advisor. I only wish we'd met sooner!
Managing life after loss
Eileen, age 54
Widowed with grown children
No income; limited knowledge of family finances
Personal net worth: $1.5 million
My husband died suddenly last year of a heart attack. We had been married for 31 years. He handled our financial affairs that whole time. When he passed, I was completely unprepared to confront the details of my new life as an unemployed widow—especially the financial ones. I didn't have the slightest idea how to handle the retirement savings my husband had accumulated. And I was completely shocked by the huge difference between his last monthly paycheck and the Social Security survivor's benefit I began to receive. I didn't know how I would make this work.
A wealth advisor at BMO Private Bank came to my aid. She went through all the paperwork I found in my husband's financial files and reassured me that I was going to be just fine. She calculated that I could maintain my current lifestyle on his retirement plan income plus some new income we could generate from investing his life insurance. She also helped me put together the list of all the documents I needed to update as a result of my husband's death—insurance policies, beneficiary designations—all kinds of things that never would have occurred to me. And after giving me some quick lessons on how to manage monthly finances on my own, she handed me her card and told me I could call her anytime for help. I have. And each time I do, her responses are thoughtful and caring, and her advice is incredibly useful.
The understanding and personal attention I have received from BMO Private Bank has been truly remarkable. I never imagined a bank would come to my rescue—and just when I needed it most.