Wealth Management
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It is not a secret we all are in a unique Life-stage and designing our ideal Lifestyle. Sometimes dealing with financial decisions or planning can get in the way of living our full desires. This is the world we help people with day in and day out.
Determining all of your financial issues and creating your financial dashboard can pinpoint as to where your gaps are located along with your opportunities. Let us help you solve the riddle by working with you to create an individual strategy for your personal wealth management.
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Our expert team focuses on integrating your insurance, your investments and your business to cover all the bases. Serviss Wealth Management has the expertise to help you create a plan that addresses all of your concerns. We will cover risk management, tax planning and estate planning during the process. Additional factors that may be incorporated include: charitable giving, registered education savings and projections for your retirement income.
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Even though it is fairly straightforward, it is helpful to have experts working on your behalf. Wealth management refers to the science of enhancing or solving your financial situation.
Our reputable and experienced team of advisors can decipher the jargon and discuss a complete range of financial service products and options in a consultative manner so that you can decide on the most appropriate course of action.
A wealth manager may be able to provide information on any financial product; however, most specialize in the products and services they are most comfortable discussing. Every client is unique. The consultative information provided by Serviss Wealth Management helps to ensure that every client and their needs are treated individually in order to ensure the best possible outcome for protecting and managing your assets. Our affluent clientele has a range of needs and preferences. We meet with you open-mindedly; bringing zero assumptions or presuppositions to the table.
Discussing and addressing your particular needs is what we specialize in. Our main objective is to understand each client and find out what particular items are of interest and why. Only then can we present the appropriate financial services and products to meet your individual needs. Book you appointment today and let’s get started.
When we met Dustin, we had a problem, a good problem but we wanted to live a certain lifestyle and didn’t know if it was possible. Within a couple meetings Dustin had us feeling at ease while navigating through a sudden wealth situation. More importantly, over the years we have regularly leaned on Dustin and the Serviss Wealth Management network for major financial milestone decisions in our business and personal life. He is attentive, available and explains things in plain language. James & Kristi, Proprietors, Wiseacre Farm Distillery
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Investment Management
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We Provide No Obligation Portfolio Reviews:
Do you feel as though your investments are improving your lifestyle?
Do you know what you pay in fees?
Do you know what you get for the fees you pay?
Would you appreciate having a more meaningful conversation with your current investment advisor?
If you would like to start living your best lifestyle, it starts with having a wealth plan you understand.
BOOK A MEETING TODAY
Numerous clients have a substantial nest egg or come to us with significant net worth – maybe they just sold their Okanagan Business. We take pride in our job to preserve their wealth in the most efficient way possible. Our core philosophy is to preserve capital initially and then focus on growth.
Families and individuals within the high-net-worth category may face intricate financial decisions. Serviss Wealth Management has the experience to clearly explain sophisticated solutions and advice in a way our clients’ can understand. It is vital to have the proper knowledge prior to making any financial decision.
I should put more thought into the important decisions about the money, but I have just left it in your capable hands and feel complete trust that you will manage the funds to my best advantage. Loraine, Retired Business Owner
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We conduct ourselves as your financial partner so that you can concentrate on living your life. Helping our clients manage their complex credit requirements and their cash flow enables a streamlined process to take place. Organizing your financial affairs provides ultimate control when it comes to your financial future. Stop guessing and let us help you get the facts.
Is there an Account Minimum to work with Serviss Wealth?
We do our best work with business owners and successful families with a networth of $2M – $10M. Having said that, we do not have an investment account minimum as there are multiple ways we can efficiently work together:
Fee for service based on assets
Consulting (hourly or project based)
Coaching Style (webinar or one on one)
Revenue from Insurance Commission
If in doubt, contact us – we will be straight up and if we can’t help you we have a valuable network of Professionals who can.
What to do when your investments go down – Down Market Manual
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Even though it is fairly straightforward, it is helpful to have experts working on your behalf. Wealth management refers to the science of enhancing or solving your financial situation.
Our reputable and experienced team of advisors can decipher the jargon and discuss a complete range of financial service products and options in a consultative manner so that you can decide on the most appropriate course of action.
A wealth manager may be able to provide information on any financial product; however, most specialize in the products and services they are most comfortable discussing. Every client is unique. The consultative information provided by Serviss Wealth Management helps to ensure that every client and their needs are treated individually in order to ensure the best possible outcome for protecting and managing your assets. Our affluent clientele has a range of needs and preferences. We meet with you open-mindedly; bringing zero assumptions or presuppositions to the table.
Discussing and addressing your particular needs is what we specialize in. Our main objective is to understand each client and find out what particular items are of interest and why. Only then can we present the appropriate financial services and products to meet your individual needs. Book you appointment today and let’s get started.
When we met Dustin, we had a problem, a good problem but we wanted to live a certain lifestyle and didn’t know if it was possible. Within a couple meetings Dustin had us feeling at ease while navigating through a sudden wealth situation. More importantly, over the years we have regularly leaned on Dustin and the Serviss Wealth Management network for major financial milestone decisions in our business and personal life. He is attentive, available and explains things in plain language. James & Kristi, Proprietors, Wiseacre Farm Distillery
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Our premise for our Private Client Investment Counseling is rooted in understanding and communication. Each one of our clients’ is unique and everyone has their own set of objectives and circumstances. Our goal is to establish an in-depth relationship in order to customize an investment portfolio that reflects your goals and specific timelines.
Our devoted Investment Counselors manage your portfolio on your behalf as part of a discretionary service. This method provides you with peace of mind when it comes to the continuous decision making processes involved with managing your portfolio.
Our Private Client Investment Counseling is offered for families, individuals, estates, trusts and holding corporations who have investment portfolios greater than $1 million dollars. We look forward to sitting down with you at your earliest convenience to explore a variety of exciting options.
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We have relationships with best in class Mortgage Investment Corporations, Exchange Traded Fund (ETF) companies and Real Estate Investment Opportunities.
Insurance
The base of a solid financial plan starts with Risk Management. Protection from death, illness and injury all make up the complete financial plan.
Two basic kinds of life insurance policies exist: term and permanent.
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TERM INSURANCE:
Pay off my mortgage or other long-term debt if I passed away
Make sure my spouse and/or kids are taken care of if I passed away
Protecting my business, key person insurance, or partnership buy/sell agreements.
PERMANENT INSURANCE:
Pay off my mortgage or other long-term debt if I passed away
Make sure my spouse and/or kids are taken care of if I passed away
Protecting my business, key person insurance, or partnership buy/sell agreements.
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Term life insurance is the most straightforward option. You decide on a death benefit amount or how much money will be paid to your heirs upon your death. Next, you decide on a term or length of time you want the coverage to be in place. For instance, you may choose a 20 year term for a $500,000 policy. This is a common option if a temporary need such as covering a mortgage balance or paying tuition costs is required.
Business owners who have partners that plan to retire on a particular future date may also find that term life insurance is their best option. For instance, if Tracy and Tom both own a business together, they agree that if one of them passes away prior to their retirement date, the remaining partner would purchase the deceased’s portion of the business.
In this circumstance, they may each take out term policies naming the partner as the beneficiary. Therefore, if Tom dies, Tracy would receive a life insurance lump sum that she could use to purchase Tom’s half of the business from his heirs.
The main issue with term insurance is that it is only good for a particular amount of time. If you and your partner plan on staying in business forever and your term insurance expires after 20 years, you may be left with zero coverage. The rates with term insurance increase significantly as people age. In this scenario, you may prefer a permanent policy.
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Permanent policies offer an investment component often referred to as “cash value”, along with the insurance. A portion of your permanent insurance premium covers the insurance component of the policy and another portion goes towards an investment.
On the flip side, term insurance is strictly insurance. Once you finish paying term insurance premiums and the term is finished, you receive nothing. Permanent life insurance policies however, will always have the investment component. Even if you choose to let the policy lapse, you still have the investment account at the end.
Of course, in terms of cost, the permanent insurance is significantly more expensive than term insurance. As long as the premiums are paid, the policy remains in place for your lifetime. These types of policies are beneficial for those who prefer to have insurance for a lifetime and not have to worry about it only being valid for a particular time-frame.
There are different kinds of permanent policies in place to allow different ways to invest your cash value or the investment component of the policy. Some choose to borrow against the investment portion and utilize the funds as they see fit. Others may choose to direct the insurance company to use the money in the investment account to cover the premiums.
In permanent insurance, once you die, your beneficiaries receive not only the death benefit but the investment portion of the account as well.
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Life insurance will help younger families maintain a certain lifestyle level or protect them from loss of income in the event of an untimely death. Older couples may use insurance as a method to transfer a legacy or wealth to younger generations.
In some instances, families choose both a permanent policy and a term policy to satisfy all of their needs.
A younger couple with a $250,000 mortgage and 2 small kids may choose a $500,000 permanent policy that is valid until 100 years of age and an additional $1 million dollar term policy for 30 years to protect the family during the time the kids are young and the mortgage balance is high.
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Life insurance is optimal for business owners for reasons that are very similar. If a key employee, owner or partner passes away, a business may deteriorate rapidly. Having the proper insurance in place can enable the surviving business partners to have enough capital to keep the business operating while a replacement is sought.
If an individual plans on being active until they die and the business will not operate without that individual, permanent insurance maybe the best case scenario.
Life insurance is also commonly used to buy out shareholders or partners in a purchase/sell agreement if one of the owners suffers and unexpected death.
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The amount of insurance your business or family requires will depend on your general business structure, future expenses and debts and your expected income over your lifetime. For a free consultation to discuss your options, call Serviss Wealth Management today, at (778) 484-1435
Business Advisory
We ask great questions. We help you see clearly. We solve problems.
“If you do not get value from our advice sessions, we will refund 100% of your money.” Dustin Serviss
WATCH VIDEO: Serviss Wealth Management - Packing Parachutes For Okanagan Business Owners For Over 14 Years
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Our business consulting services specialize in helping dynamic companies manage initiatives and improve less efficient areas to achieve the best possible business outcomes. We help companies create a solid growth foundation while supporting the requirements of our clients through their growth lifecycle. This is accomplished by overcoming barriers to growth while restoring, creating, and protecting value. Let us help your company with the following:
Managing risk
Identifying new opportunities
Improving performance
Improving leverage technology
Executing growth potential and strategies
Helping business owners who have earnings trapped with a Holding Company
Building financial models
Assessing the viability of a business to purchase additional property
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Do you want to know what the approximate value is of your commercial real estate building? Or maybe you want to know if your lease rate is in line with the market?
This is a summary report with the comparable real estate sales or leased properties in your area. It is for your internal purposes and provides a starting point for business owners when considering their property value or lease rates. The report comes with a consultation from a licensed realtor. It also comes with a financial consultation with Dustin Serviss to explore any bigger picture considerations with respect to your decision-making process or potentials questions.
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Value drivers are anything that can be added to a product or service that will increase its value to consumers. These differentiate a product or service from those of a competitor and make them more appealing to consumers.
Take the Value Driver Quick Assessment
The assessment will give you insight into 8 key drivers that make your business what it is today. From there the report will show you where you need attention to hit the goals you have set for your business.
Tax Planning
WATCH VIDEO: Using Life Insurance to Make Sure Your Estate has liquidity (Immediate CASH)
Serviss Wealth Management has close relationships with the accounting and legal field personnel. Our affiliations with reputable business advisors, tax lawyers and CPAs help us offer you the best case scenario.
Some examples include:
Equalization of the estate in blended family circumstances
Eliminating estate tax and probate in times of serious illness or upon death
Coordinating income from Operating Companies to Holding Companies
Tax advice regarding real estate holdings
Partnership Tax and Legalities
Discuss dynamic family issues and Business Strategies
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The goal of tax planning is to determine how to achieve all of the elements within a financial plan in a manner that is as tax-efficient as possible. This is achieved by logically analyzing financial plans or situations from a tax perspective with the goal of aligning finances to be as efficient as possible with taxes. By minimizing tax liability, the other components of one’s financial plan can interact as effectively as possible.
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There are numerous aspects taken into consideration when it comes to tax planning such as expenditures along with the timing of both purchases and income. As well, common deductions, investment selection and different kinds of retirement plan options are taken into account. Having an experienced representative on your side can help you navigate these elements and help you incorporate tax planning within your financial plan. The majority of financial actions will have some consequences on the tax front; however, understanding the options and the bottom line prior to making these important decisions is vital to your overall protection.
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The art of creating and implementing specific strategies to ensure you reach your long and short term financial goals is the premise of financial planning. If this process was streamlined and easy however, the world would be full of richer people!
Since taxes constitute such a huge portion of lifetime expenses, it is easy to see why financial planning is closely linked alongside tax planning. The more successful you are, the larger your tax expenses will be over the long run. Reducing your taxes with appropriate planning is an essential part of your financial planning equation.
Succession Planning
Ever thought of transitioning your business? To a family member? To a 3rd party or to your management? It is a BIG decision, we get it and have you covered.
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Planning to pass your hard earned company on to family or business, or perhaps an employee interested in taking over? We understand. Let us help you simultaneously minimize your closing costs while maximizing your sale proceeds. A well thought out succession plan is essential for small to medium sized businesses and family-owned endeavors.
No one understands your company the way you do; therefore, expect your successor to undergo some transition time, even a potential learning curve. They will need to prove that they are able to lead the company once you are no longer involved. Key items to consider include:
Timing the transfer of the business to minimize tax
Deciding on a successor who is the right fit for your business
Figuring out if you will remain as a consultant for a certain time period
Whether or not a family trust or holding company can be beneficial to the transition
By taking the time to prepare and implement a succession strategy, you can rest assured the company will be in adequate hands once you retire. This will help to ensure the best possible end result for every party involved. Getting the facts down ahead of time can make it easier to decide when the most beneficial time to sell will be.
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Retiring can be an emotional and frightening concept to embrace for some individuals; especially those who have lived and breathed their business for numerous years. Take some time to explore what you will be doing once your official retirement begins.
Preparing your after work plan ahead of time can often make the choice to retire much easier. Objectively analyzing your business details when you still have some time can help you determine the best year to sell your business. Pre-planning can ensure that you receive the value you expect, instead of settling for less.
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In order to make sure that you are selling because the situation is right for you, some soul searching is required. Get to the heart of why you are thinking about selling by asking yourself the following questions:
Am I still excited to go to work every morning?
Am I still passionate about my business?
Am I still influenced by the financial motivators that give me the determination to succeed?
Am I feeling exhausted and tired?
Are my interests the same or have they changed?
It is common for businesses to thrive when owners feel motivated and energetic. If however, you are drained and or moving onto other interests, both your business and you can suffer. Answering these questions can help determine if it is time to sell your business.
Estate Planning
Estate planning can be an uncomfortable subject for many people, but it shouldn’t be. Securing your family’s finances after you’re gone is important and should give you comfort knowing they’re being taken care of.
Dustin Serviss has over a decade of experience within the Risk Management and Estate Planning realm. He holds the prestigious title of Chartered Life Underwriter; a designation that is the highest available for estate planners.
Thanks to his extensive knowledge base, superior experience and strategic alliance relationships, Dustin can efficiently get you answers your questions and concerns.
WATCH VIDEO: Bonding moment: parent child . Align the Moral compass with your children.
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Many people wonder why estate planning is essential. After all, if it is so important, why doesn’t every individual have an estate plan secured? Misconception and human nature are two of the main reasons why this is commonly overlooked.
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Many of us refuse to think, talk or plan for our eventual mortality. Understandably, it can be hard to accept that someday you will become incapacitated or pass away. It is necessary to face this reality however, for the sake of our family members and loved ones. As there is no concrete timeline available for our own demise, it is vital to deal with these eventualities in the present; regardless of how old you are.
Unfortunately, many people have the misconception that estate planning is only for the uber rich. However, an estate can be a simple home and thousands of dollars or it could be a mansion and millions of dollars. Regardless of the size of your estate, a well executed estate plan will protect what you have worked to attain during your lifetime and ensure that it is distributed the way you desire. Having a valid estate plan can protect your loved ones from complications such as delays to your heirs and exorbitant tax repercussions.
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Your Will
We have all heard the famous quote: “You can’t take it with you!” Since your assets will be left behind, it is smart to take the proper steps to ensure they will go where you prefer. Creating a Will allows you such power. At the very least, your Will should be the minimum component of your estate planning process.
Estate Plan
You are in partially in control of how easy or hard things will be for your loved ones upon your demise. Create an estate plan to ensure your assets are left with minimal taxes and no problems for your loved ones. You don’t want your family to be facing legal issues, hard questions and paying unnecessary funds to the tax department because you did not prepare properly.
Minimizing Your Estate Taxes
It can be difficult to comprehend that even after paying taxes all of your life; you will still have to pay them after you pass away. However, there are specific ways to minimize these taxes. It is in everyone’s benefit to take advantage of the smartest options. Wouldn’t you rather ensure your loved ones receive the money instead of the government?
Trusts Provide Excellent Rewards for Everyone
Enjoy some of the key advantages of having a trust incorporated in your estate plan. Trusts can help your reduce capital gains after your death. They can enable you to split income to reduce taxes and defer taxes. Trusts can also help you avoid the added costs of probate. Discuss the benefits of including a trust in your estate planning with Serviss Wealth Management today.
Family Office
Visualize the benefits of having a CFO dedicated to the entire family.
From the start, we have built on our success by providing our valuable clients and their families with something irreplaceable: more financial peace of mind and free time
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Imagine the simplicity of having Serviss Wealth Management handle monthly bookkeeping, tax planning, bill payments and coordinating with professional advisors and your investment manager. We can act as your Chief Financial Officer on your behalf; saving you time and energy. Our devoted team will ensure that all aspects are working cohesively to help you and your family achieve your goals.
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We have the experience to handle the intricate details that coincide with your entire household. Whether it is money transfers, bookkeeping, bill payments, collaborating with additional specialists or working with your investment advisors, we have you covered. We have the capacity to fluidly protect and support your business, real estate, investments and more.
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Let’s face it; finances can be complex, especially when the entire family is involved. We can help you plan ahead and compile the necessary paperwork. Our knowledgeable team can seamlessly file your tax returns and use our extensive knowledge in advanced tax planning to set you up for success. We are happy to discuss a variety of strategies including income splitting and deferral. We look forward to sitting down with you at your earliest convenience
