00:00:03 | Hi, everyone. Evelyn Ackah here, and thank you for joining me on the Ask Canada Immigration Lawyer podcast.
00:00:13 | Today, I have the pleasure of welcoming two colleagues and friends to talk about financial planning, wealth management and the needs of business owners.
00:00:28 | My guests are Obed Maurice and Simon Wong from Maxim Advisory Group.
00:00:39 | Obed is a principal at Maxim Advisory Group, an integrated financial-planning and wealth-management organization.
00:00:53 | Simon is Obed’s business partner and brings extensive experience in financial planning and advisory work.
00:01:07 | Together, they help business owners and high-net-worth individuals with practical tax, financial and wealth-planning strategies.
00:01:20 | This is an especially important conversation for entrepreneurs and for clients whose financial lives may also involve cross-border considerations.
00:01:35 | Before we get into the details, Obed, tell me how you moved into the financial-planning world.
00:01:47 | You began in accounting, and the broader planning work came later. What led to that change?
00:02:00 | I started in accounting, where the work often focuses heavily on tax and on the immediate numbers in front of the client.
00:02:12 | Over time, clients began asking much bigger questions. They wanted to know what came next, what their goals should be and whether they were making the right decisions.
00:02:25 | They were also asking about retirement, their businesses and how all the different parts of their financial lives fit together.
00:02:37 | That made me realize there was an opportunity to go beyond isolated accounting or tax work and help clients with a more complete plan.
00:02:44 | That makes a lot of sense. Simon, your path into this work was different.
00:02:54 | Tell us about your background and what drew you toward integrated financial planning.
00:03:14 | I was working with successful individuals and business owners who, on the surface, appeared to be doing very well.
00:03:27 | But when I sat down with them, many were asking the same questions: What happens to me? What happens to my family? What happens to my business?
00:03:43 | They often felt that they were making decisions without knowing whether those decisions were truly right for them.
00:03:57 | I realized that people did not necessarily need another product or another insurance policy. They needed clarity and a coordinated plan.
00:04:12 | My role became helping them bring tax, investments, insurance, business planning and their personal goals together in a way that made sense.
00:04:30 | When you describe your financial-planning process, it sounds a little like creating a blueprint.
00:04:42 | How do you begin building that integrated picture for a client?
00:04:54 | Many of the people we meet have a very fragmented advisory team. They may have different professionals giving advice in separate areas.
00:05:08 | We begin by creating what we call a blueprint or master plan that looks across all of those financial domains.
00:05:21 | We identify the client’s goals, the issues that need attention and the expertise required to address each part of the plan.
00:05:35 | That may involve technical work in tax, estate planning, insurance, investments, business planning or other areas.
00:05:47 | The important part is making sure the client understands the plan and that it can be executed step by step.
00:05:59 | Business owners have so many moving pieces to consider.
00:06:09 | There is accounting, tax strategy, wealth management, retirement planning, succession planning and risk management.
00:06:23 | Those areas are not always brought together, so the integrated approach you are describing is valuable.
00:06:41 | Every client relationship begins with a master plan and a strategy.
00:06:52 | It is a deliberate process. We look at where the client is today, what they want to accomplish and what could prevent them from getting there.
00:07:07 | We then build the advice and implementation around that reality rather than beginning with a product.
00:07:21 | The advice itself is at the core of the relationship, and we are proud of the planning process we have developed.
00:07:42 | One issue that surprises people is that a high income does not always mean a person is financially secure.
00:07:53 | Simon, why do some high-income earners still struggle financially, even when they have a successful business, a home and other visible signs of success?
00:08:08 | One of the biggest misconceptions is that a high income automatically creates wealth.
00:08:19 | As income rises, spending and lifestyle can rise with it. Promotions or business growth do not necessarily change the person’s underlying financial habits.
00:08:34 | Income creates the opportunity to build wealth, but it must be consistently converted into assets.
00:08:46 | Earning money, keeping it, protecting it and eventually transferring it are different skills.
00:09:00 | A person can be very successful at earning income without having developed the other parts of that process.
00:09:14 | Financial insecurity exists at many income levels.
00:09:23 | Someone can earn a professional income and still feel as though they are living paycheque to paycheque.
00:09:34 | We see it among physicians, other professionals, business owners and people earning more modest incomes.
00:09:44 | The habits and structure around the money matter just as much as the amount coming in.
00:09:51 | That is such an important point. A higher income alone does not correct weak financial habits.
00:10:04 | When someone comes to Maxim Advisory Group, what does your process look like?
00:10:15 | How do you make sure you are looking at everything the client needs rather than only one part of the picture?
00:10:32 | Most professional advice is naturally delivered in separate areas.
00:10:41 | A lawyer focuses on legal issues, an accountant focuses on tax, and an investment adviser focuses on investments.
00:10:54 | But financial decisions do not happen in isolation.
00:11:02 | Tax decisions affect retirement. Retirement decisions affect investment and insurance choices, and those decisions can affect an estate plan.
00:11:16 | Our role is to make sure those pieces are connected and coordinated around the client’s goals.
00:11:26 | Do you have all of those professionals in-house, or do you also work with external partners?
00:11:46 | We have certain capabilities within the firm, and we also work closely with external professionals and trusted partners.
00:12:00 | Depending on the client, that team may include accountants, lawyers, insurance advisers, investment professionals and other specialists.
00:12:14 | Cross-border clients may need additional expertise because their tax, legal and financial circumstances can involve more than one country.
00:12:28 | Part of our planning process is determining who needs to be on the client’s team and when each professional should be involved.
00:12:42 | It is not enough to have good advisers. Their work must be coordinated so the recommendations support the same overall plan.
00:12:58 | Managing a family’s or a business owner’s full financial life can be a significant job, so we help organize that work and keep it moving forward.
00:13:17 | We also look for professionals who can understand the broader context rather than treating each issue as completely separate.
00:13:34 | That coordinated team is an important part of helping clients execute the plan successfully.
00:13:49 | I think that is a very strong offering, especially for entrepreneurs.
00:13:59 | Business owners often become deeply invested in their companies, both financially and personally.
00:14:10 | Simon, how should a business owner balance reinvesting in the company with building personal wealth outside the business?
00:14:28 | The business may be performing well and may offer strong returns, but it cannot be the only part of the owner’s future.
00:14:53 | This is one of the most common conversations we have with business owners.
00:15:02 | In many cases, the business is the highest-returning investment available to the owner, so continuing to invest in it can make sense.
00:15:16 | At the same time, the owner needs to build assets outside the operating business.
00:15:28 | That might involve corporate investments, holding-company assets or personal investments, depending on the client’s circumstances and goals.
00:15:42 | The goal is not to make the owner’s entire future depend on one company.
00:15:53 | A bad year, a major disruption or something happening to the owner can expose the risk of having everything concentrated in the business.
00:15:54 | That also connects directly to succession planning.
00:16:02 | What should an owner be doing now to make the business more resilient and ready for a future transition?
00:16:12 | There are technical reasons to prepare a succession plan, but there is also a very practical reason.
00:16:24 | A strong business should have systems and processes that allow it to operate without depending completely on the owner.
00:16:37 | That means hiring the right people, delegating properly and making sure the business is adequately funded.
00:16:50 | Even when an owner is not planning to sell immediately, running the company as though it needs to be sale-ready can improve the business.
00:17:03 | Succession is rarely something that should begin at the last minute. Owners may need five or ten years to prepare properly.
00:17:10 | The more the business can function without the owner, the easier it can become to manage and the more options the owner may have.
00:17:23 | That brings us to insurance and risk management.
00:17:34 | Simon, why is insurance such an important part of an overall financial plan for a family or a business owner?
00:17:49 | Financial planning is not only about maximizing returns or reducing taxes.
00:17:59 | Protecting against risk can be equally important, even when the event being insured against is unlikely.
00:18:10 | The probability may be low, but the financial consequences of death, disability or another major disruption can be enormous.
00:18:24 | An unexpected event can affect a spouse, children, business partners, employees and the continued operation of the company.
00:18:38 | Exactly. It is not something people should leave until there is already a problem.
00:18:47 | Insurance is one of the tools that can transfer that risk and protect the rest of the plan.
00:18:57 | Let us talk about retirement.
00:19:05 | People often ask, “How much money do I need to retire?”
00:19:14 | Is there a magic number, or is that the wrong way to begin the conversation?
00:19:28 | Retirement can also look different for every person. Some may stop working completely, while others may work part-time, take on partners or spend more time on personal interests.
00:19:40 | The question is usually focused on the wrong metric.
00:19:49 | Retirement is not simply about reaching one universal dollar amount. It is about whether the client’s assets can support the life they want.
00:20:02 | We have seen people retire comfortably with less than a million dollars because their spending needs are modest.
00:20:14 | Another client may need one hundred thousand dollars or more each year to maintain the lifestyle they want.
00:20:27 | The calculation has to account for spending, inflation, taxes, investment returns and longevity.
00:20:39 | Once those assumptions are understood, we can determine whether the plan is financially sustainable.
00:20:45 | People are also living longer, which can change the way they think about retirement and how long their money needs to last.
00:21:04 | There can be a good technical answer, but only after we understand the client’s actual goals.
00:21:15 | Someone may have sold a business and have significant assets, yet still ask whether retirement is possible.
00:21:27 | Another person may want to continue spending five hundred thousand or eight hundred thousand dollars a year, which creates a completely different calculation.
00:21:43 | We can build the budget and model the numbers, but the deeper questions are: What do you want to do with your life? What are your goals? What will your days look like?
00:22:00 | Retirement planning is also a psychological exercise.
00:22:11 | Clients need to become clear about what they want life to look like after leaving or selling a practice or business.
00:22:27 | Being financially ready does not necessarily mean a person is mentally or emotionally ready to retire.
00:22:42 | I have seen people retire earlier than expected and then realize they were not prepared for the change in identity, routine and purpose.
00:22:55 | It is not only a financial decision. It affects relationships and the way people spend their time every day.
00:23:12 | Exactly. A couple may suddenly be spending much more time together than they ever did while one or both people were working.
00:23:27 | A successful retirement plan should consider purpose, engagement and the activities that will keep someone connected.
00:23:41 | That might include mentoring the next generation, teaching, practising part-time or continuing to contribute in a different way.
00:23:56 | Staying mentally active, socially engaged and connected to important relationships can be just as important as having enough money.
00:24:15 | The strongest retirement plans address both the financial side and the life the person wants to build afterward.
00:24:32 | Simon, what are your thoughts on that?
00:24:35 | I agree completely. The life-planning side of retirement is essential.
00:24:47 | Let us move to passing wealth to the next generation.
00:24:56 | I have seen situations where a transfer was handled very well and others where it created significant difficulty for a family.
00:25:08 | Simon, what makes an intergenerational wealth transfer successful?
00:25:20 | Successful wealth transfer begins long before an inheritance occurs.
00:25:30 | Families need to communicate and prepare the people who will eventually receive or manage the assets.
00:25:42 | The conversation should include the family’s values, expectations and the responsibilities that come with the wealth.
00:25:54 | Education and communication can reduce confusion and conflict when the transfer eventually happens.
00:26:10 | That is a great answer. Education is such an important part of preserving a legacy across generations.
00:26:21 | Obed, how do you help families build financial literacy and begin those conversations before the money changes hands?
00:26:39 | Financial education can begin when children are young, using age-appropriate conversations about what money is and how it should be used.
00:26:55 | Many families simply do not talk about money, and that silence can create problems later.
00:27:08 | Money should not cause harm. People need the knowledge and values required to handle it responsibly.
00:27:22 | Larger estates can also involve greater legal, tax and family complexity, so the plan needs to address more than the transfer of the assets themselves.
00:27:38 | Families should think about the knowledge, decision-making skills and principles they want to pass on.
00:27:53 | The most valuable legacy may include education and values, not only money.
00:28:10 | For someone who wants to learn more about Maxim Advisory Group, what is the best way to reach you?
00:28:20 | And what should a prospective client expect when they first contact the firm?
00:28:38 | People can begin by contacting us through the firm’s website or by calling the office.
00:28:49 | The first step is usually a conversation so we can understand the person’s goals, concerns and current circumstances.
00:29:01 | We explain how our process works, what the fees look like and what the relationship would involve.
00:29:13 | We also determine whether we are actually in a position to help and whether the relationship is a good fit for both sides.
00:29:25 | Is your approach to accept anyone who comes through the door, or are you deliberate about the types of clients you work with?
00:29:41 | What does an ideal client relationship look like for Maxim Advisory Group?
00:30:08 | It has to be a mutual fit.
00:30:15 | We are deliberate about the clients we serve because the right client can receive much greater value from the way we work.
00:30:28 | We are not trying to provide a cookie-cutter or one-time service.
00:30:39 | We want to build long-term relationships with people who value integrated planning, collaboration and ongoing advice.
00:30:51 | We designed the firm around those relationships and around the kind of work we believe creates the best outcomes.
00:30:57 | I think the values behind a business matter so much, especially when people are trusting advisers with important decisions about their families and their future.
00:31:12 | I am excited about what you are building and look forward to continuing to work together.
00:31:24 | Maxim Advisory Group is also a trusted partner for clients who need coordinated financial guidance alongside cross-border work in Canada and the United States.
00:31:40 | Thank you both for sharing your expertise today. Listeners can look for Maxim Advisory Group to learn more and connect with the team.
00:31:54 | Thank you to everyone who joined us. I look forward to speaking with you again on the next episode of the Ask Canada Immigration Lawyer podcast.
00:32:05 | Thank you. It was a pleasure.