Exceptional leaders recognize that time is their most valuable asset. Strategically allocating it to patient care, nurturing relationships with family and friends, and attending to personal well-being can profoundly impact your overall success and sense of fulfillment. If your attention is pulled in too many directions, it may be time to delegate the job of investment management to a team of experts who specialize in the needs of high-net-worth professionals and understand the challenges unique to dentists like you.
Once your investment portfolio surpasses the $1-million threshold, you qualify for discretionary wealth management services offered through our partner Cumberland Private Wealth Management (Cumberland). Delegating the important task of managing your portfolio to a dedicated Portfolio Manager can go a long way to achieving your investment objectives and freeing you from having to make daily investment decisions so you can focus your time on other priorities.
For high-net-worth clients with a diverse portfolio and a demanding schedule, Shane Dewling, an Investment Advisor with CDSPI Advisory Service Inc. recommends having a discussion with a Portfolio Manager at Cumberland as a first step.
“When investing, it’s important to take the least amount of risk necessary to achieve your goals. Your financial plan will articulate your goals. Your risk tolerance tells us how much risk you can handle. We co-ordinate these two variables and consider your investment style, to find the best course of action. In many cases, Cumberland offers the best all-in-one solution,” explains Dewling.
When you choose to work with an accredited Portfolio Manager from Cumberland Private Wealth Management, you are still a CDSPI client, ensuring that your Investment Advisor remains your advocate. Collaborating with Cumberland, your Investment Advisor will continue to offer personalized financial planning advice specifically tailored to your unique situation, while the Cumberland Portfolio Manager manages your investment portfolio.
Transparency and Detailed Reporting
If the thought of putting someone else in control of your investment portfolio feels uncomfortable, consider all the advantages of discretionary wealth management over traditional advisor/client relationships where your authorization is needed for every single decision including whether to buy and sell securities, stocks, and bonds, and manage the portfolio. If you happen to be unavailable, perhaps busy with patients or on vacation you may miss out on time-sensitive opportunities.
When working with Cumberland you are appointing a Portfolio Manager to make investment decisions on your behalf, so they do not need to contact you each time they make a change to your investment portfolio. These decisions are based on your wishes which are outlined in an Investment Policy Statement (IPS). This document includes your financial plan and details all your objectives, risk profile, financial position, investment preferences and constraints for how your portfolio should be managed.
Clients receive regular updates on the performance of their portfolios, including detailed reports on holdings, transactions, and investment income. This transparency enables investors to stay informed and make decisions regarding their overall financial strategy.
Is it right for you?
Gino Ciavarella has been a portfolio manager with Cumberland Private Wealth Management Inc. since 2004. As a seasoned financial industry professional with more than 30 years experience, Gino explains it simply: “One of the primary benefits of discretionary portfolio management is access to the expertise and guidance of seasoned investment professionals who possess in-depth market knowledge, research capabilities, and a comprehensive understanding of risk management strategies.”
While discretionary portfolio management may not be suitable for every investor, it is worth considering for those who want a more hands-off approach but with personalized investment solutions, professional guidance, and a customized investment strategy aligned with their financial goals. By working closely with your Advisor and a discretionary Portfolio Manager, investors can navigate the complexities of the financial markets with confidence, while freeing you up to dedicate your energy to the areas of life that matter most to you.
CDSPI manages over $1.2 billion of investments on behalf of over 1,600 dentists and their families across Canada. Our investment advisors understand your business, the challenges you face, and the best way to protect and grow your wealth because we work with dentists every day. We’ve built long term relationships based on trust, integrity, and expertise.
Speak to an Investment Advisor from CDSPI Advisory Services Inc. to learn more about discretionary wealth management and how it can help you. Through our exclusive relationship with Cumberland Private Wealth Management, you can start to enjoy all the benefits that come with delegating risk and reward to proven investment professionals.