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How do I ensure a comfortable retirement?
Lawrence and Eleanor are both doctors in their mid-50s. Eleanor runs a successful private practice specializing in women’s health and Lawrence is a specialist at a large hospital. They have one daughter and two grandsons. Their professions and family life have kept them busy and they are just now beginning to think about retirement. They want to know when they will be able to afford to retire and what they should be doing to grow their investment portfolio and protect their estate.
A Private Wealth Consultant at BMO Harris Private Banking sat down with Lawrence and Eleanor to understand their goals and objectives. A plan was developed to determine the level of discretionary spending available to them and the level of income they want in retirement to fund their lifestyle. With their retirement goals in mind, a customized financial plan and investment strategy were created to ensure preservation of capital and steady growth. While the financial plan and investment strategy put their investment portfolio on track for solid growth, an estate plan was developed to protect their estate and their family. Their wills were updated and a trust was created to fund their grandsons’ university education. Their Private Wealth Consultant brought in a Private Banker to review their banking needs and they were pleased to find out that both their personal and practice finances would be managed by the same banker. The Private Banker now looks after all of their banking requirements. Having access to a dedicated Private Banker has given them peace of mind and more time to enjoy their lives.
The characters in this scenario are fictional. Any similarities between them and any real person is strictly coincidental.
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