Doctors

Customized Guidance for Doctors & Healthcare Providers

You can rely on us to provide customized guidance to manage and protect the wealth you’ve worked so hard for.

As doctors one thing is certain: you’ve worked hard. You do your best to make the right decisions at the right times and the result? You’ve earned the right to work even harder. The backbone of our community and the reason parents can sleep well at night — because they know you’re there for them. We all know you’re there for us.

We’ll work with you and your team of professionals to create, implement and manage a plan focused on the needs of your practice as well as your personal goals and dreams.

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You’ve dedicated your lives to keeping yourselves fully informed and up to date on the newest medical advancements and for all this, you deserve each and every dime you earn. With your demanding schedules, something has to give – and unfortunately, as we see time and time again, it’s your own financials that pay the price.

You’re likely giving away far too much money in taxes and paying unreasonable portfolio management fees which only works against the overall purpose of the advisor-client relationship. Whether you’re incorporated or not, ready to retire or just starting to build your practice, our tailored financial plans for doctors will do one of two things: confirm that you are doing everything right or bring to light those strategies which are missing. We will redesign your entire financial structure for you and give it to you in black and white. Tax efficiency and wealth management at its pinnacle. We get it — you put your patients first. At Rosen Group Private Wealth Management, we put clients like you first.

5 Financial Tips for Doctors

As a doctor your focus is taking care of your patients. At Rosen Group Private Wealth Management our focus is making sure you have the knowledge and the tools necessary to take care of your financial portfolio.

Our Commitment To Putting Doctors First

At Rosen Group Private Wealth Management our commitment to you is reflected in our Mission Statement. Simply put, our business is people and their financial welfare. This means that first and foremost our clients always come first.

Winding Down Your Corporation

As a doctor you have built a community of patients and staff. When it is time to close one chapter and open another there are many decisions to make. If you are considering winding down a practice, here are some of the key steps to consider.

or more of Canadian physicians are incorporated

Source: The Globe and Mail, 2014

of doctors are over 65 years old

Source: CBC – ‘More Doctors Keep Working After Retirement Age’ April 2011

or more of Canadian physicians are incorporated

Source: The Globe and Mail, 2014

of doctors are over 65 years old

Source: CBC – ‘More Doctors Keep Working After Retirement Age’ April 2011

Invest in yourself. your future.

5 Financial Tips for Doctors

Here are 5 powerful financial care tips curated with you in mind:

1. Write Down Your Aspirations

We all have a picture in our minds of what it means to achieve financial success. But research shows that the simple act of writing down one’s goals is associated with greater success in achieving them.

Your list doesn’t need to be long or complicated—write down the first things that come to your mind when picturing financial success for 2022: paying off college tuition costs, saving for a vacation home, splurging on a new toy you’ve had your eye on.

2. Maintain Pre-Authorized Contributions

Setting up an automatic contribution from your bank account to your investment account is an easy, uncomplicated way to build your wealth. Pre-authorized contributions (PAC) allow your investment vehicle to expand with minimal effort—you simply decide the amount and frequency with which you want a PAC to be made.

3. Develop a Budget

Events over the last two years have resulted in higher costs across the board. Now more than ever, creating a budget is an important way to stay ahead of the cost curve. Whether you use a fancy budgeting app, create your own spreadsheet, or stick to simple lists, maintaining a visual of your expenditures is a powerful way to ensure you are on track with your financial goals.

4. Tax Advantage of an IPP or CIRP

An Individual Pension Plan (IPP) is a form of retirement account that can be set up by incorporated professionals, such as doctors. While it is similar to an RRSP, there are some significant differences.

There are a number of mechanisms available for individuals to save in a tax-efficient manner for their retirement – but, for incorporated professionals, retirement benefits can be tied into their corporation, therefore the corporate insured retirement program (CIRP) can be an effective strategy for incorporated professionals to receive retirement benefits through their corporately owned permanent life insurance policy.

5. Don’t Forget Your Will

For doctors, an up-to-date will is particularly important because an active medical practice is deemed independent from one’s estate, requiring a separate set of administrative and financial decisions and actions. Additionally, a current will ensures that the wealth you have worked hard for will be dispersed exactly as you desire.

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Our Commitment To Putting Doctors First

As a doctor your business is people and their well-being. You have achieved your dream by putting in the hard work necessary to practice at the highest level. You excel at helping your patients to be their best and now is the time to think about ensuring your financial portfolio is in the best shape possible.

Our commitment to you is not unlike your commitment to your patients--we believe that teamwork makes the dream work. Within Rosen Group Private Wealth Management we believe that cooperation, assistance, and support are fundamental to sustaining a quality work environment that nurtures associates and leads to unparalleled service.

Our commitment to you is reflected in our requirement that our associates undergo continuing education necessary to remain on the cutting edge of investment knowledge, tax law information and financial planning techniques. As a doctor, your tax situation is unique regardless of what stage of the journey you’re at—building your practice, watching it thrive, or planning to retire. Our expert advisors will develop tailored financial plans for doctors based on tax efficiency and wealth management at its peak.

Like you, we are committed to providing the highest level of care to our clients. We pride ourselves on listening to our client’s needs and wants and building one-on-one relationships. Your advisor will tailor a financial plan based on your financial well-being and goals, a plan that adapts to your changing needs. As a doctor you put your patients first. At Rosen Group Private Wealth Management, we put valued clients like you first.

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Winding Down Your Corporation

As a doctor you have built a community of patients and staff. When it is time to close one chapter and open another there are many decisions to make. Winding down a medical practice is an enormous task and governmental regulations make it a fairly involved transition. If you are considering winding down a practice, here are some of the key steps to consider.

1. Will you sell your practice or wind it down

There are tax advantages for dissolving a corporation versus converting your corporation to a holding company. The latter allows for a gradual income draw plan for tax-effective distributions to heirs or charities.

2. Consult your insurance carrier

A malpractice insurance provider can advise you how many days in advance to notify your patients and advise about tail end coverage. Your carrier can instruct on how long to retain patient records, where the electronic medical record (EMR) will be retained and who responds to requests.

3. Notify your patients

Inform your patients in writing of your intent and inform where their records will be kept and who to contact for copies.

4. Inform your staff

Let them know your plans whether you are stopping business entirely or selling the practice to another physician. Employment law matters must be considered in regard to benefit plans, retirement funds, etc.

5. Prepare for the emotional transition

You have made an intense emotional investment in your practice and leaving it behind will bring a range of mixed emotions: happiness, anxiety, sadness. This is normal as is the case with any major life change.

6. Plan the next steps

Your financial picture will be different after winding down your practice and Rosen Group Private Wealth Management is here to help you reassess your new wealth management goals.

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Doctors

Customized Guidance for Doctors & Healthcare Providers

You can rely on us to provide customized guidance to manage and protect the wealth you’ve worked so hard for.

5 Financial Tips for Doctors

Our Commitment To Putting Doctors First

Winding Down Your Corporation

Invest in yourself. your future.

Montreal

Pointe-Claire Office

Toronto

Yorkville Office

5 Financial Tips for Doctors

Here are 5 powerful financial care tips curated with you in mind:

1. Write Down Your Aspirations

2. Maintain Pre-Authorized Contributions

3. Develop a Budget

4. Tax Advantage of an IPP or CIRP

5. Don’t Forget Your Will

Our Commitment To Putting Doctors First

Winding Down Your Corporation

1. Will you sell your practice or wind it down

2. Consult your insurance carrier

3. Notify your patients

4. Inform your staff

5. Prepare for the emotional transition

6. Plan the next steps