At MP Wealth Advisory we are dedicated to protecting and growing the assets of our clients and their families. To that end we offer our clients the ability to link accounts of immediate family members under a family name in order to either meet the minimum required relationship limits, or to provide discretionary account management to smaller account holders. The benefits accrue not only to the immediate family member, but also to the primary account holder. While the total asset value will be linked together for relationship and fee purposes, the individual accounts will remain separate and can be invested in different discretionary mandates.
For example "John and Diane Smith" are existing clients with $600,000 in total investable assets; Diane's elderly mother has a $200,000 RIF with another advisor and is looking to change her advisor. Diane recommends that her mother become a client of MP Wealth Advisory, so that she is comfortable with whom her elderly mother is using as an advisor and has the ability to monitor the account. John and Diane's daughter and son-in-law also have a $60,000 RRSP and are also unsure of their existing investment relationship. While neither Diane's mother, nor her daughter would be eligible to become MP Wealth Advisory clients and access our discretionary investment platforms as individual clients, by linking the two smaller accounts to John and Diane's account under the "Smith Family Portfolio" we are able to assist the immediate family members of clients.
John and Diane are relieved that their family members are receiving professional services and a high level of care and attention. In addition to this the new assets under the "Smith Family Portfolio" has bumped the total relationship into a higher level of assets under management, this has resulted in an annual fee reduction for the entire family. John and Diane who were paying 1.75% per annum are now paying 1.5% per annum for their investment management fee and have the peace of mind knowing that their family is protected. Subsequently Diane's mother’s assets are invested in the MP Enhanced Income mandate, John's and Diane's are invested in the MP Tactical Income mandate, while their daughter's assets are invested in the MP Tactical Growth mandate, in an effort to better suit all of their individual investment needs. The end result is the development of an integrated, intergenerational wealth management plan for clients and their families.
*Note minimum account size of $50,000 for family member accounts. Applies only to accounts opened under one of MP Wealth Advisory's discretionary mandates. Subject to approval. Immediate family members are defined as parent, child or sibling.