"Estate planning and the transition of wealth for ultra high net worth families is a complex process that requires the application of legal, tax, insurance and investment planning concepts tailored to a family's financial circumstances and personal and business needs. These clients are seeking advice, not products.
Prior to engaging Ara, our investment business operated under the MFDA platform. This meant that utilization of third party managers, which came to represent the majority of our business, was subject to the approval and agreement of the dealer. This approach limited our ability to select "best in class" managers and provide the type of advisory service required to meet our clients' objectives for this aspect of their wealth.
Ara introduced the idea of becoming registered as a Portfolio Manager through a separate company, Millar Private Wealth Management Inc. This structure offered a number of key advantages:
Securities regulation mandates that a Portfolio Manager have independent and meaningful discussions with clients regarding the management of their portfolios. However, clients are far often more comfortable discussing sensitive matters with their financial advisor, rather than a third party portfolio manager to whom they are referred. Because Millar is both the primary advisor to its clients and has a registered Portfolio Manager, it can offer unrestricted, meaningful and unbiased advice about the investment management process, including client objectives and asset mix, without the involvement of third party managers.
The Ara ongoing support program has helped remove the barriers and mystique of establishing and operating a registered Portfolio Manager. Most importantly, this solution has allowed us to provide the type of advice and strategies most appropriate in terms of achieving our clients' goals for their investment capital."
Jim Millar & Lorraine Lavery
The Millar Group of Companies
About The Millar Group of Companies
For more than 35 years, The Millar Corporation has been helping some of Ottawa's most prominent business owners and families plan for the transition of wealth to the next generation.
With an extensive background in estate and succession planning, and a keen insight into the issues related to wealth transfer between generations, Jim Millar (President) and Lorraine Lavery (CEO) have developed a unique series of planning services to meet the needs of their clients.
Both Jim and Lorraine have also generously contributed their time to various industry organizations. Jim is currently a member of the tax policy group of Conference for Advanced Life Underwriting. Lorraine was previously President of the Ottawa Chapter of Advocis, the Financial Advisors Association of Canada. They have both served on the boards of local charitable foundations and other professional associations.
For more information about The Millar Corporation, please visit www.millarcorp.ca