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WHAT WE DO

Every individual client with whom we meet is different. As such, Innova Advisors take the time to fully understand each client’s entire financial profile before building a financial plan.
 
Starting from the top, we analyze all assets and liabilities including mortgages and lines of credit, all forms of insurance including life and disability, income tax, budget, and health benefit plans to find inefficiencies in a person’s financial profile. Any savings we uncover can then be directed towards new financial opportunities. By ensuring that every aspect of our clients' financial foundation is strong, we can build toward a secure future and peace of mind.
 
This holistic approach towards financial planning is conveyed to the client in an open, easy-to-understand setting. Education and teaching is truly the core of what makes a good financial advisor and at Innova, we believe that this is the most important service we bring to clients.

Wealthcare
Specialists

Investment Management

Retirement
Planning

Income Tax
Planning

Mortgages &
Lending

Cash Flow
Analysis

Insurance

Employee
Benefit Plans

To improve financial literacy in our community and provide our clients with absolute financial peace of mind through a better understanding of their financial decisions.

As independent comprehensive financial generalists, we pride ourselves on providing holistic financial advice based on a thorough analysis of your entire financial profile, resulting in more personalized advice for our clients. Starting from the top, we analyze all assets and liabilities including mortgages and lines of credit, all forms of insurance including life and disability, income tax, budget, and health benefit plans to find inefficiencies in a person’s financial profile. Any savings we uncover can then be directed towards new financial opportunities.

This holistic approach towards financial planning is conveyed to the client in an open, easy-to-understand setting. Education and teaching is truly the core of what distinguishes a good financial advisor and at Innova, this is the most important service we offer to clients.

WEALTHCARE SPECIALISTS

Top Three reasons to work with us:

  • We can work with you across the country!
    Regardless of where your residency or practice takes you, we make regular trips to Ottawa, Kingston, London and rural Northern Ontario.

  • Truly independent fiduciaries with access to all products!
    We have access to products from all investment and insurance companies as well as individual stocks, bonds and ETFs to construct a personalized financial plan for you, always committed to you best interest, rather than our employers.

  • A team of financial specialists experienced at working with healthcare providers!
    Talk to friends and colleagues and you will most likely find one that works with us and is happy to refer our services. We work with more than 40 physicians and dentists (and growing!) in all points of their career, from residency to partial retirement.

While you are a NOSM Student or Resident, we offer the following at no cost:

  • Unlimited emails, calls, and texts for advice or questions

  • Face-to-face meetings to set your goals and plan your finances (two per year)
  • Cash-flow planning with an emphasis on debt control (and debt-minimization!) strategies
  • Planning for family matters including maternity leave or your first home purchase
  • Help setting up your practice, including incorporation strategies
  • Comprehensive insurance review, including life, disability, and critical illness insurance
  • Permanently discounted disability insurance with guaranteed acceptance via a medical student offering

A Financial Team specializing in Physicians, NOSM Students and Residents

We understand how hard it is to be a Medical Learner at NOSM and that you are completing several gruelling years of studying and training. With complimentary financial advice, insurance, investment management, and debt repayment planning services from Innova, you will have the time and peace of mind to focus on your studies and the important things in your life!
Innova Wealth Partners are specialists in working with physicians during all stages of their careers. Our Certified Financial Planners (CFP) and Chartered Investment Managers (CIM) Portfolio Managers have over 25 years of combined experience and together with our licenced support staff, offer you your own personally dedicated financial team.
As you start to establish your practice, having your own experienced Chief Financial Officer will help you ensure you make the right decisions along the way.

We are available at your convenience: e-mail, phone, or even text us with any of your questions, concerns, or worries. There is no question too big or too small. We want you studying, not worrying about taxes, insurance, investments, or your financial future!
Your goals and your personal situation are unique. As fiduciaries, we work for you and in your best interests. If you already have tax and legal advisors, we will work collaboratively with them to ensure you can make the best financial decisions for you. Otherwise, we will gladly refer you to our team of experts, experienced in dealing with the particularities of healthcare providers.
We speak the language of finance in English and French and will meet with you at your convenience at one of our offices in Sudbury, Barrie, and Toronto. Through our network of physician clients, we can easily meet you in Ottawa, London, Kingston, rural Northern Ontario, and even out of province. No matter where you settle for your residency or your medical practice, we offer exemplary service today and in the future.

To get started, contact our Physician Services Partner

Cliff Richardson, Partner & Certified Financial Planner
  • This email address is being protected from spambots. You need JavaScript enabled to view it.
  • 705-222-8773
  • 705-561-8771 (text)

  • I met the Innova team during my last year at NOSM. At the time, my needs were focused on debt management and obtaining the right disability insurance. While I completed my residency at UBC in emergency medicine Cliff continued to check in. Upon my return, they helped guide me through the process of buying my first home and establishing a corporate investment strategy. It is comforting to know that they work with physicians in all stages of their careers and I continue to recommend their services to peers.”

    Dr. Aidan Wharton MD, Emergency and Trauma Physician, NOSM class of 2014

  • I called upon Cliff in my final year of Obstetrics & Gynecology residency, while still away in London, Ontario. Cliff was sure to stay in touch along the way, even making trips to London to meet with me. When I came back to Sudbury and began the transition into full practice, Cliff was instrumental in helping me navigate the complexities of insurance, investments, incorporation, etc. I would have no hesitation in recommending Cliff to any colleagues looking for personalized and specialized financial advice geared towards Physicians."

    Dr. Brittney L. Parlett, MD, FRCSC, OBGYN, NOSM Class of 2012

INVESTMENT MANAGEMENT

Innova Wealth Partners is licensed to work with insurance products that mimic investments called “Segregated Funds”. These products offer investment and death benefit guarantees and have other considerable advantages like creditor protection and the ability to bypass probate taxes.

In the province of Ontario, only licensed individuals may recommend investment strategies that make use of securities like stocks and bonds.  Jean-François Démoré offers investment advisory services through Innova Wealth Management, a trade name of Aligned Capital Partners Inc. (ACPI).  We invite you to visit their webpage for more information on this service by clicking on the link below.

RETIREMENT PLANNING

A primary financial goal for most Canadians is to save for retirement, but each individual’s needs are unique. At Innova, our advisors take the time to analyze your entire financial profile in order to build a truly personalized retirement plan that ensures the best use of every dollar.

A comprehensive analysis is the corner-stone of any successful retirement plan. Using cutting-edge software, our advisors complete a detailed needs analysis to assess your current expenses and forecasts future ones while allowing for inflation. An exhaustive risk assessment is also completed to ascertain the longevity of the retirement plan. By analyzing all aspects of your finances, maximizing the tax efficiency of inflows and minimizing outflows, an efficient savings plan can be implemented.

Once the savings plan is in place, we complete a retirement feasibility assessment to determine the likelihood of reaching your goals in various stock market scenarios.  Identifying the required rate of return needed to meet your retirement goals becomes the foundation of your investment strategy.

Our in-depth analysis will help ensure that you are not taking more risk in your investments than you need to, in turn safeguarding your golden years.

INCOME TAX PLANNING

Bridge the gap between financial specialties.

We bridge the gap between financial specialties to provide you with more complete, well-rounded financial advice to help you prosper into retirement. As your financial advisors, we will generate additional dollars for you by choosing the right financial products and by getting to know your personal tax situation so well that we notice missing receipts on your income tax return.

Our tax strategy focuses on generating, maximizing, and recycling tax credits each year to boost your financial potential. This strategy quickly creates a snowball effect that generates its own momentum and makes securing your retirement a much less daunting task. 



What’s the point if only the government gets rich?

After-tax dollars in my pocket is what matters to me!

The result is more money in your pocket!


MORTGAGES & LENDING

Interest on mortgages, lines of credit, and credit cards may be the number one expense for many households. Despite this, very few people shop their mortgages as competitively as they shop their TVs or refrigerators.

Through established referral agreements, Innova Wealth Partners can help you secure a competitive rate without the hassle of physically visiting every bank in town and playing hardball with the bank manager.

Our incentive is simple: The more money in your pocket, the more money you have to save for retirement!

CASH FLOW ANALYSIS

The activity of examining one's daily, weekly, and monthly spending to find inefficiencies in order to maximize your disposable income for retirement planning. 

Many Canadians define their primary financial goal as financial independence and retirement savings. It is important to realize however, that achieving financial independence or retirement planning is more than just a matter of earning a high income. Successful retirement planning begins with a budget and cash flow analysis to determine inefficiencies in your current profile. By analyzing all aspects of your finances, maximizing the tax efficiency of inflows and minimizing outflows, an efficient savings plan can be implemented.

Cash flow analysis is a key component of the retirement planning process as it helps the advisor understand the income needs of the client and to ascertain the longevity of investment savings. The on-going process of understanding one’s spending habits is a focal point of ensuring that a proper retirement savings plan is in place, and is sustainable given the rates of return present in the markets.

Cash flow consultations are common in initial meetings to help our advisors gain a better understanding of our clients.

EMPLOYEE BENEFIT PLANS

Health Benefit Plans are another aspect of the Innova product line-up. As many of our clients are business-owners, the transition to helping our clients find the best solutions on the markets was a natural one.

A wide variety of plans are available for business owners and the self-employed. In particular, Health & Welfare Trusts (Health Spending Accounts) allow self-employed individuals to increase the tax deductibility of their qualifying health care spending on a pay-as-you go basis.