Prescription for Success: Targeting Healthcare Professionals
Advising successful healthcare professionals and families to achieve their financial goals, Rosemary Horwood has cultivated a growing advisory practice reflective of her interests.
After only six years as a Toronto-based Investment Advisor, Rosemary Horwood has amassed industry accolades (the Advisor Rising Star Award, Young Gun of the Year and Wealth Professionals’ Top 50); become a subject matter expert for select national media; is frequently called upon as a keynote speaker; and has nurtured what’s become a business that caters to the wealth management complexities of those involved in the healthcare sector. Rosemary shares her growth drivers with Insights.
A uniquely focused advisory practice
A growing segment of my business is focused on clients within the healthcare sector – from physicians to biotech entrepreneurs to pharmacy owners to hospital advisory board members. Working with professionals in this space resonates with me on two levels. First, I appreciate that my clients are doing something altruistic with their time by helping people. Second, innovation is of great interest to me; from that perspective, healthcare continues to experience tremendous growth – a reason why I also like the investment potential.
What’s unique in my practice is that the professionals I work with tend to have a deeper understanding of the science – and therefore the viability – of companies that form underlying healthcare investment opportunities. It’s become a true specialty for us, and a source of collaboration with our clients. We’re invested in the sector, and my team enhances our insight by tapping into the latest R&D players in biotech and medical companies.
This business focus is by design. When I started out as an Advisor I took a calculated risk with healthcare – the need for change based on aging demographics; the advancements that will take place in the next decade or two; and the ultimate altruism of those saving or improving lives. I want to work with those who drive change, and my team works hard to understand their needs, goals and aspirations.
One sector, two niches
Within my client base, I have two client niches – successful individuals (professionals/business owners) and families. Given that many have complex and layered wealth management requirements, we’ve evolved our approach over the past few years so that our process is even more tailored to clients’ needs. For example, we offer a hands-on service with frequent meetings where we review how we’re tracking to meet specific, personal goals. This is very different from a standard performance review of an investment account. We’re benchmarking client objectives. We also have a distinctive offering for clients with $10 million or more in assets under management, with a highly specialized set of services and strategies.
In the initial stages of a relationship, we create what we refer to as a Vision Document which, by virtue of in-depth conversations, ultimately defines what a client wants to achieve – goals that take time, planning and resources to accomplish. We quite literally illustrate a vision for wealth to make it tangible, and to inform the steps we’ll take to get there. We then use it to translate aspirations into a financial plan, where we model out a roadmap we regularly revisit. We refer to this as goals-based reporting – a unique and customized plan that’s actionable and measurable. When we get together to discuss the milestones we’ve defined, we also make it a point to take a deeper dive on one facet of wealth management our clients have expressed interest in – anything from cottage succession to a professional referral to consolidating information for estate record-keeping.
When I work with families, I’m attuned to the nuances of multi-generational wealth. This facet of my business tends to happen organically; in getting to know my clients, I make it a point to ask about their children. What these successful families have in common is the desire to create a lasting legacy; every parent wants to ensure that the next generation is equipped to properly steward wealth. So, with our clients’ best interests in mind, we created a well-regarded educational program for millennials on how to manage money. This introduction covers investment basics – from understanding stocks and bonds, to RRSPs and TFSAs, to compound interest, to how to read a Fund Facts document.
Perhaps our biggest value-add is a specialized understanding of tax-efficient investing, based on the issues that impact our clients – particularly business owners and individuals who have professionally incorporated. In fact, insight into tax within a corporate structure has proven to be a differentiator for our team. We closely collaborate with our clients’ accountants or tax advisors – or refer them to an accomplished resource in our own network – to ensure we’re on the same page when it comes to planning, and proactive about changes of any kind that might trigger a tax event.
My Growth Drivers:
- Niche aligned with personal/professional interests
- Deep dive into client complexities
- Personalized goals-based reporting
- Clear, distinctive value-add
- Hands-on, collaborative wealth management
- Multi-generational involvement
- Continuous growth, education, advancement
Specialized practice, specialized investment style
Our approach to investment management is just as personalized and collaborative, so it would be uncommon for individuals or families in our affluent client base to have the same portfolio. What is standardized, however, is our overriding style: using tried and true, highly experienced third-party fund managers with solid track records – particularly those who weathered the storm in 2008.
We like pension-style investing, including hedge funds, mutual funds, and occasionally have new issues or private placements in the mix. In the big picture, we make a wide range of solutions accessible to our clients, and through the vetting process, narrow the universe down to recommendations that they can then confidently choose from. Our clients appreciate that at Richardson GMP, we’re free to choose investments without bias. For example, we’ve been investing in BMO Asian Growth and Income Fund for quite some time. I like its uniqueness; there are not many funds operating in that space with a similarly long track record. It’s special to BMO, and by extension, something distinctive for the clients who hold it within their portfolios.
Putting myself out there
My business is reflective of my own personal drivers. I tend to embrace complex subject matter others shy away from, in an effort to offer an elevated service model. And while I’ve only been doing this for six years, I’ve come to know that age and experience are not synonymous. After all, you could be an Advisor for 30 years and yet have stopped learning or growing. What’s critical to me is a commitment to evolution – refining my approach, educational advancement and a deeper understanding of my clients.
Aside from wealth management, I lead a very active life. Clients not only respect that about me, we invariably find common ground – from board service to philanthropy to volunteer work within the community. People appreciate having an Advisor who is well-rounded outside of the office. This life experience is humanizing and relatable, particularly to the successful client base I serve.
Speak with your Regional Sales Representative about BMO Asian Growth and Income Fund – or to learn more about tax-efficient investment solutions tailored to your client base.
BMO Asian Growth and Income Fund: Capital Appreciation in a Diversified Portfolio
An emphasis on stable, dividend-paying common shares, higher-rated convertible bonds and preferred shares controls risk. The end result? A fund with a volatility profile that looks quite similar to the S&P 500 Index, yet with a 3.15% overall portfolio yield. 1
1 BMO Global Asset Management, as of November 30, 2020.
Richardson GMP Disclosure:
This material is provided for general information and is not to be construed as an offer or solicitation for the sale or purchase of securities mentioned herein. Past performance may not be repeated. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please seek individual financial advice based on your personal circumstances.
However, neither the author nor Richardson GMP Limited makes any representation or warranty, expressed or implied, in respect thereof, or takes any responsibility for any errors or omissions which may be contained herein or accepts any liability whatsoever for any loss arising from any use or reliance on this report or its contents. Richardson GMP Limited is a member of Canadian Investor Protection Fund.
Richardson is a trade-mark of James Richardson & Sons, Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.
BMO Global Asset Management Disclosure:
Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent simplified prospectus.
This article is for information purposes. The information contained herein is not, and should not be construed as, investment advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. The testimonial(s) in this article may not be representative of the experience of other people/advisors. The testimonials are no guarantee of future performance or success. These are solicited testimonials.
BMO Global Asset Management is a brand name that comprises BMO Asset Management Inc., BMO Investments Inc., BMO Asset Management Corp. and BMO's specialized investment management firms.
BMO Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate entity from Bank of Montreal. Commissions, management fees and expenses may be associated with investments in mutual funds. Trailing commissions may be associated with investments in mutual funds. Please read the fund facts or prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
® “BMO (M-bar roundel)” is a registered trade-mark of Bank of Montreal, used under licence.
* As compared to an investment that generates an equivalent amount of interest income.
®/™Registered trademarks/trademark of Bank of Montreal, used under licence.
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. Certain of the products and services offered under the brand name, BMO Global Asset Management are designed specifically for various categories of investors in a number of different countries and regions and may not be available to all investors. Products and services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations. BMO Financial Group is a service mark of Bank of Montreal (BMO).
BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager and separate legal entity from Bank of Montreal. Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing.
Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal.
Commissions, trailing commissions (if applicable), management fees and expenses all may be associated with mutual fund investments. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
For a summary of the risks of an investment in the BMO Mutual Funds, please see the specific risks set out in the prospectus. ETF Series of the BMO Mutual Funds trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.
BMO Life Assurance Company is the issuer of the BMO Segregated Funds individual variable insurance contract referred to in the Information Folder and the guarantor of any guarantee provisions therein. The BMO GIF Information Folder and Policy Provisions provide full details and govern in all cases. BMO GIF products are offered through BMO Life Assurance, a separate legal entity than BMO Global Asset Management and wholly owned by BMO Financial Group. Segregated funds are only available for sale by individuals with appropriate insurance licences and are not considered a mutual fund. Segregated fund fees are higher than mutual funds as they include insurance fees to provide for the guarantees on deposits at maturity or on death.
Legal and regulatory disclosures
This information is for Investment Advisors only. By accepting, you certify that you are an Investment Advisor. If you are NOT an Investment Advisor, please decline and view the content in the Investor or Institutional areas of the site. The website is for informational purposes only and is not intended to provide a complete description of BMO Global Asset Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of BMO Global Asset Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.