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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.

April 2018

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Rosemary Horwood

Vice President, Investment Advisor, Rosemary Horwood Wealth

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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.

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