The Hillyard Stephen Group
We are a multi-advisor wealth management practice based out of Victoria, BC, proudly operating under RBC Dominion Securities—Canada’s leading full-service investment and wealth management firm. The vast majority of our clients are successful business owners, health care professionals and well-capitalized institutions who rely on us for our core competencies in investment management and wealth planning. We are honored to serve our clients and humbled by the faith, trust, and confidence that they put in us every day.
The Hillyard Stephen Group
All of the members of The Hillyard Stephen Group work collectively, in unique but complimentary roles, to support the delivery of your comprehensive wealth management plan. Please click on any of the members of our team for their background and contact information.
Our Clients
Wealth Management Focused on Business Owners, Professionals, & Institutional Clientele
Business Owners
Whether you are a serial entrepreneur, the founder of a large operating company, or someone that has has exited their business and now owns a holding company, you've probably come to the realization that it is increasingly difficult to manage your family, business, and financial affairs concurrently. You might already have a good lawyer, an excellent accountant, and a great banker but are missing that final "piece of the puzzle" to tie everything together. Enter professional wealth management exclusively for business owners.
Wealth management focused on business owners is a specialized subset within the financial planning world. Most advisors simply lack the expertise, time and inclination to work in this space. It requires attention to a constantly changing tax code, is driven by a deep understanding of complex financial strategies, and necessitates a willingness to liaise with your other professionals on an ongoing basis.
The Hillyard Stephen Group at RBC Dominion Securities specializes in the provision of wealth management planning for successful business owners. We effectively integrate both the corporate and personal affairs of our clients under the banner of Canada’s largest and oldest wealth management firm.
Due to the specialized nature of our team's offering, we tend to work best with clients that have accumulated over $1MM in liquid investment capital, that are comfortable working in a collaborative planning relationship, and who are open to innovative financial strategies..
Professionals
One of our team's passions and key focuses is the provision of financial management to other professionals. This portion of our client base includes dentists, physicians, veterinarians, lawyers, and accountants operating within a corporate structure.
Due to the complexity of any professional's finances, it is imperative that you have a formal financial plan and are able to work with one team that can coordinate and/or directly manage all aspects of that plan. We understand that you are busy, so we are here to make life as easy and efficient as possible.
Our typical professional client is someone who operates a Professional Corporation (Often in conjunction with a Holding Company). While we usually only initiate client/advisor relationships for families with more than $1MM in investable assets, we do make an exception for professionals. We realize that strong relationships start early in your world and are prepared to assist you from day one of corporate operation, right into and through retirement.
Institutional Clients
As a natural byproduct of our team's work with successful business owners and professionals, our team has also built a large business that provides discretionary asset management services to institutional clientele. These entities include endowments/foundations, trusts, charities, "for profit" businesses, and multiple government/government agency offices across the country.
Our team's institutional client advisory process is focused on maximizing investment return within a given level of risk, on minimizing liability for fiduciaries/investment stewards, and on managing assets within the strict parameters set out by the organizational Investment Policy Statement (IPS). Transparency, process, and fiduciary prudence are all critical elements of the institutional client experience with The Hillyard Stephen Group at RBC Dominion Securities.
If you are interested in finding out more about the team's institutional asset management program, please feel free to reach out to arrange a complimentary consultation. Our team's typical institutional asset management relationship starts at $5MM CAD.
Our Services
The Hillyard Stephen Group is focused on delivering high quality advice around 5 key areas of planning. Investments, Financial Planning, Estate Planning, Life and Living Benefits Insurance, and Tax Planning. We follow a strict 5 year "Wealth Planning Cycle" that is designed to fully explore each of these topics in the first few years together. We then update and maintain each plan, as required, beyond that.
Investment Planning
The nucleus of our relationship with each client is Investment Management. Our team's Portfolio Managers are licensed to manage discretionary strategies and to use the full spectrum of investment options including individual stocks, bonds, preferred shares, managed products (pools, ETFs, and Funds), options, and other alternative allocations such as private equity, precious metals, private debt, and hedge funds.
For new clients, the first year of our relationship is always focused on establishing the parameters of a formal Investment Policy Statement (IPS). Once that document is in place, we construct a custom portfolio that aligns with your goals, risk tolerance, and unique aspirations. We also work very hard at "tax optimizing" your accounts from a personal tax perspective.
Once in place, our client's Investment Management strategy is managed perpetually, is reviewed at every client meeting, and is formally updated and repapered every 5 years.
Financial Planning
In the second year of a new relationship, we provide a comprehensive, formal Financial Plan (Compass Plan) or Financial Projection (MyGPS) that covers all of the elements of your financial future. This is done with our team's planning staff and a Financial Planning Specialist, with an accounting background, from our Family Office Services department.
During the first of two meetings ("discovery") we typically map out your current family and corporate structure, existing assets and liabilities, in force life and living benefits insurance, estate plans and documentation, and savings/income strategies. We also cover anything that may be unique to you such as philanthropic planning, education funding, disability planning, trusts, and more exotic retirement strategies such as individual pension plans (IPPs) or retirement compensation arrangements (RCAs).
During the second meeting ("presentation") we review the sustainability and efficiency of your current plan and present options to improve the efficacy of that plan. We also stress test the "what ifs" of the strategy including higher inflation, increased longevity, the impact of inflation, and large market drawdowns. The end result is a framework that we can then work from as we move into the next stage of our wealth planning cycle.
Once in place, our client's Financial Plans/Projections are referenced constantly, are updated at every client meeting, and are formally updated and repapered every 5 years.
Will & Estate Planning
In the third year of a new client relationship, we conduct what is known as a Will and Estate Consultation (WEC). This process builds from the estate planning structure laid out in the previous year's financial plan or projection. The WEC is conducted by our team's planning staff and a team consultant, with a legal background, from our Family Office Services department.
The core components explored in the WEC are family and business structure, asset distribution on death, the impacts of disability, family planning liabilities, tax liabilities, life and living benefits insurance, planned giving, trust structures, unique tax circumstances, and anything else death and/or disability related within your plan. Once prepared, we review the formal WEC letter and any recommend strategy changes with you in a second meeting.
Once in place, our client's Will and Estate Consultation strategy is referenced constantly, is updated in future client meetings, and is formally updated and repapered every 5 years.
Life and Living Benefits Insurance Planning
In the fourth year of a new client relationship, we conduct a formal Life and Living Benefits Insurance review. This process builds from the prior wealth planning (Compass Plan and WEC) done in previous years. The review is conducted by our team's planning staff and a team consultant, with an insurance background, from the RBC Wealth Management, Financial Services Department.
The typical review process includes a discovery meeting, and the presentation of options to address dependent income coverage, liability coverage, tax payment coverage, and the utilization of life insurance as a tax sheltered means of transferring wealth to the next generation. We directly discuss life insurance (Term and Permanent), disability insurance, critical illness coverage, and long term care insurance. Any underwriting is done internally and any in force policies are managed directly by our team's insurance advsisors.
Once in place, our client's Insurance strategy is managed/funded directly, is updated in future client meetings, and is formally updated every 5 years.
Tax Planning
In the fifth year of a new client relationship, we conduct a formal Tax Planning review. This process builds from the wealth planning (Compass Plan/MyGPS, WEC, and Insurance Plan) done in previous years. The review is conducted by our team's planning staff and should involve either your Accountant or Tax Attorney as applicable.
This process is designed to ensure that your tax advisors understand what we are doing, and that we understand what your tax professionals are attempting to accomplish from their side. It is usually a single, in person meeting (or video conference) followed up by any tweaking/restructuring required.
Once in place, our client's Tax Planning strategy is updated in future client meetings, and is formally reviewed and updated every 5 years.