Senior executive financial consultant describes what makes the independent practice stand out
Tonge McChlery & Associates, a full-service financial management practice that works with clients to develop comprehensive financial plans, was among the ones recognized as Wealth Professional’s 5-Star Advisory Teams for 2021.
The team draws on their years of experience, unique viewpoint, and advanced accreditation to help clients with comprehensive wealth building, management, and preservation strategies.
In an interview with Wealth Professional – which can be viewed here – Philip Tonge, partner and senior executive financial consultant at Tonge McChlery and Associates, IG Private Wealth Management, shared the characteristics that set his team apart.
“I am blessed to have a very diverse team. Diverse in experience, background, and the way we look at finances. But we all have a common goal in educating our clients and have the belief that the financial services industry is very product-sales oriented and our team really strives to get people out of that mold, and utilize and understand what they can do, not just rely on financial products to get ahead.”
“Tax planning is usually something that people think that their accountant or tax preparer is automatically doing for them when they file their tax returns each year. While that may be the case, that they give some advice…most clients don’t usually understand that half of their wealth is eroded by taxes, the biggest expense that they have,” he added.
When asked how their tax expertise helps clients, Tonge said, “For us not to make that an integral part of your planning would be leaving clients in a detriment so it provides clients with a very effective way of building wealth by not having to shell out money to the tax man and use it for other purposes.”
As to how tax and estate planning fit into his team’s overall planning picture, he stated, “It’s an integral part in our process so not many clients are used to us asking for tax returns. What we aim to do is educate them on things that we do today that can help reduce their tax burden, keep money in their pocket…. More importantly, show them the effects that if ever something happens to them at different points in their life.”
“Most clients aren’t aware of exactly how much of an estate or their wealth is going to be eroded away by unnecessary taxes, he said. “They can easily mitigate a lot of that burden by using simple steps and always keeping part of their mind of what’s going down the road.”
To see the full list of 5-Star Advisors for Western Canada along with last year’s Top Teams, click here.
