Working with Rex has been a real pleasure. He is extremely knowledgeable about all of the financial issues that medical students and residents face. He is extremely personable and really cares about making the whole financial process as transparent and easy as possible.
— Dr. Courtney Scott, Neurology Fellow & Dr. Christopher Farlinger, Anesthesiology Fellow, University of Toronto Graduates

 

Our Consultative Approach

At Clarity MD Services, it's our job to help you understand your financial situation and the outcome of your planning decisions. We'll take your through our five-phase planning process to ensure we're making the best possible recommendations for you.

1. Discovery  

To give you the right advice, we need to get to know you, to understand your financial situation, and learn about your long- and short-term goals.

2. Analysis

We conduct a thorough analysis of your current financial situation, your personal and professional life, and look for solutions that put you on the path to achieving your goals.

3. Proposal

We help you to understand where you stand relative to your goals and present recommendations to help you meet them. With your collaboration and feedback, we fine tune our recommended solutions. We may identify other professionals, if required, to further explore or implement a strategy.

4. Implementation

We go out of our way to make the implementation of our solutions as easy as possible for you, and we'll keep you informed throughout the process. If other business professionals are involved, we don't just hand you off; we'll take the time to coordinate with them, ensure they're aware of your requirements, and follow up on the completion of your overall plan.

5. Review

You need to keep your financial plan on track, and it will change and evolve as your personal and professional life does. We perform periodic reviews, and adjust as needed to help make sure you achieve your financial goals.


How we get paid

Trust is earned. That's why we're open and transparent about how we get paid. In every transaction, we'll let you know up front how we're compensated.

We're independent, so we don't just sell the products on a pre-approved "shelf," or those with the highest commissions. We make product recommendations based on what suits your needs and situation best. Our remuneration is in the form of fees, commissions, or a combination of both. And we'll do our best to give you advice on how to keep your costs as low as possible.

For those early in their medical careers, it's usually more cost effective to pay for services through regular commissions and/or flat fees.

For those with an established medical practice, who have accumulated a certain level of assets, a fee-based model is usually more advantageous. The fee percentage often declines as the value of the portfolio rises, and on taxable accounts, fees are tax deductible.


Safekeeping your assets

investments

All your assets are held in your name by the fund company or carrying broker B2B Bank. When you deposit funds into your accounts, cheques are made out of the fund company or B2B Bank. Clarity Group Financial Inc. or our dealer, Banwell Financial Inc., does not hold your assets. Any movements of funds or securities in or out of your accounts can only be executed with your written authorization. Quarterly statements are mailed to you directly from the fund companies or B2B Bank, without our intervention, ensuring an unbiased and audited valuation of your holdings. 

All mutual fund transactions are executed through our dealer Banwell Financial Inc., which is registered and regulated by the Mutual Fund Dealers Association of Canada (MFDA), a non-profit self-regulatory organization regulating the distribution of the Canadian mutual fund industry. Your asset is protected by the MFDA Investor Protection Corporation for up to $1,000,000 per client account. By virtual of the registration with MFDA, we also subject to the oversight of the provincial regulatory body the Ontario Securities Commission (OSC). 

insurance

Every life insurance company authorized to sell insurance policies in Canada is required, by federal, provincial and territorial regulators, to become a member of Assuris, a non-profit organization that protects Canadian policyholders if their life insurance company should fail. Should that happen, your policies will be transferred to a solvent company. Assuris guarantees that you will retain at least 85% of the insurance benefits you were promised. Life insurance, disability insurance, critical illness insurance long-term care insurance and annuities are all protected by this guarantee.