We are committed to helping affluent professionals manage the complex and evolving needs of their wealth.   Whether you are recently retired or have a growing business, we take a holistic approach to your overall financial well-being. Our clients and their families are at the heart of everything we do, every day.

We have helped clients across a range of needs and goals that include:

 

Engineers and Architects

Bay & Associates consults with senior partners, young professionals, technologists, and staff in all areas of corporate and personal finances. We have been partnered with the ACEC-BC since 2001 where we have provided member firms with our financial planning expertise. 

We can help you:

  • Create a rigorous financial plan that takes into account all aspects of your financial life.
  • Use beneficial, creative strategies such as determining whether or not an Individual Pension Plan (IPP) makes sense.
  • Give you the peace of mind that your investments are in good hands.
  • Manage your tax bill and use creative strategies to reduce the amount of taxes you pay.

Our long-term partnership will assist you in the ever-evolving challenges of career and life progression.

Learn about Our Approach

 

two clients smiling on the beach

Pre-retirees and Retirees

You may have spent your working life accumulating wealth. Now you are getting ready to move to the next phase. This will involve a fundamental change in how you view and manage your wealth.  While looking at ways to increase it, you are now also looking at ways to protect it to maintain your lifestyle and leave a legacy. The next stage of your life will be different.  

We can help you address several realities:

  • You may live longer than you expect, and maintaining your lifestyle could become a challenge
  • Managing your tax bill is even more critical to protecting your assets over time
  • The strategies for creating a tax-efficient, life-long income are different
  • Reducing your tax bill by taking advantage of retirement, health savings, and educational savings accounts while still putting money aside for your and your family’s current and future use.

We are here to listen and help you look forward to a long and comfortable retirement.

 

business owner and entrepreneur

Business Owners and Entrepreneurs

We work with business owners and entrepreneurs who have spent years and even lifetimes building their business. Whether you are just starting out or have an established business, we can help you maintain your lifestyle now and throughout your retirement. Building wealth goes beyond running a strong balance sheet and showing profits each year. A key to enjoying the results of your hard work is to build wealth inside and outside your business.

We can guide you in creating:

  • a succession plan to help ensure you get the return on your life investment you deserve
  • a holding company, a life insurance policy, and other tools to limit your tax liability 
  • a well-diversified investment portfolio outside the business that can continue to generate income long after you have sold or moved on from your life as a business owner
  • As fellow business owners, we understand your needs and are here to help.

 

female and male executive clients

Executives

If you are an executive who has spent a good part of your life building a successful career, you may be surprised at how quickly the complexity of your tax bill, investment portfolio and compensation structure has grown. To help secure a robust future to help you live on your terms, there are several important factors to consider. They include:

  • Looking to the long term and how you will use your wealth down the road
  • Reducing your tax bill by taking advantage of retirement, health savings, and educational savings accounts while still putting money aside for your and your family’s current and future use.
  • Being realistic by planning for an early retirement. The challenges of an executive position (including business travel, long hours, and other stresses) may lead you to consider retiring earlier. Proactive wealth planning can help you explore all your options.

We can help you build a plan to address the many wealth-related questions you may have about the next step and how you can enjoy the lifestyle you have built over a successful and demanding career.

 

family celebrating outside at dinner

Families

Our role in guiding families is twofold: first, to guide clients to the most tax-advantaged ways to pass along wealth that match their current goals; and, second, to help the next generation understand the impact of sudden-wealth events (such as inheritances) and how to prepare for them in advance.

We believe that strong communication between different generations is critical because as the values and goals of all members are heard, conversation among them becomes easier. 
By taking the time first to ask questions in a comfortable environment, we learn about your life goals and your family dynamics. We then customize an investment plan that confirms where you are financially and where you want to go.

An estate plan follows that gives details of what you wish to leave behind, how you want it to impact your children’s and grandchildren’s lives, and how much flexibility you want in the way they use your legacy.  Our careful and ongoing management of your family’s wealth will help family members to focus on their life goals knowing their wealth management needs are in good hands.

 

doctor dentist and medical professionals talking

In an effort to educate our clients, it can be helpful to understand financial planning as it relates to the systems of the body.

Central Nervous System

Financial Planner

The planner is the brain behind your financial life. We help regulate and ensure that all the systems that make up your financial life are running smoothly.

Muscular System 

Financial Plan

The financial plan provides the structure and support throughout your financial life. The unique, comprehensive financial plan will allow us to identify your financial goals and develop strategies to achieve your goals.

Digestive System

Budgeting and Cash Flow

Think of budgeting as you'd think of how the body absorbs nutrients. Income comes in, gets accounted for, and whatever isn't absorbed by the body can be wasted on indulgences. Our financial professionals will review your income and expenses and create guidelines for achieving your goals.

Cardiovascular System

Investments

Your heart needs to be healthy to survive and thrive. Keeping your investments healthy and pumping throughout your financial life will position you to live off the passive income it is producing.

Renal System

Debt Management

It's important to balance good debt to your income. Bad debt, however, can create blockages in your financial life. We work together to create debt management strategies to keep your life balanced and healthy.

Immune System

Insurance*

Insurance protects you and your family from the unexpected, as does an immune system. We will do an extensive review of your insurance needs to keep you protected.

Skin

Estate Planning

Most physicians experience rapid wealth accumulation during the earlier years of their careers. Yet, they tend to forget to protect their wealth through a will, trusts, and power of attorney. Estate planning protects your wealth like skin protects your body.

Reproductive System

College Savings

If you have children, you've probably thought about how to provide them with an education. Preparing for this cost, through government programs, appropriate accounts, and a review of this goal can help cover the increasing cost of tuition.

* Insurance provided by the Canada Life Assurance Company.

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​Healthcare Professionals

We are committed to taking care of you while you are taking care of your patients. We provide unbiased, trustworthy financial solutions to hardworking healthcare workers such as yourself.

Our consultants are CERTIFIED FINANCIAL PLANNER (CFP) professionals, meaning we have a fiduciary duty to act in the best interests of our clients. Our advanced knowledge, skills, abilities, and ethics instill trust in clients.

We act as a liaison with your other specialists (lawyers and accountants) to play an integral part in your finances.

We work with any physician, regardless of asset size or net worth. If you told patients that you wouldn't help them unless their BMI was under 25, that would be ridiculous, right? We think so, too.

Physicians are very smart individuals, yet post-secondary doesn't teach you about the fundamentals of personal finance. That's why we're here. We're committed to providing our clients with the education to help them feel confident and empowered in their financial future.