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  • David Lloyd

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    David Lloyd is a founding partner and chief wealth management officer of Newport Private Wealth. He focuses on providing individuals and families with investment and wealth management services. David has built a thriving wealth management practice over more than 30 years serving Canadian families. He serves on Newport Private Wealth’s Investment Committee developing strategy and overseeing external money managers.

    Prior to starting Newport Private Wealth in 2001, David co-founded Merchant Private Trust growing it from a vision of Canada’s first exclusive private banking firm through to its successful sale to a major Canadian bank.

    As a chartered accountant, David has helped individuals and families identify issues and opportunities and then implementing strategies to achieve specific goals.

    David is a member of the Canadian Tax Foundation and has appeared on numerous radio and television business programs discussing insights into managing wealth and financial issues.

    David can be reached by email at dlloyd@newportprivatewealth.ca.



    Personal Financial Checklist for 2014

    With much of the country caught in a deep freeze, it may be just the weekend to stay indoors and make progress on your planning for 2014.

    To help you, our wealth management team has updated this handy month-by-month calendar of tasks, ‘to dos’ and reminders to help you get and keep on top of your financial affairs. Even if you’re already in good shape, you’re likely to find something on the list that could help you improve your overall picture — and peace of mind.

    Click on the attached link for your 2014 Month By Month Personal Financial checklist.

     

     

    10 tax saving tips to do before year end!

    clock 150x150 10 tax saving tips to do before year end!With the arrival of December, our attention often turns to holiday preparations — but it’s not too late to save money on your taxes if you act soon.

    Here are ten tax planning ideas to consider before year end:

    [read more >>]

    Are your adult children financially astute?

    Adult children of wealthy families are not prepared to handle wealth. That is one of the most common concerns among Newport Private Wealth’s hundreds of wealthy clients. Wealthy baby boomers are moving into their golden years, planning for the succession of assets and realizing their adult children don’t have the necessary skills to effectively manage wealth.

    A U.S. Trust study last year confirmed that very few high net worth individuals believe their children would be mature enough to handle wealth before the age of 25 and more than a quarter think they won’t be ready before the age of 40. (1)

    Why is this so? Financial planning, risk vs. return, asset allocation, budgeting and tax minimization aren’t concepts that are taught in our schools and universities. Discussing the family’s wealth isn’t something most families raise at the dinner table. Yet, ironically, parents want to ensure their children, as heirs, (1) don’t squander inherited wealth; and (2) don’t lose sight of family values because of it. [read more >>]

    What are you thankful for?

    Today is Thanksgiving and we are reminded of the old axiom to “count your blessings.”  In fact, recent studies have shown the practice of gratitude has enormous health benefits – everything from better-quality sleep, to a protective effect against heart attacks and improved levels of happiness.  We’re all for that!

    So in the spirit of appreciation, we’d like to share a few things for which we are grateful at Newport Private Wealth.

    Firstly, we are thankful for our clients who give us the privilege of doing meaningful work that makes a difference. We know it’s not just about a rate of return (although we never forget that‘s important too). The work we do is about helping people solve the issues that matter most to them. As someone once said, “Personal finance is mostly personal.” We are thankful for the opportunity to make a difference in people’s lives.

    Secondly, we are thankful for our partnership here at Newport Private Wealth. At a time when investment firms and their advisors move about like pieces on a chessboard, we feel particularly grateful to have a cohesive team of individuals with complementary skill sets who are committed to the business. We believe we can do our best work because we work together.

    We also give thanks for our team of support staff who work diligently to make things run smoothly and effectively. New additions this year have been a wonderful complement to the institutional knowledge of our long-standing employees.

    We are ever mindful of how very blessed we are in many respects and for the opportunity to serve our client, families and the communities in which we live and work.

    Happy Thanksgiving to you and your family.

    Talking turkey about money and values

    137087961 150x150 Talking turkey about money and valuesFor many families, the Thanksgiving holiday is a wonderful time for creating and cultivating traditions. Stories are told – and retold (as I’m often accused), memories are created and, intentionally or unintentionally, a set of values gets handed down like the family silverware.

    Part of our job as wealth managers is to help families make conscious choices that will shape their relationship with money over multi-generations. The arrival of Thanksgiving weekend inspired us to revisit a whitepaper we had written in 2012 with input from Dr. Julie A. Morton, of Conscious Legacy Coaching, entitled: Net worth. Self worth. What values will you pass on? A practical guide to conscious choices that will shape your family’s relationship with money. Click this link to download the booklet or watch the video.

    Something to talk about over turkey dinner?

    A young entrepreneur working his dream

    Perhaps it’s my stage in life, but I find great joy when I see a twenty-something entrepreneur set a lofty goal and then work night and day to turn the dream into a reality. Dan Petkovsek is one of those young entrepreneurs to whom I tip my hat.

    About four years ago, Dan had a dream of opening a gym; and not your ordinary gym. He set his sights on training those who were serious about it – athletes. Develop a following of elite athletes and the masses will come.  I’m not sure Dan could have picked a tougher industry in which to compete. As fitness clubs were closing all around him, Dan soldiered on. Fast forward to today, I had the pleasure of recently attending the grand opening of Torque Barbell Club in Toronto’s west end.  Torque has over 300 members, and growing by 20 per week.

    I wrote a blog last year on the top 10 things our children should know about money. One of my favourites on the list is to be ambitious and courageous; there is no such thing as failure; it’s just experience. Dan Petkovsek epitomizes what it means to be a young entrepreneur. Congratulations, Dan!

    A window of tax saving opportunity is closing.

    We have written before about the “unprecedented window of opportunity” for wealthy families to save tax as a result of CRA’s historically low 1% rate on prescribed rate loans.  See our blog post A window of tax saving opportunity…for how long? The prescribed rate dictates the minimum interest that must be charged on income-splitting loans to spouses and family trusts. A popular, low-risk form of tax planning with many of our clients.

    Truth be told, when we wrote that blog piece back in 2010 we didn’t expect the 1% rate would still be in effect in 2013. And from what we hear, it won’t be much longer. [read more >>]