March 7, 2014 - Advisor.ca


The Expert

Robert Mendenhall, Vice President, Tax & Estate Planning, Richardson GMP Ltd.


Client Profile

Elsa Koertig, 48, is a single mom and schoolteacher in Moose Jaw, Sask. She earns $65,000 annually and her daughter Ingrid is heading to university.

Ingrid’s straight As and clean sweep of provincial and national science fairs caught the attention of Ivy League schools, and her heart’s set on Princeton. She’s earned generous scholarships, but even after factoring in RESPs, the family faces a $10,000 annual shortfall.

Elsa’s coming off a messy divorce and is saddled with mortgage, car and other debt payments. But if she could access the $100,000 stock-and-bond portfolio her deceased parents left her in trust, she’d be able to send Ingrid to Princeton.

Elsa’s foggy on the details. She knows how much is in the trust, and remembers her parents saying they wanted it to fund her retirement. Can she tap the trust sooner?

The Strategy

Examine the document, says Robert Mendenhall, vice president of tax and estate planning at Richardson GMP Ltd. Its terms may allow the trustee to distribute assets. “You don’t want to look at terminating the trust right off the bat. It would be a lot easier to talk to the trustee and have [him or her] exercise that discretion.”

Also look for options to collapse the trust. “If the trustee’s allowed to terminate [it] and give the funds to the beneficiary, then all that’s needed is to convince the trustee that this is the right thing to do,” notes Mendenhall. Unfortunately Elsa’s parents gave the trustee no discretion and there’s no termination provision. The document says Elsa can’t access the funds until she turns 65.

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Previous News & Announcements
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2009

  • Robert Mendenhall on how a client should collapse a trust

    Mar 07, 2014

    Robert Mendenhall, vice president of tax and estate planning at Richardson GMP Ltd., speaks to when and how to collapse a trust...
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  • Richardson GMP Limited transfers select advisor teams to Dundee Goodman Private Wealth

    Jan 13, 2014

    Richardson GMP Limited (Richardson GMP) today announced that it has reached an agreement (the Agreement) with Dundee Goodman Private Wealth (Dundee Goodman), a division of Dundee Securities Ltd., under which a group of approximately 60 investment advisors and their related staff will transfer to Dundee Goodman from Richardson GMP. These advisors and staff joined Richardson GMP as part of its acquisition of Macquarie Private Wealth Inc. (Macquarie).
    read more
  • Andrew Marsh, CEO, discusses the acquisition of Macquarie Private Wealth Canada

    Sep 11, 2013

    Andrew Marsh appeared on BNN to discuss the acquisition of Macquarie Private Wealth Canada. Providing Canadians with independent wealth management with a transparent approach is a key differentiator for Richardson GMP...
    read more
  • Richardson GMP Limited to acquire Macquarie Private Wealth Inc.

    Sep 09, 2013

    Richardson GMP Limited (Richardson GMP) today announced that it has reached an agreement (the Agreement) to acquire Macquarie Group’s Canadian retail business, Macquarie Private Wealth Inc. (MPW Canada). Upon completion of the transaction, Richardson GMP will have $28 billion in assets under administration...
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  • Gareth Watson, VP, Investment Management Group featured on BNN

    Aug 13, 2013

    Gareth Watson, VP, Investment Management Group featured on BNN discussing the potential privatization of Blackberry, and an examination of Canadian Telcos, precious metals and oil...
    read more
  • 8th annual Barney Bentall & The Grand Cariboo Opry fundraising concert presented by Richardson GMP & Potluck Café Society

    Jun 10, 2013

    Richardson GMP and Potluck Café Society, in association with Paul Mercs Concerts, are proud to present Barney Bentall & The Grand Cariboo Opry at The Vogue Theatre on Saturday, November 23, 2013. A treasured tradition among Vancouver’s local community, this fundraiser and one‐of‐a‐kind variety show brings concertgoers together to support the Potluck Café Society and their work in Vancouver’s Downtown Eastside...
    read more
  • Gareth Watson, VP, Investment Management Group shares his market outlook with BNN

    May 31, 2013

    Gareth Watson, Vice President, Investment Management Group at Richardson GMP was a guest on BNN's Business Day on May 29, where he shared his views on the current market and outlook for what's to come...
    read more
  • New Strategic Relationship Formed with Dynasty Financial Partners

    May 02, 2013

    Andrew Marsh, CEO, discusses Richardson GMP’s reasons for its strategic relationship with U.S. Dynasty Financial Partners on BNN.
    read more
  • Richardson GMP expands private wealth management across the border

    May 01, 2013

    Richardson GMP today announced that it has formed a strategic relationship with Dynasty Financial Partners, a premier network of independent Investment Advisors. The reciprocal relationship will enable Richardson GMP to offer a broad range of wealth management products and services to Dynasty clients in Canada and allow Dynasty to provide services for Richardson GMP clients in the U.S...
    read more
  • Richardson GMP earns top ranking in supporting high net worth clients

    Apr 29, 2013

    For the fourth consecutive year, Richardson GMP Limited received top rating in the Investment Executive (IE) 2013 Brokerage Report Card, scoring a 9.1 average of all categories measured. The highly regarded annual IE Brokerage Report Card asks Advisors from 13 investment firms to evaluate their firms...
    read more
  • Gareth Watson, VP, Investment Management & Research discusses Canadian earnings & his market outlook with BNN

    Apr 29, 2013

    Gareth Watson, Vice President, Investment Management & Research at Richardson GMP spoke with BNN on April 23rd about Canadian earnings updates and his market outlook. Expectations for the year remain set for moderate gains…
    read more
  • Joey Mack talks to BNN about what the Bank of Canada interest rate hold and forecast means for bonds

    Apr 18, 2013

    Joey Mack, Director, Fixed Income for GMP Securities LP spoke with BNN about the Bank of Canada’s recent announcement that it is keeping interest rates at 1% and lowering its forecast. Joey shares insight into what this means for bond rates and where investors may be able to find value in fixed income products…
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  • Announcement of Richardson GMP shareholder liquidity amendments

    Jan 31, 2013

    GMP Capital Inc. (GMP) (TSX: GMP), Richardson Financial Group Limited (RFGL), a subsidiary of James Richardson & Sons, Limited, and Richardson GMP Limited today jointly announced that they have reached an agreement in principle regarding changes to the Richardson GMP Limited (Richardson GMP) shareholder liquidity event.
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  • Richardson GMP first in Canada to be certified for Fiduciary Excellence

    Dec 12, 2012

    Richardson GMP today announced that it has become the first Canadian investment advisory firm to be certified for fiduciary excellence. After a rigorous assessment process to audit its practices, the Centre for Fiduciary Excellence (CEFEX) has determined...
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  • Gareth Watson discusses earning results of big retailers with BNN

    Nov 16, 2012

    Sears, Target, Wal-Mart and Gap reported earnings results on Nov. 15. BNN talks to Gareth Watson, Vice President, Investment Management and Research, about how this news translates over to the U.S…
    read more
  • Richardson GMP is proud title sponsor of TIFF's celebration of Bond

    Oct 25, 2012

    TIFF rolls out the red carpet for a glamorous evening of adventure and intrigue for Designing 007: 50 Years of Bond Style...
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  • David Andrews Outlook for Q4 (video)

    Oct 18, 2012

    David Andrews, Director, Investments & Advice, Richardson GMP appeared on BNN’s Business Day with Frances Horodelski to discuss his outlook for the final quarter of 2012. Learn why David is neutral on Canadian equities and overweigh on U.S. equities...
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  • Adam Salahudeen brings his expertise to Richardson GMP’s Tax & Estate Planning Group

    Oct 17, 2012

    Richardson GMP announced today that Adam Salahudeen has joined its team of Tax & Estate Planning professionals as Vice President of Tax & Estate Planning...
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  • Joey Mack, Director, Fixed Income, GMP Securities LP discusses the provincial bond market

    Oct 16, 2012

    Joey Mack, Director, Fixed Income, GMP Securities LP discusses the provincial bond market with BNN. The discussion also addresses where the best place to find value is today...
    read more
  • Watch Gareth Watson discuss market strategies on BNN

    Aug 24, 2012

    Gareth Watson, Vice President, Investment Management & Research at Richardson GMP discusses current business issues on BNN.
    read more
  • How is the Quebec election shaping provincial bonds?

    Aug 21, 2012

    BNN asks Joey Mack, Director of Fixed Income at GMP Securities.
    read more
  • Watch Gareth Watson co-host the Lang & O'Leary Exchange

    Aug 14, 2012

    Danielle Bochove and Gareth Watson, Vice President, Investment Management & Research at Richardson GMP delve into the business issues of the day and provide an update.
    read more
  • Gareth Watson co-hosts the Lang & O'Leary Exchange

    Jul 23, 2012

    Amanda Lang and Gareth Watson, Vice President, Investment Management & Research at Richardson GMP provide an update on the business world.
    read more
  • Richardson GMP appoints John Stubbs as Branch Manager Vancouver Office

    Jun 14, 2012

    Richardson GMP proudly appoints John Stubbs to the role of Branch Manager for its Vancouver office. Bringing a solid network of relationships and over 20 years of financial services expertise to the firm, John will take a leadership position with our existing high net worth advisory practices...
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  • Richardson GMP Limited appoints advisors to its Board of Directors

    May 16, 2012

    Richardson GMP Limited today announced the appointment of advisors Mark Begg and Murray Bockhold to its Board of Directors, joining returning Board members: Winthrop H. Smith, Jr., Chairman and CEO of Summit Ventures NE, LLC and President of Sugarbush Resort; Kevin Sullivan, Deputy Chairman, GMP Capital Inc...
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  • Richardson GMP earns top industry ranking in products and support for high net worth clients

    Apr 26, 2012

    For the third consecutive year, Richardson GMP Limited (Richardson GMP) received top rating (9.3) by advisors in the 2012 Investment Executive (IE) Brokerage Report Card. The highly regarded annual IE Brokerage Report Card asks advisors to evaluate their firms, whether bank-owned, independent or boutique, in categories such as advisor autonomy...
    read more
  • Joey Mack on BNN’s Market Call

    Apr 24, 2012

    Joey Mack – Director, Fixed Income, GMP Securities shares his top fixed income ideas on BNN’s Market Call – April 24, 2012...
    read more
  • Richardson GMP to accelerate its growth momentum

    Apr 18, 2012

    Richardson GMP announces plans to capitalize on a significant growth momentum in the Toronto market place today as it officially opens its new expanded office at 145 King Street West consolidating its two Toronto locations. Mike Reynolds, who joined the firm in late 2011 as Director, Wealth Management and Branch Manager, will focus on growth for the GTA targeted for...
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  • Richardson GMP unveils a new look for its website

    Apr 07, 2012

    Leading-edge wealth management firm Richardson GMP, known for its innovative and exclusive investment solutions for high net worth clients, is proudly launching its newly rebranded website...
    read more
  • 2012 Federal Budget

    Mar 30, 2012

    The Minister of Finance, Jim Flaherty, tabled the Federal Government’s 2012 Budget on March 29, 2012. Highlights include changing the age of eligibility for Old Age Security to 67, and the opportunity to defer OAS benefits to age 70 for a higher pension amount. In a key corporate tax measure, the designation of late and partial eligible dividends will now be allowed…
    read more
  • Richardson GMP to accelerate its growth momentum: Luc Papineau is appointed Branch Manager

    Nov 30, 2011

    Richardson GMP announces plans to capitalize on a significant growth momentum in the Montreal market with the appointment of Luc Papineau to the role of Director, Wealth Management and Branch Manager of its Montreal office...
    read more
  • New RRSP/RRIF investment rules

    Sep 12, 2011

    The 2011 Federal Budget proposed several changes to the enforcement of anti-avoidance rules on Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income...
    read more
  • So what now?

    Aug 18, 2011

    While we are pointing out the obvious, we will note that market performance since the last week of July has been challenging at best...
    read more
  • Overreaction or reality check

    Aug 08, 2011

    We will not sugar coat today’s market situation as performance since April, and the last couple of weeks in July in particular, has been terrible. Not only have many market indices, such as the TSX Index and the S&P 500, corrected so too have many commodity prices which does not bode well for the Canadian stock market in general...
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  • Richardson GMP goes long on discretionary management

    Jul 28, 2011

    Discretionary management has a bright future in the private client industry, providing a documented approach to wealth management with a system of checks and balances, David Porter, equity owner and portfolio manager at Richardson GMP, tells Family Wealth Report...
    read more
  • Raise the ceiling or else?

    Jul 28, 2011

    We are less than a week away from the self-imposed August 2nd deadline for the United States to increase its debt ceilingfrom the current $14.3 trillion. The United States has imposed a debt ceiling limit since 1917 as one of several ‘checks & balances’ for its political system...
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  • Federal Budget 2011 Retabled: low-tax plan for jobs and growth

    Jun 06, 2011

    Now with the support of a majority conservative government, Minister of Finance Jim Flaherty tabled the Federal Budget “The Next Phase of Canada’s Economic Action Plan – A Low-Tax Plan for Jobs and Growth” on June 6, 2011...
    read more
  • Richardson GMP partners with TIGER 21

    May 17, 2011

    Richardson GMP is pleased to announce its strategic partnership as coexclusive wealth management partner with TIGER 21 Canada (The Investment Group for Enhanced Results in the 21st Century), the premier peer-to-peer learning network for high net worth investors who have been successful in their chosen fields and have a minimum of $10 million in assets to invest...
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  • Winthrop H. Smith, Jr. appointed Chairman of Richardson GMP Limited Board of Directors

    May 11, 2011

    Richardson GMP is pleased to announce the appointment of Winthrop H. Smith, Jr.* to Chairman of the company’s Board of Directors...
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  • Richardson GMP earns top industry ranking in advisor autonomy, products and support for high net worth clients

    May 11, 2011

    For the second consecutive year, Richardson GMP Limited has been awarded top overall ranking (9.2) by advisors in the 2011 Investment Executive (IE) Brokerage Report Card...
    read more
  • Investment Executive 2011 Report Card

    May 02, 2011

    How advisors rated their firms...
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  • Richardson GMP aligns with PPI to Benefit Investors Insurance alliance means local insurance expertise and increased choices for HNW clients

    Apr 12, 2011

    Richardson GMP is pleased to announce that its wholly owned subsidiary, Richardson GMP Insurance Services Limited and PPI have established a strategic alliance to provide a national insurance advisory service...
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  • Richardson GMP appoints Annie Boivin to Manager, Wealth and Estate Planning: Firm builds wealth and estate planning expertise

    Apr 07, 2011

    Richardson GMP is pleased to announce the appointment of Annie Boivin to Manager, Wealth and Estate Planning. Annie is a tax expert and financial planner with 20 years of industry experience...
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  • Federal Budget 2011: A low-tax plan for jobs and growth

    Mar 22, 2011

    Minister of Finance Jim Flaherty has tabled his 6th Budget as “The Next Phase of Canada’s Economic Action Plan – A Low-Tax Plan for Jobs and Growth”. Forgoing the traditional purchase of new shoes on Budget Day, Flaherty preferred to retread an old pair of shoes to symbolize the practicality of this budget...
    read more
  • Richardson GMP appoints Gareth Watson to Vice President, Investment Management & Research

    Feb 02, 2011

    Richardson GMP is pleased to announce the appointment of Gareth Watson to Vice President, Investment Management & Research. Gareth will play a key role in helping to develop and communicate Richardson GMP’s core investment strategy platform...
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  • Richardson GMP appoints André L’Espérance as Director, Wealth & Estate Planning

    Nov 16, 2010

    Richardson GMP is pleased to announce the appointment of André L’Espérance as Director, Wealth & Estate Planning. With more than 20 years of experience, André will lead and expand the firm’s insurance capabilities...
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  • Richardson GMP: get the facts

    May 30, 2010

    Richardson GMP Limited* (Richardson GMP) is a leading, independent wealth management firm, serving Canada's most successful families and entrepreneurs. The firm is national in scope with Investment Advisory teams across Canada and over $12.5 billion in assets under administration as of April 2010...
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  • Richardson GMP leads the industry in products and services for high net worth clients

    May 04, 2010

    Richardson GMP Limited (“Richardson GMP”), is proud to have received the top overall ranking in this year’s highly regarded Investment Executive (“IE”) Brokerage Report Card...
    read more
  • Investment Executive 2010 Brokerage Report Card

    May 04, 2010

    How advisors rated their firm...
    read more
  • Richardson GMP brings clients the optimum philanthropic giving experience

    Apr 14, 2010

    Richardson GMP Limited (Richardson GMP) announced today that the firm has established a partnership with Benefaction Foundation, a charitable public foundation, which will provide its clients and Investment Advisory Teams access to efficient and cost-effective strategies for charitable giving by enabling them to customize their financial contributions to charitable organizations while significantly reducing their tax burden...
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  • Federal Budget 2010 - leading the way on jobs and growth

    Mar 10, 2010

    Finance Minister Jim Flaherty had few surprises in the federal budget he unveiled in Ottawa Thursday, pledging to continue the stimulus measures rolled out in the last year while vowing to return to balanced books as soon as possible...
    read more
  • Richardson International named among Canada’s 50 best managed companies

    Feb 17, 2010

    Richardson International Limited, Canada’s largest, privately owned agribusiness, has secured a place on the annual list of the 50 best managed companies in the country. The achievement marks Richardson International’s first nomination and first win in this prestigious national program for demonstrating its ability to manage change while continuing to build financial success...
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  • Richardson and GMP: top ranked for serving HNW clients

    Nov 12, 2009

    Advisors stand behind their firm...
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  • GMP Private Client L.P. and Richardson Partners Financial Limited complete transactions, creating Richardson GMP Limited

    Nov 09, 2009

    GMP Capital Inc. and James Richardson & Sons, Limited, today jointly announced the successful completion of the transactions which resulted in the combination of their respective wealth management businesses and the creation of Richardson GMP Limited...
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