MD Financial Management (MD) is the only national firm with 50 years of service devoted exclusively to the financial well-being of Canadian physicians and their families.
MD’s advisors and an internal team of estate planning, portfolio managers, accountants, and lawyers provide objective advice on tax, incorporation, estate and trust matters, insurance, provide comprehensive financial planning, advice and solutions that are specific to physicians’ needs at every stage of their career, from medical school to practice through to retirement.
After an intense discovery process, the MD advisor will create a financial plan that reflects each client’s specific priorities and personal style.“Physicians and their families hire us to paint a very clear picture of their finances. It’s almost like commissioning an original art piece,” Senior Consultant, Vince Tarantino says.
“In working with this unique client group, I have come to realize that physicians spend the majority of their time helping others and often don’t take the time away from working with patients to focus on their own health and finances. So, I go to them - my office is just across the street where most of the downtown Toronto hospitals are located. Busy doctors appreciate this.”
Conflict-Free Financial Advice
As an MD Advisor, Vince works on salary, not on commission. This eliminates potential conflicts of interest and allows him to provide objective advice that is in the clients’ best interests. Clients describe him as sincere, responsive, resourceful and always looking for ways to add value.
Vince won’t sugar coat the truth or tell clients what they want to hear. “My advice is always based on reality. I do not pull punches, exaggerate the facts, or understate the risk. I believe in having open, truthful, and fruitful conversations.”
“Objectivity is also part of our unique approach to fund management. Our approach is based on disciplined oversight and selection from among the world’s best asset managers. We only have one priority - for clients to meet their financial goals.”
Although Vince is eligible for a bonus, payment is not product dependent and is based on service standards and compliance. “This approach works with my values and allows me to be an educator and resource rather than a sales person. I especially like the fact that I’m free to focus on getting to know what my clients want and need and that am not required to convince anyone of anything,” he explains.
Looking for Opportunities to Add Value
“This is such a complicated, highly regulated industry. At different times in my career I’ve been a Financial Advisor, a Stock Broker, and a portfolio manager. There is always something more to learn. The way I figure it, the more I learn, the more value I can add.” “I also consider myself an educator and never turn down an opportunity to share my knowledge on financial matters, such as the implications of the government’s rules on passive income taxes or how an estate deals with the wind-up of a share-holder's corporation.”
“I’m also a great networker and connector and love bringing people together. For example, a client was moving to the U.S. and wanted to discuss the tax implications. I referred him to a U.S. tax specialist from my network to highlight the key issues in this case. The specialist provided a high level consultation at no charge to the client.”
Adding value is a recurring theme in Vince’s life. While he was studying for his MBA Vince gave his professor some feedback on the grading scheme. The prof was so impressed he asked if Vince was interested in becoming a teaching assistant (TA). Without hesitation, Vince said ‘Yes.’
His TA role morphed into a role as a summer Sessional Instructional Assistant a position he enjoyed since 2008. His role included grading papers and conducting tutorials on Financial Markets for as many as 850 undergraduate, MBA and business students at the same time.
At the beginning of the course, I could see how apprehensive the students were. As the course progressed I watched them become engaged with the topic and the business news. By the end of the semester, they not only understood the material, they could hold their own in a discussion I love witnessing that. Don’t tell the students, but I learn as much from them as they do from me.”
In 2019, Vince was promoted to Course Coordinator and now helps coach and supervise a team of teaching assistants who are responsible for this important qualitative and quantitative work.
When time permits, Vince writes for industry publications such as the peer-reviewed journal, Canadian Journal of Physician Leadership. A pdf of Vince’s article, Transitioning to an Executive Role – What You Should Know About Your Retirement Plan.
Up Close & Personal
Vince and his wife, Francesca, have two children. Daughter, Julia, (12) is a great athlete (“but in denial,” her proud papa says with a smile) and loves reading. Last summer she attended fencing camp. Although she had never fenced before, she still managed to beat everyone. Son, Cristian is (8) loves movies, chess (he won the city trophy in 2017),soccer, and hockey.
As a way of giving back, Vince financially supports CAMH and Plan Canada. He is a volunteer coach for Toronto Azzurri youth soccer, and is captain of a men’s soccer team.
As a last word, Vince says, “My advice for people seeking a trusted advisor/planner is to first understand that the scope of wealth management is very broad and encompasses vast bodies of knowledge in areas such as accounting and law. As a result, it is far more reaching than an investment discussion which is centered on global markets.
Although performance is an important consideration the benefits of a solid financial plan will far outweigh the 1-2% annual returns you may (or may not) gain against the market indices. For those who are evaluating their current level of service I would begin by confirming your annual fees in dollars and cents. You should feel confident that you are dealing with an experienced planner/advisor that you feel has your best interests at heart and who surrounds him or herself with an extensive team of specialists. Lastly, make sure you are getting a financial plan that maps out your current state and trajectory and an illustration that demonstrates the difference or value of their advice.”
MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. .
MD Management Limited was the first of the MD Group of Companies to be founded, in 1969. MD Financial Management Inc. wholly owns MD Management Limited. For a detailed list of the MD Group of Companies, visit md.ca.
Suzen Fromstein is the author of Suits and Ladders, Ten Proven Ways to Keep Your Job Safe - with a few jokes thrown in. Suits and Ladders was an Amazon Best Selling Book in the Career Guides Category
1100 - 522 University Ave.
Toronto, On. M5G 1W7
416 - 598 - 1442