- APRIL POTTER
PAUL BOURGEAULT, CFP®️, RRC®️, CLU®️ Executive Financial Consultant, IG Private Wealth Management
“Discover a truly synchronized approach
to protect and build your wealth.”
Executive Financial Consultant Paul Bourgeault’s personal mission is to make a significant and meaningful contribution to the lives of clients and the communities he serves. Paul feels blessed and grateful to have a vocation that allows him to do just that. As a recipient of the Miles G. Schiller Community Caring Award in 2015, he’s been recognized for his extraordinary efforts in long-term community service and a commitment to business excellence.
“At Bourgeault & Associates we pride ourselves in providing an extraordinary client service experience and fulfilling the financial planning needs of our clients with integrity, intelligence and innovation,” explains Paul. “We create tailored strategies for retirees, business owners and professionals to grow and protect wealth. We consider future generations and provide clarity and confidence to help with the transition into retirement.”
Paul spent the first ten years of his career working in the credit union system. He held various roles, working as a branch manager and a manager of lender and lending operations. In 1990 he and his wife Kelly were married and made the move from Saskatchewan to Alberta to manage a credit union. After a few years in Alberta the couple decided to relocate to Shellbrook, Saskatchewan (where they were both born and raised) to start a family and live close to extended family. Paul continued his work in banking for 20 months before deciding to make a big change.
“I've always been interested in business and an entrepreneur at heart,” says Paul. “So, I decided to go out and look for something different that we could do in the community of Shellbrook and I reached out to a cousin of mine who had a successful career with IG Wealth Management. My cousin put me in touch with some of the managers he knew. Essentially, 25 years ago in January IG took a chance on me and that's how I got my start in wealth management.”
Prior to commencing his career in finance, Paul attended the University of Saskatchewan for two years. He studied economics and political science. He decided to take a year off and found work in the banking industry. He’s now had his CERTIFIED FINANCIAL PLANNER (CFP) designation since 1999 and recently obtained his Chartered Life Underwriter designation (CLU) in November 2019. His next step is to obtain his Trust and Estates Practitioner designation which he hopes to complete within the next two years.
“When I first started out, I found out that fear is a very good motivator,” explains Paul. “My wife was pregnant at the time and while I had a comfortable salary in banking, I still made the choice to switch to a straight commission business. When I think back now, I realize that when I first moved to the Shellbrook credit union I was foreclosing on farms and closing down businesses. I was doing stuff that wasn't a lot of fun or very positive and I didn't feel like I was making a meaningful contribution to society. Even though it was a risk, I switched my profession because I love to help people and add value to the lives of others. I wanted to make a significant and meaningful contribution to clients’ lives – and for that matter the world around me. Making the switch allowed me to do that.”
Today, Paul and his wife have two daughters, their eldest is working as a nurse in Saskatoon and their youngest is studying finance at the University of Saskatchewan. In her final year at the Edwards School of Business, it is not clear if she will be joining the family business after graduation or taking another path. The family has a lakefront cottage in Saskatchewan where they’ve spent many summers enjoying water sports such as fishing, swimming, surfing, and water skiing. Paul enjoys golfing, snowmobiling and travelling in his spare time. He has a passion for high performance sports cars and loves the speed and exhilaration of motor sports.
Outside of the office he has also been an active member of the Kinsmen Club for 30 years. He believes in giving back to his community and does what he can to donate his time and money to worthy causes.
“We do what we can to help financially and donate our time to our local community,” says Paul. “Whether donating $25,000 to the new local hospital or becoming involved in various fundraising activities, I like to give back. Presently, there is a two-million-dollar rink project that we are supporting. We also like to donate $5,000 a year back to the communities that we serve through client requests. We offer ten $500 grants and invite our clients to make applications for the charity organizations they would like us to support. In light of the Covid-19 situation our team also identified an urgent need to support local food banks. Each team member has donated $500 personally, and we obtained a matching grant form IG Wealth Management. In total, we were able to donate $4000 to the Prince Albert Food Bank.”
The Bourgeault Team
Paul doesn’t offer excellence to IG clients all by himself, he credits a strong team of dedicated professionals to his success. Geographically, he has a home office in Shellbrook but also has space in Saskatoon and an associate operating out of Prince Albert. Essentially, his team covers a geographic “triangle” that includes Saskatoon, Prince Albert and North Battleford and this is where the bulk of their business comes from. His wife Kelly Bourgeault has her Business Administration diploma and joined the firm in 1997 as an Administrative Assistant. She became a licensed Associate Consultant by completing the Canadian Investment Funds course in 2014. She expertly manages both office and client relationships.
“I’m fortunate to work with such dedicated professionals,” says Paul. “In addition to my wife Kelly, I work with two other associates, Paul Beaulieu and Gavin Holcomb. Paul has more than 30 years of experience in financial services and has been with us for approximately 12 years. He has been a CFP professional since 2005 and has an MBA from the Ivey School of Business. Gavin has been a consultant with IG since 2016 and joined us as an Associate Consultant in May of 2018. Gavin works out of our Prince Albert office and serves Saskatoon and the surrounding areas. We also have a part-time administrative assistant working with us and we are growing. We are looking to expand the admin role to a full-time position so that I have more time to develop new relationships and work on higher-level planning for our firm.”
Transitioning into Retirement with Bourgeault & Associates
Paul and his team focus on retirement and legacy planning for business owners, incorporated professionals and retirees. He loves the challenge of helping people at this stage of life and has made it the focus of his business. Paul has had a lot of success transitioning business owners into retirement and working on succession plans. He believes this work is where he and his team are able to add the most value for clients.
“We've become a lot more engaged in legacy and estate planning for clients recently and I think it's partly a function of how our client base has evolved with us,” explains Paul. “Many clients have been with us for a very long time and now we’re watching many of them fulfill a successful retirement dream. It’s something that we’re actively engaged in and one of our greatest strengths is helping business owners retire. We have a lot of experience in this area and have been integral in successfully transitioning many business owners and agricultural producers into retirement. Sometimes this process can last for a few years. It goes way beyond numbers of course – as in any holistic financial plan. Giving up control is one of the biggest hurdles many successful entrepreneurs and business owners face when selling their business or farm and investing the proceeds. We spend considerable time educating clients about our risk management process, investment management solutions and integrated income tax management. We help clients make informed decisions and to be comfortable in turning over control of their significant resources to help successfully bridge the retirement gap.”
Present Day Challenges and Innovative Solutions
A long history together builds trust and with present day challenges such as the Corona Virus Pandemic and a fast-paced digital world to keep up with – trust is paramount. Paul’s team is able to work with clients to find innovative solutions that make doing business from anywhere much easier. With uncertain financial markets, clients of Bourgeault & Associates know they can count on Paul’s team to see them through this.
“In light of Covid-19 and its economic impact (stock market correction), clients need us now more than ever,” explains Paul. “We are fortunate to have the platforms and technology to allow us to continue serving clients and conducting business very efficiently. We have not seen clients face to face since March 12th but have been busy reaching out to all of our clients to make sure that they and their loved ones are all well, and to provide them with some reassurances."
To manage the crisis, Paul’s team has been conducting client meetings via phone and video as well as keeping clients updated regularly via e-mail, text messaging and social media posts. Paperwork is completed electronically via Docusign to minimize contact and maintain physical distancing. All investment deposits and withdrawals are being completed electronically by EFT.
“Specifically, for all of our small business clients we are conducting and co-ordinating webinars,” adds Paul. “We are able to keep business clients updated on all the federal and provincial government financial support measures for them and their employees as well as provide updates that may impact their group benefit plans. Of course, many individual virtual meetings result, with most to address the cash-flow impacts and adjustments to a client’s business and personal financial plans.”
Planning for the Future with Bourgeault & Associates and IG Private Wealth Management
Ultimately, the Bourgeault goal is to provide a premium service offering to clients by gaining a deep, thorough knowledge and understanding of their circumstances, needs and goals. Paul’s team strives to coordinate and synchronize all aspects of a client’s personal and business financial affairs. To deliver exceptional results they focus on getting to know a client and digging deep to ensure a complete understanding of a client’s affairs.
“I am very interested in business in general – and everybody has a different business model,” explains Paul. “It's critical to understand the business my clients are in. I strongly believe in coordinating and synchronizing personal and business affairs – and that you can't do one without the other. I find that in some of our most successful cases, when it boils right down to it and I ask why they initially chose to deal with us, many large business owners tell me that it's about trust. I ask the right questions, take a genuine interest and people know they can trust me. I've got a client’s back and have their best interest at heart at all times.”
Paul’s team has a process for onboarding new clients that begins with a conversation about investable assets. To do the work that they do, it is best that they are dealing with clients who have upwards of $500,000 in investable assets. During an initial discovery meeting Paul explains the value that his team can provide and how the compensation structure works – the process is very transparent.
“We focus on comprehensive and strategic planning,” adds Paul. “It could take 6 meetings to bring on a new client by the time all issues are addressed. What I've learned over 25 years is often clients want to meet me less frequently than I think they do. Once we’ve established a relationship and understanding, I get to know what their expectations are. For most clients in my target market, two face-to-face meetings a year and an annual review is usually enough.”
Working with IG also helps to build trust and maintain relationships at Bourgeault & Associates. Paul’s relationship with IG is just as important as his relationship with clients.
“With all of the changes going on in the financial services industry many dealers are very actively trying to recruit people with larger books,” says Paul. “I’ve taken a hard look at what’s out there and the primary reason that I stay with IG, (other than the fact that I'm very excited about all of the evolving corporate changes) is that they're just some of the brightest minds in the industry. I believe our Executive Team, Advanced Financial Planning Department and team of confident specialists are second-to-none. I’ve had a great relationship with them over the years and IG has played an integral part in helping me grow my business and provide the best solutions for clients.”
April Potter is a veteran writer with expertise in financial services including nearly 15 years in debt restructuring.
April has written for multiple online publications on a variety of subjects and offers a range of social media.
Also a painter, her background in finance is balanced by her artistic endeavors.
Paul V Bourgeault, CFP, RRC, CLU
Executive Financial Consultant
Box 335, Shellbrook, Sask. S0J 2E0
(306)747-2934 | Mobile (306)747-7666 firstname.lastname@example.org