Simplify, preserve and enhance.

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Owen Campbell
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2 Simplify, preserve and enhance.

4 Your wealth is the cumulative result of your hard work, discipline, and astute management. Yet the opportunities it affords may also come with unique responsibilities, challenges and questions. We understand that the decisions concerning your wealth are among the toughest you may ever have to make. For peace of mind, you want to feel secure knowing that all your financial and wealth management goals can be addressed through a solution that is unique to your needs. You need a solution that can simplify, preserve and enhance your wealth. Experience the advantage of Assante Private Client wealth management services.

5 A personalized program tailored to your unique needs and goals ASSANTE PRIVATE CLIENT Assante Private Client is a complete wealth management service offering that integrates investment management, through our Private Client Managed Portfolios, with wealth planning and personalized advice for investors with at least $1,000,000 to invest. Our comprehensive approach to managing your financial affairs is tailored to your personal requirements. Assante Private Client offers a multidisciplinary approach to managing your complex financial affairs. While most other private client programs focus solely on investment management, we take a different approach. By integrating investment management, wealth planning and personalized attention in a single customized program, we help to simplify, preserve and enhance your wealth.

6 The four pillars of Assante Private Client PERSONALIZED INVESTMENT STRATEGY a customized detailed plan for your investments tailored to your specific goals strategically engineered Private Client Managed Portfolios supported by award-winning investment management teams TAX EFFICIENCY tax-effective investing through our Corporate Class structure customizable tax efficient cash flow available through our T-Class platform COMPREHENSIVE WEALTH PLANNING ADVICE personalized advice and recommendations for your investment, insurance, tax and wealth transfer strategies specific to your financial goals, objectives and evolving needs ongoing support from our team of professionals to assist you in the unique and complicated wealth planning situations you may face ADVANCED REPORTING AND TAX INFORMATION detailed quarterly statements consolidated for all of your family s accounts comprehensive tax reporting for your personal, corporate, and trust accounts

7 Personalized investment strategy Your Assante Private Client experience begins with the development of a personalized investment strategy. A CLEAR ROADMAP FOR YOUR INVESTMENTS Working with your advisor and your dedicated Investment Counsellor, we will explore your investment objectives and goals, liquidity needs, growth expectations, tolerance for risk, income requirements, investment time horizon, anticipated changes in lifestyle and tax considerations. Based on your unique circumstances, we will create a detailed plan known as an Investment Policy Statement. It details a plan for your customized portfolio, by taking into account your individual circumstances and tolerance for risk, and sets out your asset allocation strategy how your portfolio will be invested. Your custom portfolio is built to offer the highest potential returns for the amount of risk you are willing to take, and is carefully managed to stay within these guidelines.

8 Your personalized investment strategy.

9 A tailored portfolio strategically engineered for you Our portfolio recommendations are supported by a widely recognized team of accredited investment professionals. Private Client Managed Portfolios offer you two levels of expertise. CI Investment Consulting is an in-house group of investment professionals who play an active role in the design and management of Private Client Managed Portfolios. The CI Investment Consulting team combines its portfolio construction expertise with comprehensive research and recommendations from State Street Global Advisors, a world leader in asset allocation, to create a portfolio tailored to your personal investment strategy. The team is also responsible for ongoing due diligence and overall program maintenance. Our proprietary program for the selection and monitoring of managers, as well as the team s portfolio-building techniques, incorporate a best practices approach to ensure the managers adhere to their investment mandates. As asset allocation specialists, State Street Global Advisors calculates asset mixes that offer the highest expected return for each level of risk. The key inputs into this process are State Street Global Advisors asset class forecasts. Their forecasts focus on analyzing historical data spanning numerous market environments, and are adjusted for any sustainable changes observed within current market environments by taking into account factors such as interest rates, inflation, and productivity expectations for countries around the world. With US$2.3 trillion* in assets under management, 27 offices worldwide and more than 2,500 employees, State Street Global Advisors is one of the largest investment management companies in the world, operating in more than 100 global markets. CI Investment Consulting s rigorous process is comparable to those used by Canada s top consulting firms for large institutional investors. The team oversees approximately $30 billion of investments on behalf of clients. *As at March 31 st, 2016

10 Strategic asset allocation and professional money management Your personalized portfolio incorporates many components. Two major components that contribute to its performance are the strategic asset allocation of the portfolio in other words, the mix of asset classes and the portfolio managers who manage them. As an investor, you want to know that the professionals managing your money are among the best. CI Investment Consulting brings together a large selection of affiliated and institutionally recognized portfolio managers, chosen for their leadership in their mandates and for the value they add to your portfolio. Using strategic asset allocation and regular rebalancing to produce stable returns over time, we make sure your portfolio remains true to your goals. It is well diversified No single investment is right for every point in time. A properly diversified portfolio is needed to help capture gains from asset classes that are performing well, while limiting exposure to those that are underperforming. Private Client Managed Portfolios brings you the diversification benefits of strategic asset allocation across 17 mandates within 11 separate asset classes. Your portfolio also includes diversification by country, market capitalization, industry sector and investment style. We monitor the managers to ensure they continue to be the best choice Our ongoing evaluation of the managers against strict criteria ensures that they adhere to their defined investment mandate. The managers must invest according to the investment approach for which they were hired and deliver consistent risk-adjusted performance. Tactical portfolio management Our portfolio managers, through their specialized mandates, have the discretion and opportunities to add value to your portfolio using day-to-day tactical actions through stock selection and sector allocation. We keep you on target We continuously monitor your portfolio to ensure that your asset allocation remains appropriate. If any part of your portfolio deviates from its target allocation by more than 10%, we take appropriate steps to bring it back in line to its target weight. Regular rebalancing helps you achieve better risk-adjusted long-term returns because it automatically leverages the discipline of buying low and selling high by realigning your assets from those that have performed exceptionally well to other areas of your portfolio that have lagged. We choose managers for their ability to perform C C We select portfolio managers based on their investment process, proven value add and fit B A D B A D into the overall portfolio diversification strategy, Target Asset Mix Back in balance favouring portfolio managers who are willing to C differentiate themselves from the benchmark. B D A Varied Market Growth Out of balance Rebalance

12 Award-winning money management We use in-house and external managers based on their proven track record in their areas of expertise. The performance of Assante Private Client s portfolio management teams has been recognized through 34 Morningstar Awards over the past 10 years and 57 Lipper Fund Awards since Signature Global Asset Management s Morningstar Awards include the prestigious Morningstar Fund Manager of the Decade in 2010, and Morningstar Equity Fund Manager of the Year in 2009, won by Eric Bushell, Chief Investment Officer. CI Investment Consulting won Morningstar s award for Best Fund of Funds program in 2011, 2012 and The following portfolio management teams have won fund-specific categories from Morningstar and Lipper: Signature Global Asset Management CI Investment Consulting Cambridge Global Asset Management Harbour Advisors Black Creek Investment Management Altrinsic Global Advisors Epoch Investment Partners QV Investors

13 Tax efficiency For investments held outside a registered plan, tax efficiency is a critical issue. Taxes reduce the returns on your portfolio and your investment income. Private Client Managed Portfolios offer you tax-effective investment strategies to help minimize your tax bill. TAX-WISE INVESTING ACROSS FAMILY ACCOUNTS With your registered and non-registered assets being taxed differently, we strategically allocate your investments between the accounts across your portfolio to give you the greatest tax efficiency. TAX-WISE INVESTING CORPORATE CLASS Defer and Minimize You can defer and minimize tax payments given the low dividend payout policy. Receive tax-efficient distributions You can receive tax-efficient capital gains or Canadian dividends from all funds regardless of mandate. By reducing the taxes on your portfolio, our Corporate Class structure enables you to increase after-tax returns, without taking on additional risk.

14 Comprehensive wealth planning.

15 Tax-wise withdrawals with T-Class Private Client Managed Portfolios give you the flexibility to generate sustainable, tax-effective cash flow from your non-registered investments without sacrificing the potential for growth or choice of investments through our T-Class platform. WITH T-CLASS, YOU CAN: Generate 100% tax deferred cash flow from your portfolio. T-Class payments are in the form of return of capital, which results in higher after-tax cash flow than with a conventional systematic withdrawal plan. Return of capital distributions will reduce the adjusted cost base or ACB of an investment. Over time, the ACB may fall to zero, in which case the payments from T-Class will be treated as capital gains which are still taxed at favourable rates. Customize your payments to fit your needs by selecting a percentage or a fixed dollar amount per month. Your after-tax income can vary significantly depending on the nature of the payment. The chart below shows the difference in the aftertax value of $100,000 in cash flow from interest, dividends, capital gains and return of capital*. $120,000 $100,000 $90,000 $60,000 $55,000 $45,000 $73,000 $78,000 Net after tax Taxes paid* $30,000 $27,000 $22,000 0 Interest Income Dividend Income Capital Gains Return of Capital *Assumes a marginal tax rate of 45% for interest income, 27% for dividend income and 22% for capital gains. Taxes are deferred until ROC is depleted. Return of capital distributions reduce the adjusted cost base (ACB) of the investment. Over time, the ACB may fall to zero, in which case 100% of the monthly payments from the T-Class investments will be classified as capital gains. Please note that T-Class shares may pay a taxable annual dividend in addition to the monthly ROC payments. Tax rates based on an average of the highest combined federal and provincial personal income tax rates. T-Class may pay annual dividends of Canadian dividends and/or capital gains.

17 Comprehensive wealth planning advice Assante Private Client is more than an investment program, it s a complete wealth management solution. WE CAN HELP YOU PRESERVE AND ENHANCE YOUR WEALTH There are many important questions to consider in creating the road map for your future: What do I have today? Will it be enough to meet my needs? What happens if things change? Will my family be protected? How can I maximize what I leave as an inheritance? How does my business impact my financial plan? By asking these simple questions, we can uncover the risks and opportunities that can help you preserve and enhance your wealth. A dedicated wealth planning professional will work with you and your advisor to produce a detailed analysis of your personal financial circumstances and gain an in-depth understanding of your current financial status, lifestyle objectives and plans for your estate. This information is reviewed and analyzed by our team of wealth planning professionals to create your personal Wealth Plan. Your Wealth Plan is a powerful resource that maps out your life-long plan. It is designed to preserve and enhance your wealth by presenting you with effective tax, estate, and financial strategies tailored to your situation, whether you re retired, still working or own your own business. Our financial planners, tax accountants, estate lawyers and insurance specialists will work with you, your advisor and your lawyer or accountant to implement the recommended strategies, maintaining a cohesive and integrated approach for your personal Wealth Plan. WE CAN HELP YOU TACKLE THE COMPLICATIONS THAT LIFE CAN BRING Your Assante Private Client experience is ongoing. In addition to creating your personal Wealth Plan, our team of experts are available to help guide you and address your evolving needs as your life and financial situations change.

18 Advanced reporting and tax information Regular reporting and communication are an important ongoing part of managing your wealth. TRACKING YOUR PROGRESS Every quarter, you will receive an all-inclusive report on your portfolio, showing the value of your holdings, your personal rate of return, a summary of all of your account activities, as well as details of your current holdings. To complement our integrated approach to managing your wealth, we can also create tailored tax packages, including select statements that may be sent directly to your accountant or lawyer, so that all of your professional advisors have a big-picture view of your progress. TAX PREPARATION MADE SIMPLE Detailed tax packages, including information on your taxable income, capital gains/capital losses, and any investment counsel fees charged to the account are provided on a calendar year basis. Your tax package can also be customized to the fiscal year of your corporation or trust, as needed. For your convenience, you can access your online account information to obtain copies of your statements or tax packages at any time.

19 A Private Client experience you can trust With Assante Private Client, you can feel secure knowing that your wealth is handled with the utmost care and security. RBC INVESTOR SERVICES TRUST To help safeguard your investments, we use the independent professional services of RBC Investor Services Trust (RBCIS). RBCIS is a wholly owned subsidiary of Royal Bank of Canada, one of the largest and most financially sound banks in the world. As our custodian for Private Client Managed Portfolios, RBCIS segregates client assets from its own, including our investment pools*, protecting your investments in the unlikely event of bankruptcy. These assets are protected under Canadian law and would not be available to creditors of RBCIS. RBCIS is regulated by a number of federal and provincial regulatory bodies, including the Office of the Superintendent of Financial Institutions, and additional supervisory agencies in the jurisdictions in which we conduct business. RBCIS is audited on a regular basis, to ensure that the standards of these government authorities and major international audit firms are upheld. * Certain account types such as RESP may not be opened directly through RBC Investor Services Trust ( RBCIS ) and may instead be opened at CI Investments Inc. However, RBCIS continues to be the custodian of the investment pools you hold in these account types and you benefit from the same protections as your assets held directly in your RBCIS account(s).

20 Experience you can trust.

21 Backed by the strength of CI Financial Private Client Managed Portfolios are managed by Assante Private Client, a division of CI Private Counsel LP, and offered exclusively through the advisors of Assante Capital Management Ltd. and Assante Financial Management Ltd. CI Private Counsel LP is a wholly owned subsidiary of CI Financial Corp., one of the largest and most respected financial services firms in Canada, with $110.6 billion in assets under management and $146.1 billion in total assets*. Since its founding over 50 years ago, CI Financial has grown into one of the top three firms in its industry, offering a broad range of investment products and services, including an industryleading selection of investment funds. *As at May 31, 2016.

23 For more information about Assante Private Client, please visit or speak to an Assante Wealth Management advisor. Private Client Managed Portfolios are made available through Assante Private Client, a division of CI Private Counsel LP ( Assante Private Client ). The pools used in the Private Client Managed Portfolios are managed by CI Investments Inc., an affiliate of CI Private Counsel LP. Commissions, trailing commissions, management fees and expenses may all be associated with investments in Private Client Managed Portfolios and the use of other services. The pools used in the Private Client Managed Portfolios are not guaranteed, their values change frequently and past performance may not be repeated. Please consult your advisor before investing. Assante Private Client is a registered adviser under applicable securities legislation. This document has been prepared for use by Assante Private Client and is intended solely for information purposes. It is not a sales prospectus, nor should it be construed as an offer or an invitation to take part in an offer. Private Client Managed Portfolios are available exclusively through Assante Capital Management Ltd. Member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada and Assante Financial Management Ltd. CI Investments, the CI Investments design, Harbour Advisors, Cambridge, Assante Private Client and the Assante Private Client design are registered trademarks of CI Investments Inc. Signature Global Asset Management is a trademark of CI Investments Inc. Cambridge Global Asset Management is a business name of CI Investments Inc. used in connection with its subsidiary, CI Global Investments Inc. Certain portfolio managers of Cambridge Global Asset Management are registered with CI Investments Inc. Morningstar Awards Morningstar Inc. All rights Reserved. Awarded to Portfolio Series, 2011 and 2012, and Portfolio Select Series, 2013, for Best Fund of Funds program. The Lipper Fund Awards, granted annually, are part of the Thomson Reuters Awards for Excellence awarded by Lipper, Inc. and highlight funds that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Ratings for Consistent Return, which is a risk-adjusted performance measure calculated over 36, 60 and 120 month periods. The highest 20% of funds in each category are named Lipper Leaders for Consistent Return and receive a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2 and the lowest 20% are scored 1. The highest Lipper Leader for Consistent Return in each category wins the Lipper Fund Award. Lipper Leader ratings change monthly. For more information, see Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper _E (08/16)

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Early on, your needs were simple. The memory of

Client Guide Early on, your needs were simple. The memory of investing your first hard-earned dollars is etched in your mind. As you established yourself and began to experience success, your needs changed.