Established families and business leaders trust the boutique wealth advisory firm to multiply wealth and maximize estate value. Leveraging innovative and sophisticated financial strategies, they’re creating monumental financial impact.
Movsessian and Kachani speak about establishing the firm, how insurance is a tool for successful business owners and real estate families, and the driving force of positive client feedback.
Tell us about your professional background and why you started Aria Wealth Solutions?
Ara Movsessian: I spent about two decades in commercial and private banking, working with business owners and successful entrepreneurs on their credit needs. As Director of Private Banking for a major Canadian bank, I developed a specialization in borrowing against life insurance policies by ultra-high net worth Canadians. I funded more of these types of cases during my time than any other banker in Canada.
Daniel Kachani: I am an innovative financial strategist with vast experience in the insurance industry. Having worked with established families, I have seen the impact and importance of integrating financing with tax creativity. This impact is ultimately what propelled Ara and I to work collaboratively and form a firm which specializes in expanding net worth and protecting wealth.
How is insurance used as a tool for successful business owners?
Kachani: Insurance is one of the few available assets that can provide liquidity to an estate. Families eventually realize that without planning around liquidity, their overall holdings will be impacted by taxation upon succession. For many business owners, their tax liability on death may be in the range of 25 to 40 per cent of their overall holdings. Insurance provides tax-free cash on death to help offset that eventual bill.
Movsessian: People hesitate from transacting on big insurance policies because of the cost—we’ve built a firm where we get bank financing for high net worth families to retain their capital for ongoing investment and business purposes while obtaining required insurance coverage. Life insurance policies are the very, very best base as a lending tool for any product that exists in the Canadian market.
What is the value of financing to business owners?
Movsessian: There are assumptions out there that wealthy people don’t borrow. It’s exactly the opposite. In fact, wealthy people who are financially astute realize that borrowing at three per cent in order to expand their wealth based on what they do with their entrepreneurial activity is a winning formula to expand wealth further.
How are you different from your competitors—why do clients come to you?
Movsessian: Our clients are telling us that they’ve been pitched insurance for years and years and the process felt promotional and sales-y. By the time they’ve completed a discovery meeting with us and we’ve explained how we approach the topic of insurance, clients are telling us that nobody has ever explained it the way we have. The feedback that we’ve received is that we exude credibility and trustworthiness. The reason why is that we genuinely have a high degree of care around getting the solution right for our clients. Our solutions are augmented by real specialization and expertise that’s not found elsewhere.
Tell us what you like most about your work?
Kachani: Receiving feedback from clients saying they’ve never seen things like this before, or they didn’t know they could do this. On a personal level, that means a lot to me.
Movsessian: We really enjoy making a significant impact on the lives of our clients, their families and society. The ability to make a shift to the tune of tens of millions of dollars creates so much opportunity for peace of mind with these families.
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