Exploring how Canada’s physicians can take their finances further at every stage of their medical career
Together, MD Financial Management and Scotiabank bring 55 years of physician-focused financial advice and health care professional banking insight.
Over the past few years MD Financial Management (MD) and Scotiabank have worked together to find the right solutions for their physician clients. Here, we highlight the story of Drs. Gavin Parker and Jared Van Bussel and their partners in both life and business, Jennifer and Rachel. Together, they were able to finance their dream of opening a distillery in southwest Alberta, thanks to collaborative solutions led by Associate Portfolio Manager Corey Danyluk from MD Private Investment Counsel (MDPIC) and Private Banker Julia Yee from Scotia Wealth Management.
A dream, a plan – and the right financial solutions to bring it to life
With the rocky mountain peaks rising in the west and Montana an hour to the south, Pincher Creek, Alberta is home to 3,500 people. Over a decade ago, Dr. Gavin Parker and his wife, Jennifer, chose to raise their family here after a careful search for a small town to begin his family practice in.
“Pincher Creek has been the same size for 100 years and there’s so much community support and opportunity here,” explains Jennifer, who met Gavin while studying at the University of Alberta. “While it’s easy to be anonymous in a bigger city, here our town rallies around its residents.”
Soon after the Parkers settled in Pincher Creek, the couple met another rural physician, Dr. Jared Van Bussel and his wife, Rachel. They built their house next door. Over the years, the families became close friends, with children the same age and attending the same school.
“We were always getting together and socializing – and when the pandemic hit, we found ourselves in our bubble with a lot of time to discuss and plan future goals. While the children played, the adults considered business plans,” says Jennifer.
They thought of opening something new and unique in the community and settled on an idea close to their hearts: an artisan distillery, making spirits infused with local ingredients.
“Rachel is a chemist by trade, so the potential existed to do something really special that wouldn’t compete with the local craft beer movement and that would complement the local restaurant scene,” Jennifer notes.
With no competition for 100 kilometres, along with stable employment and solid backing from the community, the families assumed that financing wouldn’t be an issue. Yet locking in approval from the local banks proved to be challenging.
“The bank in town that we’d used for years wasn’t able to take the risk,” says Gavin, “and another that specialized in small businesses also felt the same. It was really disheartening.”
Teamwork makes a client’s dream work
As long-time clients of MD, Gavin and Jared decided to approach their MD Advisor*, wondering if they should access money from their corporations to invest in the distillery.With insight into the families’ stability and knowing startups are notoriously difficult to finance, MDPIC Associate Portfolio Manager Corey Danyluk turned to colleagues at Scotia Wealth Management to help curate an ideal solution for his clients. To bring their dreams to life, Corey collaborated with Private Banker Julia Yee – who recommended they access Scotia Wealth Management Private Banking’s Total Wealth Credit Solutions.
“We bring assets and credit needs under one umbrella and, in their case, developed a plan to access shareholders' loans and leverage insurance policies while ensuring we maintained their rates of return,” Julia says.
“This collaboration has meant our clients can access personalized private banking solutions leveraging their existing MD investments, MD’s experience in meeting the unique needs of physicians and MD’s focus on holistic solutions.”
They soon had a plan to fund their fledgling distillery as well as build business credit in the ensuing few years.
“Honestly, they’ve been the most delightful people to work with, and having a Scotia Wealth Management Private Banker now a phone call away has been invaluable,” Jennifer says. “As MD clients and investors, we’re so grateful to access this opportunity to finance our dream.”
A thriving business
Today, Lost Things Distillery is thriving and has quickly become a community space for socializing, gatherings and workshops. Their gin is collecting accolades and selling as quickly as the team can produce it.
“Word is getting out that we have something really special here,” says Jennifer. “Our gin tastes like the flavours of southwest Alberta, with rocky mountain juniper and botanicals found only in this area.”
Across Alberta, Lost Things is building a reputation for creating gins whose ingredients are hyper-local and wild-foraged, influenced by what they find – one year, huckleberries, the next rhubarb.
Jennifer, Gavin, Rachel and Jared agree that the distillery wouldn’t be where it is without the insight and advice they received from MD and Scotiabank. “It’s wonderful to have our financial and career goals in line with our entrepreneurial goals, and we’re excited to grow and see what’s next,” says Jennifer.
Physician-focused solutions
MD Financial Management and Scotia Wealth Management Private Banking understand that physicians have unique financial needs when starting, growing or managing a medical practice. Our teams of specialists play an integral role in helping physicians make decisions that fit within their holistic financial plan. Together, they are well-positioned to provide customized and integrated financial advice and solutions to physicians at any stage of their career. Contact a MD Advisor today.
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.
MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies and Scotia Wealth Insurance Services Inc. For a detailed list of the MD Group of Companies visit md.ca and visit scotiawealthmanagement.com for more information on Scotia Wealth Insurance Services Inc.
* MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec), or an MD Private Investment Counsel Portfolio Manager.
Banking and credit products and services are offered by The Bank of Nova Scotia (Scotiabank®). Credit and lending products are subject to credit approval by Scotiabank. ® Registered trademark of The Bank of Nova Scotia, used under licence.
® Registered trademark of The Bank of Nova Scotia, used under licence. ™Trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking services are provided by The Bank of Nova Scotia. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and is regulated by the Canadian Investment Regulatory Organization.
Banner image (L to R): Dr. Jared Van Bussel, Rachel Van Bussel, Jennifer Parker, Dr. Gavin Parker. Photo credit: Jessica Maunsell.