Ted Polci: partner of first york
An experienced business manager, estate planner and insurance advisor, Ted Polci manages First York as partner with Ted Warburton.
A life-long commitment to succession planning and the insurance industry give Ted Polci the experience and credentials vital to advise some of Canada's most successful family business owners.
Ted began his career in life insurance after graduating in Business Administration from Ryerson in 1967. Now, more than 40 years later, Ted is an owner/partner of First York Insurance Agency Limited and First York National.
Ted Polci has been in the top one per cent of life insurance and financial services professionals for more than 30 years, a member of the Million Dollar Round Table since 1972 and frequently qualifies for "Top of the Table".
Ted has been very active in the profession. He is a past chair of Advocis Canada – the 15,000-member association of insurance and financial advisors. He is a charter member of the Conference for Advanced Life Underwriting and the Society of Trust and Estate Practitioners.
He plays a strong education and advocacy role in the profession having spoken at the Canadian Bar Association, the Corporate Management Conference of the Canadian Tax Foundation, Osgoode Hall Bar Admissions programme, and the Conference for Advanced Life Underwriting.
Community Service – Sons, Sports and Serious Matters.
Ted and his wife, Carolyn, have four grown sons. When the boys were younger, Ted spent a lot of time at arenas and coached hockey for 10 years. He served on the board of Mooredale, a local sports and social community association for Moore Park and Rosedale residents.
During the AIDS crisis of the early 1980s, Ted raised funds to produce a how-to manual on hospices for communities who wanted to create their own hospices for AIDS patients and general palliative care.
Ted's interest in his Italian heritage has been growing. He has traveled to Europe to explore his family roots, experience the culture and learn the language.
Life is a game: Playing the 'bigger game'
Ted Polci has found a common thread amongst many of his more successful clients: a willingness to step back from the business and look at the big picture – what his or her lifetime accomplishments will bring to the next generation.
The typical entrepreneur is an opportunity seeker, always looking to increase sales, make better capital investments in the business and improve the bottom line. They sometimes get so focused on those day-to-day matters, they forget to play the bigger game. The bigger game involves making sure a lifetime of efforts won't go to the taxman or competitors after the entrepreneur has retired or died.
Effective planning and strategic action can create liquidity for the owner, reduce and pay taxes, pass the business intact to a son or daughter and look after family members who aren't coming into the business. But it all starts with the question “Why am I doing this and who do I want to benefit from it?”
“We're very proud of the role we play in helping our clients achieve outstanding results. Word of mouth works for us: 90 per cent of our business is referred to us by other professional advisors and clients.”
“When you've been around as long as we have, you actually get to see plans prove out in the fullness of time. We get a great deal of pleasure from watching the growth of our clients' businesses. Seeing our clients' children gain the confidence and capability to keep growing the family wealth is our ultimate satisfaction.”
The essence: What's it all about?
Ted Polci has an earthquake anecdote that sums up his feelings about his work as an advisor. While visiting his son in Costa Rica, he was caught in a 6.4 earthquake. Standing on the edge of a cliff, feeling the ground shake and watching everything around him sway and move, he feared he was going to end up in the jungle and rocks down below.
“I would have given anything right then for someone who had been through this kind of thing before and knew what was happening to come along, take me by the arm and tell me that if I took his advice on what to do, everything would turn out all right,” he said.
“That's what people really want from their professional advisors. Whether they are financial, medical or legal advisors. When we are moving into the unknown, we need somebody we can believe. Somebody who has had the experience of being in the situation before, who understands our needs and knows what the best options are for us.”
“I do my best to play that kind of role with my clients. I've created a business and I've raised a family. I've gone through good times and bad, business cycles and management turmoil.”
“Because I have always been in the insurance business, I have had a focus on what happens when something goes wrong? What happens if someone dies?”
“My clients are people who have reached a stage of their lives where they start focusing on these questions, including how to structure their succession, fund or reduce taxes, stay liquid, retire without damaging the business, keep key people in place to run the business until the kids are ready. I apply all my experience to be the best possible guide for them, and lead them to outcomes that are good for them and for the people they care about.”
