DREAMING IS GOOD BUT PLANNING IS BETTER
When it comes to your money and your financial plans, it can be hard to balance short-term wants, long-term dreams, and those unexpected events that are out of your control. From the groceries you need, to the retirement you want, and the car repair bill that’s looming, it can be hard to figure out how to tackle bills at the same time you plan for the future.
Many Canadians think that financial planning is only about investing for retirement. It is—but it's also so much more. Whether you're a young person planning how to finance your education, a college graduate with some money to spend who is planning to pay off their debt, or a senior planning how to leave their assets to the next generation, financial planning is how you think ahead to make sure you achieve your goals.
A financial plan is the roadmap for your financial future. When you take a trip, you need a good map so you know how to get where you want to go. The same is true of your finances. Whether your goal is to get out of debt, to balance your budget or to retire in style and comfort, without a plan all you have to rely on is good luck. People who are well prepared usually have better luck. The sooner you start financial planning, the better, so it’s never too late to create financial goals to give yourself and your family financial security and freedom.
Finances are stressful enough without the added complications of planning your financial future — from your current financial situation to determining a retirement plan. Hiring a financial advisor can make this process easier by outsourcing this critical aspect of your life to a professional.
Technological advances have influenced the way financial planning is done and it allows us to easilly collaborate with clients online so we both can look at the same information and discuss it before finalizing the plan. We use our own proprietary financial software to create a unique, easy-to-understand financial plan for our clients.
A financial plan is like a three legged stool. Without strong equal support from all three legs, a stool will wobble or even fall over. The three legs for a financial plan are the financial assets leg, the cash flow (income) leg and the financial plan leg. All 3 legs count!
If the 3 legs are equally strong, the financial plan is highly likely to be successful.
If only one leg is weak, the others must be stronger than usual.
If 2 legs are weak, then very strong attention is required or your plan will fail or fall short of expectations.
Clients need to provide us with the relevant information for each of the three legs. We therefore need to gather all the information necessary about your personal financial situation in order to properly create an effective and accurate financial plan that meets your needs. Clients will need to spend some time putting together the required information. A few hours spent gathering all of your financial documents can reduce a lot of uncertainty, later in the process, and ensure a complete and accurate, financial plan.
Once we have gathered the necessary information from you, using a questionaire and meeting notes, we will then proceed to create your Wealth Plan.
The financial planning process can hold a different meaning depending on who you ask. If you were to ask a random person on the street what the financial planning process is, they might say, “budgeting and saving money”. While this answer is not wrong, it’s only a small part of the actual 6 step financial planning process.
Your Wealth Plan may comprise of any or all of the following components depending on your objectives:
Net Worth Statement
Budget
Retirement plan
Insurance Needs analysis
Income Tax Reduction plan
Debt Reduction plan
Children's Education plan
Risk assesment & Suggested Asset Allocation
Once we have completed your plan, we will review it with you and make suggestions as to the changes that you need to make in order to implement your plan to achieve your goals. A well-designed financial plan will help you reach your personal financial goals and objectives, and give you a greater sense of security.
Thereafter we can meet every six to twelve months to review your progress and help you to ensure that you are moving positively towards your goals.
IMPORTANT NOTE:
We do not sell investments, promote investment products or collect commissions/marketing fees from any third parties. We work on a fee-only basis to provide you with un-biased financial advice, we work only for you, our client.
