BASIC FINANCIAL PLAN
Perhaps you’ve read several finance and money management books, and now you need some advice on how to personalize what you have read to your own circumstances.
Or, there has been a major change in your situation – you’re getting married, planning a family, or you have accepted lucrative employment – and you want to know how to integrated the change into your current planning.
Maybe you are just not sure where to start. Or, you think you know what you need to do but can’t seem to make any progress.
Basically, you need someone to point you in the right direction.
We start by gaining an in depth knowledge of your current situation and a snapshot of how you want your future to look. We will help you understand exactly what you want your money to do for you by clarifying your goals. And, while you can have almost anything you want, you most likely can’t have it all at once, so we help you prioritize their importance and deal with any conflicting goals.
In the basic financial plan:
- we review all of your financial data,
- project outcomes of your current strategy,
- identify potential problems and opportunities,
- suggest alternative ways to improve your financial position and security, and
- assist you in implementing the recommendations.
We will work closely with you to design a unique solution tailored to your financial concerns, commitments, goals and values.
The one-year client engagement includes a final review on – or close to – the anniversary date of your financial plan. It is our goal to coach you until you feel you have the knowledge and confidence to continue on your own.
$750 – $1,000
Many clients, however, like to have ongoing support and regular reviews to check progress, work through new life events, and make any necessary adjustments, and choose to retain our services on an annual basis.
$400 + for annual retainer
COMPREHENSIVE FINANCIAL PLAN
If you would like to see every part of your financial life mapped out – this is the plan for you. Comprehensive personal finance advice looks at every part of your involvement with money – where you spend it, how you manage it, how much of it you save, how you invest it, how to pay off what you’ve borrowed, and how to protect what you have.
This level of service provides:
- a complete financial review
- the preparation of a comprehensive Financial Plan with strategies and specific action plans that focus on your stated goals
- ongoing regular advice and assistance in implementing all strategies
- a follow up meeting in one year to review and discuss progress
The list of areas that will be reviewed includes:
- clarifying your present situation by gathering all relevant financial information
- helping you prioritize your financial goals
- setting up a budget and suggesting ways to stick with it
- smart debt repayment plan
- review and monitoring of your investment portfolio for cost and long term performance
- identify financial problems and opportunities
- general tax minimization strategies
- planning for children’s education
- determining insurance needs
- decision consultation
- ongoing assistance during transitional periods, e.g. obtaining or renewing a mortgage, changing portfolio strategy, switching investment providers, etc.
If you have requirements that fall outside our scope, we will advise that you seek other appropriate professional advice.
$1,000 – $2,500 for the first year
Clients at this level of service are most likely to require ongoing assistance to implement the plan. Regular reviews check progress and make adjustments as they work through new life events.
$500 – $1,500 for annual retainer program
Most Canadians identify a comfortable retirement as their single biggest financial goal. This plan is for people who are five to ten years from their desired retirement while there is still plenty of time to make any adjustments.
Will you have enough to retire on? How much do you still need to save?
We take a comprehensive look at all sources of income an individual can expect to have at retirement including government plans (CPP, OAS) employer-sponsored plans (Defined Benefit, Defined Contribution, Group RRSPs).
And, since the primary source of income tends to be one’s own savings we look at individual retirement savings vehicles such as RRSPs, RRIFs and pension-related plans – LIFs, LRIFs, LIRAs
A portfolio audit and projection will see if you are on track to meet your future needs.
$800 – $1,000
Retirement income comes from many sources and can be put together in many different ways. How will they work together to give you a sustainable cash flow that works best for you?
- What is your projected spending?
- What income can you expect from CPP, OAS and any pension plans?
- When should you apply for CPP?
- Should you be taking money from RRSPs before you need to RRIF?
- What should your rate of withdrawal be between your accounts to ensure it lasts?
Regardless of one’s stage in life, tax issues are an important and inevitable factor that must be considered. We explore strategies that smooth out your withdrawals to minimize taxes paid and maximize government benefits while turning your RRSP/RRIF and TFSA into a reliable income stream.
You can choose one or more modular components to suit your unique individual needs:
Cash flow and budgeting
An effective budget is not about denying yourself. It allows you to use your resources for goals that are the most important to you instead of less important spending.
If you’ve tried to prepare a budget but you find you don’t have the time, or it just doesn’t work out we can help you break down your income and spending and set up a personal budget – based on your past spending habits and future goals – that you and your family can stick with.
A debt repayment will save you money and stress. We will plan to tackle your debt to pay it down as aggressively as you can afford to. We will keep you motivated so you can ultimately increase your cash flow and use that money to reach your other goals. We will then devise a spending plan that helps you avoid debt in the future.
We will analyze your existing investments for long term performance and cost and suggest ways that can help you efficiently save and invest according to your philosophy and life stage so you can reach your goals.
A portfolio assessment takes a look at fees and charges, and determines whether your investments are:
- properly structured to minimize your tax burden,
- properly diversified, and
- are performing in line with overall benchmarks and risk tolerance.
We do not sell investment products and won’t advise on specific investments. Rather, our goal is to give you informed, impartial advice to guide you to what is the most appropriate for you.
Whether you are planning specifically for retirement, or want to become financially independent, we can help you build a simple, sustainable plan that works for you.
We figure out how much you need to be saving, regardless of your age, and map out the steps to get there. We will work to determine your expected cash flow in retirement and come up with an overall strategic plan to get you there that will look at your savings, investments and pensions.
We run multiple projections that help you make realistic plans and contingency plans for the inevitable “bumps” along the way.