Your Success is My Success

Having your financial house in order is one of the best gifts you can give your loved ones and selecting a financial planner is the first step. A financial planner plays a central role in addressing your specific financial needs and concerns and can provide a lifetime of guidance as well. It is never too early or too late to take control of your financial future and there is no better time than now to set an appointment.

The role of a financial planner involves gathering relevant financial information to assess your present position, establish your priorities and objectives and help develop sound strategies to provide for your current needs and long-term goals. No one knows what the future holds, and it is prudent to avail yourself of sound financial, investment and tax-planning advice, wealth management and comprehensive banking services. Whether your needs are funding a rewarding retirement or planning a new chapter after retirement, providing college or university educations for your children, protecting your family or business from misfortune and liability or creating a tax-efficient estate plan, a financial planner is ready to help you create a balanced strategy to enhance and protect your way of life.

The following pages offers helpful information to guide you in selecting a competent and trustworthy financial planner. Since managing your finances is an ongoing process, it is important that you feel comfortable with your planner, share a mutual respect and be confident that your best interests are your planner’s top priority. It is your future and that is too important to neglect. To set an appointment, please call my office today at (604) 273-3142 oremail me at gkwok@HollisWealth.com.

Financial Planning Introduction

Financial planning is a lifelong process, designed to address your needs as you make your way through life.  By understanding where you are today and where you want to be in the future, we can help you make smarter financial decisions.

Good planning can help you take control of your finances, and the relationship with your financial planner is at the heart of the financial planning process.

A sound financial plan can help you do the following:

• Save enough for a comfortable retirement

• Pay for your child’s university education

• Protect your family in case you become disabled

• Achieve your investment goals

• Leave a legacy for your heirs

It’s no secret that financial planning can be complicated. Organization is the key to making the financial planning process as easy as possible.

The following pages is designed  to share with you the six Facts everyone should know about Financial Planning.

Fact 1 – Careful planning is key to achieving your financial goals

Whatever your goals may be – from sending children to university and retiring comfortably, to passing your hard-earned estate assets on to loved ones – we will help evaluate your situation and help you determine which strategies are right for you.

A good financial plan shows where you are today and where you want to be.  It helps you utilize your resources more effectively – identifying potential shortfalls and surpluses – and it helps you develop strategies for reaching your goals.

Financial planning can serve as a solid foundation as you look to the future, facing, for instance, the effect of inflation on your retirement savings, the rising cost of education, market uncertainties and changing tax laws.

A good financial plan allows us to work with you through the years, analyzing your goals, timeframes and risk tolerance and discussing how you might update your plans as your circumstances, needs and goals change.  This can help you stay on top and on track.

Fact 2 – A good financial plan is similar to a check up that can help diagnose your financial health

Financial planning initially may seem overwhelming when all facets of a good financial plan are considered.  However, if a step-by-step approach is taken, the pieces come together to form a complete picture.

But before we can look at the complete picture, we need to examine the individual components first.

Here are some questions to think about

For Example:

• How much am I worth today?  That’s your Current profile.

• Am I minimizing my taxes?  That’s Tax planning.

• How much do I need to save to send my kids to university?  That’s Education planning.

• How do I want to live during retirement and will I run out of money?  That's Retirement planning.

• Will my assets pass to my beneficiaries according to my wishes and in an efficient manner?  That's Estate planning.

• If I were to die unexpectedly, could my surviving family afford to maintain their current lifestyle?  That’s Survivor protection and Income replacement.

• Do I have adequate disability coverage to ensure my current lifestyle if I or my spouse were to become disabled?  That's Income protection.

• Is my current investment strategy in line with all of my goals and objectives?  That’s Investment planning.

This is what a financial planner does, tying all the loose ends together.

Please be advised that income tax preparation services are not provided by or through Dundee Securities Corporation or any of its affiliated companies ("Dundee"). Dundee does not supervise such services and should not be considered responsible for any results there from.

Fact 3 – Financial planning is a lifelong process that assists you and your family in taking control of your financial future

By setting financial goals, developing strategies and monitoring the progress on a regular basis, the likelihood of achieving your results is greatly increased.

The six steps in preparing a financial plan include the following:

• First, identify and prioritize financial objectives such as retirement, education funding, risk management, etc.

• Second, gather data and analyze your current financial affairs.

• Third, prepare, analyze and compare financial alternatives.

• Fourth, develop a plan including recommended strategies to achieve your goals.

• Fifth, identify action steps necessary to implement the plan.

• And sixth, establish specific dates to monitor, review and update your plan.

Creation of a complete financial plan involves taking an accurate assessment of your current situation, quantifying and prioritizing your goals and developing a workable strategy with clear action steps and timetables. This is the role of your financial planner.

Fact 4 – A sound financial plan will encompass wealth accumulation, wealth preservation and wealth transfer

First, Wealth Accumulation

Wealth accumulation is typically the chief concern of younger investors.  Perhaps you’re considering the purchase of a business or a second home.  Maybe you’re saving to send your grandson to university.  No matter what your goal, the process of accumulating wealth requires time and planning.

Second, Wealth Preservation

As your wealth and income grow, your focus may shift to finding a balance between asset growth and preserving what you’ve accumulated.  After all, at this stage in your life, you may be thinking more seriously about retirement and your ability to live the kind of retirement you envision.  Wealth preservation also applies to your day-to-day financial life.  This includes managing your cash flow, the impact of taxes on your portfolio and overall risk management.

And third, Wealth Transfer

One of the most important, and sensitive, wealth management needs is transferring what you have accumulated and preserved throughout your lifetime to your family, loved ones and charities.

Fact 5 – Customization is the hallmark of any sound financial plan

A financial planner will analyze and evaluate your current financial status, needs, insurance coverages, investments, taxation, retirement vehicles, benefits, etc.

The planner will use your assumptions about retirement age, life expectancy, income needs, and economic trends to assess your current likelihood of reaching your goals.  The planner will then prepare a financial plan, specific to you, that generally includes a statement of your current situation and recommendations to help you achieve your financial goals.

There is no pre-packaged financial plan that includes all the ideas and solutions to meet the needs of everyone.  You are unique; your plan should be unique also.

Fact 6 – Preparation is the key to laying the foundation for your financial plan

When you first meet, a financial planner’s initial objective is simply to get to know you – your concerns, your investment personality and your goals.

Early on, you will be asked to provide a number of personal financial documents for the planner’s review including the following:

• Two recent paycheque stubs for you and your spouse if you’re married.
• Bank chequing, savings or money market account statements.
• Your pension and RSP statements.
• Any investment account statements – from mutual funds, annuities, stocks, bonds and investment properties.
• Any insurance policies including life, disability and long-term care insurance.
• Tax statements from the previous two years.
• Credit cards and loan statements.
• Your home’s value, mortgage balance, monthly payment and interest rate.
• Any wills or trusts made by you or your spouse.
• If you own a business, its balance sheets, profit and loss statement, benefits and retirement plans.
• Any business agreements entered into including buy-sell agreements, deferred compensation plans, stock options or bonus plans, and salary continuation plans.

Communication is an absolute essential – the more you share with your financial planner, the better your action plan.

Financial Planning Conclusion

Many people today are just too busy dealing with the challenges of day-to-day life to think about next month and next year, let alone retirement, which may be 20 years or more into the future.

Most of the important events in your life require financial preparation such as buying a home, managing a business, saving for university, planning for retirement or providing for your heirs.

Do you have a plan in place to meet those needs?  If so, is it the right plan?

Long-term financial success doesn’t happen by chance.

If you like what you’ve view on this web site and you’d like to learn more about how financial planning can help you, simply call us at 604-273-3142 for aFREE consultation.

* Insurance products provided through multiple insurance carriers.