Even if you do not have children or grandchildren going back to school, September always feels like a return to routine after the summer.  Fall is a good time to review plans and make sure our clients continue to be on track to meet their short and long term goals.

RBC Wealth Management has recently partnered with The Economist Intelligence Unit and undertook a study of high-net-worth individuals to better understand their needs and concerns.  The findings showed that Canada's wealthy are shifting their focus to protecting their wealth.  When asked what factors concerned them regarding protecting their wealth; Canadian tax changes (48%), global economic uncertainty (46%) and increasing cost of living (45%) were highest on the list.

We find that even when new clients have significant resources to support their future goals, they do not always have a positive sense of financial well-being.  This study found that over 50% of high-net-worth Canadians were not optimistic about their financial well-being.  These concerns can be alleviated by engaging in financial planning and having a plan for the future.  Long-term planning allows investors to be more confident in reaching their goals, preserving their wealth and provides greater resiliency to deal with the financial 'bumps' along the road. To learn more on this topic please read Long-term planning can help allay Canadian investor's concerns for the future.

We are passionate about the importance of goals based planning for our clients. This study and our experience has shown us how having a plan is the most important element in confidently achieving your financial goals.  Every investor, regardless of age, can benefit from having a solid understanding about their financial flexibility.

For a market update please enjoy this week’s Global Insight.

 

Happy Fall!

Hayes Vickers Private Wealth