Ongoing Resolutions

January 29, 2016 | Dian Chaaban


After an intense start to the year, January has ended the month on a positive note – the S&P 500 rose 1.7% and the Dow Industrials rose 2.3% for the week while the TSX rallied 3.5%, led by Energy and Materials.

While the green week was nice to see, investors still have plenty of questions about the overall economic backdrop, global markets and where we are in the business cycle. This is precisely why our branch will be hosting an exclusive client event to answer the higher level question of “what’s going on and what do we do now?” with special guest speaker, Mark Allen (our VP of Canadian Equities) as he discusses the Canadian economy, the price of oil, currency, US monetary policy, US recession risks, concerns over China’s growth/policy and where we believe tomorrow’s most compelling global investment opportunities are.

While the market may have distracted me from the gym these past few weeks, I was reminded by my nutritionist that eating well and exercising regularly go hand in hand towards maintaining positive, healthy long term results – and the same can be said about your healthy, long term financial health.

Having a properly diversified portfolio will mitigate your risk during volatile markets and ongoing wealth management planning (such updating/reviewing your financial plan, reducing taxes, estate planning, etc) need to be happening simultaneously to achieve financial success – however you define it. So on that note, here are your 10 resolutions to improve your finances in 2016:

1. Simplify Your Financial Life – consolidate accounts, bank online get organized and pay yourself first

2. Save Taxes - If you’re a high-income earner, you may be able to reduce your family’s overall taxes by transferring some of your income to lower-income family members, who are taxed at a lower rate

3. Reduce Risk and Taxes by reviewing the asset mix in your investment portfolio

4. Use Credit wisely and consider the opportunity cost of your money with such low rates

5. Protect Your Family’s Financial Future with Adequate Insurance

6. Ensure Your Wishes are Followed with an up-to-date Will and POA

7. Ensure Your Wishes Are Followed with appropriate account structures and beneficiary designations

8. Help Important Charitable Causes Achieve Better Financial Health

9. Get a Family Snapshot® or Financial Plan Prepared

10. Get Educated about Special Strategies for High-Net- Worth Families that you may not know about – as I like to say, “you don’t know what you don’t know”.

Click here to download the full report.