Where are you going?

Oct 02, 2019 | Elizabeth de Groot


You have goals, but do you have a plan to help you achieve them?

It’s never too early to start thinking about what you want out of your life. When you have goals and aspirations, as we all do, it is important to consider how you are going to finance them.  For clients in the earlier stages of life, accumulating wealth and preparing for future milestones is often of great importance.  As people approach retirement, they start to pay more attention to relationships, family, values and how to ensure an enduring legacy.  Regardless of which stage of life you are in, a comprehensive financial plan is your map of where you want to go and how you will get there. It serves as the blueprint for your investment strategy to ensure you are tracking towards reaching your most important goals. 

Making the commitment to having a comprehensive financial plan prepared is one of the best ways to start mapping out your financial future.  This type of financial plan captures all aspects of your financial affairs including cash and debt management, tax and investment planning, risk management, goal setting, and retirement and estate planning. It can help ensure you leave no stone unturned related to your financial life and reveal potential strategies to enhance your wealth.

A comprehensive financial plan can address the following questions:

  • Can I reach my goal when I want to and maintain my desired lifestyle?
  • How can I ensure I will not run out of money?
  • How can I minimize the taxes I pay each year?
  • Is my investment mix appropriate?
  • If I were to die unexpectedly, would my family be taken care of?
  • How can I protect the value of my wealth?

In many cases, the key to a comprehensive financial plan is the level of customization it offers. A customized financial plan should involve the following:

  • In-depth discovery discussion
  • Protection of your current finances
  • Recommendations
  • Projection of your financial situation
  • An action plan

For more information on the benefits of comprehensive wealth management and the importance of financial planning, please contact Elizabeth de Groot at elizabeth.degroot@rbc.com or give us a call at 705-444-4742.