myGPS™ - your Goals, Priorities, Solutions

“A dream written down with a date becomes a goal. A goal broken down into steps becomes a plan. A plan backed by action makes your dreams come true.” – Greg Reid

Have you ever wondered what your financial future looks like? For many people, a full financial plan can be a lengthy and time-consuming process that generates a complicated output.  Wouldn’t it be nice if there were a simpler way to get a holistic view of your changing wealth management needs and track progress towards meeting your future financial goals?  RBC Wealth Management’s myGPS™ offers a prioritized view of your financial goals and recommends solutions to help achieve your evolving wealth management needs.

Goals: A wealth planning solution to identify and report on your goals

Priorities: An integrated approach that pulls everything financially important into one place, enabling you to define and prioritize your milestones

Solutions: An advice approach that helps identify opportunities and solutions on how you pursue those opportunities

myGPS™ is a financial projection based on current information manipulated for future variables.  We use the myGPS™ software to compile the financial data that you already know (such as your income, debts, equity in your home, value of your investments, annual taxes, and current expenses) and project it into the future based on a set of assumptions (such as expected average rate of inflation, expected retirement date, your long term goals and how much you intend to spend in retirement).  The true power of these projections comes from our ability to independently manipulate these assumptions about the future to see how that change will affect your overall financial picture.  We can help answer questions such as:

  • If we retire early, will we outlive our money?
  • What if we bought the family cottage?  Can we still afford to fund our expenses in retirement?
  • Can my portfolio sustain a market downturn?
  • If something were to happen to me unexpectedly, would my family be taken care of?
  • What if the rate of inflation increases?

The Power of myGPS™

Helping to provide financial peace of mind, here is how myGPS™ can help answer some of the questions that keep you up at night.

What does my current financial situation look like?

Current Net Worth & Current Cash Flow – myGPS™ provides consolidated summaries showing your incomes, savings, expenses, investments, real estate and debt – your critical financial information presented in one document.

If I live to be 90, will I have sufficient funds to maintain my current and/or desired lifestyle?

Projected Net Worth, Projected Income and Distribution & Projected Outflows – Based on the information provided, myGPS™ will project income, savings, taxes, expenses and the value of your assets into the future using a defined set of assumptions.

If I die tomorrow, will my family be sufficiently provided for financially?

Estate Impact Analysis and Life Insurance Analysis – Anticipating your future financial needs is a difficult task. Anticipating your family’s future financial needs should you or your spouse die unexpectedly, is an even more difficult task. myGPS™ can help you identify any potential financial shortfalls should an unexpected tragedy strike you or your family.

How does changing my financial assumptions impact my future financial situation?

Retirement Analysis – It’s impossible to know for certain what will happen tomorrow. To provide a financial projection, however, certain assumptions about what will happen in the economy have to be made. But what if some of those assumptions prove to be wrong? What if, for example, you were forced to retire early? Or perhaps you end up spending more in retirement. The myGPS™ Retirement Analysis allows you to independently change the assumptions you have made about the future to see how that change will affect your overall finances.

Could my business survive a major change or crisis?

Business Owner Opportunities – For business owners, the line between work and life is blurred. Business Owner Opportunities, outline solutions and strategies that can be pursued from the business side or from the personal side of your finances. The opportunities are tailored to your own situation and cover only those topics which apply to you, your business and your family – strategies designed to help keep you in control of your financial future.

A personalized financial projection using myGPS™ alongside a customized investment portfolio can be a powerful combination.  It can help ensure that we leave no stone unturned related to your financial situation and potential strategies to enhance your wealth.