My desk is actually quite bare. Telephone, computer and leather portfolio so I have something to carry when I walk into a meeting. More on this later. Today however I came across a newspaper article that I had tucked away in the back of a drawer. It was dated January 3rd 2020 and had a full page devoted to “The best Canadian Stock predictions for 2020”. In an effort to spare the feelings of the contributors I will simply say, “It’s tough to make predictions, especially about the future.”
Having said that, the next question might be: “If that’s true then what is the “value add” of my advisor?”
I can’t speak for anyone but myself, but in my opinion the “value add” that you receive from our working relationship is significant and can be the difference between achieving your dreams and goals versus “just getting by.”
Here is a short list of the “value adds” you can expect from our team. Pardon my brevity, but in the interest of time I have tried to keep it short.
- Initial consultation and review to determine your current situation, goals (near and long), objectives, income needs, other needs, special circumstances (family disabilities, parental care), temperament and wish list
- Assessment of your current situation, discussion and projection of what you can expect if you remain on your current path (J or L)?
- A hard copy of your personal Financial Plan, specifically tailored to you (e.g. buy a boat next summer, pay for Mary’s university, renovate the cottage).
- Strategies to reduce your income taxes payable to improve your household cash flow.
- Insurance strategies that may apply to ensure the financial well-being of your family should you die unexpectedly, estate planning, separation agreements, etc.
- Tax Free Savings Account shelters for emergency use, supplementing income during retirement, and augmenting growth.
- Various types of retirement savings plans designed to reduce immediate household income taxes, tax sheltered growth, and projections of how much you can expect to generate from those savings plans during retirement should you live to age 90 or whatever.
- Company pension analysis of your existing company benefits. Most people find this one a mystery.
- Government pensions and your entitlement are also an important part of your estate planning incoming. Will you be receiving $1800 a month from those sources of OAS & CPP?
- Your current liabilities are also reviewed. Here we look at your mortgage (can we do something to improve the terms?) and other debts (can we reduce costs there?).
- Your banking services are also reviewed with an eye to ensuring you are being recognized as a valued client. Most clients enjoy our complimentary Premier Private Banking services and the perks that go with it.
- Another key factor in your financial well-being is of course, “how much you save each month.” That is a “must do” if you plan on having retirement savings. We design a plan that will ensure you meet your goals with a disciplined plan in place (sort of like paying an extra cell phone bill each month).
Once you have your Financial Plan in hand you will feel much more in control of your destiny and in a position to adjust it further if you wish. During our reviews we keep track of progress and update life changes that may affect our plan.
We have given up on trying to make “predictions” about the future. Instead “we make plans for the future.”
Make yourself a tea, pick up the phone or email us. Always on for a chat!