One of the best ways to start mapping out your financial planning strategy is to step back and look at your overall financial situation by having a comprehensive written financial plan prepared for you and your family.
Creating your financial plan
- Can I retire when I want to and maintain my desired retirement lifestyle?
- How can I ensure that I don’t outlive my 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 estate?
A higher level of customization
level of customization it offers.
- In-depth discovery discussion to ensure that your goals, aspirations and objectives are clearly identified
- Projection of your financial situation (investment, retirement and estate) based on your current strategies and savings rate
- Recommendations of key investment, tax, estate and retirement planning strategies that are aligned with your goals
- Projection of your financial situation if the recommended strategies are implemented
- An action plan that summarizes the key recommendations and acts as a clear guideline for you and your advisor to help monitor their implementation
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Family wealth management tip
A comprehensive financial plan is essential if you are a business owner as you have more complex financial issues due to owning an active business. This includes business succession issues, withdrawing money from the corporation tax-effectively, the taxation of the corporation at death and more. Like many business owners, you may not have a retirement savings strategy since you are relying on the equity in your business to fund your retirement. A financial plan will include both your business and personal needs to ensure you are able to meet your goals.