Quarterly Update: Power of planning

Nov 07, 2017 | Kyle Sarai


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"More than stock pickers"


We have entered the fourth quarter and preparing for year-end reviews with clients.

The questions that arise most often in these meetings are not about buying a particular stock or ETF. They are more complicated than that and require a deeper understanding of a client's lifestyle, wants and needs:

* How long do I need to work so my money won’t run out?
* What would be considered a “safe” withdrawal percentage from my funds?
* When should I take CPP; and what strategy should I use?
* Now that I am retired, should I invest my money differently?
* Can I afford to give cash to family members; and if I can, how much?
* Have I updated all my beneficiaries and picked the right people to take over my finances to make the best decisions regarding my health if I cannot?
* What am I going to do all day if my retirement is fully funded?
* Will my plan still work if we have another “Great Recession?”
* When should I start taking money from my tax-deferred accounts, and how will this affect my taxes?

These questions are all very important, but perhaps the biggest question that needs to be addressed is, “Are my family members equipped to understand my portfolio, insurance situation and financial plan should something happen to me?”

I enjoy speaking with clients about markets, the economy and how today's larger geo-political situation affects their portfolio directly, however there is more to wealth management and financial planning than stock picking. It is for this reason that business owners, high net worth families and professionals turn to us. We can give comprehensive answers to the above questions and help mould a personal financial plan for our clients at every stage of their lives.

Some investors are comfortable dealing with succession planning, but many are not. It is, however, an extremely important and necessary question to ask. A true advisor identifies this issue and moves to address it for the benefit of the client. This is extremely important if the client does not feel comfortable addressing it themselves, as one of the key features of a successful advisor-client relationship is the peace of mind in knowing there are plans in place for any contingency. As an advisor, I am here to make sure this is taken care of, and can be reached directly at 604-257-3225 should you have any questions, comments or concerns

 

Best Regards,

Kyle Sarai MBA

Investment Advisor 
RBC Dominion Securities