Our priority is to develop and implement your wealth plan by taking the time to understand your aspirations for building your wealth and how we can help you achieve your goals. Your wealth plan becomes the foundation for the advice we provide now and in the future. We take the following steps to develop your wealth plan:
Step 1 - Understanding your Goals and Needs
The first step in our planning process is ensuring that we truly get to know you, your family and what you want your wealth to achieve for you. It is extremely important we have a clear understanding of what your goals are and what actions you've taken at present to achieve them.
Step 2 - Developing your Wealth Plan
After taking the time to carefully review your financial situation in conjunction with your goals and existing strategies, we will build the framework of your wealth plan. From here we identify any areas of opportunity for which we can enhance your ability to achieve your goals. We understand that at this point in the planning process, it is important to ensure we are putting forward realistic and attainable strategies to help you achieve your goals - a wealth plan is only good if you can implement it effectively. We thoughtfully build and develop strategies that cover:
Managing Your Investments
At RBC Dominion Securities we have a full suite of investment solutions available to our clients to help them achieve their goals. Working with you, we will review your current investments and develop strategies that are complimentary to your wealth plan. We align our recommendations with your investment objectives and effectively utilize available registered and non-registered investment strategies to manage your income and tax needs.
Maintaining Tax Efficiency
During the planning process we will connect with your accountant to understand the current tax savings strategies you have in place and what areas they have focused on for you so far. This provides us with a clear understanding of how to structure your wealth plan and its components to continue to address your current tax planning needs. We also forecast future tax implications of the strategies we implement within your wealth plan and utilize tax minimization strategies to ensure more of your wealth stays in your hands today, tomorrow and into the future.
Mitigating Potential Risks
A key component of any wealth plan is insurance, even the most effective wealth plan can be derailed due to a lack of adequate insurance coverage. We will analyze your goals in conjunction with your current insurance coverage to affirm you are sufficiently protected. Any gaps we identify at this stage are brought to your attention and we will present our recommendations utilizing the full suite of insurance products we have available at RBC Dominion Securities.
Building Your Legacy
Research indicates only approximately 30 percent of all wealth transfers are successful, and 95 percent of the time this is due to a lack of or oversight in the planning process and clearly articulating your plan with your family and key persons. Your family's wealth was not built overnight, but through hard work and effort. We review your existing legacy plan in full and will provide you with effective strategies to ensure your loved ones are taken care of and your wealth is transferred to the next generation as tax efficiently as possible.
Step 3 - Implementing your Wealth Plan
Once we have fully reviewed the strategies needed to help you achieve your goals, we will implement your wealth plan. This involves ensuring we execute on any strategies for which immediate action is required and ensure we address any future strategies during our regular meetings and reviews.
Step 4 - Review Progress and Update your Wealth Plan
As we work together, we will review your wealth plan on an annual basis to ensure the strategies we have implemented remain in place and that any changes in your life have been adequately addressed. We will review the progress in your plan as forecast with the actual growth of your wealth and achievements towards your goals. This gives us the opportunity to ensure you remain on track and that we continue to help your wealth grow.
If you're interested in learning more about our wealth planning process and how we can help you achieve your family's goals, we invite you to contact us.
