Most major goals will require significant cash expenditures throughout your lifetime. Your probability of achieving these goals is significantly increased by a process called Financial Planning (a.k.a. Wealth Management) which essentially: 
 

Where do you fit in on this major goals spectrum? Have you effectively planned for your needs?

 Automobile

 House & Furnishings

 Family Security

 Child Education

 Retirement Planning

 Secure Retirement

 
Financial planning is a very dynamic process which requires both your involvement and the expertise of a professional Advisor! This is because Government tax policies are continually changing and more sophisticated financial products are flowing into the marketplace which could influence your rate of return. For example, there are many thousands of investments to choose from...which ones are right for you?

Insurance companies are providing a wider array of new products to enhance family security and estate protection. Do you know what these are and which ones are appropriate for you?

If you have young children, do you know how much a post-secondary education costs and if you can afford it?

Financial Plan Components

Since components are often intertwined and can influence each other, effective planning involves more than simple Investment or Retirement advice. For example, if an individual has significant Net Worth, this could affect the type and amount of insurance coverage required.

Essentially, there are eight key components to be considered in a comprehensive Plan. 

KEY COMPONENTS

KEY COMPONENT ISSUES

1. Family Budget Analysis

Can my monthly after-tax earnings pay my bills?

2. Net Worth Analysis

Are my assets greater than my liabilities (what I owe)?

3. Investment Management

Are my investment goals realistic? Is my portfolio performance meeting my goals?

4. Tax Planning

Am I minimizing my tax burden?

5. Insurance Planning

Is my family protected if I die or become disabled?

6. Education Planning

Can I afford post-secondary education for my children?

7. Retirement Planning

Do I have the resources to enjoy a secure retirement?

8. Estate Planning

Will my taxes at death be minimized? Will my assets be distributed according to my wishes?