The financial planning process

The four favourite words of a savvy investor? 'Sounds like a plan.'

If planning feels overwhelming to you, fear not. We’ve compiled some great tips and for you here. Everything from understanding the financial planning process to a breakdown of the nitty-gritty of investment planning.

The six steps of the financial planning process

The following six steps are specifically formulated to help you determine the best route to your financial goals. (If any of this feels like something you would like some guidance on, you may want to consider working with a financial planner.)

#1: Set goals

This one may seem pretty basic. And yet, all too often, it gets overlooked: set your goals. Short-term. Long-term. Someday-wouldn’t-it-be-nice term. Assign each one – from that new car to that special vacation to paying down that mortgage – as specific a time frame as you can, and put them in order of priority. Be as honest as possible during this exercise. After all, your goals are the touchstones of your life, and all that it can be.

#2: Gather the facts

Before you plow ahead into the great unknown, take the time necessary to gather and organize. Start by amassing all your financial documents. This may mean an afternoon of sorting through filing cabinets and shoeboxes, but it needs to be done. Be sure to include assets and debts, cash inflow/outflow, tax returns, insurance policies, wills and legal documents, and any other relevant information.

#3: Identify challenges and opportunities

Once you’ve completed the tasks above, you’re on your way to having an accurate reflection of your reality. Take a moment to clarify that picture. Identify challenges or opportunities pertaining to your cash flow and debts, personal income tax, retirement planning, investment planning, risk management techniques, and estate planning. Remember, this is just what things look like today. We can work together to adjust the lens for tomorrow.

#4: Develop your plan

Your plan needs to take into consideration your values and your risk tolerance. And, at the end of the day, it needs to offer a collection of recommendations for you to consider implementing. If coming up with a plan feels overwhelming to you, don’t hesitate to contact us. One of our financial experts will be happy to guide you through the process.

#5: Implement solutions

Now that you know what you have to do, this is the step that sees it gets done. Your roadmap to financial wellness may involve , starting or increasing regular savings, or purchasing additional insurance. Whatever it takes, it’s all about getting you to your chosen Point B.

#6: Follow up and review

This final step is overlooked all too often. The reality is that your financial situation should be reassessed at least once annually in order to account for any changes in your goals or your life situation. If it sounds taxing, it needn’t. We can help walk you through a quick but effective follow-up, no problem at all. Simply contact us and we’ll set up a meeting.


Next steps

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