COMPREHENSIVE FINANCIAL PLAN DESIGN
Money Architect specializes in designing comprehensive financial plans for Canadian households.
Money is a tool for living, not the purpose of our existence. Financial planning organizes money so that you, the client, may live the life you want. More than budgeting and cutting back, the right financial plan balances what you need and want today with your goals for the future.
The very first step in our relationship is to establish your needs, priorities, and goals, including how your financial situation leads to feelings of hope or fear, or both. The process of developing a custom financial plan will include a lot of numbers and questionnaires, but the purpose is to help you live your life with a sense of contentment.
The six steps of the financial planning process are as follows:
1. Establish the client-planner engagement;
2. Determine your goals and expectations;
3. Clarify your present financial status and identify problem areas and opportunities;
4. Develop and present the financial plan;
5. Implement the financial plan; and
6. Monitor the financial plan, including annual updates.
What is involved in a financial plan?
A comprehensive financial plan looks at the big picture to consider all relevant aspects of your life and financial situation. As a professional financial planner, I will identify and analyze the relationships across your priorities and competing objectives to help you meet your goals.
A comprehensive financial plan generally consists of the following six parts:
- Financial Management: Net Worth | Cash Flow
- Investment Planning: Analysis of Current Investments | Asset Allocation Recommendations
- Insurance and Risk Management: Assessing Your Current Exposure | Assessing Your Current Insurance Coverage | Determining and Prioritizing Your Insurance Needs
- Tax Planning: Investment Choices and Account Types | Charitable Giving
- Retirement Planning: Assessing Current Assets Set Aside for Retirement | Planned Savings | Expected Rates of Return
- Estate Planning and Legal Aspects: Payment of Expenses and Obligations at Death | Transfer of Assets to Successors/Beneficiaries