Your browser version is outdated. We recommend that you update your browser to the latest version.

Investment Management

Retirement Planning

Estate Planning

Education Planning

Risk Management

Taxation Planning


Financial Planning - The Ultimate Wealth Strategy

The Need For A Financial Plan

Financial planning is the process of meeting your life goals through the proper management of your finances.  Life goals can include buying a home, saving for your child's education or planning for retirement.

A comprehensive financial plan helps to bridge the gap between where you are right now and where you would like to be in the future.  A financial plan is the roadmap that allows you to choose which route to take.  It is the ultimate Safewealth strategy.

Financial planning provides direction and meaning to your financial decisions.  It allows you to understand how each financial decision you make affects other areas of your finances.  For example, investing in an RRSP today may lead to greater retirement income in the future, but it delays the point in time at which your mortgage may be paid off.  By viewing each financial decision as part of a whole, you can consider its short-term and long-term effects on your life goals.  You can also adopt more easily to life changes and feel more secure that your goals are on track.

The focus on your life goals is what separates financial planners from financial advisors.  Most planners have been trained to take a broad look at your financial situation, while accountants, investment advisors, stockbrokers or insurance agents may focus only on a particular area of your financial life.

Benefits Of Financial Planning

There are several reasons to partner with my financial planning service.  Consider these examples;

  • you need expertise you don’t possess in certain areas of your finances. For example, I can help you evaluate the level of risk in your investment portfolio or adjust your retirement plan due to changing family circumstances.
  • you want to get a professional opinion about the financial plan you developed for yourself.
  • you don’t feel you have the time to spare to do your own financial planning.
  • you have an immediate need or unexpected life event such as a birth, inheritance or major illness.
  • you feel that a financial specialist like me could help you improve on how you are currently managing your finances.
  • you know that you need to improve your current financial situation but don’t know where to start.

The Financial Planning Process

In general terms, the financial planning process consists of six steps;

1. Establishing a client/planner engagement which defines the responsibilities of both parties

2. Gather data from the client and determine your goals and expectations

3. Evaluate your present situation based on the information you've provided

4. Develop and present a written financial plan for you to consider

5. Implement some or all of the strategies outlined in the plan

6. Monitor and revise the plan as necessary.

A comprehensive plan addresses the following areas as they apply to your situation;

  • Budget and savings planning
  • Residential mortgages
  • Investment management
  • Insurance planning
  • Retirement planning
  • Tax planning
  • Estate planning

Ethics and Standards

A Code of Ethics is the cornerstone of any recognized professional designation.  Doctors, dentists, lawyers and accountants (such as myself), for instance, must adhere to a Code of Ethics.  Anyone who strays from the Code risks losing their license.  In the world of financial services, there are many designations.  The CFP® designation is the only one that demands strict adherence to a professional Code of Ethics specific to the practice of financial planning.

It is the CPA, CIM® and CFP® standards of competency and ethical behavior that define how my business is conducted. Throughout Canada, the public can look to the CPA and CFP® designations as marks of quality and professional integrity.

The Chartered Professional Accountants of Canada and the Financial Planning Standards Council establish and enforce strict education, examination, experience, codes of ethics, and standards of conduct to protect clients interests.

All CFP® licensees must subscribe to the same Code of Ethics based on seven Principles: Integrity, Objectivity, Competence, Fairness, Confidentiality, Professionalism and Diligence. These Principles recognize the individual CFP® professional's responsibilities to the public, clients, colleagues, employers and the profession.