The Financial Planning Process
Getting to know each other
Our first meeting with you will be relaxed and open-ended. You’ll learn about us, and we’ll learn about you. Can we work together? Do our personalities line up? This is our chance to find out!
Discovering your situation
Now it’s time to take stock of your current financial situation. We’ll look at documents such as RRSP/TFSA accounts, other investment statements, tax returns, insurance policies, business and other legal agreements, wills, mortgages—everything that makes up your financial status.
Identifying your needs and goals
Now we’ll talk about where you want to go. Remember—in addition to being planners, we’re also advisors, with your best interests in mind. (We’ll cheer when you make sound decisions, but we’ll also let you know if your plans are risky or unrealistic!)
Making your plan
Here’s where we really get to work, recommending an investment mix, filling in insurance gaps, checking your tax strategies, and making sure your estate matters are looked after. We’ll present you with a custom plan, and explain it to you in plain, everyday language. Of course, final decisions about our recommendations rest entirely with you.
Implementing your plan
Once you’ve authorized us to act, we’ll take the administrative steps required to transfer, modify, or purchase investments, set up accounts and contribution schedules, or arrange policies. We’ll even confer, if necessary, with other financial professionals such as your lawyer or accountant.
Monitoring your plan
This final, ongoing step is what turns us from planners into partners. We regularly monitor your overall financial situation, suggesting adjustments when necessary, avoiding pitfalls, keeping you informed of your progress, and even providing advice on major purchases.
“As full financial planners, we can offer “next-level” solutions that suit your financial situation. For example, for some clients, mortgage protection—through life insurance or critical illness insurance—might be a smarter choice than standard mortgage insurance that automatically pays the lender.”
Convenience! At Active Wealth Management, it’s all in one place
Your portfolio is the foundation of your plan. We’ll find the right investment mix for your stage of life, risk tolerance, and financial goals—maximizing returns and minimizing costs.
You’ll need more than CPP and OAS to have a comfortable retirement. We’ll look at all your retirement income sources—RRSPs, TFSAs, workplace pensions, annuities, and other income streams—to inflation, fill in gaps, and find a retirement savings plan that will make sure you don’t run out of money.
The right kind of life insurance is often the missing component of your family’s financial security. As insurance brokers, we can shop on your behalf to get the best coverage at the best rates. Term insurance, permanent insurance—it all depends on where you are in life.
Disability and Critical Illness Insurance
Surprisingly affordable disability and critical illness insurance are quickly becoming key pieces of personal financial plans. Disability insurance provides much-needed supplements to minimal government insurance payments, and critical illness insurance provides a single, lump-sum payout—to use however you wish—if you are diagnosed with a serious illness.
Your financial plan isn’t finished until your estate plan is in place. Depending on where you are in life, planning your estate can be as simple as making sure you have a will, or as ambitious as deciding how to leave a substantial legacy. Our advisors can walk you through the details and recommend the right course of action.