Toronto Financial Planner

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Why develop a Financial Plan?
As a financial planner I know that most people find financial planning a challenge. We face many opportunities, obstacles and hazards along the way. We struggle with the anxiety relating to our personal financial planning. Also, many families are too busy dealing with the challenges of day-to-day life to think about next month, let alone retirement, which may be twenty years or more into the future and financial planning is forever postponed!

Think for a moment about a simple short-term goal. Would you go on a vacation without doing some basic planning – where you want to go, how you’re going to get there, how much money you need, what items you should pack? Even with the best of efforts in preparing your vacation, you will have to make adjustments along the way. Vacation planning makes for better vacations, financial planning makes for a better future.

By developing a Financial Plan, you and your family will:

  • take control of your financial future,
  • set realistic, attainable retirement, education, insurance and major purchase goals,
  • have the necessary financial resources to fund these goals as they occur, and
  • reduce the effect of negative events in your life, such as disability, layoffs, death, and critical illness.

A Financial Plan is intended to be a detailed analysis of your current financial affairs and recommendations to help you achieve your financial objectives. To develop a Financial Plan, we:

  • collect all of your relevant personal and financial data,
  • identify your financial goals and establish your priorities, and
  • identify the strengths and weaknesses of your current financial situation.

Next, we analyze strategies that will affect your current financial position. Every financial alternative has both strengths and weaknesses. Early in the financial planning process we define your financial objectives. Next we assess how the proposed financial plan meets these objectives. There may be trade-offs to consider in both your personal and financial goals. For example, to achieve your retirement objectives, you may have to reduce your current spending and save more for the future.

The Financial Plan is divided into sections that detail the financial implications of your current financial situation and the proposed financial plan. Each section also provides an explanation of the relevance of this information.

Remember, having a comprehensive financial plan will help you build a secure future.

Please contact Bev Moir, Toronto Financial Planner, for more information about your financial plan.