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Understanding Financial Planning

Understanding Financial Planning

Do you need guidance in making critical decisions on financial issues around cash management, investing, retirement, risk management, taxes or estate planning? Be sure to hire a qualified financial planner. In Canada, a Certified Financial Planner® is specifically trained to provide guidance to you on financial issues using the six-step financial planning process. Since 2000, Don Maycock,Certified Financial Planner® has been advising clients using this process. Below is a summary of the six-step process..

First Meeting

This meeting involves the first two steps.

Step 1: Define and agree on the scope of the financial plan. It can be a modular plan (involving one or more services) or a comprehensive plan. The Financial Planning Services offered by Don Maycock are listed below.

Step 2: Determine your goals and expectations.

Second Meeting

This meeting involves steps three and four.

Step 3: The financial planner clarifies your present financial status and identifying any problem areas and opportunities.

Step 4: The plan is presented to the client in written format such as a client wealth management binder. Each strategy and product recommendation is explained in detail on how it relates to their goals and expectations in step two.

Third Meeting

Step5: This meeting focuses on implementing the Financial Plan.

When a “Financial Planning Service” is implemented, it may result in a “Plan” being recommended. A few examples of “Plans” are as follows.

  • RRSP (Registered Retirement Savings Plan)
  • RRIF (Registered Retirement Income Plan)
  • IPP (Individual Pension Plan)
  • RESP (Registered Education Savings Plan)
  • Non-Registered Investments

Typically “Products” go into a “Plan”. For example, the “Retirement Income Planning” service may result in an “RRSP Plan”  being set up using an investment “Product” such as the following.

  • Annuities
  • Segregated Funds

Fourth Meeting

Step 6: Monitor the Plan

It’s important to meet with your financial planner (typically once annually) or when there has been significant tax, economic, product change or lifestyle change affecting your financial situation.



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