Financial Planning
Your unique financial story is made up of various elements. Each chapter in your life should correspond to a tailored financial plan integrating them all to help you stay on course to achieve your goals.
Life is a road full of twists, turns, unexpected stops and bumps along the way, impacting you personally and professionally. Your financial goals will be impacted in the short and long term; having a financial plan in place ensures you are prepared for changes throughout the various stages in life. This can reduce stress, improve your financial wellbeing and provide you with a roadmap so you are in control of your financial journey.
FSW Wealth Partners focuses on working collaboratively with you to create a customized financial plan that integrates your needs and goals with where you are in life. Your advisor is with you for every step of your journey – all the milestones, changes, and unknowns. You can be confident in our experience and knowledge to help you navigate the financial planning process. We make it easy for you to improve your relationship with money so you can focus on the important things in your life.
From talking about your goals and dreams to creating a strategy to help you attain them, your financial well-being is our only priority.
Comprehensive Financial Planning
Your financial plan is rooted in your needs and ambitions but incorporates other important aspects of your financial story: cash flow and debt management, investment and tax planning and retirement and estate planning.
Cash Flow
Cash flow goes beyond budgeting – it is about gaining the knowledge to manage your money. Think about where you work – the organization has a finance professional that manages their financial operations – from cash flow to paying invoices to saving for downturns. The finance department would not place all the revenue in one bank account and spend it until there was nothing left! They would plan for the following:
Short-term cash to pay your monthly bills like hydro, cell phone, mortgage/rent, vehicle, vehicle and home insurance
Mid-term cash saved to pay for holidays, car and house repairs, hockey/sports activities, birthdays, Christmas
Long-term cash saved for major purchases like a house, vehicle, children’s education (RESPs), retirement
Investment Planning
An investment plan is not a financial plan – it is part of a financial plan. An investment plan is comprised of your goals, risk tolerance, time frame, the amount of money you invest/have invested, your cash flow and tax situation.
The most important aspect of your investment plan is to consistently monitor your fees and rate of return to ensure your investing opportunities are optimal.
Tax Planning
Would you rather have a root canal than do your taxes? You are not alone. Most people dread taxes and do not see it as an important part of their financial plan. We have news for you; tax planning is important. It can help you save money.
Our tax planning approach focuses on projecting what your tax situation will be for every stage of your life. By making the necessary adjustments along the way, we can reduce your tax burden in the future.
Retirement Planning
The top 3 questions everyone has about retirement are:
- Will I have enough money to retire?
- Will I run out of income during retirement?
- What happens if I have unexpected changes in retirement – will I have enough money?
We work with you on your retirement plan whether you are in pre-retirement, already retired or it is far into your future. Your goals and aspirations change and so does your income. Your retirement plan starts with projections so we can plan how much you need to so you can live your desired lifestyle.
Next, we consider the income streams for your retirement: OAS, CPP, pensions, present RSP’s, assets and investments. We build a strong, flexible plan that incorporates your goals and income but also considers changes in health, living etc.
Retirement is a major milestone and can seem overwhelming. At FSW, you can relax in retirement knowing your plan is working.
Estate Planning
This is often the last part of a financial plan for many reasons, but mostly because it involves difficult conversations. We understand the hesitation so when we get to this part of your plan, you can rely on our in-depth knowledge to guide you through these discussions.
It is important to have a plan in place to protect your family and assets while ensuring a smooth transfer of your wealth. An estate plan can reduce estate taxes, but most importantly, ease the burden on your loved ones.
An estate plan has many components including a properly structured Will, Medical Directive and the appropriate Powers of Attorney.
Planning for your future and your legacy takes time and is extremely personal. Your FSW Advisor is here to help you start now and provide support to your loved ones through this journey.