You have an accountant who diligently prepares your tax returns, and if you have a business, your financial statements, a financial advisor who recommends appropriate investments, and a lawyer who prepared a Will and advise on estate planning matters.
But chances are they don’t know if the resources exist to provide for you and family should you need should want or need to retire, get seriously ill, or worse die, have a change in marital status, become insolvent or have a family emergency.
Creating a financial plan can be time-consuming. Lots of information is needed including lifestyle expenses, values of assets, liabilities, insurance details, potential inheritances, children’s’ needs, succession plans, estate plans and your Will.
Various scenarios of a plan can reveal gaps and opportunities. The plan can incorporate concepts to reduce taxes and increase after-tax returns, reduce investment risk, determine adequacy of insurance coverage and if its cost can be reduced or changed to become more cost-efficient while continuing to provide adequate coverage.
In my years working clients I have seen financial successes and tragedies. Many times, everything is well looked after, sometimes by design, other times by accident. But it is the financial tragedies that that could have been avoided that resonate the most. Perhaps you have witnessed them in your family or circle of friends. In most cases, like a smoke detector, a relatively small investment can provide a major benefit, not the least being peace of mind.
Get started on your financial plan. And if you have questions or need help, I’m here.
Stan Swartz, CPA, CMA, CFP, CMC was a founding partner of Sloan Partners LLP. Since retiring in 2014, Stan, as a Certified Financial Planner, has focused on individual and business financial planning. He is a volunteer presenter and contributor for CPA Canada’s Financial Literacy Program.
Stan can be reached at: email@example.com, or by phone at 416 659 7734