Why Financial Planning is Important
Good financial planning is an essential part of managing your money and building a plan to reach your goals. A comprehensive financial plan will help you prioritize for the future. It will also give you a better understanding of how taxes and other financial considerations will impact your life. With a good plan in place, you can begin taking steps toward achieving your goals.
Steps In the Financial Planning Process
My approach is focused on building a plan for you that is aligned with your unique goals. During the process, I take a step-by-step approach to ensure I get to know you, your circumstances, and your desired outcomes before creating a plan that supports your needs.
Discovery: I start with an introductory meeting so that I can get to know you and understand your financial goals, needs, and objectives. We will discuss some basic "getting acquainted" questions so we both feel comfortable collaborating moving forward.
Analysis: We will have an in-depth financial planning meeting to ensure that your plan encompasses all aspects of your financial life. This is where we will get into the nitty-gritty of what your financial situation looks like now, how you want it to be, and what we need to do to fill in those gaps. This could include retirement planning, cash flow management, tax strategies, cross-border financial needs, and more.
Implementation: Once the plan is completed, we will work together on its implementation. This could involve working with tax professionals and other financial experts to ensure all the facets of the plan are executed.
Review: A financial plan is not static but an ongoing process that should align with your goals. I reach out regularly to review your financial plan to ensure it is up-to-date and aligned with growing needs.
Progress: As you know, life changes and it's important to have a plan that can grow with you. Whether you want to buy a cottage, save for your children's education, or make any other kind of change, I'm here to help. Together, we can ensure sure your plan is up-to-date and accounts for any changes along the way.
To sum it up, I'm a chameleon of sorts and I am able to change and tailor the process to fit whatever individual needs you may have.
"Thank you for looking after us! You have identified issues we did not know existed in our estate plans and made sure we were aware of them. We really feel like you have our backs and are taking care of us."
"Tara helped us feel confident about financial planning. She provided us with the insight we needed to make smart decisions about our money and protect ourselves from potential taxation pitfalls. We now have greater security and financial literacy. We are impressed!"
Who Do I Help?
My clients range from graduate students to retirees, both individuals and businesses. However, I specialize in helping professionals with young families who are seeking solutions to align their financial plans with their increasing requirements.
Are you looking to start the discussion of financial planning for retirement? Whether looking to minimize taxes or find out how much you need to retire, I'm here to help.
As a business professional, it is essential to have a financial plan that meets your needs. I would be happy to assist in creating an overall plan that meets your objectives.
Financial Planning for business owners goes beyond the business itself; it includes important aspects such as cash flow management, understanding the differences between business and personal taxes, and much more.
As a young couple, if you are looking to start a family or purchase a new home, creating a strong financial plan to match your goals is essential for preparing for the future. Let's discuss how I can help you get there.
New to Canada
Financial planning for new Canadians is a critical part of getting started in Canada. If you are new to Canada, I can help you navigate the complexities of financial planning and point you in the right direction.
Cross Border Needs
If you're a US citizen in Canada your financial needs are complex. I can help you with your cross border financial plan.
Financial Planning FAQs
What do I need to know before talking to a financial planner?
Before talking to a financial planner, you should know your goals, your budget, and any saving or debt repayment plans you have in place. It is also helpful to know in advance what type of services you are seeking from the financial planner. Knowing your risk tolerance and any investments you do or do not wish to make can also be beneficial, but your plan will complete a new risk assessment with you regardless.
What are the best questions to ask a financial planner?
The best questions to ask a financial planner include:
How much money should you have before getting a financial planner?
There is not a one-size-fits-all answer to this question. Many planners have asset-level criteria for the clients with whom they work – but this is not a set rule. Some do not have any asset requirements. There are also financial planners who specialize in higher net worth, as well as those who specialize in mid-range families. Asking potential planners if they have any specific client requirements, will help you find your best-fit planner!
What are the key questions financial planning must answer?
Financial planning should answer key questions such as:
Learn More About my Process and the Services I Offer
My top priority is to help you create a customized financial plan that matches your goals and lifestyle, no matter your current circumstances.
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