The BMO Nesbitt Burns WealthPath software is the cornerstone of our service offering. This sophisticated tool enables us to paint an accurate picture of our clients’ current financial situation then, based on realistic assumptions, suggest a plan that will help them achieve their retirement goals.
The software enables us to generate several scenarios based on various assumptions. Ideally, a yearly meeting will help us review previous assumptions and previous retirement objectives and amend them based on current circumstances. The resulting model takes into account significant data such as current and future investment values, anticipated returns based on the desired asset portfolio, inflation and tax rates and cost-of-living trends.
Through this process, Patrick and his team will also be in a better position to identify your needs and suggest products and services tailored to your needs.
For instance, life insurance should be regularly revisited since, depending on your life stage, some types of insurance are more appropriate than others.
Estate planning is also important. Having a current will and keeping it up-to-date will help minimize income taxes for your estate.
According to Financial Planning Standards Council's,"Those with comprehensive plans feel their financial goals and retirement plans are more on track; their ability to save has improved in the past five years; and they are more confident they can handle the inevitable bumps in life''.