BMO Nesbitt Burns
1400-1675 Grafton St
financial goals doesn’t happen overnight; it takes careful planning and
execution. Why is financial planning important? Because the process
enables you to clearly identify your priorities and focus your resources
on achieving your objectives. To attain your goals you need to know
where you stand today, where you want to be in the future and how you’re
going to get there. For example, what will your retirement look like?
What is it you want to do in this next stage of life? How will you spend
your time? Where will you live? Do you want to travel? Move South? And,
most importantly, how are you going to pay for all this? A good
financial plan can help you answer these questions, and more…
- Will you be in a position to fund your children’s post-secondary education?
- If you become disabled, will you have enough income to manage until you are well again?
- If you were to die, would your family be financially secure?
- Is your investment strategy consistent with your financial goals?
- Will you be responsible for the care of an aging parent or spouse, or a mentally or physically challenged child?
Your BMO Nesbitt Burns Investment Advisor can help you address these issues with a personal financial plan.
The Financial Planning Process
Financial planning is an ongoing process that includes:
- evaluating your current situation;
- clarifying your goals;
- identifying hurdles in achieving your goals and considering alternative solutions;
- developing a comprehensive written analysis with recommendations;
- implementing your plan; and
- reviewing your plan on a regular basis.
where to start is often the hardest part of planning. To help you get
organized, your Investment Advisor will supply you with a financial
planning questionnaire. The completed questionnaire provides your
Investment Advisor with all of the information needed to prepare your
personal financial plan.
Your Personal Plan
plan provides you with a comprehensive assessment of your financial
situation and helps you determine if your existing investment strategy
is in line with your goals. The plan includes a review of your current
financial position, as well as an analysis of your investment,
retirement and estate planning issues. Where applicable, disability and
education planning issues are also considered.
Current financial position :
financial position is a combination of your net worth (assets, minus
liabilities) and your annual cash flow (income, less expenses and
savings). This information provides an overview of the financial
resources currently available to meet your goals.
Investment planning :
A successful investment strategy begins with asset allocation. A review
of the asset mix for each of your investment, registered and locked-in
accounts is completed and then compared to what is being recommended for
accounts with investment objectives similar to yours.
Retirement planning :
Combined sources of retirement income are measured against retirement
goals to ensure you can maintain your desired lifestyle throughout
Estate planning :
A summary of your estate’s
distributable assets and obligations is provided, (e.g., income taxes,
probate costs and debts) including an overview of the income needs of
the surviving spouse and if more capital is needed to support the
Recommendations are synopses of your financial position in each of the planning areas and can be drawn upon to identify action items and set financial planning priorities.
Implementation and Review of Your Plan
completion of your financial plan, your Investment Advisor will
determine if you need to meet with other professionals, such as an
insurance specialist or an estate lawyer, to implement your plan. He or
she will also review your portfolio to ensure that it is consistent with
your personal and financial objectives. Once your plan is implemented,
your Investment Advisor will want to review it with you every few years
or whenever there is a significant change in your circumstances, such as
a change in marital status, a birth or death in the family, an
inheritance or a new job.
BMO Nesbitt Burns
Nesbitt Burns Investment Advisor has the knowledge and ability to guide
you through the financial planning process. He or she will help you to
meet your financial goals through the development of a financial plan –
the foundation of your overall wealth management strategy.