Tel: 780-945-5230
Tel: 1 800-661-7423


BMO Nesbitt Burns
800 Manulife Place
10180 - 101 Street
Edmonton, AB
T5J 3S4

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Financial Planning

To be effective, you want a financial plan that takes you from where you are today to where you want to be.

Where You Are Today
Clarifying your current financial position is the first of six key steps in the financial planning process. That means looking at your current investments, savings, assets and liabilities. To help you with this process I can provide you with a series of questionnaires. Keep in mind that it is always important to capture the most current information. Outdated information can lead to incorrect conclusions.

Where You Want to Be
To get a clear picture of your financial destination you need to identify measurable financial goals and objectives. For example, stating that you want to retire at age 65 and spend 75% of current expenses is more meaningful than saying that you want to retire early. With an understanding of your current financial position and future destination, I can give you a more detailed analysis of what needs to be done to reach your goal. In addition, with measurable goals, you'll find it easier to track your progress.

Putting Your Financial Plan Into Action

You know what your financial goals are and you have outlined a clear route towards achieving those goals. So what's next? Putting your financial plan into action.

Implementing Your Plan
Proper implementation of your plan is vital if you are to realize your goals. You'll need to make decisions about specific financial products. For example, your plan will outline an asset allocation and diversification strategy so you will need to select the appropriate investments. If your plan has identified that you need additional insurance coverage, you'll need to decide whether Term, Whole Life or Universal Life products are best for your situation. At the same time, you may have conflicting goals, so priorities must be set and trade-offs made.

How I Can Help
With so many options to consider, it's always worthwhile to get some professional advice. When it comes to selecting financial products you want to make sure that they are the right ones to help you realize your goals. I can review the options for you and recommend those that make sense for your plan. And you may find that you are not able to reach all of your goals at once. Working together, we can sort out your priorities.


The Six Key Steps for Financial Planning Sucess

What can a financial plan do for you? Provide a roadmap to achieve financial goals such as:

  • Saving For Retirement
  • Providing for post-secondary education
  • Ensuring your family’s financial security
  • Building wealth
  • Minimizing taxes
  • Leaving an estate for your heirs
Building Your Plan
Advocis (the Canadian Association of Financial Planners) recommends six key steps to the financial planning process.
  1. Clarify your current financial position
  2. Identify measurable goals and objectives
  3. Identify financial barriers or issues
  4. Provide alternative solutions to create a strategy
  5. Implement the strategy
  6. Periodically review and adjust the plan

When to Review Your Financial Plan

Once you have implemented your financial plan, there's still work to be done. First, you'll want to periodically check your progress to make sure you are still on track to reach your goals. Secondly, certain situations and events require that you revisit and, possibly, revise your plan.

Plan For Reriodic Reviews
You should plan to review your progress annually, checking to see if you are making progress towards your goals. If you find that you are not on track, you'll need to fine-tune your plan where necessary.

Revise Your Plan When...
Changes to your circumstances -- a career change, retirement, the sale of a business or significant asset, or the receipt of an inheritance, will require that you revisit your financial plan. In addition, life events such as marriage, divorce, arrival of children and the death of a close family member also will affect your plan. And legislative and tax changes can have an impact. Finally, you may change your objectives over the years.

At every step along the way, I can help you keep your financial plan current and in keeping with your changing circumstances and goals.

Your Next Step

If you’d like to start working towards your financial goals with a properly designed financial plan, please contact me directly by email at Scot McLeod or by phone at (780) 945-5230. Remember, the earlier we can begin the process, the easier it will be to achieve your goals.