Tuesday, May 1, 2012

Consider a financial plan


Consider a financial plan

If you don't have time to do it right, when will you have time to do it over?
- John Wooden



In the current environment of economic uncertainty, it can be difficult to feel confident in your decisions regarding your financial future.

One proven way to help you determine your financial goals is to create a financial plan.  Studies have shown those with a plan are better off financially with both higher savings and better returns over the long term. Also a higher percentage of people who have a financial plan believe “if they stick to their financial plan, they will be able to get through any economic downturn or unexpected events.”1 One of the greatest values of the financial-planning process is that it helps improve financial literacy through ‘teachable moments.’ Working with an advisor helps guide members to make rational and less emotional decisions and it has been shown that "financial education needs to be reinforced through life." 2

So what is a financial plan?  It is more than just about retirement or investment solutions.  It is about developing a roadmap that will help you achieve your life goals by reviewing your needs and lifestyle, including budgeting, use of credit, and tax and estate goals.  A plan is about helping you find a balance between today's objectives and lifestyle and your goals for the future. Your financial plan is not a one-time event. It is an on-going process of review as your needs and life stage change. At one time, you may be planning a home purchase; at another, saving for your child's education; and still another, you start planning to have the retirement you envision.

You do not need significant assets to begin financial planning. You only need a goal to work toward and together, we will build your plan. This is where a knowledgeable financial planner comes in.

Wherever you are in your life, there is good reason to create a financial plan.

1 Ipsos Reid, Value of Financial Advice, prepared for IFIC, October 4, 2011.
2 Canadians and Their Money: Building a Brighter Financial Future. Report of the Task Force on Financial Literacy, December 2010.