Sticking to the Plan

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By Cole Seabrook
Financial Advisor,
O’Farrell Wealth & Estate Planning  |  Assante Capital Management Ltd.

Everyone should have a Wealth plan. Unfortunately, many individuals do not understand the importance of planning or what a comprehensive wealth plan can look like.  

Anyone who has watched the news lately knows that the markets are volatile, interest rates and inflation are on the rise, and other economical and social uncertainties are prevalent. Many individuals are uncertain as to how these factors will impact their overall costs and standard of living.

To start, let’s look at a few key areas that Financial Advisors commonly look at when building a wealth plan for their client. 

Your Advisor will help you determine the state of your current financial situation and discuss the goals and plans you have for the future. This could be anything from buying your first house to preparing for retirement. 

Some key points to know when looking at your current financial situation are:

· your annual income

· your savings or investments

· your current fixed expenses or debt liabilities

Budgeting over the course of time can help an individual have a better understanding of what their monthly cashflow looks like. After having an accurate idea of an individual’s current situation, it is time to start the planning process. Some of the key areas are:

· Financial Management

· Emergency Funding 

· Investment Planning 

· Insurance and Risk Management

· Tax Planning 

· Retirement and Estate Planning 

After the creation of the wealth plan, it is important to remember it is not a one-time event. A wealth plan should be reviewed on an annual basis and when significant life events happen either expected or unexpected. Some examples are a change in marital status, the birth of a child, a change of employment etc. 

When your Financial Advisor builds a wealth plan, it helps you to stay on track of your goals from a financial perspective. A sound plan will also give you piece of mind that when there is financial pressure, the strategies that were put in place will help you get past the challenging times.

If you are uncertain of where you are positioned to achieve your goals, it may be time to speak with your Financial Advisor.

We are always open to questions and giving people a second opinion when it comes to their Wealth plan.  Feel free to get in touch with us at anytime.

We welcome questions so please reach out! See our ad in this week’s North Grenville Times and follow us on Facebook @OFarrellWealth.

Cole Seabrook is a Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact him at 613.258.1997 or visit ofarrellwealth.com to discuss your circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

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