The Wealth Plan

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

I tend to receive numerous queries for advice and tips from people who need help with budgeting, help to understand certain products, or from people who are looking for general best practices when considering their financial day to day activities. I enjoy sharing knowledge that helps individuals and families feel more confident regarding their day-to-day finances.

An integral part of my job as a Financial Advisor is the preparing of wealth plans. A Wealth Plan integrates all aspects of a client’s life and accounts for their dreams and goals. A Wealth Plan is when I take all your information, which includes your assets (house, investments & savings, pensions etc.), liabilities (mortgage, loans, credit cards), income, and expenses and project them out to the future. This allows you to see where you stand financially today and foresee where you will be at any point in time in future years. It is impossible to predict today that you will still be in the same job until you retire, what extra expenses you might have had along the way if you get sick and cannot work, or if you will win the lottery or get an inheritance. As life is continually changing, we will update your plan frequently to ensure it is as accurate as possible.

As a Financial Advisor, I use reasonable expectations and returns and factor in risks. We prepare recommendations to mitigate risks and to help protect your assets. We use Disability and Critical Illness insurance to mitigate against illness and injury if you do not have a Short-Term or Long-Term Disability plan through your employer. We use Life Insurance to protect against an early death, cover any debt you may have, and to create an estate for your loved ones. We use savings vehicles to plan for large purchases like cars, home renovations, and to set up an emergency fund. RRSPs and TFSAs are used for retirement and can help you save for a home purchase. If you are already retired, you may have a RRIF – which you are using to fund your retirement. A comprehensive Wealth Plan can forecast your financial future.

The first quarter of 2022 has been a tumultuous one for investors. Our in-house Wealth Team provides a monthly market commentary. We invite you to contact us to sign up for this newsletter. After working for over twenty-five years in this business, the best advice I will give about investments is that it is not about timing the market, it is time in the market. Stay invested and stay safe.

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

Cyndy Batchelor 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 her 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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