Many people will offer you advice on which investments to buy. But there's more to your financial life than your RRSP. Estate taxes, income taxes, and education funds for your children are just some of the other complex aspects of your total financial picture.

 

Personal financial planning focuses on you as an individual – bringing together all the financial and psychological factors that have an impact on your life.

 

A well-thought-out financial strategy will help you reach your personal financial goals and objectives, and give you a greater sense of security.

 

Many people call themselves financial advisors, but the true professional uses the Complete Financial Needs Analysis Process, which is made up of six distinct steps.

 

1. It helps you clarify your present situation by collecting and assessing all relevant financial data – assets and liabilities, tax returns, records of securities transactions, insurance policies, wills, and pension plans.
2. Helps you to identify financial and personal goals and objectives, and also to clarify your financial and personal values and attitudes.
3. It helps you to identify financial problems that can create barriers to your financial independence.
4. It provides you with written recommendations and alternative solutions. These should be structured to meet your needs without undue emphasis on purchasing specific investment products.
5. Assists you to implement the right strategy to ensure that you reach your goals and objectives.
6. Provides a review and revision of your strategy to ensure that you achieve your goals