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Financial Planning

Financial Planning

“Financial planning is more than a set of tactics. Financial planning is a process that determines how you can best meet your life goals through the proper management of your financial affairs.” Financial Planning Standards Council

Financial planning is about more than just numbers.  It is about aligning your hopes and dreams in a way that helps you achieve both your current and long term goals in an efficient manner.

While it is fun to dream of being ‘rich,’ most of us are really striving for security and independence.  We dream of mortgage and debt freedom, sending our kids to good schools, and having the resources to retire comfortably.  Financial planning works to structure your resources to help you meet those goals.

Financial planning is not limited to those who already have wealth or significant assets, but is a process where all of the relevant pieces are looked at as a whole to help you maximize the potential while protecting the assets you already have.

Financial planning can include, but is not limited to:

  • Outlining protection strategies for your family in the event that a death, disability or serious illness removes your ability to earn income
  • Managing debt
  • Providing funding for a child’s education
  • Preparing for an independent retirement
  • Managing investments
  • Incorporating employee benefits into your overall financial picture
  • Estate Planning
  • Identifying tax saving opportunities

Is Financial Advice (Advisors) Worth It?


Okay, maybe you need more than that to go on.  The Investment Funds Institute of Canada has recently completed it's Value of Advice Study and found that investors who work with an advisor:

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  • Use tax efficient savings tools more efficiently
  • 1.5 times more likely to maintain a long term strategy
  • Have confidence in their retirment plans

People who work with an advisor are able better able to reach their long term financial goals than those who go it alone, and have a peace of mind to weather the financial challenges that occassionally come up.

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The Value of Advice Study commissioned by IFIC has shown how Advisors in Canada can justify what they get paid.

As the SLIDES show, regardless of your age or income the advised investors net worth is significantly better off than those who do not have financial advice.

For example, in the first table we see that those investors who make more than $70K a year, and who had an advisor, had a net worth about double that of an investor who didn’t work with an advisors.  And that’s pretty much the same across each demographic.

So they have done a true apples to apples comparison.

Focus on the Long Term

One key area an advisor can help with is seeing past the short term volatility and market hysteria to keep you focused on long term quality investments.  Why is this key? Because there is always something going on in the world that seems iminent that could keep you on the sidelines.

Just look at everything that has happened while the Dow Jones Industrial Average kept ticking away.

Advisors know that by sticking to long term solutions and ignoring the hysteria in the headlines clients come out ahead.

Understanding Mutual Fund Fees

We want to give you the straight facts, in simple language, about how mutual fund fees work. Mackenzie Investments booklet covers the different types of fees, who gets them, and why. Most importantly, we’ll explain what you get for the fees you pay. It’s your money, and you deserve to know. We hope you find this booklet useful.