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Financial Planning - Helping You Sail Successfully Into The Future
Financial Planning - Helping You Sail Successfully Into The Future
PLANNING
Helping You Sail
Successfully
into the Future
Section 1 Introduction . . . . . . . . . . . . . . . . . . . . . . 1
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www.frankwiginton.com
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What a Many of the people I meet tell me they have a financial plan.
financial When I ask to see it, they say, “I don’t have it written down.”
plan is NOT
Or they show me one or two pages with a chart or graph
showing the asset allocation of their investments.
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What a financial plan is NOT www.frankwiginton.com
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What a financial plan is NOT www.frankwiginton.com
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Section 3
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What a financial plan IS www.frankwiginton.com
* Set goals that are specific, measurable, attainable, realistic, and time limited
* Learn effective ways to reduce your taxes every year and over your lifetime
* Identify areas of personal risk and develop solutions to protect against them
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* Learn how and when to draw income from various sources such as your
RRSP, CPP, and trusts
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What a financial plan IS www.frankwiginton.com
Getting you ready is the central purpose of a good financial plan. By giving you a solid
understanding of your finances and moving you steadily toward your goals, a financial plan
will provide greater peace of mind today and greater confidence and success tomorrow.
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When I sit and chat with people about finances and mention
some of the areas to address, they frequently respond with, “I
never thought of that before!”
A financial plan will give you the answers and solutions to the
following questions:
Section 4
* When can I retire?
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Why get a financial plan? www.frankwiginton.com
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Why get a financial plan? www.frankwiginton.com
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What’s the value of financial planning? www.frankwiginton.com
there is measureable proof that those who have engaged advisors for only
piece-meal, “as needed” financial advice are being left behind by Canadians
engaged in comprehensive, integrated planning.
These are just some of the findings of the Value of Financial Planning study,
which was conducted by The Strategic Counsel and commissioned by Financial
Planning Standards Council (FPSC). The first phase of this five-year study was
conducted during one of the most difficult economic periods in Canada’s recent
history (between August 7, 2009 and January 21, 2010).
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What’s the value of financial planning? www.frankwiginton.com
“Never before has there been such concrete, empirical evidence confirming the
value proposition of comprehensive, integrated financial planning, and its impact
on people’s confidence in achieving life goals and managing through difficult
times,” says Cary List, President & CEO of FPSC. “These results further under-
score how comprehensive, integrated financial planning is salient for one’s
financial and emotional wellbeing — not just in the good times, but particularly
through the tougher times …” says List.
The research also revealed that 61 per cent of individuals who engaged in
comprehensive, integrated financial planning felt confident that they will be
satisfied with their financial situation in retirement, as compared with 27 per cent
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with no financial planning and 46 per cent who had engaged in only limited
advice.
Copyright © 2010 Financial Planning Standards Council. All rights reserved. Reprinted with permission.
To see the full study and for more information, please contact the FPSC at www.fpsc.ca/
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What’s the process of getting a comprehensive financial plan? www.frankwiginton.com
Data gathering
You are asked to fill out a comprehensive questionnaire and supply the planner with
copies of investment documents, insurance policies, mortgage documents, Wills,
Powers of Attorney, Trust indentures, incorporation documents, tax returns, and any
other pertinent information.
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What’s the process of getting a comprehensive financial plan? www.frankwiginton.com
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Regular follow-up
This is especially crucial in the first three months following the implementation of the plan
to ensure that all questions and concerns are addressed and the implementation has
been a success.
Following the completion of a plan, the planner encourages you to ask any questions or
concerns you have at any time.
It is important for you to know that your plan is on track so you can have the confidence
to go out and live your life!
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My philosophy as a financial planner www.frankwiginton.com
My biggest pet peeve is when “advisors” (i.e., salespeople) don’t fully take the time to
understand their clients’ needs and just sell them a product that they as advisors know or
are able (licensed) to sell.
It would take them a lot more time and skill to research the entire market to find the
solution that is right for the client. So they take the easy way out.
When I develop a comprehensive financial plan for my clients, I know what they truly want
and need. That means I can go out to the entire market to find the solutions that are a
perfect match.
I have seen the benefits to my clients time and time again. When I break the complex
world of finance down into smaller, bite-sized pieces for them, they find it much easier to
understand financial planning and implement a financial plan.
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My philosophy as a financial planner www.frankwiginton.com
As a result of my approach, most of the people I speak with find greater peace of mind
and go on to live a better quality of life.
To learn more about me and my approach to financial planning, please visit my website
at www.frankwiginton.com.
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Frank is routinely asked by the media to comment on personal finance issues. He appears
on Business News Network (BNN), Citytv, Global TV, and CBC Radio and is quoted in the
Globe and Mail, National Post, Toronto Star, Maclean’s, Canadian Business, Chatelaine,
and MoneySense magazine.
A passionate sailor, traveller, photographer, and outdoorsman, Frank lives and works in
the Toronto area with his wife and daughter.
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FIND ME ON…
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