The Plan

Personal Finances

• Does the thought of managing your money make you anxious or stressed?
• Do you have personal financial goals but feel that you'll never achieve them?
• Is your financial plan inconsistent and or non-existent?

If you've answered yes to any of the above questions, then it is time for you to take control of your financial situation. My name is Francesca Rea; I am a Consultant with Investors Group Financial Services Inc. and am the financial contact for TimeFinders Coaching. My role is to provide a financial planning service for people seeking a better understanding of their personal finances. As a consultant, I can help alleviate your financial anxieties by helping you define achievable financial goals and develop the strategies required for you to be consistent and successful with your personal financial plan.

The Role of a Consultant

To develop a financial plan suitable to your lifestyle and long-term goals.

6 steps of the financial planning process:

• information gathering (asset and liabilities, cash flow, risk management)
• discussion of financial goals (short, mid and long term)
• analysis of data
• financial projections and recommendations
• plan implementation
• periodic review

Generally, people assume that financial planning consultants deal mainly with investments. The Investors Group philosophy of holistic financial planning considers Six Disciplines when building your financial plan.

In the following paragraphs I will outline each of the Six Disciplines. Subsequent articles will examine each in greater depth.

Tax Planning

From annual tax filing to more complicated tax planning for businesses or estates, we can incorporate the latest tax strategies into your long term financial plan.

Retirement Planning

Do you know how much income you will you need in retirement? Are you saving enough? Can your retirement plan beat inflation? Together, we can help you establish realistic goals to create an achievable, detailed plan that will work for you. Just remember, it's never too late, so start now.

Insurance Planning

What would you need in case of an emergency? Would your family be taken care of financially? How do you cover any gaps that your current insurance does not meet? Life, Disability, Critical Illness and Long Term Care insurance are the four main types of insurance that can protect you and your family in most financial emergencies.

Cash Management

Almost everyone goes through a stage in their life when they use debt to help meet their needs. Are you better off saving for your needs or borrowing? Are there tax strategies that you can take advantage of? Whether it is buying a home, a car or simply managing your credit line, we can create personalized plans to help you pay off your debt or to use debt wisely to maximize potential investment returns.

Estate Planning

The most important component to estate planning is a will. Fifty percent of Canadians do not have a will. Do you know what happens when one dies without a will? What if you are part of a blended family, what happens then? If you have a cottage, who will it go to? Estate planning is critical to ensure your wishes are met.

Investment Planning

Are you taking advantage of proven strategies like "asset allocation" and "dollar cost averaging"? Does your investment plan balance risk and return? Should you invest all in RRSP or outside your RRSP? We will work with you to customize an investment portfolio to meet your personal financial needs.

It may seem like a lot of things need to be dealt with and perhaps you are not sure how to get started. Start by contacting a financial planner whose practice encompasses all of these disciplines and with whom you feel comfortable. You can find more information on what questions to ask on the Advocis website, www.advocis.ca, designated The Financial Advisors Association of Canada.

(For our American readers visit the National Association of Insurance & Financial Advisors, www.naifa.org ) -The Editor)