Financial planning is an ongoing process that takes into account the "whole you". This includes your financial life -- your income, assets, liabilities and the like -- as well as your personal life -- your values, dreams, wants and needs.
"A financial planner will work with you to develop a custom-tailored strategy to help you to achieve your financial goals," advises Jason Round, head, Financial Planning Support, RBC Financial Planning. "A financial plan will allow you to determine how to make the most of your money."
A financial planner draws upon expertise in a number of areas to create an effective financial plan that's right for you, including retirement planning, estate planning, investment planning and insurance planning.
A good financial plan can help you to:
• Handle your day-to-day finances more actively and effectively
• Minimize the taxes you pay
• Ensure your investments are aligned to your goals
• Help you identify and monitor progress towards achieving your short-term, medium-term and long-term financial goals
• Make your retirement years more comfortable and secure
• Have more confidence in your financial decisions
Creating a financial plan and staying on top of it takes some dedicated work, but it's more than worth the effort.
