When you establish a relationship with a financial advisor you will go through a process of discovery that allows you and the advisor to get to know each other. The steps help determine what is necessary to ensure your advisor has a clear picture of where you are currently from a financial perspective. It will also help your advisor get to know where you would like to go with your future so an effective plan can be created to get you to that place. 

1. The first step in getting to know you is talking about where things are right now with your finances and your family. It is a good idea to come prepared to talk about your income, assets, debt, risk tolerance, personal values, current goals and future goals. 

We will ask you some tough questions, such as: 

As with any process, not all questions will be listed here as new questions develop out of learned information when answering other questions. The purpose is to get you thinking about what is important to you and your future.

2. After we understand where things are currently, we will want to establish a list of goals to start working toward. All plans are individual and unique to your situation.

Rather than questions, we generated a list of “things you might want to do” to help get your thinking started. You may consider things on the list and there may be things we have not listed that are important to you. The point is that your first list contains what you want to start working on, the list can be altered as time goes on and you review with your advisor.

3. Now it is time to analyze the information that has been gathered. You do this by looking at where things are and determine where you want them to go. 

For instance, let’s say you have a mortgage with the bank, and you have purchased life insurance from the bank to protect your family and make sure the debt is paid if you die prematurely. Purchasing a term or permanent insurance policy with a set face value is more advantageous than the creditor insurance through the bank. You pay less on a monthly basis and the value you get in the end remains what is was when you started. Creditor insurance only pays the remaining debt if a claim is made. This strategy saves you money and gives you better value for that money. 

Repeat with the top priorities on your list until you have a working template to guide you and your advisor. When you have completed this step, you will have the foundation to begin creating a plan.

 4. Time to develop a plan and implement strategies that will take you from where you are currently toward your end goal. Many things need to be considered during this step and advice might be required from outside parties such as an accountant, lawyer or tax specialist. Some considerations during this process include: 

5. Implement the plan, take the necessary steps to put in place the items you listed as important to you. Apply for that insurance policy that will protect the key persons in your business, open that RESP for your grandchild to ensure they receive available grant money to assist with their education, let us help you navigate the path toward peace of mind with your financial future. 

6. Review and reevaluate your plan regularly, this is a very important step and helps to ensure you stay on track with your goals. We can set up appointments, reminders and reviews to meet the needs of your busy schedule and we do business in the way that works best for you. We have two offices located in Fort St John and Burnaby, we arrange telephone reviews and we host screen sharing sessions, when appropriate, to get you the information and service you need.

  We look forward to helping you map out your financial future!