Financial Life Planning

There are many people who will offer you an investment opinion labelled as financial planning advice. But there’s more to your Financial Life Plan then just your RRSP. Life goals and objectives, estate and probate planning, income taxes, paying off your mortgage and education funds for your children are just some of the other complex aspects of your total financial picture.

Northern River Financial promotes financial life planning that focuses on you as an individual or family bringing together all the financial and psychological factors that have an impact on your life. A well thought-out financial life strategy will help you reach your personal financial goals and objectives, and give you a greater sense of security.

The challenge for most people is that many people call themselves “financial planners or advisors” but the true professional uses a complete financial planning process made up of six distinct steps:

  1. Clarify your present situation by collecting and assessing relevant financial data, tax returns, investments, insurance policies, power of attorney, wills, and pensions.
  2. Identify financial and personal goals and objectives to clarify your financial and personal values and attitudes.
  3. Identify financial problems that can create barriers to your financial independence.
  4. Provide written recommendations and alternative solutions structured to meet your needs without undue emphasis on purchasing specific financial products.
  5. Implement the right strategy to ensure that you reach your life goals and objectives.
  6. Review and revise your strategy on a regular basis to ensure that you achieve your goals.

Key considerations

  • Do you have the time to attend to your financial affairs?
  • Are you confused about conflicting financial advice?
  • Do you have life goals and objectives you want to achieve?
  • Do you feel you are paying too much tax?
  • Are you confused about where to invest your money?
Researching Financial Planning