Anybody who has thought about or spoken with a financial planner has probably wondered if the process was right for them. The first thing you need to do is make sure the person and the firm you’re choosing not only has experience, but also is a Certified Financial Planner professional. 

A financial planner is someone who handles only RRSPs and taxes:

They could, but a comprehensive plan covers every area of your financial life, from investments and real estate to insurance and retirement planning. You will be guided on how decisions about one aspect of your finances will affect other areas.

Financial planning is all about budgeting & cutting expenses:

With the right financial plan for your circumstances you can balance what you need and want with the personal goals you set for yourself. Go have that $5 coffee, you deserve it from all this goal-setting.

If I’m doing the right things then my financial goals with handle themselves:

Maybe… But specific and measurable financial goals will help you target what you want to achieve. Your planner should help you understand what is required to attain a “comfortable retirement” or a “good education for future children” so that you can budget accordingly.

Financial planning is for old rich people:

What do you think helped them get rich? The tools and strategies of financial planning work for all ages and all levels of income. It’s never too early or too late to start, nor do you have to be wealthy to have a plan.

The financial planner will do all the work:

Nope, sorry. You need to be sure you understand the process, what the planner is doing, and how they are being compensated. You also need to be an active participant in the process — your financial planner will rely on you to provide all the relevant information about your financial situation and objectives. Be sure you play an active role in the decision making process as these are your finances, not theirs.

This is a quick fix for my finances:

Wouldn’t that be nice… except financial planning is supposed to be a long-term approach to managing your finances so that you can reach your goals. It won’t change your situation overnight as there are too many variables in the money world — like inflation and stock market crashes — that you can’t control.

My plan is in place, so now I can forget about it:

Think of this like you would think about your vehicle maintenance — it’s an ongoing process. You need to get an oil change every few thousand kilometers, right? So your goals/priorities may change over the years ’cause of changes in your lifestyle, you could have a baby, get an inheritance, get married, buy a house or change change your job.

This financial plan isn’t going to make a difference to me:

Well not with that attitude! Working with a qualified planner will help you make that difference you’re hoping for. This process will allow you to gain better insight into your finances and goals. It will have you thinking proactively to prepare for what your future may hold.

KBH can give you advice on the short- and long-term considerations you need to keep in mind as you plan for growth and evolution. We can help guide you in all different fields and disciplines.

We’re able to assist with:

  • Business Valuations
  • Financial Projections
  • Mergers and Acquisitions
  • Litigation Support
  • Retirement Planning
  • Shareholder agreements and Succession Planning

To find out more visit our website, or contact us at: info@kbh.ca