Background
- Within the first three years of practice, loans are paid off, RRSPs and TFSAs are all full and about to transition to a professional corporation.
- Want to be educated about all relevant options and be provided with decision-making guidance.
- Didn’t want to be sold anything they didn’t need.
Process
- Values, goals, financial attitudes (using psychometrics to understand and coach behaviour)
- A benchmark plan is created.
- Educated on options and recommendations. Reviewed an updated plan with changes, including tax strategies, investment and retirement strategy, insurance requirements, estate documents, cash flow, and goal funding plans fully coordinated between corporate and personal accounts.
- Created a prioritized implementation schedule and coordinated the banking, law, accounting, corporate reorg and other professionals to make the execution as effortless as possible.
- Pre-scheduled, “no-stone-left-unturned,” planning check-ins put in place three times a year to make continuous progress and improvements.
Results
- Clear, automated cash flow plan.
- Generous spending allowance for lifestyle.
- No cash is sitting idle.
- An investing plan matched up to each goal and is in line with her personal values of supporting BIPOC communities.
- Risks are well managed with proper disability, illness, home care, health care insurance in place, and tax planning with all of the tools available in a professional corporation.
- Finally, a growth strategy includes future milestones that trigger the addition of new strategies and tools.
Outcome
Peace of mind knowing that there’s a plan in place, options are constantly being evaluated and having a dedicated person who sees the big picture and is helping coordinate all the moving parts so everything is always in sync.