The Personal Wealth Management Strategy™
Step 1: Dream Plan
Wealth management is not about money; it is about your dreams. The first step of your Personal Wealth Management Strategy is to establish a Dream Plan. Our team will work to really understand what you and your family want to do with your wealth. Whether your dreams are small or grand, our primary focus as a team is to help you achieve them. A Dream Plan will help us determine the path that will lead you to your financial goals. Throughout our relationship, we will review your progress against the personal investing benchmarks set out in your plan to ensure that you remain on track to live your dream.
“Investing isn’t just about making money. It’s a way of reaching our personal goals…” – Peter Lynch
Step 2: Portfolio Management System
Ask any investor - “What is the hardest part of portfolio management?”- and 99% will provide the same answer: discipline. The discipline to stay the course, based on a set and proven methodology for making investment decisions, is by far the greatest challenge any investor faces.
Warren Buffett is arguably the world's best known investor. Certainly ranked among the greatest investors of our time, he is fondly referred to as the Oracle of Omaha for his foresight on investing. Mr. Buffett is probably best known for having said:
“To invest successfully over a lifetime does not require stratospheric IQ, unusual business insight, or inside information. What’s needed is a sound intellectual framework for decisions and the ability to keep emotions from corroding that framework.” - Warren Buffett
Our job is to help you to establish a sound intellectual framework so you can invest successfully over your lifetime.
Step 3: Risk Management Review
Risk Management Review is the process of examining the risks you and your family may encounter in achieving your financial goals and having contingency plans in place should they occur.
Some of the risks we make recommendations on are:
- Short-term cash – What if an emergency struck your family? Could you come up with enough immediate cash without disturbing your long-term portfolio?
- Critical illness – What if you or your spouse were diagnosed with a critical illness and could no longer work? Where would your income come from? Who would pay the medical bills? What about ongoing treatment? Consider this: one year of sickness can eat up 10 years of savings.
- Disability – What if you or your spouse suffered a long-term disability? Would the coverage from your work be enough? The Bank of Canada tells us “4% of all mortgage foreclosures in Canada were caused by the death of a breadwinner and yet 48% were caused by a disability”.
- Premature death – One risk we never want to consider is the death of a breadwinner. Yet what would happen? Is your current insurance enough to provide for your family? Is it the right type?
- Long-term care – What if you or your spouse needed long term-care? Do you have enough assets to provide the income necessary to pay for a long-term facility?
Any of these events would be very difficult both emotionally and financially, and yet many people put off thinking about them – and fail to put contingencies in place.
A Risk Management Review can help put these fears to rest. It will look at each risk and make recommendations on possible solutions for you and your family.
Step 4: Banking Relationship Review
The Banking Relationship Review is a unique process that challenges your current banking relationship.
The process will help us accomplish the following: Our clients have saved thousands of dollars by obtaining better rates and negotiating optimum terms while enjoying superior service. Until recently, this type of service was reserved for wealthy individuals with private banking relationships. Our company has streamlined the process to help all clients live their financial dreams.
Step 5: Estate and Tax Planning
The Estate and Tax Planning Review is the process of examining all your assets, both current holdings and anticipated growth and formulating a plan to pass them on to your beneficiaries or to charitable organizations.
As part of this process, we help each of our clients complete what is called an “Estate Directory”. This document contains the details of your personal financial information that family members or professionals need to know in the event of death or incapacity.
The Estate Directory clearly states your wishes and outlines assets, liabilities, account information and whom to contact.
Clients who use our Estate and Tax Planning process can feel confident that:
- their estate value (after taxes) will be maximized.
- delays and stress will be minimized for family members.
- they will leave a legacy to their heirs as intended.
Step 6: Progress Report
Just as important as having a Personal Wealth Management Strategy in place is to review your progress on a regular basis. At least once a year we will produce a Progress Report that updates:
- your stated dreams
- how your accounts are tracking to the personal investing benchmarks set out in your
- how your Portfolio Management System is performing against market and economic factors
- any changes to your personal situation
- next steps in your strategy
To receive more information or speak to one of our team members, please contact us.