August 23, 2017 // What a Financial Planner is ‘not’: Finding peace of mind in a hard to navigate industry.
When you hear the term financial planner, what images come to mind? For you, this may vary widely depending on your own experience, or the experience of friends and family and the media.
A part of your confusion stems from how “Financial Planner” is an unregulated title outside of Quebec. Anyone, regardless of experience, accreditation or even licensing can promote themselves as a financial planner. Worse yet, often their planning is done to position products that drive most if not all of their compensation. Because of this, it’s often easier to describe financial planning first by what it isn’t.
Financial planning is not:
1) A discussion on a single product or service
2) A dozen questions on risk tolerance to sell in-house only mutual funds
3) An Investment Policy Statement
4) A battle of who’s right between your lawyer, accountant or the planner
5) Simply setting your goals and developing a plan to stick to them
The last point may cause a few eyebrows to rise. What’s missing?
Financial planning is about determining the relative priorities between your many goals, while balancing them with your values and concerns. For example, if you have a low-interest mortgage and a no-interest car loan, which do you focus on paying off first? Paying down the mortgage saves you interest, but you could pay off the car loan considerably faster and free up the burden on your cash flow.
Or maybe you wonder how much should go on your mortgage over savings? There’s a balance to be had between becoming debt free, and the time your savings need to ride out the fluctuations of the markets. And do you take the money out of your company to pay more on your mortgage, but potentially put you into a higher tax bracket? And what about simply enjoying the ride towards retirement and not feeling like that’s all you’re working towards achieving?
Ultimately, we believe financial planning is about creating a sense of harmony. Harmony from enjoying today while not neglecting tomorrow. Harmony between couples finding the balance between their views and goals. Harmony from your accountant, lawyer, lender, investment and insurance advisors all working together for your benefit with objectivity, clarity and simplicity.
Harmony is what our clients receive at PlayCheques Financial Solutions. Our partnerships with best-in-class accounting, legal and lending professionals combined with our expertise in wealth, insurance and plan creation means our clients only tell their story once to have a Mayo-clinic creation of their true financial plan.
If clarity, objectivity, simplicity and harmony is important to you, we’d love to help. Contact us today for a no-obligation complimentary meeting and see how the PlayCheques approach has helped so many professionals find peace of mind.