The Power of the Plan

A Well-Crafted Financial Plan

May 15, 2015

There is an annual ritual that takes place once the snow has receded to the protected shade of the trees. The thick lake ice transforms itself; into open water. Once that first sunny weekend is promised in April and May…it’s time. The family is loaded into the SUV and the boat is waiting patiently at the marina for your arrival. It’s astonishing, the sharp, distinct and compelling memories that the cottage and boating evoke.

When you watch your children or grandchildren jump off the dock and enjoy the cool clear water or take them on a cruise in your classic boat, you experience a strong sense of déjà vu. You are back at the cottage. Life is good.

It has been said, the true power of money is the freedom it provides to do what is truly important to you, to pursue and enjoy the things that matter most in life. A well-crafted financial plan will harness and focus that power to accomplish maximum results. For many people creating a financial plan is like eating vegetables or working out, it’s important but feels like too much work. Financial planning doesn’t have to be a chore, think of it as a process, not an event.

A financial plan is a series of strategies carefully blended and crafted to protect and grow wealth. It takes vision and a plan to achieve and maintain a desired lifestyle over multiple generations. It is often difficult to gather and organize all of the necessary information to create a disciplined and effective plan.

Many high net worth individuals and ‘family corporations’ have assembled a genuine Core of Trusted Advisors. This Core group has the experience and access to information to create strategies that are completely custom-built to suit the unique needs of the individual. In most cases; finding and coordinating the various experts that comprise the Core of Trusted Advisors is a time-consuming exercise. Great care should be taken when choosing these experts. The trial and error method is not an option.

A seasoned and experienced Wealth Advisor can; craft the plan, assemble the Core of Advisors and coordinate the entire process. They can oversee your plan and monitor your progress over many years. A well designed financial plan must be rigid enough to keep you on track but flexible enough to allow for the inevitable curves that life throws at us.

A number of key issues, such as: estates, taxes, retirement, cash flow, business succession, multi-generational transfer of wealth and capital preservation must be addressed in a well-rounded financial plan. There are many tools and strategies available such as: trusts, tax shelters, corporate structures, insurance and investments to address these issues. In all cases, the earlier this process gets started the more effective it will be. Time is absolutely your friend when planning for your future. When cruising through life, your wealth is like a treasured classic boat, but without a map you can get lost. A financial plan will keep you on course.

To learn more and to begin your personal plan, please contact any member of the team.

® Registered trademark of The Bank of Nova Scotia, used by ScotiaMcLeod. ScotiaMcLeod is a division of Scotia Capital Inc. (“SCI”). SCI is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. (“SCI”), but the views expressed herein are solely those of the author and not necessarily those of SCI. ScotiaMcLeod does not offer tax advice, but working with our team of experts we are able to provide a suite of financial services for clients.