Wealth Management
Wealth Management is a term that is often overused. In the simplest form, Wealth Management is the allocation, on a day to day basis, the financial resources you have been given. Whether this is how you use your weekly paycheck or how you manage accumulated wealth, it is important to control what you have been given.
A survey by the Financial Planners Standards Council has shown that only 40% of Canadians say they have a written financial plan.
In many ways, life was much simpler in the past for consumers of financial services. One purchased property and casualty insurance from a general insurance agent, life insurance from a life insurance agent, banks did banking and stockbrokers sold stocks.
Today, most Canadian adults own RRSP’s and participate directly or indirectly in equities ownership. Once a relatively straightforward purchase of a guaranteed investment certificate from a trust company, RRSP’s are now offered aggressively and competitively, in many forms, by all players in the marketplace.
It is important you not only be comfortable with the individual(s) you work with to develop your financial plan (Wealth Management), but that they be competent in their field. A Certified Financial Planner can provide this expertise, and will also work with your accountant and lawyer to develop a plan that will suit your needs while minimizing income tax and will flow to your beneficiaries in an efficient manner.