When you meet with a financial planner, they often ask you to gather certain data: bank account balances, pay stubs, RRSP contributions, mortgage statement and other documents. When you meet a senior wealth advisor like Dave Lee, those numbers are just the start.
“Clients are often surprised that our process encompasses life priorities far beyond these basic numbers,” says Dave. “They realize that there are things that mean a lot to them that haven’t been given a lot of attention in their financial situation.”
Decisions without monetary value, but with significant financial implications
“You may not know the specifics when it comes to how long your parents will stay healthy or what you’ll be doing with your time ten years from now, but the more information we gather, the better an idea we’ll have of which is possible,” says Dave.
- Family and relationships: Do you want to pay for your children’s or grandchildren’s university tuition or put some money aside before the arrival of a new baby? Dave can help you define what is possible and if your current budget makes sense. Also consider your parents. A wealth management plan can tell you if you have the option of paying for home help or cutting back on your work hours to spend more time with them. Do you want to bequeath a legacy to your offspring? Are there any tricky family dynamics that should be outlined in advance?
- Health: If health is a priority, Dave and his team of specialists can put protective measures in place to reduce stress. Are you worried about your family’s future health expenses? If your salary is the main family income, you may also want to protect yourself against an unexpected disability.
- Career: Every financial planner will ask you about your current income, but Dave will also help you envision what’s to come in the next five or ten years. Are you considering changing careers, starting a business or transferring ownership to a business partner? Maybe you’re hoping to invest in your business to help it grow — a wealth management plan will help you visualize your dreams.
- Community: You may want to contribute more to charity, but you don’t know where to start. Dave can discuss options that strengthen your philanthropic legacy and also reduce taxes.
- Way of life: Dave can clarify your monthly expenses and let you know if there is enough wealth so you can explore new interests without worrying about finances. Do you hope to travel more, buy a house or a chalet? Planning now helps dreams come true.
“We help clients understand the short-, medium-, and long-term trade-offs—if the difference between retiring at 60 and 62 turns out to be $1,000 a month in additional retirement expenses, that knowledge can help you allow you to make decisions based on your own priorities.
Call 604.535.4743 to schedule an appointment with Dave Lee in White Rock, or email [email protected] to discuss investments, life insurance, retirement planning, estate planning, income generation and lowering your taxes. Follow him on Facebook, Twitter and LinkedIn for more financial information.
ScotiaMcLeod, a division of Scotia Capital Inc.
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