We require household financial plan for optimal financial success. Similarly we require expertise and support for our business as well and it's arguably even more important. A study by Ipsos Reid showed the value of advice for advised households leads to a net worth of up to 3 times the value of non-advised households.
There are many facets to financial planning and here are some of key discussion and planning points we have with our clients.
Goals
If we don't know where we want to go, it's tough to plan the flight and ultimately the vacation. See what I did there, the flight is your working years and the vacation is your retirement.
We start with a discussion of what are your current pain points, spoiler, it's usually a lack of confidence, and the paying too much tax. Other goals include, caring for employees (Matching Plans, Group Benefits), Corporate Structure and Succession Planning, Risk Management (Disability, Key Person, Buy/Sell) and the list goes on. We'll address and support you with what's important to you, and bring areas to light that maybe you had not considered.
Risk Management
Our gap analysis uncovers what risks we might see in your business. Typically this comes in the form of how a business could be affected if there is a death, disability or critical illness of an owner, or key person.
We can utilize risk management tools to reduce a corporations tax liability in several ways.
Tax Management
A poor tax plan leaves more in the CRA pocket's than you'd like to. Listen, we have to pay tax, but it doesn't mean we have to leave a tip. Earners over $160k pay more than half of Canada's taxes and we work to reduce your share, especially since we likely won't be seeing a reduction in rates with our countries current deficit.
We consider your taxes today and along the way including, sale of business, retirement, and legacy transfer.
We implement advanced tax planning strategies to reduce your liability and are happy to work alongside your accountant with these plans.
Investing
Listen, we don't think the need for expertise here is taken as seriously enough. We see clients paying high fees, with large market swings with little to no downside protection all too often. The marketplace has high fees managed by people with not near enough training and we need to do better here.
We utilize experts in their field ensuring our clients are well taken care of. With us, our clients get the best of everything.
Benefits
Recently a local business shared with me, their employee attrition rate was cut in half when they added in workplace benefits. Many Canadian's haven't had the chance for financial education which often leads to under insurance and little to no savings. Group Benefits and Matching Plans are widely beneficial for an employee and their family's overall wellness and a businesses retention rate.
The Plan
We harness the power of top tech within financial planning to deliver tailored, goal oriented financial plans addressing every aspect of a clients financial life.
The financial health of the business drives the financial health of the family, and generations after. Along with our accountant, bookkeeper and lawyer, a financial planner is imperative to ensure optimal financial wellness.
Join us and our experts to have the financial confidence you desire.
Written By:
Jaime Power
Owner + Advisor
Power Wealth
1 Value of Advice IFIC
2 Top Earners - refer to CRA for top earners in Canada for income
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