6-step Financial Planning process goes as follows:
- initial consultation,
- information gathering,
- information analysis,
- development & presentation of strategies,
- implementation and
- review and revise mode.
During the Financial Planning process we try and review all of the applicable areas from the following: Insurance Planning , Investment Planning , Retirement Planning , Estate Planning and Business Planning which includes Group Benefits & Group Retirement and Executive Compensation.
If you’re interested in organizing your financial affairs to optimize the benefits for you, your family and/or your business – then we can help.
When people think about Financial Planning, most people think about and are focused on Investment Planning and/or Retirement Planning and very few give enough attention to proper Insurance Planning. In order to enjoy retirement you have to get there first and not many things can throw-off a happy retirement faster or worse than an untimely death, injury or illness.
That’s why when we do Financial Planning at MOORE FINANCIAL we do a proper insurance needs analysis to make sure our clients, their loved ones and assets are properly protected in case of that untimely death, injury or illness. Through our analysis our clients will learn they need the right amounts of insurance and the right types of insurance for their personal needs. We show our clients that one of the best ways to protect themselves, their families and their assets is to make sure they have appropriate amounts and types of life insurance, disability insurance and/or critical illness insurance. As clients build-up their retirement nest egg and get closer to retirement, we talk to them about adding long-term care insurance to protect their valuable retirement assets in case of deteriorating health.
When it comes to insurance please remember: you need to get it before you need it · now is always better than later · some is always better than none · and it’s always better to have it and not need it, then need it and not have it.
At MOORE FINANCIAL we are professional advisors and what’s different about our Investment Planning approach is that unlike many of our competitors we have a defined investment philosophy and a disciplined investment process.
When it comes to building client investment portfolios we believe there are three distinct phases in the wealth management process:
- wealth accumulation (ie: pre-retirement),
- wealth distribution (ie: retirement) and
- wealth transfer (ie: at time of death or prior to).
Retirement Planning in particular is a key investment goal for a majority of people, but to do this successfully it isn’t just about deciding between Portfolio ABC vs. XYZ. That’s why for our clients we help them see (for example) what their investments will likely accumulate to at retirement, how much of a retirement income their portfolio can generate and eventually what may be left for their estate.
In order for us to help you with your investment portfolio, we create an investor-risk profile for each client and from there everyone gets a personalized Investment Policy Statement which outlines the contents of and expectations for their portfolio. Then before choosing which specific investments to go with, (where appropriate) we make sure clients understand their options between products with and without guarantees so each person can make up their own mind on how important it is to protect their portfolio from potential downturns.
Retirement is a key stage in life that most people are dreaming about long before they get there – however sadly many people never take the time to properly prepare for their retirement. Retirement isn’t just a weekend vacation but a period in life that may last 10, 20 or 30 years and therefore many things need to be understood and addressed.
For example at MOORE FINANCIAL we make sure our clients understand and plan for potential retirement challenges like: longevity, inflation, health concerns, excess withdrawal rates and major downturns in the market etc. In order to make sure the Investment Planning we’ve done stands a good chance to deliver our clients into a happy retirement we use a sophisticated financial planning software to show clients how much money they’re likely to have saved by retirement, how much of an income that will generate and any adjustments that may be required to meet their goals.
When it comes to Retirement Planning among other things we make sure clients: understand their RRSP, LIRA & income options, are mindful of tax implications in retirement and for our business owner clients that they know about any unique planning opportunities that might exist.
Estate Planning is something successful Financial Planning leads up to. In the early years when clients are starting to save they’re not usually thinking about how to transfer wealth upon death, however MOORE FINANCIAL’s advice & recommendations are always made to minimize tax implications at each step of the way. After clients successfully build-up wealth to retire on, many turn their attention towards maximizing the estate they leave to their heirs.
Although we do our best plan around income tax leaking from an estate to the government it’s normally impossible to reduce this to zero and therefore the goal of Estate Planning is essentially to minimize the government’s share and maximize the share for your family and/or charity of choice etc. In order to do this MOORE FINANCIAL often works hand in hand with our clients’ other professional advisors like their Lawyers & Accountants to get everyone on the same page to help optimize our clients’ wealth transfer.
Unfortunately it’s not just as simple as thinking there are no tax implications to your death and that all your assets will just go to your spouse or kids – therefore proper estate planning with the help of MOORE FINANCIAL can ensure you don’t share any more of your wealth with the government than need to.
Group Benefits & Group Retirement
Employers set-up Group Benefit & Group Retirement plans because they care about their employees and want to look after them and their families. If plans are structured properly they can also help employers attract and retain quality employees.
MOORE FINANCIAL’S objective is to help employers find the optimal Group Benefit & Group Retirement plans for their needs. Once we find and set-up these plans, we make sure employers are aware of important plan administration areas to help them avoid trouble spots. In the end MOORE FINANCIAL strives to allow our clients to manage their Group Benefit & Group Retirement plans as easily and efficiently as possible.
If you would like a free no obligation Group Benefit and/or Group Retirement audit to double-check whether you’re getting the service & advice you deserve at the best price for your company - we can help.
When looking after companies’ Group Benefit & Group Retirement plans,MOORE FINANCIAL often uncovers specific needs of key executives, key employees and owners.
The typical group plans offered to employees en masse usually do a good job of meeting core needs but often can’t meet the unique needs of high income earners and key people. To make sure companies protect themselves against the loss of a key person and that the key person actually protects him or herself and their family, MOORE FINANCIAL can recommend special Executive Compensation strategies to meet these needs. The solution can be as simple as “key person” insurance, to a better quality & quantity of disability insurance, to more complicated concepts like “split dollar” insurance.
In summary MOORE FINANCIAL can help you look after key executives and staff to assist you in attracting and retaining these valuable people while at the same time protecting the business in case something happens to them.