Related Information

• Why Prepare a Written Plan?

  Why Prepare a Written Plan?

  Financial planning isn’t reserved for those with big incomes or huge investment portfolios. The whole idea behind planning is to ensure that you’re doing everything that you can to accomplish your goals. The process of creating a written plan forces you to think through your financial objectives, the amount of risk you’re willing to assume and other key practices of sound investing.

  Anyone with a financial goal will benefit from the affordable and convenient financial planning offered by GP Wealth Management. With the help of a professional financial planner, you can develop a plan that is personal to you. It starts by downloading and completing a detailed financial planning questionnaire.

• Financial Planning FAQ

  Frequently Asked Questions About Financial Planning

  In this FAQ, we answer the most common questions asked about financial planning. If you have any specific questions, send us an email, and we would be pleased to help.

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  What is covered in a customized financial plan?

  We cover the following areas when preparing a financial plan:

  • Cash Flow Statement
  • Net Worth Statement
  • Estate Needs Analysis
  • Disability Income Needs
  • Retirement Plan
  • Investment Analysis
  • Tax Planning & Projection
  • Education Funding

  How do I get started?

  Start by downloading and completing a detailed Financial Planning Questionnaire. Then give us a call and we will review it with you and prepare a detailed written plan specific to your needs.

  financial planning questionnaire

  How often should I update my financial plan?

  Preparing a financial plan is where our personal service gets started. We provide you with ongoing reporting on all of your investments including:

  • Regular reviews of your personal finances with your financial planner
  • Online access to your accounts
  • Access to state-of-the-art research that is current and specific to your investments

  What if my plans change?

  We created the service with you in mind. You can contact a financial advisor right here through our website with your new information. Or you can set up an appointment to meet in person to discuss your changes.

• Financial Planning Questionnaire

  Financial Planning Questionnaire

  This document is designed to help you collect and organize the information needed to develop your comprehensive financial plan.

  Financial Planning Questionnaire

• Six Steps to Financial Planning

  Six Steps to Financial Planning

  Financial planning isn’t reserved for those with big incomes or investment portfolios. The whole idea behind planning is to ensure that you’re doing everything that you can to accomplish your goals. Here are the six steps to get you started.

  Setting Goals and Objectives

  Give some thought to your financial goals – some may be short-term in nature (buying a car), others long-term (planning for retirement). Assign each one a time frame and put them in order of importance to you. These goals are the building blocks of any sound financial plan.

  Data Gathering

  Begin by organizing your financial documents:

  • Investment statements
  • RRSP statements
  • Group Benefits Information
  • Latest Pension Information
  • Pay stub
  • Life insurance policies
  • Latest tax return
  • Mortgage information

  Assess your current financial situation by completing a Net Worth Statement and a Cash Flow Worksheet.

  Analysis

  Depending on the goals you have set out in Step 1, you and your financial planner will need to perform some further analysis to define a roadmap to help you achieve your goals. This may include analyzing your retirement, education, debt or insurance and estate planning needs.

  Recommendations

  Now that you have established goals and objectives and your financial planner has analyzed your current situation, you will want to review the recommendations set forth by your financial planner. These recommendations represent the strategy towards attaining your goals. Very important stuff!

  Implementation

  Once the preparatory work of analyzing, determining and calculating is finished, the most important step is implementing the recommendations to ensure your goals are reached. This is where you and your financial planner execute the plan.

  Monitoring and Periodic Reviews

  Finally, monitoring and periodic reviews by both yourself and your financial planner are critical to ensuring your success. Your financial situation should be reassessed at least once a year to account for any changes in your situation. Achieving your goals and objectives are the ultimate measure of success and that is what a financial planner with GP Wealth Management will help you do.

  Download the PDF version of this article

  Six Steps to Financial Planning