Wealth Management | Financial Planner | Finacial Advisor | Toronto & Barrie Ontario

By: Investors Source  09-12-2011
Keywords: Financial Planning, Risk Management, Estate Planning

Financial planning is often confused with product sales and investing. According to Canada’s Financial Planning Standards Council (FPSC), people misunderstand what financial planning actually is and the value it offers Canadians.

Part of the philosophy of Investors Source Wealth Management is to offer our clients independence, objectivity, qualified expertise, customization and a focus on financial goals.  We bring together key elements and understanding to harmonize the intricate workings of a client’s personal balance sheet, risk management needs as well as tax and estate planning requirements.   Our relationship is based on transparency and mutual trust.

At Investors Source Wealth Management, we offer practical financial planning advice that focuses on the Six Steps of the Financial Planning Process.

Step 1: Establish the Client and Financial Planner Engagement

Our Financial Planning Consultants will formalize the relationship via our Professional Services Agreement. This document will provide the client with transparency and clear expectations as to the nature of the relationship. Compensation arrangements are detailed in the Professional Services Agreement, as are potential conflicts of interest.

Step 2: Gather Client Data to Determine Client Goals and Expectations

Investors Source Wealth Management Consultants walk clients through an in-depth interview and analysis process. The Client authorizes the collection of personal and/or corporate and financial information for the purpose of creating, implementing, reviewing and monitoring a comprehensive financial plan.

The prospective financial information included in the financial plan will be prepared based on the information as provided by the Client. The Consultant will assist the Client with the clear articulation of their various financial goals and desires for their future, and analyze the various elements of the Client’s financial circumstances.

The first meeting will be conducted over a 60 to 90 minute time frame.

Step 3: Clarify Client Financial Status

Further data gathering and establishing the financial status of the Client is conducted after the initial interview. The Financial Planning Consultant will determine problem areas or opportunities available to the client, in relation to the following areas:

  • net worth analysis,
  • cash management and budgeting,
  • risk management focusing on general concept of and client historical responses to risk,
  • education funding,
  • income splitting,
  • retirement planning,
  • capital creation, income and wealth sustainability, capital preservation,
  • asset allocation
  • insurance planning,
  • estate planning and income tax planning
  • special needs planning

Step 4: Develop and Present the Financial Plan

The Investors Source Wealth Management Consultant will create a proprietary plan unique to the needs of the Client, detailing clearly the clients financial goals and objectives. The Client is free to follow or to disregard, in whole or in part, any recommendations or suggestions made in the Financial Plan as they are advisory in nature only.

The Financial Plan is presented at a second meeting to the client and is often conducted over a 90 minute period.

Step 5: Implement the Financial Plan

To proceed with the implementation of the financial plan is the responsibility of the Client. Should the financial plan require the services of licensed professionals in the securities industry, Investors Source Wealth Management Consultants will be pleased to work with the Client’s financial advisors, or assist the Client in establishing a relationship with preferred services providers.

Investors Source Wealth Management has established relationships with Canada’s top Portfolio Managers (discretionary investment management, stocks, bonds) and Life Insurance Agents. Further agreements have been established with professionals in relation to Tax Accounting, Mortgage Brokers and Deposit Brokers*.

*Neither the Consultant nor Investors Source Wealth Management Inc. can guarantee the performance of, or be liable for any product that may be purchased through third party licensed entities.

Step 6: Monitor the Financial Plan

Investors Source Wealth Management Consultants will meet with Clients quarterly to ensure that the Client is maintaining progress in alignment with their established Financial Plan. These meetings are independent of meetings scheduled with licensed implementers.

Keywords: Estate Planning, financial plan, Financial Planning, Management Consultants, Risk Management, Risk Management Needs, wealth management,

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