Before someone agrees to become my client, together, we need to establish that:
- The services I offer meet their needs.
- The fees associated with my services and their investments, which I will explain thoroughly, are acceptable to them.
- We like each other. This is important, as we are entering a long-term partnership and mutual respect and trust is essential.
If we agree on the above, then the fun begins!
My onboarding process is not a clearly defined path because every single client is unique and it is this flexibility that I believe makes CSR Wealth Management different and valuable, however, in general, here are the steps we take:
- Financial Strategy: We review the client’s existing accounts, identify opportunities and goals, and come up with a proposed financial strategy. This includes the types of accounts they should have and anything we can do to simplify their finances.
- Invest: Next, we move their existing investment accounts over to our appropriate investment partner and open new accounts as needed, ensuring investments are in line with their timelines, goals and risk tolerance. We also help them implement any of the recommendations we made in step one.
- Financial Plan: Once a client is ready, we work with them to create a detailed financial plan that shows the client where they stand today and what their finances are projected to look like in the future. This process helps clients see what changes they need to make, if any, in order to meet their savings goals. If changes are needed, we help them implement them.
- Review and Advise: Once a year, we review a clients’ financial plan and make changes as needed, identifying new opportunities and answering questions clients have. Throughout the year, we also touch base to remind clients about deadlines, share relevant financial information and we take their calls anytime they have a question.
Financial planning is one of the core services we offer. Planning ahead allows our clients the best opportunity to achieve their short- and long-term goals. This might include saving for a child’s education, enjoying a comfortable retirement, buying a cottage, traveling, home renovation, planning for the financial stability of a child with a disability or leaving a legacy for loved ones.
Retirement planning is for those approaching retirement in the next 5 years and those who are retired. In this case, we discuss things like income splitting, CPP and OAS, converting a RRSP or LIRA to income accounts, the role of a TFSA in retirement, managing pensions and other tax saving strategies. We will make projections as to what your income will look like over your lifetime and where it will come from, ultimately providing you with peace of mind.
Despite what many think, estate planning is for people of all ages and I have this planning discussion with all of my clients. If you have assets, you need an estate plan. While we don’t create wills or power of attorneys, we will ask you if you have them, as they are incredibly important to your estate plan. From a financial perspective, we will look at all of your assets and make sure they are set up appropriately, so that they will be transferred smoothly and in the most tax efficient way. Often there are items, like a family cottage, that need more detailed discussions.
Disability & the RDSP
Having a child with a disability adds to the financial demands of a family. The Registered Disability Savings Plan (RDSP) encourages families to save for their child’s financial future by offering a matching grant. If your child receives the Disability Tax Credit (DTC), they are likely entitled to the RDSP. I help families apply for and manage the RDSP and work with them to understand how it fits with their own financial plan, including the Henson Trust and other important considerations.