A financial plan can provide you and your family with the peace of mind that comes from knowing that you have not only given thought to your future, but have taken steps towards it. We have the tools and resources to guide you through the financial planning process. During your financial planning Process, you typically have two phases; the Accumulation phase and the Decumulation phase. The Accumulation phase is made up of the years that you spend saving up for retirement. The Decumulation phase typically are the years when you turn your pension assets and other retirement accounts into income generating accounts and you start drawing from those accounts for your retirement income. For example, an RRSP turning into a RRIF. At BlueSky Investment Counsel, we work with you to create a financial plan that will help you efficiently structure both phases so that you are not necessarily saving for retirement more than you need or want, and you are not withdrawing more than you should during retirement.
The various steps of a financial plan encompass set up objectives, gathering all the information available, planning a strategy to reach your goal, reviewing regularly and adjusting as needed.
This step requires for the client redefine their relationship with money and see it as a tool instead of just accumulating as much money as possible without knowing how to properly use it to reach their objectives. The objectives could be any of the following or a combination thereof:
1. reaching lifestyle goals at retirement
2. insuring children’s future by saving for their education or leaving them a nest egg
3. and, or paying off existing debt.
From your current expenses, to your savings, debt level, home values etc… we work with you to get all the relevant information to generate a Net worth Statement reflecting an accurate picture of your current financial situation.
At this point we rank your goals by degree of importance, we then match them with your various assets today and in the future to make sure your most important goals are achieved first. This will also include the level of risk to take in your investments, set up a realistic expected rate of return and drive your investment strategy.
At any material event in your life, income or assets values which could be for instance an unexpected inheritance, a marriage or a new job. We review how this affects your goals and if we are still on track and what needs to be done to make sure we are on track.