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Personal Financial Planning

Personal Financial Planning

Personal Financial Planning seeks to optimize a person’s resources to help him or her achieve financial and lifestyle objectives within existing personal and environment constraints. The three main steps in Personal Financial Planning are to determine a person’s “objectives” and “goals”, “analyze” the person’s current financial situation and to develop “recommendations” to attain the goals. Once the plan is put into action there will be periodic measures to evaluate how the plan is progressing. If changes need to be made the plan will be updated when needed. Consult the Money Sense Magazine article.

The Personal Financial Planning analysis process will cover the following seven situations as they pertain to the individual:

  • Personal and family situation
  • Financial situation
  • Tax situation
  • Children’s education funding situation
  • Retirement planning situation
  • Estate planning situation
  • Insurance and protection situation

Personal and family situation

  • Determine the person’s family and matrimonial situation.

Financial situation

  • Prepare the personal balance sheet and accompanying notes
  • Present the personal balance sheet in the same way from year to year
  • Determine the client’s cost of living and savings capacity
  • Compare the current asset allocation with the investor profile

Tax situation

  • Take advantage of tax shelters
  • Analyse income tax returns from the past year
  • Income splitting strategy
  • Increase after-tax investment income

Children’s education funding situation

  • Determine the cash needed to fund the education of each child and the annual savings required to achieve the objective

Retirement planning situation

  • Carefully evaluate whether the person will be able to achieve his or her retirement income objectives
  • Determine the desired cost of living or income in retirement
  • Identify sources of retirement income
  • Determine the savings required
  • Inform the person of the risk of exhausting the capital when the data used or assumptions change

Estate planning situation

  • Evaluate the legal, tax and financial impacts of death, assess the consequences on the family's overall financial situation, and identify preservation and transferral strategies for client's financial assets, based on pre-determined objectives.
  • Prepare an estate balance sheet
  • Prepare a statement of cash position of the estate
  • Determine the family cost of living to be maintained after death
  • Identify sources of family income after death
  • Verify the existence of the will
  • Determine whether the estate cash and assets are sufficient to meet the deceased's obligations and desired legacies
  • Evaluate life insurance needs and present two evaluation scenarios
  • Draw the client's attention to changes in life insurance capital based on the use or non-use of capital to generate income

Insurance and Protection situation

  • Determine risks the client is exposed to due to the nature of his or her job, age, and personal and family background
  • Determine the likelihood that a risk-related event will occur and the financial consequences of its occurrence
  • Evaluate two specific situations that may generate serious financial consequences for the client
  • Determine the cost of living
  • Identify income-producing assets and sources of income
  • Review existing insurance contracts
  • Evaluate the additional cost of insurance

As a financial planner, I will be able to examine your overall situation. With a broad range of knowledge in the various areas of personal financial planning I will pinpoint your specific needs after an analysis of the seven areas involved in the process. I can provide you with a full financial plan. The basic structure in a person's life is called the pyramid of priorities in personal financial planning.


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Personal Financial Planning