The Evolution of Financial Planning

Do you have an old financial plan collecting dust in your files somewhere?

When was the last time you looked at it? Probably when the financial planner gave it to you, along with their invoice for completing that expensive binder.

There are still some financial planners out there that this is how they work. You sit down with the financial planner, you share everything about yourself and your financial situation, they compile a snapshot of where you are right now, send you an invoice and wish you luck.

But there should be a better way, right?

Integrated Advisory Network Member, and President of the WealthCo group of Companies Sophie Blais, shares in our Integrated Planning Video Series that there is indeed a better way.

For many Canadian entrepreneurs and high net-worth Families, financial planning is an over simplified exercise, focusing mainly on saving for retirement and managing debts.

But for most people, their financial lives are far more complex than that, and so too should the strategies to navigate them.

Financial planning should be a relationship and not a one time event, meaning the exercise of financial planning should be ongoing, ebbing and flowing with the changes that occur in your life.

The relationship that you have with your accountant is a special one. You meet with them on a regular basis, and continue to over an extended period, often several years. You have established a great deal of trust with them and likely feel comfortable asking them questions about your financial life.

This is the very reason why firms join the Integrated Advisory Network, to work with you, beyond your tax advisory needs, to help you navigate the ins and outs of your entire financial life, not solely your taxes.

As we navigate through the complexities of our financial lives, the notion that financial planning is a dynamic and continuous journey rather than a static one-time exercise becomes increasingly apparent.

The evolution of financial planning from a transactional interaction to a relationship-based partnership underscores a pivotal shift in how we should approach our financial well-being. It emphasizes the value of adaptability, personalized strategies, and the importance of a trusted advisor who understands the nuances of your financial life.

This shift towards integrated financial planning is not just a trend but a response to the complex financial realities facing Canadian entrepreneurs and high-net-worth families today.

As you consider the state of your financial life, ask yourself if your current plan truly reflects the intricacies of your financial life and aspirations. If the answer is anything but a resounding yes, it may be time to explore a more dynamic and integrated approach.

We invite you to watch the Integrated Planning Video Series to gain deeper insights into how financial planning can evolve to meet your needs. Watch the full video and discover the path to a more secure and prosperous financial future.