Building a Financial Plan
Written by: Marc Pranger |Wealth Management Advisor | Credential Asset Management Inc. | Chatham branch
Financial planning is so important for our future, yet many of us find it to be a difficult process with not understanding the necessary steps to take or how to wade through the financial jargon. Taking care of our financial health is as important as taking care of our physical and mental health. Much like a coach creating a daily training plan for their team, we are here to create a financial plan that builds on your current scenario and guide you in realizing your goals and dreams.
What is a financial plan?
Simply put, a financial plan keeps you on track to achieving your needs, wants, and visions. Having an expert who is invested in you is the key to success. At Mainstreet Credit Union, our advisors can help you determine your goals, and guide you on which goals to prioritize and when. Ensuring they are all specific, measurable and obtainable can help you navigate a budget, and find funds to put towards your goals. We want to help you ensure that your greatest asset- your income, is well managed and working for you.
What tools are right for me?
We are here to help educate and advise on the tools at your fingertips and how to use them to your advantage. Tools like Registered Retirement Savings Plans (RRSP) and Tax Free Savings Accounts (TFSA), GICs, Mutual Funds*, and even do it yourself online brokerages* are among some of the products we can discuss with you. We will review their pros and cons as well as their tax efficiencies in regards to your unique financial plan.
This refers to how much market change and fluctuation someone is comfortable with for their investments. There are multiple factors that help us determine your individual risk tolerance and we then work closely with you to select investment options that suit your risk level, investment time frame, and ensure that you continue to maintain your lifestyle and ensure that your investment choices don’t keep you up at night.
Wealth Management Advisor’s can also assist you in breaking through barriers of tough conversations with your immediate and broader family, such as: estate planning and what happens if you were to pass away.
To get started on your financial planning journey book a meeting with one of Mainstreet’s Wealth Management Advisors online or call your nearest branch.
*Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade and Qtrade Direct Investing are trade names and trademarks of Aviso Wealth Inc. and its subsidiaries.
Mutual Funds and related financial planning services are offered through Credential Asset Management Inc.