You have goals for all aspects of your life—your family, your business, and your future. A Total Wealth Plan can identify how your wealth can help you achieve those goals and live the life you want.
More than just a typical financial plan, it’s an innovative team-based approach that puts your life’s priorities at the centre of your wealth, whether you’re saving for retirement, transitioning your business or putting a child through college.
It all starts with our specialists who collaborate with you to understand everything that makes you unique, from your relationships and career to your personal dreams. From there, we offer strategies and insights to help you achieve what matters most to you. The mission is to provide you with a well-rounded roadmap that guides you through your life’s financial journey.
Here are eight key areas that can make up your Total Wealth Plan.
Understanding how much income you need in retirement1
When you’re working, your expenses are closely linked to your income level. Once you retire, you will want your resources to support you in the lifestyle you want for the rest of your life. How do you factor in other income sources, such as registered retirement accounts2, pension plans, government benefits and non-registered investments? A Total Wealth Plan can help you ensure you have enough income to achieve your personal goals and dreams when you retire.
Don’t overpay on taxes3
A personalized tax plan can be used to increase your assets and overall wealth. Your Total Wealth Plan can include different strategies to reduce, defer or even invest tax-free. It can also offer options designed to deliver a regular stream of tax-efficient retirement income.
Understand your pension options
Pension plans can be highly complex, and the decisions you make could have a direct impact on your retirement income. For example, should you take the commuted value of your pension in a lump sum or opt to receive a monthly pension payment? These are not easy questions to answer on your own. That’s why a Total Wealth Plan can help guide you through the process, ensuring you consider your risk tolerance, estate considerations, survivor benefits and your dependency on pension income.
Diversify to reduce risk
Diversifying your portfolio is an important investment strategy4 to reduce and manage risk. By investing widely across different investments, your portfolio may experience a smoother, more consistent investment over time. A Total Wealth Plan considers your goals, investment time horizon and risk tolerance to help facilitate the creation of a properly diversified portfolio in line with your financial and lifestyle objectives.
Security and peace of mind
You work hard to build a secure financial foundation for you and your family, so you want to ensure that you’re protected against any risk that could negatively impact your progress. With a Total Wealth Plan, you can make informed decisions about your financial risks and the insurance coverage5 you need to protect against those risks, whether it’s life, disability or critical illness. As you move through the life stages, financial risks evolve to protecting against the erosion of the wealth you have accumulated. In this case, a Total Wealth Plan can help identify how insurance can provide a tax-efficient way to transfer your wealth to the next generation.
Plan your estate
It’s hard to think about estate planning6—even though we know putting our finances and legal affairs in order helps our heirs in the emotional aftermath of your passing. A Total Wealth Plan is your opportunity to make your intentions clear and ensure that your beneficiaries – whether it’s family or a charitable organization – receive their inheritance based on your wishes.
Transition your business smoothly
If you’re like most successful business owners, you probably haven’t had a lot of time to plan what happens to your business when you’re ready to retire. But planning how you want to transition your business7 now can help you achieve substantial savings and maintain greater control. Otherwise, you risk having someone else deciding what happens to your business. A Total Wealth Plan can help create a smooth business transition, reduce the tax impact of an ownership change and enhance the value of your business today.
Develop a gifting legacy
Many of us support charities throughout our lifetime and would like to leave something in our Will to a cause that is meaningful to you. A gifting plan8 can help as your estate may realize a tax benefit if specific bequests are made to charities, reducing some of the estate taxes. As well, many charitable organizations, including post-secondary institutions, allow you to set up endowed bursaries in your memory that can continue in perpetuity, subject to adequate funding. Your Total Wealth Plan can help you make the best use of your resources over your lifetime while ensuring that you leave a meaningful and impactful legacy for years to come.
Why use a professional Total Wealth Planner
As our lives become busier and the financial world becomes increasingly complex, it can be challenging to put your finances in order. A Total Wealth Planner is there to work with you to understand what’s most important to you. From there, they bring our team of specialists together to create a cohesive roadmap that evolves as your life changes.
With our innovative team-based approach, you can reach your goals with confidence and peace of mind.
1 https://rosenbergdri.ca/retirement-tax-planning-tips-sources-of-retirement-income/
2 https://richarddri.ca/how-to-maximize-your-rrsp-contributions/#full-text
3 https://richarddri.ca/whats-your-tax-rate/
4 https://richarddri.ca/why-financial-planners-love-dividend-growth-investing/
5 https://richarddri.ca/wondering-about-buying-life-insurance-here-are-some-things-to-consider/
6 https://richarddri.ca/a-financial-advisor-answers-the-top-questions-about-estate-planning/#full-text
7 https://richarddri.ca/5-financial-mistakes-that-business-owners-should-avoid/
8 https://richarddri.ca/get-tax-incentives-while-you-give-back/
source https://rosenbergdri.ca/building-a-total-wealth-plan-for-life/
Dri Financial Group 