David Francilia knows that most people don’t like to think about their financial plan.
“Most people don’t like talking money and numbers. Making a proper plan feels very overwhelming, and so they opt for the path of least resistance.”
But Francilia says the path of least resistance is unlikely to get you to your goals, which is why the Senior Wealth Advisor with Envision Financial Wealth Management and Investment Advisor with Qtrade Advisor does his best to remove the fear factor from financial planning.
“I want my clients to get excited about something — maybe it’s travel in retirement, spoiling your grandkids, buying a house, putting an RV in the driveway. Having something tangible makes it more fun to engage. And a financial plan only works if the client is engaged.”
The importance of financial planning
A financial plan is different from a portfolio of investments or an annual chat with a tax accountant.
“Your financial planner is the quarterback of it all. Find someone you can communicate with, and get the conversation going. You’ll find the most value when you’re working with someone who understands you,” Francilia says.
- Set goals, then let the math clarify your plan: “If you want to buy a place in five years, how much are you going to need to put away each month? The math will tell you — what kind of return do you need on your investment, how long is it going to take, how much do you need to put aside,” Francilia says.
- Paint a clear picture of your current situation: No two plans are alike, because every client has a different starting point. “Your financial plan should incorporate your present as well as your future. An aggressive savings plan doesn’t make sense for a client with limited cashflow. You have to be nimble enough to balance all the little things, from debt to investments.”
- Know the unknown: What’s the biggest reason to establish a financial plan? The unknown! You won’t know what you’re missing out on until you speak with an expert. “Plans can get complicated — that’s why advisors are highly educated in finance and insurance, with a great understanding of tax, law and other areas — the average client will never know everything,” Francilia says. “A good advisor will be able to suggest options you weren’t aware of. Government grants, TFSAs, what are you missing? Without a plan, you may miss the life goals you’re dreaming about.”
Learn more about financial planning at envisionfinancial.ca, and connect with a wealth advisor who can quarterback your financial plan. Follow Envision Financial on Facebook and Instagram for more investment tips.
Envision Financial Wealth Management is a division of FW Wealth Management Ltd. which is a wholly owned subsidiary of First West Credit Union. Mutual funds, other securities and securities related financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. Financial planning services are available only from advisors who hold financial planning accreditation from applicable regulatory authorities. FW Wealth Management Ltd. is a licensed life insurance agency offering financial planning, life insurance and investments.