Services

Financial Planning Services

There are a  lot of moving parts to managing your personal finances. A financial plan looks at these elements and develops a strategy so that all financial areas of your life are working together in harmony.

With your help, we first paint a picture of your current situation, identifying your needs, priorities and goals. This meeting is used to organize your financial data (i.e. statements) so that the client and advisor are aware of everything that is going on. Once we have gathered this information, you will then be presented with a 1 page outline that becomes our principle guide to creating your plan.

From there, we assess the suitability of your current financial arrangements taking your priorities and goals into consideration. This typically includes investments, business ventures, real estate assets, pensions, and insurance products and the liabilities associated with them through mortgages and lines of credit.

We then construct your financial roadmap by identifying the most suitable arrangements to achieve your plan’s success. Our advisors work with you to manage and implement your financial plan and ensure that it is frequently updated. We also give, where appropriate, legal and tax guidance, sourcing qualified professionals as required.

We will contact you outside of any planned reviews to notify you of any significant issues that could affect your financial planning or the success of the recommendations.

Our Process:

1.  Contact:

Contact Racine Financial today and we are happy to arrange a convenient time for you to sit down with one of our advisors. It’s easy. You can reach us by phone at (905) 885-0815 or via e-mail at admin@racinefinancial.ca. There is a user-friendly ‘Contact Us’ page on this website (see top-right corner). You can also visit our office at 37 Walton Street Suite 201 in downtown Port Hope.

2. Engage:

Advisors at Racine Financial take complicated financial concepts and explain them to our clients in language that is easy to understand. During this step, you are invited to share what you are looking for, ask any questions and we’ll discuss how to proceed with our relationship.

3. Discovery:

This is where we get to know you. We not only gather your pertinent financial information and documents, but we strive to get to know you as a person. What are your goals? What type of lifestyle do you ‘dream’ about? What is important to you? What is not important to you? Ultimately, we are looking at how we can bridge the gap between where you are now and where you want to be in the future.

4. Build:

During this stage, we present our recommendations to you. We first outline where you are currently and where that will take you if you remain on that path. From there, we then apply our advice to your current situation and examine the alternative picture it paints for your future. We discuss the different options and provide advice about how to proceed.

5. Implement:

After you have made a decision about your planning, this is where we take action. We partner with you to implement your new financial plan and its strategies.

6. Monitor:

Now that your plan has been implemented it is important to keep an eye on its progress and to update it as necessary. Your advisor will monitor the performance of your financial plan so it remains in line with your goals. Any life changes will be shared with the advisor to ensure the plan is updated accordingly.

Services:

1. Financial Management:

Financial management focuses on the client’s current financial position and prospects for the future as shaped by their net worth, cash flow and budget. Being organized and diligent is a key component of your plan’s success because it prepares you to make financial decisions.

2. Insurance and Risk Management

Insurance and risk management centre on managing a client’s exposure to an unexpected financial hardship due to death, health issues, property damage, business and other risks. This becomes an important component of financial planning as it strives to protect the client’s risk exposure to fulfilling their financial goals.

3. Investment Planning

Investment planning is the crafted approach that is taken with a client’s investment. Your unique investment plan will consider your objectives, risk tolerance, attitudes, past experiences, need for income and time horizon.

4. Retirement Planning

Retirement planning prepares you for what may potentially be the largest expense of your entire life. It involves constant re-evaluation of your current resources during all stages of life, taking a hard look at how they can be applied to enhance your retirement. Like most major purchases, it involves comparing the client’s desired lifestyle to the resources available.

5. Tax Planning

Tax planning examines a client’s current and future tax obligations and develops strategies to minimize its effects on your personal and business income. Tax planning is an integral part of financial planning as financial decisions generally have tax implications.

6. Estate Planning

Estate planning takes a good clear look of what your intentions are for time of death. By taking a close look at what you have outlined in your Will, we assess what is going to happen to a) your family b) your business, and c) your assets. We also examine what is going to occur outside of your estate (i.e. life insurance, issues of joint ownership and tenancy).

7. Legal Obligations

It is important for a financial planner to understand a client’s legal obligations. This can include spousal and child support, Power of Attorney or Mandates in case of incapacity, shareholder agreements, and third party obligations. These are all important aspects as they will impact the design of your financial plan.

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