Financial Planning Versus Wealth Management
Let’s be clear here. Wealth to us means more than just money.
So, you thought wealth management and financial planning were one and the same, didn’t you? Well, we’re here to set the record straight. They are not!
Wealth management is typically described as investing in marketable securities. Financial planning, on the other hand, is a process that includes wealth management, among many other factors.
People are wealthy not just when their bank accounts show healthy balances, but also when they are surrounded by people they love and who love them, when they have fulfilling work, and when they are living their life’s purpose. This type of holistic wealth is something we should strive for regardless of our personal position on money.
Looking at your financial life is a critical part to having the means to do many of the things we value. Travel, spoil our children and grandchildren, grow our businesses, spend time at the cottage. These all require money.
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Holistic Financial Planning
Financial planning through C3 Wealth Advisors is done through a holistic lens, where we look at all aspects of your financial life. Your personal CFO works with a team of specialists to ensure that all areas are reviewed and well covered. This includes looking at the following aspects:
- Legal and Estate: We review your wills, power of attorney, personal directive, buy/sell and partnership agreements, to name a few important documents that impact your wealth.
- Accounting: Paying taxes is a necessity and few of us would forego the social services and infrastructure that Canada provides. Accountants play a key role in helping us structure your tax life efficiently.
- Portfolio management: Where you invest your money is critical to ensuring that you can achieve your mid- and long-term goals. Passive income creation is vital to your financial freedom.
- Wealth protection: You need to protect your valuable assets. This ranges from protecting your ability to earn an income, to taking care of your family when you are not able to, to covering off final taxes on death so that your legacy can transfer efficiently.
- Behavioural finance: We all have money hang ups. Understanding how this impacts your decision making is key to making better choices and staying on track.
- Leverage: Together, we look at things like borrowing to invest, debt swap, leasing and loans. Tax efficiency with debt management and types of debt will either help or hinder your ability to reach your goals.
The Benefits of Working with a Financial Planner
Wealth management is important but it’s just one aspect of financial planning. Financial planning should take a holistic approach—it’s not just about placing your money into investment products.
Did you Know?
- Households that work with an advisor have between 1.5x and 4.76x higher net worth than those that don’t.1
- 74% of those who engage in comprehensive financial planning enjoy annual vacations.2
1 IFIC Value of Advice Report 2012
2 Financial Planning Standards Council 5-year study ending in 2009
Want To Learn More About Financial Planning?
Empower your wealth and all facets of your life. Discover how:
Financial Planning Process
Our C3© Process will move you from uncertainty and apprehension to anticipation and excitement. It places your goals and needs at the forefront of our work together.
What is a Personal CFO?
Never heard of a personal CFO or unsure what the term means? Read about how a personal CFO can help you and your business not just survive but thrive.
How to Choose a CFP®
The world of finance is complicated. Choosing a Certified Financial Planner® requires some digging to find the right fit for you. Here’s what to look for when choosing a CFP®.
Asset Protection
Do you know what your greatest asset is? Learn why protecting it is key and the approach we take to managing risks and protecting what is truly important to you.
Business Integration
Discover our collaborative process for Business Integration & Financial Process.
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