In this conversation, Jim, Ryan, and Denis discuss the importance of having a financial plan that goes beyond just investments. They explain that a financial plan is a blueprint for managing all aspects of one's finances, including income, expenses, insurance, and estate planning. They emphasize the need for flexibility and ongoing adjustments to the plan as life events occur. They also highlight the benefits of starting a financial plan early and the importance of educating clients about their finances. The conversation also touches on the significance of emergency funds, the implications of unforeseen events, and the importance of wills and powers of attorney. In this conversation, Jim Lao, Ryan Genoe, and Denis Bisson discuss the importance of financial planning for individuals and small business owners. They emphasize the need for a comprehensive financial plan that takes into account factors such as retirement goals, estate planning, and life events. The speakers highlight the benefits of working with a team of professionals who can provide unbiased advice and access to a wide range of financial solutions. They also stress the importance of ongoing communication and collaboration between clients and advisors to ensure that the financial plan remains aligned with the client's goals and circumstances.
A financial plan is a comprehensive blueprint for managing all aspects of one's finances, including income, expenses, insurance, and estate planning.
Flexibility and ongoing adjustments are crucial in a financial plan to accommodate life events and changing circumstances.
Starting a financial plan early provides structure and helps individuals save for retirement and other financial goals.
Education and understanding of one's financial plan are important for client buy-in and successful implementation.
Emergency funds are essential for unforeseen expenses and should be part of a financial plan.
Estate planning, including wills and powers of attorney, is crucial to ensure the smooth transfer of assets and minimize tax implications.
Many Canadians do not have wills or updated beneficiaries, highlighting the need for proper estate planning. Financial planning is important for individuals of all ages and income levels, as well as small business owners.
A comprehensive financial plan should consider retirement goals, estate planning, and potential life events.
Working with a team of professionals can provide unbiased advice and access to a wide range of financial solutions.
Ongoing communication and collaboration between clients and advisors are crucial for maintaining a successful financial plan.
"Why You Need a Financial Plan and it's more than just investments."
"A financial plan is a blueprint to all your financial needs from the time you started to retirement and death."
"The one thing that's clear about a financial plan is you probably should meet with your advisor, especially when you first do a financial plan."
"How many? 54."
"What I'm looking for is the beneficiary designation. And I would see, well, you have your young children set up as a beneficiary. Here's the impact of doing it. You need to change that. Here's the reason why, right? So we walk people through that process too. So that's very important."
"Is financial planning just for regular folk or should people with small businesses get involved with financial planning as well? Is it more important for a business owner?"
