FINANCIAL PLANNING
Our Financial Planning Services
Khan Financial offers financial planning services to help clients achieve a variety of goals, such as education funding, retirement planning or wealth transfer. Depending on the client’s objectives and personal circumstances, our integrated financial planning services may incorporate elements of investment management, insurance, tax, estate planning and other consulting services.
Is Your Plan Still on the Drawing Board?
We provide a custom tailored financial plan based on a very clear understanding of your requirements, situation, and goals. In a strategic partnership with your advisor, a determination is made for the right combination of products and services needed to implement your financial wealth management plan.
We follow a distinct six step process to help clients structure the framework for achieving their life goals.
This process as set out by the Financial Planners Standards Council is laid out below.
- 1. Establish the client / financial planner engagement
Your financial planner will:
- Explain issues and concepts related to the overall financial planning process that are most appropriate to you.
- Explain the financial services and products he or she will provide and the process of planning and documentation.
- Clarify your responsibilities as the client.
- Clarify his or her responsibilities as your financial planner. This would include a discussion about how and by whom he or she will be compensated.
You and your planner will: Discuss the scope of the client/planner engagement. Agree on the logistics as to how decisions will be made.
- 2. Gather client data and determine your goals and expectations
Your planner will:
- Obtain information about your financial resources and obligations through interviews or questionnaires.
- Gather all the necessary documents before giving you the advice you need.
Both you and your planner will:
- Define your personal and financial goals, needs and priorities.
- Investigate your values, preferences, financial outlook and desired results as they relate to your financial goals, needs and priorities.
- 3. Clarify your present financial status and identify any problem areas and opportunities
Your planner will:
- Analyze your information to assess your current situation (cash flow, net worth, tax projections, etc.).
- Identify any problem areas or opportunities with respect to your:
- Capital needs
- Risk management needs and coverage
- Investments
- Taxation
- Retirement planning
- Employee benefits
- Estate planning
- Special needs (i.e. adult dependent needs, education needs, etc.)
- 4. Develop and present the financial plan
Your planner will:
- Develop and prepare a financial plan tailored to meet your goals and objectives, values, temperament and risk tolerance, while providing projections and recommendations.
- Present the plan to you and establish an appropriate review cycle.
Both you and your planner should:
- Work together to ensure that the plan meets your goals and objectives.
- 5. Implement your financial plan
Your planner will:
- Assist you in implementing the recommendations discussed if you want. This may involve coordinating contacts with other professionals such as investment funds sales representatives, accountants, insurance agents and lawyers.
- 6. Monitor the financial plan
Both you and your planner should: Agree on who will monitor and evaluate whether your plan is helping you progress toward your goals.
If your planner is in charge of the process, your planner will: Contact you to review the progress of the plan periodically and make adjustments to the recommendations required to help you achieve your goals.
This review includes:
- Discussion about changes in your personal circumstances and how they might affect your goals.
- Review and evaluation of the impact of changing tax laws and economic circumstances.
- A review of your life circumstances and an adjustment of the recommendations if needed as those circumstances change through life events such as birth, illness, marriage, retirement, etc.
Products or services related to investments, investment recommendations, financial planning, retirement planning, and investment reviews are provided through our Security Financial Private Investment Counsel Inc.
For more information, please visit: www.sfpic.ca
4665 Yonge Street, Suite 309, Toronto, ON M2N 0B4 t 416.964.0440