Special Report
Taivi Tayler, Tayler Insurance
As a Certified Financial Planner®, I think the value of a financial plan is obvious. But if you’ve never had one completed, you may wonder what it actually does for you.
A good financial plan looks at your entire financial life—not just your investments. It considers your income, taxes, insurance, business interests, real estate, retirement goals and estate plans, and identifies opportunities or risks you may not see yourself.
It also turns good intentions into action.
I often joke that a well-written financial plan is a procrastinator’s worst nightmare. I like to put dates beside the things we agree need to get done. Think of me as the adult version of the teacher who won’t accept “the dog ate my homework” when those three important tasks are still sitting on your to-do list.
From. uncertainty to confidence
One of the most common concerns is: “Will I have enough?”
Financial planning helps answer that question by looking at future income, expenses, taxes, assets and potential risks. Sometimes clients discover they can comfortably spend more than they thought. Other times, we identify changes that should be made now to strengthen their financial future.
Insurance can also play an important role. An unexpected death, illness or major expense can disrupt a strong financial position. Part of planning is deciding which risks you can afford to assume yourself and which ones should be transferred through insurance.
Finding opportunities you didn’t know existed
Sometimes the greatest value comes from finding something a client didn’t even know to ask about.
I recently worked with a retired couple who were selling their home and downsizing. As part of the financial planning process, I reviewed their investments and financial documents to see what opportunities might be available.
They already knew they had unused TFSA contribution room, but what they didn’t know was that another financial tool, already in their toolbox, could allow them to tax shelter an additional $75,000.
They didn’t need a brand-new strategy—the opportunity was already there. We found it because financial planning allowed us to step back, look at the whole picture and uncover an option they didn’t know they had.
And that is ultimately the purpose of a financial plan.
A financial plan isn’t meant to sit in a binder. It should help answer: Am I going to be okay? Am I paying more tax than necessary? What risks am I overlooking? And what should I be doing now?
It should give you clarity, confidence and, most importantly, a reason to act.
Taivi Tayler, CFP®, CLU®, works with business owners, successful families and retirees on financial planning, insurance, estate preservation and business succession strategies.
Book an appointment: https://calendly.com/ttayler
