– Worry less about money and gain control.
– Organize your finances.
– Prioritize your goals.
– Focus on the big picture.
– Save money to reach your goals.
For an incorporated professional, personal and practice finances are connected. Therefore both sides should be addressed: personal and your practice.
There are 2 main sides your practice’s financial plan should address: Growth and Preservation
– Cash Management- Managing Cash & Debt
– Tax Planning- Finding tax efficiencies
– Health Benefits
– Investment- either back into the business or outside of the business
– Insurance Planning/Risk Management
– Retirement Planning
– Professionals are typically in the highest income tax bracket, therefore incorporating their practice can help manage and defer taxes at a lower corporate tax rate.
– By incorporating- professionals can have access to dividends from their corporation, shareholder loans, corporately held life insurance and since money can be left inside a corporation- this money can be used in years where there are life changes such as pregnancy, buying a home or retirement.
– Professionals should also ensure that they have access to health benefits.
– Debt for a professional is not unusual, given the costs of education and equipment, therefore working with an advisor and accountant can help an incorporated professional find a way to balance their cash flow.
There are 2 main sides your financial plan should address: Accumulation and Protection
– Cash Management – Savings and Debt
– Tax Planning
– Insurance Planning
– Health Insurance
– Estate Planning
– Establish and define the financial planner-client relationship.
– Gather information about current financial situation and goals including lifestyle goals.
– Analyze and evaluate current financial status.
– Develop and present strategies and solutions to achieve goals.
– Implement recommendations.
– Monitor and review recommendations. Adjust if necessary.
Our clients’ needs are constantly changing, so we continually seek new and better ways to serve them.