OUR SPECIALITY

FINANCIAL PLANNING FOR PERSONAL AND INCORPORATED BUSINESS

  • Why do you need a Financial Plan?
  • – 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.

  • What does a Financial Plan for an Incorporated Professional include?
  • There are 2 main sides your practice’s financial plan should address: Growth and Preservation

     

    Growth:

    – Cash Management- Managing Cash & Debt

    – Tax Planning- Finding tax efficiencies

    – Health Benefits

     

    Preservation:

    – Investment- either back into the business or outside of the business

    – Insurance Planning/Risk Management

    – Retirement Planning

  • A few things to keep in mind for professionals are:
  • – 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.

  • What does a Personal Financial Plan include?
  • There are 2 main sides your financial plan should address: Accumulation and Protection

     

    Accumulation:

    – Cash Management – Savings and Debt

    – Tax Planning

    – Investments

     

    Protection:

    – Insurance Planning

    – Health Insurance

    – Estate Planning

  • What’s the Financial Planning Process?
  • – 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.

FINANCIAL CONSULTINg

Fully dedicated to finding the best solutions

Our clients’ needs are constantly changing, so we continually seek new and better ways to serve them. 

charter wealth management

Creating Security, One Life at a Time

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