- Comprehensive Financial Plan
- 1. Financial Management
- 2. Asset Management
- 3. Risk Management
- 4. Tax Planning
- 5. Retirement Planning
- 6. Estate Planning (Your Legacy)
- Support to Executors
- Financial Divorce Specialist
- Support for Clients
- Support – to Professionals
- Our Fees
We custom tailor each client's comprehensive financial plan. We provide fee-for-service advice which means that we do not sell products. We charge a fixed fee for the creation of the comprehensive financial plan and any financial planning components. For implementation, monitoring and support services we charge an hourly rate. Our services is about planning, tax-efficient advices, proper risk management and execution and monitoring the plan.
Financial planning is the process of determining how individuals can meet their life goals and be prepared for life's major events (retirement, loss of a loved one) through the proper management of their financial affairs. It is a lifelong process.
Today’s decisions determine tomorrow’s destiny.
Comprehensive Financial Plan
A comprehensive financial plan review all of the six financial planning components together.
You can start with a particular component or you can review all together, which result to a comprehensive financial plan.
Your Comprehensive Financial Plan is not the end goal but a means to an end.
Once you've approved of the recommendations presented in the document, it’s necessary to establish both how and when they’ll be implemented. We will agree on the implementation actions steps to be taken, who is going to take them and when they will be completed.
We will ask the right question to other professionals for you.
Monitoring & Reviews (optional)
Reviews are critical to ensure that our clients are on track to meet their goals.
The purpose of these periodic meetings is to identify any event or circumstance that can have an impact on our client's comprehensive financial plan, and recommend changes to the plan as necessary. At a minimum we annually check in with our clients to determine if there have been any material changes in their circumstances.
Regular monitoring and updates allows the client and its professional team to assess current strategies and remain proactive in the pursuit of the client's goals.
Keep in mind a long-term focus with your plan. Do not expect to anticipate every curve in the road but be prepared to adjust your plan when necessary. Your comprehensive financial plan is a journey.
This component focuses on current and future financial position. (Cash flow, budget and net worth.)
The objective of cash and debt planning is to ensure that our client has sufficient funds to meet everyday household expenses, to establish an emergency fund to handle contingencies, to minimize unproductive assets and to establish or increase savings capacity. It will show what your financial future will look like base upon your current lifestyle.
The best time to begin saving is today.
The exercise of managing cash flow by controlling expenses, minimizing taxes and the cost of debt will ultimately allow for more surpluses. The ability to manage cash flow effectively is critical because for most people, savings are where wealth begins.
The success in financial management component is “Pay Yourself First”.
Always put money towards your financial goals before your discretionary expenses.
This component focuses on how to best manage our client's assets based on investment experience, attitudes, objectives, time horizon and risk tolerance.
Investment planning can be a complex and challenging task. A number of factors such as inflation, interest rates, government regulations (including tax legislation) and economic indicators also change constantly and need to be considered.
At LaRocque Wealth Solutions we analyze your portfolio as a whole and focus on your assets allocations. Your investment manager will provide individual products selection.
Market volatility is normal and can actually create opportunities to realign the asset allocation strategy.
Although asset allocation can help to minimize risk, it cannot eliminate it.
Education plan is included in asset management component when applicable.
An education plan will ease your children or grandchildren’s future financial needs.
Special Needs Plan
Special needs plan is included in asset management component when applicable.
A special needs plan will address concerns to people with disability and will explore tools that can assist for a better future.
This component focuses on the exposure to an unexpected financial loss due to death, disability, critical illness, long-term care needs, property damage and other risks.
The objective of risk management is to evaluate each of the risks and to determine to what extent the risk can and should be transferred (purchase of insurance) or avoided.
An insurance analysis is the only way to appropriately assess your financial situation to determine how much, if any, of the risk you are able to assume, and how much of it should be transferred to an insurance company.
This component focuses on current and future tax obligations and strategies employed to minimize or defer taxation.
The objective of income tax planning is to minimize the tax burden of our clients. This exercise is an integral part of each application component of financial planning.
We understand the importance of line 235 (net income) in your tax return.
PROPER TAX PLANNING, DONE WELL IN ADVANCE, CAN SAVE THOUSANDS OF DOLLARS, EVEN HUNDREDS OF THOUSANDS IN TAXES.
This component focuses on the financial well-being after employment has ended.
The objective of this section of the plan is to sensitize our client to the importance of a current action plan in order to realize retirement and financial independence objectives. It will show you where your current spending and savings will take you.
Having a financial advisor is found to have a strong and significantly positive effect on the level of retirement readiness.
When the time comes to draw retirement income, we will put a plan that specific strategies to deliver income with the most efficient outcome.
Today people do not retire from something, they retire to something: a new journey.
This is why we need financial planning more than ever.
Estate Planning (Your Legacy)
This component focuses on the payment of expenses and obligations at death and the transfer of assets to beneficiaries. Wealth transfer involves legal, financial, tax and emotional issues. All must be balanced for the plan to be effective.
The purpose of estate planning (legacy) is to ensure that our client's estate is preserved and distributed in accordance with their wishes, in the most efficient and effective manner.It ensures the estate is settled properly.
Proper planning can help ensure that the needs of your heirs are met.
We also offer support service to your executor (see tab below)
We can never overvalue the importance of having a proper Estate Plan.
REMEMBER, YOU CAN'T TAKE IT WITH YOU, BUT YOU CAN DECIDE WHERE IT WILL GO.
Charitable Giving Plan
Charitable Giving Plan is included in estate planning component when applicable.
Putting in place a proper plan will provide solutions to facilitate your charitable intentions that are near and dear to your heart.
Business Succession Plan
Business Succession Plan is included in estate planning component when applicable.
Business transfer involves legal, financial, tax, and emotional issues. All must be balanced for the plan to be effective.
Support to Executors
As a Certified Executor Advisor (CEA) we provide general guidance and support to Canadian executors using a team-oriented networking approach.
As CEA we gain a practical level of knowledge in all areas required by executors.
Our support may include, but are not limited to, the following:
- Collect all legal documents that impact the Estate.
- Assess the assets and liabilities of the Estate.
- Facilitate with completing forms for banks, insurance, government, etc.
- Calculate payment of liabilities outstanding at the time of death, probate, funeral expenses and other expenses.
- Coordinate input from other professionals.
- Gather slips and documentation to file the final tax return and special returns.
- Drop-off and pick-up to accounting.
- Assist with distribution of the assets of the Estate to the beneficiaries.
- Prepare final Statements for the beneficiaries.
- Perform all other services that may be required
Please note that we do not offer legal opinion or advice.
Financial Divorce Specialist
As CFDS I help clients understand the financial aspects they may find themselves making in separation and divorce situation. I provides a reality check that could eliminate costly mistakes going forward. I present information as the implications of the choices being considered taking into account tax costs, inflation, growth and cash flow today and for years ahead. I provide professional financial projections for future lifestyle requirements. This help achieve the most satisfactory long term financial settlements.
My role is:
- Assist lawyers and/or mediators in designing a settlement proposal that will maximize clients' satisfaction considering the available financial options.
- Provide financial analysis of the couples assets, liabilities, incomes, child and spousal support payments taking into consideration inflation and changing tax consequences.
- Provide insight with respect to pension plans and other investment and insurance options including ongoing protection.
- Show options for financial scenarios with future projections.
- Educate clients about the tax and other financial consequences of retaining or giving up certain assets.
- Counsel clients on budget management during a difficult period of transitioning.
I can be engaged at any time in the process of separation and divorce. At the beginning to help collect financial data required, during deliberations to help analyze financial proposals and close to the end to evaluate scenarios and prepare future based projections to aid in the decision making process.
Please note that I do not offer legal opinion or advice.
Support for Clients
All levels of day-to-day wealth administration (paperwork)
- Gathering and filling of investment statements.
- Liaison with other professionals.
- Help you manage your finances on an ongoing basis.
- Perform all other services that may be required.
- Bill payments.
- Coordinate care services.
- Coordinate connection with other professional advisors.
- Adapt our services to fit client's needs.
Tax time support:
- Calculate adjusted cost base (ACB) on non-registered investment.
- Preparation of forms required to apply for certain credits (e.g. disability credit).
- Gathering of slips and documentations.
- Analysis of your personal tax situation to ensure that no claim has been overlooked.
- Liaison with investment institutions or other organizations.
- Drop-off and pick-up to the accountant.
- Verification of accuracy of notice of assessments.
Support - to Professionals
Enhance the value of your client services by adding the wealth planning resources. If you have neither the time nor the knowledge to prepare a comprehensive financial plan, we can assume this responsibility for you. We work with either you, the client or both. We prepare any financial planning components to a full comprehensive financial plan or just provide advice that results in good financial decisions. You can count on our objectivity because we have no restrictions or conflicts of interest in the choice of financial solutions for your clients. We don’t compete with your practice, we complement it.
At Larocque Wealth Solutions our services are complemented by a network of other professionals who can assist in the implementation of our recommendations. These professionals provide services or products for which we are not qualified or licence to provide, such as portfolio management, insurance, tax preparations and will draft. We normally work with our client’s existing professionals. Obviously, where a client does not have any professional advisors, we can assist in gathering the proper team based on their needs.
The only compensation that we receive is from you. The fee for our services related to the creation and recommendations of your comprehensive wealth plan is a fix amounts. For the implementation, ongoing plan monitoring and support services, it is billed at a hourly rate of $150 per hour, included the travel time. We would be pleased to provide an estimate once we have a better understanding of the assignment to be done.
Our usual procedure is to arrange an initial meeting to introduce ourselves and identify whether or not there is a match between your needs and our services. There is no fees and obligations for an initial meeting. Should we decide to pursue this planning journey together, a second appointment will take place where we will present you an engagement letter. This letter will ensure that we both understand and agree on fees and the parameters of the assignment.
Remember, planning is not a cost, it is an investment.