Personal financial planning meeting with a professional advisor.

Personal Financial Planning

Planning for the future is more than buying an insurance policy or investing in an RRSP. At Iain A. Thomson and Associates Inc. we have the experience, knowledge, and commitment to provide you with a financial plan that will provide the lifestyle you want today and financial security for your future with the flexibility to adjust to the changes in your life.

The Financial Life Cycle can help to position you in the planning cycle. Knowing where you are and where you are going is crucial in developing a comprehensive financial plan. From there we use an individualized approach to address your specific needs and dreams.

Financial Life Cycle

  1. Early Accumulation
    For parents, early accumulation often means starting an education savings plan for their children. For young adults it means starting their careers, building net worth and assuming family and financial responsibilities such as home ownership. At this stage in life, planning goals tend to focus on the need for emergency funds, short and mid-term saving needs, life and income security needs, budgeting, and the start of a long term plan.

  2. Mid-Earnings Accumulation
    Mid-earnings accumulation begins when expenses start to decline and generally income and savings increase. During this period, savings become increasingly important. It’s a time when the emphasis shifts to growth, security, and tax minimization. There’s a clearer view of family security and long-term needs. Financial plans begin to evolve to meet these goals.

  3. Financial Independence / Retirement
    At this point in the cycle preservation of capital becomes an increasingly important objective. Transitioning from growth to preservation of capital can conflict with the apprehension and worry about having enough retirement income to meet personal needs for the long term. Maintaining a balanced approach to growth and security is key. Estate planning goals will also become clearer at this stage.

  4. Conservation / Distribution
    Primary investment objectives should always focus on the preservation of capital and meeting income needs. With adequate income established and protected emphasis can shift to making sure the Estate plans continue to meet objectives for maximizing the proper distribution of assets while minimizing taxation.