Each of our clients has a unique vision for their future. At Bircher Financial we want to respect and understand you as an individual so we can guide you throughout the years, helping to ensure your financial goals are reached.
Our process helps us to help you reach your wealth management and financial planning goals. Below is a five-step plan outlining how we get started and how we continue to provide advice along life's changing financial path.
Step 1: Your Values, Dreams and Priorities
The first step in the process is to understand your immediate needs, priorities, future goals, income needs, retirement goals, risk tolerance, and to clarify your financial objectives. All future recommendations will be based on your financial objectives and values.
Step 2: Analysis and Understanding (Clarity)
We will conduct a complete analysis and thorough understanding of your current financial situation through the review of:
- Assets (real estate, investments, RRSP's, RESP's, TFSA's);
- Liabilities (loans, mortgages, credit card debt, taxes);
- Income sources (employment, pensions);
- Cash-flow (monthly income versus expenses);
- Financial issues or roadblocks;
- Insurance policies;
- Tax and asset protection strategies;
- Wills, Power of Attorney, Living Wills;
- Employee benefits.
Click here for a complete list of documents we will need.
Step 3: Recommendations
Options, strategies and recommendations will be prepared for your review. They will address some or all of these areas based on your situation:
- Cash Flow;
- Investments;
- Debt Reduction;
- Estate Plan;
- Insurance and Tax Strategies;
- Retirement Scenarios;
- Children's Education;
- Mortgages / Real Estate Investments;
- Wealth Management Services.
You may want to investigate some different scenarios with your advisor or look at the trade-offs between short-term and long-term goals. Once you are comfortable with the recommendations, a comprehensive financial plan will be finalized and an action plan put into place.
Step 4: Implementation
Depending on your situation and your plan, implementation will begin based on the appropriate selection of products and services. Implementation may happen in stages in some cases.
Step 5: Review and Revision
A yearly review and rebalancing of investments may be the minimum required for a straightforward financial plan. However, you should think of your Financial Advisor as a partner and consult with them whenever you have financial decisions to make. Your advisor will give you their professional opinion and let you know how your decisions may affect your short or long term plans. Once you have all the options and fully understand their implications, you'll be able to make those difficult decisions with confidence.
Interesting Stats
Of working Canadians who have an advisor helping with retirement planning:
- 87% say they're making better financial decisions
- 86% say they'll have a better retirement
- 83% feel more confident about their finances
Source: Sun Life Financial Canadian Unretirement Index, January, 2009.
- 93% of people with a financial plan feel financially prepared for their retirement.
Source: “Visions of an Ideal Retirement,” a survey conducted by Roper Public Affairs, November 2004
