Financial Planning
At Optimize, we translate your hopes and dreams into an actionable strategy to achieve your specific life goals.
What is Comprehensive Financial Planning?
This may encompass crafting a savings or investment plan, establishing a will for the protection of your family, or ensuring financial stability for your loved ones in the event of your premature passing. It's important to note that regularly reviewing or devising your financial plan is a wise practice. This entails assessing and optimizing the structure of your pension plan, retirement savings, and other assets to align with your specific objectives. Fortunately, The Spence Group is prepared to accompany you on this journey, tailoring a Comprehensive Financial Plan that caters to the unique circumstances of you and your family.
The Spence Group provides clients with a comprehensive approach to financial planning, ensuring their clients always benefit from the highest level of service. Chris Coholan is the Portfolio Manager who advises and manages client investment accounts, while the Spence Group helps clients with their Financial Planning needs and can also help clients access value-added services available to Optimize clients.
Our financial planning process involves six easy steps to create a plan that reflects what’s most important to you and your loved ones:
1. Establish Your Goals in Life
Determine your priorities—what comes first, second, and third. Together, we'll collaborate closely to outline your individual and financial objectives, grasp your expected timeline, and explore your sentiments regarding opportunity, risk, and stability, if applicable.
2. Develop a Plan
Your personalized plan will outline the essential steps required to reach your distinct goals. It will detail the necessary adjustments, creations, and implementations necessary to set you and your family on the path toward accomplishing your life aspirations. Consider it your roadmap guiding you toward your desired goals.
3. Evaluate How Close You are to Achieving Your Goals
To progress toward your goals, it's essential to scrutinize your information, evaluating your present status and identifying what's necessary for goal attainment. This involves assessing your assets, liabilities, cash flow, existing insurance coverage, investments, and potential tax strategies—a crucial step in this phase of planning.
4. Examine Your Current Assets
This phase involves collecting pertinent financial information and statements. Documents like investment accounts, pension statements, mortgages, and any existing wills are crucial for review before seeking the advice you require.
5. Implement Your Plan
Adhere to the recommended changes outlined in your plan and set them in motion. By systematically implementing your plan's recommendations, you'll witness immediate results, propelling you and your family toward your desired destination. These tangible action steps serve as your guide to stay on course.
6. Monitor Your Plan and Make Adjustments When Needed
Your plan will need to be regularly monitored as you progress towards your goals. As life happens and changes occur with your goals, work, family, and otherwise, it is important to review your situation and adjust your plan on an ongoing basis.
The Benefits of Comprehensive Financial Planning
At Optimize Wealth, our comprehensive financial planning process examines the complete picture as it relates to your particular situation. We begin by listening to your specific goals and objectives. We then analyze various aspects of your financial situation to assess areas such as your pension plan, registered assets, general investments, and any company savings plans. Once we have completed our analysis process, we then turn our attention to designing a coordinated strategy to achieve your particular goals and objectives.
The Result? Implement a comprehensive financial plan to achieve your specific family's goals in the most efficient and prudent manner possible.