Our Financial Planning Process
Would you like to better understand the path to take to accomplish your goals and dreams? That’s really what financial planning is all about. It’s a process that empowers you to see where you are today financially and realize what you want to achieve over the long-term. Partnering with us will help you get there.
As we work through the process with you, we always consider your unique needs and stages of life so we can plan your future financial direction. Our unique total-picture approach sets us apart from other financial planners.
We believe it’s essential to review your plan annually with you and update it, if necessary, especially when a major life event occurs, such as a birth of a child or retirement. This will ensure we continue to meet your needs and goals. Remember, your needs define your plan – not vice versa!
Our Financial Planning Process
Step 1. Understand Your Needs & Determine Your Goals
Step 2. Develop Your Financial Plan
Every financial plan we develop is personalized to meet your unique goals and financial needs. As part of this process, we:
Step 3. Implement Your Financial Plan
Now we’re ready to put the plan into action together with you! To implement successfully, KLS / Manulife Securities Incorporated will:
Step 4. Monitor Your Financial Plan
Keeping your portfolio on track is an ongoing practice we follow with great care and professional analysis. This is pivotal to ensure you are progressing toward your goals. To monitor fully and effectively, we do the following:
As a small business owner or professional, you face many challenges not only in the day-to-day management of your business, but in ensuring its long-term viability. Most of us, however, spend more time managing the day-to-day than planning for the long-term. To ensure your business is successful, some of the concerns you need to address are listed below:
We help solve these problems.
Running a successful company and implementing safeguards to ensure its continuity costs money, but to survive in today’s competitive economy, small business owners must manage these costs carefully.
Making business and personal financial decisions that are tax-effective can help small business owners free up funds to support growth or other business objectives.
Manulife Securities Incorporated offers product solutions that can help small business owners meet their objectives in a cost-effective manner.
A group retirement plan is an easy, cost effective way for small business owners to offer another appealing benefit to their employees. Manulife Securities Incorporated’s structured Group Retirement Savings Plan (RRSP) is ideal for businesses with 25 employees or more and offers the same competitive features typically reserved for a large employer’s plan. Manulife Securities Incorporated’s RRSP helps small business owners deliver a convenient option to encourage employees to save for retirement.
Tired of traditional banking? Manulife Securities Incorporated Bank offers an account that can help you take control of your daily finances and could save you thousands.
Tax and Estate
Things to know about tax and estate planning:
Running your own business whether with 100 employees or just as a sole-proprietor is full of both challenge and reward. You are part of the more than 2 million Canadians that are self-employed. Like most self-employed individuals you are an expert at what you do, and you spend your time and energy in your business and serving your customers.
Self-employed people are often the busiest people and most likely to neglect these critical issues. Fortunately we can help.
Having a Contingency Plan in place is vitally important to any business in which the owner plays an active role. Without a well thought-out game plan, the consequences to key stakeholders (family, clients and estate) in the business are dire.
The impact of your sudden and unexpected departure from the business due to death, disability or extended leave of absence from the business can be disastrous. As a professional, it’s your responsibility to make every attempt possible to ensure a plan is in place to protect everyone’s interest.
The objective of a Contingency Plan is to make sure your heirs know what you would like them to do with the business in the event you can’t do it yourself. It can involve negotiating something as simple as a letter of understanding or the drafting of a legally binding buy & sell agreement funded with life insurance. Whatever approach you choose, the main objective is to make sure there is a plan to follow if a triggering event occurs.
It’s also imperative in this process that you communicate the details of your plan with your executor or legal representative and include a copy with your estate documents.
Buy and Sell Agreements
A buy-sell agreement may be thought of as a sort of “premarital agreement” or “business will” between business partners/shareholders. An insured buy-sell agreement (agreement funded with life insurance on the participating owner’s lives) is often recommended by business succession specialists and financial planners to ensure the buy-sell arrangement is well-funded and also to guarantee there will be money when the buy-sell event is triggered.
In the sale of a business, a buy-sell clause (or Shotgun clause) preserves continuity of ownership in the business and ensures that everyone is fairly treated, the buyer as well as the seller. It is a binding contract between business partners or shareholders about the future ownership of the business. A buy-sell agreement is made up of several legally binding clauses in a business partnership or operating agreement (or it can be a separate agreement that stands on its own) that can control the following business decisions:
Buy-sell agreement can be in the form of a cross-purchase plan or a repurchase (entity or stock-redemption) plan. For greater neutrality and effectiveness of the buy-sell arrangement, the service of a corporate trustee is recommended.