Demystifying Financial Planning for Business Owners
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To listen to this webinar, visit: http://www.welchllp.com/resource-centre/webinars/ When faced with achieving your financial goals, it can be overwhelming. Where do you begin? How will you deal with roadblocks along the way? As Part 1 of our Demystifying for Business Owners Series, our speakers will demystify financial planning by providing you some practical ways to get your plan started, stay on track, and take you and your business to the next level.
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Demystifying Financial Planning for Business Owners
- 1. welchllp.com
- 2. GROUND RULES Questions • Attendees are in listen-only mode • This webinar is being recorded for future on-demand playback • Your participation represents acknowledgement that we are recording • Tweet questions & comments to: #WelchDemystify Windows Mac Tablet
- 3. Ryan Dostie, CPA, CA, CFP Partner rdostie@welchllp.com @WelchLLP Pierre Bernier, CFP, FMA Financial Consultant – Scotia Wealth Management pierre.bernier@scotiaprivateclient.com www.scotiaprivateclientgroup.com PRESENTERS
- 4. WHAT WE’LL COVER TODAY • The Ultimate Myth • What is a Financial Plan? • Why do you Need a Financial Plan? • Components of a Financial Plan • Implementation & Revisions • Q & A
- 5. THE ULTIMATE MYTH I can retire comfortably with $1,000,000, right???
- 6. WHAT IS A FINANCIAL PLAN? According to Wikipedia: In general usage, a financial plan is a comprehensive evaluation of an individual's current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans.
- 7. WHY DO YOU NEED A FINANCIAL PLAN? • Knowing Where You Stand • Determining if Your Retirement Plans are Realistic • Minimizing Investment Risk • Minimizing Taxation – Current and Into Retirement • Ensuring Succession • Protecting of Assets and Legacy
- 8. COMPONENTS OF A FINANCIAL PLAN • Cash Flow & Income Sources • Investments • Taxation • Planning for retirement • Education • Emergencies
- 9. COMPONENTS OF A FINANCIAL PLAN • Major purchases • Estate planning • Insurance needs • Business succession • Philanthropy
- 10. IMPLEMENTATION & REVISIONS • Quantitative • Qualitative • Assumptions • Team of Experts • Revisions
- 11. CONCLUSION
- 12. Q&A Ryan Dostie, CPA, CA, CFP Partner rdostie@welchllp.com @WelchLLP Pierre Bernier, CFP, FMA Financial Consultant – Scotia Wealth Management pierre.bernier@scotiaprivateclient.com www.scotiaprivateclientgroup.com
- 13. Demystifying for Business Owners - Part 2: Demystifying Protection Planning Thursday, Jan. 14th, 2PM Look for the registration link at: www.welchllp.com or in our follow-up email! THE SERIES CONTINUES…
Editor's Notes
- Moderator: Ryan Dostie, CPA, CA, CFP, Partner at Welch LLP has over 20 years of experience in public accounting. He leads the Retail & Service Industry Group. In addition, Ryan serves a number of other industries including: construction, automotive, independent contractors, NPO's, and high-tech. Ryan has been with Welch LLP since 1995, after graduating from the University of Ottawa with a Bachelor of Commerce. He obtained his Chartered Accountant designation in 1996 and his Certified Financial Planner designation in 2002. In February 2011, Ryan earned the title of Partner with the firm. Pierre Bernier, CFP, FMA, Financial Consultant at Scotia Wealth Management - has worked in the financial services industry since 1991. He holds the Certified Financial Planner, the Personal Financial Planner, and the Financial Management Advisor designations. Pierre has also completed the Canadian Securities Course, the Wealth Management Techniques Course and the Conduct and Practices Handbook Course, all through the Canadian Securities Institute. ________________________________________________________________ I realize this is the 1st part of many webinar series to help demystify various financial concepts. So why did you feel this was very important? RD: The concept will help business owners better understand various aspects of their financial situation & how proper planning can lead to business success. PB: So the concept was born when Ryan and I realized this social media platform is a gateway to help the business owner. We know that time is scarce to those running a business and we feel that these short webinars, getting to the point quickly, will provide timely and invaluable advice to help them succeed.
- RD: Read off what we will cover today. Moderator: I realize today’s Webinar is on demystifying financial planning. So why did you choose that topic? Move to next slide
- MYRA: please make sure only the TITLE shows up 1st, then followed by the body of the slide later. RD: Pierre, I think you are in the same situation as me where we get approached on many occasions as financial experts (or as a relative with financial knowledge) to either confirm or bust the Ultimate Myth surrounding financial planning Moderator to bring in the body (question) on screen. RD reads the question: Pierre, didn’t you tell me you were approached last week with this question? Pierre response: Yeah, actually my sister asked me last week this very same question. I explained to her that it’s not as easy as punching in a few numbers into the calculator. RD: Sounds like she needs a Financial Plan Moderator: So guys, what is a financial plan? Move to next slide….
- RD to read the body of this slide Pierre to comment on what our understanding of a financial plan is.
- Pierre to cover #1: Knowing where you stand (Peace of Mind) Pierre to cover #2 realistic plans RD to comment on living in Tahiti is not realistic? Pierre to cover #3 Investment risk RD to cover #4 (tax), #5 (Ensuring Successtion – business part Pierre to add: Welch does a great job with helping business owners succeed from their business…(exit strategy from life) Pierre to cover #6 (Protecting legacy),
- Pierre does #1 & #2 RD does #3 Tax, #4 Estate Planning, and #5 Business Succession Pierre to do #6 Philanthropy
- Pierre does #1 & #2 RD does #3 Tax, #4 Estate Planning, and #5 Business Succession Pierre to do #6 Philanthropy
- What are the common mistakes people make when it comes to financial planning? How often should I revise my financial plan? How do we build in contingencies to the plan? I’m planning to sell my business within the next 5 years. How do I determine the value of my business and get it ready for sale? I am having doubts with my current financial advisor and the recent investment choices haven’t panned out for me. What do you suggest?
- Darryl