Most financial institutions still make it their goal to create a financial plan for their clients. This is a one-dimensional approach that falls short of the complex realities facing retirees. The goal of a financial advisor should be to clarify a client’s wants and to achieve them effectively.
Changes will occur in health, family dynamics, tax changes, etc. and written plans are actually obsolete from the moment they are created. Active decision making is important in these changing times. Rather than create a ‘financial plan’, an advisor should create a ‘decision making model’.
At Ottawa Asset Management, we invest time in helping our clients determine their goals and needs through a well-structured process. Together, we create a comprehensive retirement blueprint as a working model. With bi-annual reviews, we stress test the plan and make adjustments as needed to ensure that the plan stays on track.
Being prepared = a written retirement model that is stress tested and adjusted over time. Are you prepared?