Scotia Wealth Management Senior Wealth Advisor, Dave Lee, says many of his clients took the opportunity to tackle their finances during this year’s downtime.

Scotia Wealth Management Senior Wealth Advisor, Dave Lee, says many of his clients took the opportunity to tackle their finances during this year’s downtime.

A good financial plan is about more than just numbers

Would you rather buy a boat or retire early? A Total Wealth Plan will help you understand options

When you meet with a financial planner they’ll often ask you to pull together some data: bank account balances, pay stubs, RRSP contributions, a mortgage statement and other paperwork. When you meet with a Senior Wealth Advisor like Dave Lee, those numbers are just the beginning.

“Clients are often surprised that our process encompasses life priorities well beyond these basic numbers,” Dave says. “They realize there are things that matter a lot to them which haven’t been given much attention within their financial picture.”

Decisions with no dollar value, but big money implications

“You may not know the specifics when it comes to how long your parents will stay healthy or what you’ll be doing with your time in ten years, but the more information we gather the better sense we’ll have of what’s possible,” Dave says.

  • Family and relationships: Are you wanting to pay the university tuition for your children or grandchildren or put money away before a newborn arrives? Dave can help define what’s possible, and whether your current budget makes sense. Think about your parents too — a Total Wealth Plan can let you know if you have the flexibility to pay for in-home support or reduce your work hours to spend more time with them. Do you want to leave an estate for your offspring? Are there any tricky family dynamics that should be outlined ahead of time?
  • Health: If health is a priority, Dave and his team of specialists can set up safeguards to reduce stress. Are you worried about your family’s future healthcare expenses? If your salary is the family’s primary income, you may also want to protect against an unexpected disability.
  • Career: Every financial planner will ask about your current income, but Dave will also help you consider what’s coming in the next five or ten years. Are you thinking of switching careers, starting a business, or transferring ownership to a business partner? Maybe you’re hoping to invest in your business to help it grow — a Total Wealth Plan will help you visualize your dreams.
  • Community: You may want to contribute more to charity, but don’t know where to start. Dave can discuss options that build your philanthropic legacy, and also reduce taxes.
  • Lifestyle: Dave can bring clarity to your monthly expenses, and let you know if there’s enough wealth for you to explore new interests without worrying about finances. Do you hope to travel more, buy a home or cottage? Planning now helps dreams become a reality.

“We help clients understand the trade-offs in the short, medium and long term — if the difference between retiring at age 60 versus 62 turns out to be $1,000 a month of additional retirement spending, this knowledge can empower you to make decisions based on your own priorities.”

Call 604.535.4743 to book an appointment with Dave Lee in White Rock, or email to discuss investments, life insurance, retirement planning, estate planning, generating income and minimizing your taxes. Follow him on Facebook, Twitter and LinkedIn for more financial insights.

ScotiaMcLeod, a division of Scotia Capital Inc.

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