Financial Planning Second Opinion

Is it time for a second opinion?

Ask yourself these questions:

INVESTMENTS:

  1. Are your investments well diversified with respect to company risk? industry risk? strategy risk?
  2. Are your next 5 years of living needs all guaranteed to be met with employment income, cash, pensions/annuities and gov’t guaranteed bonds?
  3. Do you have an Equity Target?
  4. Do you have an Investment Policy Statement?
  5. Are you paying for investing significantly less than 2% MER/fees, not paying a front load commission for funds, and don’t have any funds subject to DSC redemption fees.
  6. Are you getting the returns you need from your portfolio?  Are you doing substantially worse than the market given the percentage of equities you have?

 

RETIREMENT PLANNING:

  1. Are you on path to meeting your goals?

 

ESTATE PLANNING:

  1. Do you have a Representation Agreement & Enduring Power of Attorney in place?
  2. Do you have a proper Will that is tax effective and protects your children’s inheritance?

 

RISK MANAGEMENT:

  1. Do you have $5 Million of Third Party Liability insurance on your autos?
  2. Are you insured in the event you were to become sick, disabled, die early; i.e. will your family suffer financially?
  3. If you’re a professional, do you have professional liability insurance?

 

TAX PLANNING:

  1. Are you doing everything you should to reduce, defer, split income and shift income to lower tax years so that you have more money working to meet your goals?
  2. If you are a US Citizen or have US investments, have you done what is necessary to manage your exposure to US Estate Tax?

 

INHERITANCE PLANNING:

  1. If you expect an inheritance of more than $600,000, do you have an inheritance plan?

 

BUSINESS PLANNING:

  1. Do you have a business exit plan?
  2. Do you have a successor identified?
  3. Do you have a Shareholder’s Agreement or a Buy / Sell Agreement in place? If yes, is it funded?
  4. Are you managing income taxes on the eventual sale of your business interests? (eg. $750,000 Small Bus Capital Gains Exemption is multiplied, you’ve considered IPPs and RCAs, etc.)

 

The Next Step

If you answered “no” to one or more of the above, please call me, Steve Nyvik, for a free no obligation second opinion at (604) 288-2083 or by email: Steve@lycosasset.com

 

Written by Steve Nyvik, BBA, MBA ,CIM, CFP, R.F.P.
Financial Planner and Portfolio Manager, Lycos Asset Management Inc.

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