Your Net Worth Summary combines and classifies the financial assets you hold today. Many people have never been able to get a clear picture of their current status, and it’s essential to know your starting point so you can plan effectively for the future.

Net Worth Summary: This example page from an Advice+ Plan report shows the summary of the customer’s net worth, broken down by Assets and Liabilities, with various categories of each itemized.

Retirement Goal Coverage ensures you have enough money saved to cover your retirement. After discussing your personal ambitions for your retirement, your advisor will calculate how far you are from achieving your goals. The plan your advisor will create with you aims to close that gap so you can feel confident and excited about your retirement.

Retirement goal coverage: This example page from an Advice+ Plan shows how far the customer currently is from hitting their personal retirement goals. As well as a graphic which places their current progress and proposed Scotia Plan against markers called ‘Getting Started’, ‘On Your Way’, and ‘On Track’, it breaks down in a table the assumptions built into both the customer’s current and proposed plan that lead to these assessments.

In Retirement Asset Allocation comparisons, your advisor examines where your money sits and looks for potential unused funds to re-allocate so that we can help achieve your financial goals. These suggestions form the basis of an Asset Allocation Comparison, which can show the path to help you reach your goals faster. Other goals, such as saving for education, are also covered.

Retirement Asset Allocation comparisons: This example page from an Advice+ Plan shows how the customer’s current asset allocation (composed in this instance of Cash, Fixed Income and Equity) might be improved by the Scotia Advisor into a different and more profitable allocation. In this instance, the Advisor’s recommendation takes the customer’s allocation held as cash, and spreads it across both Fixed Income and Equity.

Financial Planning

Planning your financial future can feel overwhelming for some, but you don’t have to do it alone. A Scotia advisor can work with you to get on top of all your finances and help you come up with a personalized plan made specifically for you.

In this guide to financial planning, we’ll shed some light on the process of working with a financial advisor and provide you with the essentials you need to feel more confident asking questions and making informed decisions.

Let’s take it one step at a time.

When it comes to your finances, planning makes perfect. 

Book an appointment with a financial advisor to get started.

Book an appointment

Here are 5 key benefits to having a financial plan:

Helps you set goals and plan for your future

Whatever you want to achieve in life, a financial plan helps bring focus to your overall strategies to help you achieve them. These goals can be long-term, like retirement planning, or shorter term, like saving to buy a house.

Identifies opportunities

Whether it’s growing your savings, cutting the interest you have to pay, or reducing debt, a financial plan can help you get better financial outcomes.

Plans for the unexpected

By analyzing your current financial position, we can help create a safety net for you and your family and plan for unexpected events in your life.

Helps you navigate the world of finance with confidence

Working with a financial advisor will help you know your RRSP from your TFSA, and your PAC from your HISA. We’ll talk you through the often-confusing world of finance so you feel confident in the choices you make. And we’ll stick with you over the years so you always have a financial expert on your team through all life’s twists and turns.

Provides peace of mind

A financial plan doesn’t give you only financial benefits. A major study of Canadians found that those of us who have a comprehensive financial plan have significantly higher levels of emotional wellbeing than those who just try to navigate one day at a time.**

Your Guide to Financial Planning

Ready to get started?

Now that you know the basics, you’re all set to meet with a Scotia advisor.

For your personalized financial plan, find an advisor and book a meeting at a branch near you.

Ask Kristin, Designated Financial Planner

What’s the biggest misconception about financial planning?

Kristin: I’d say the number-one misconception is that people think they need substantial wealth to build a financial plan. That’s simply not the case. You start a plan in order to begin building wealth.

How long does an initial meeting usually last?

Kristin: The initial discovery meeting lasts about an hour. Prior to the meeting, customers will receive a checklist so they’ll know which documents they should bring. The advisor will draft an initial plan based on the information submitted. During the meeting, the advisor will ask questions to understand the customer and their unique goals and needs. Then we’d have a shorter follow-up meeting to present the plan and discuss various options to help you achieve those goals.

When should people begin to think about creating a financial plan?

Kristin: The minute that you’re working and filing your taxes, it’s time to start a financial plan. While an initial plan for someone starting out in life might not be that extensive, it’s crucial to start the process early on. It’s all about financial education, so that people can begin to make better financial choices.

What are some of the top reasons people put off financial planning?

Kristin: I think a lot of it is fear. People procrastinate because it’s not always easy to examine their finances, especially if there are issues. As a financial planner, my job is to make people comfortable and put their mind at ease by building a plan to help them best meet their goals.

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** Financial Planning Standards Council, The Value of Financial Planning, 2012