The Value of Financial Planning for Business Owners

As an incorporated business owner, I take great interest in the management of my financial affairs and tracking the growth of my business and personal worth over time. I am passionate about sharing my planning process and experience with other business owners and incorporated professionals. I learned from my accountant father that failing to plan was essentially planning to fail and so from a young age I learned to respect the value of a dollar earned. Thus, when I started Clear Path Financial Planners in 2013 it was with the purpose of showing the true value of financial planning for business owners, incorporated professionals and retirees.

A good financial plan keeps my clients focused and on track as their business grows, when new opportunities arise and when unexpected challenges occur. It includes an assessment of their current personal and corporate financial position, resources required, cashflows, debts and potential risks. Integrating the CFP? code of ethics and practices into my planning process, I help my clients gain clarity around their personal and corporate financial goals and not only create but implement their personalized plan to achieve their version of success.

Trying to make financial decisions without having clarity around one’s goals is like trying to find a location without an address. At the start of all client engagements, I work with them to identify their personal and professional goals, structuring their financial plan accordingly. Tax efficiency is a key element in my clients’ investment and risk management strategies. Holding less tax-efficient assets in registered accounts and using corporate class funds when beneficial are examples of strategies that maximize the amount of money my clients keep.

My planning process integrates all areas of one’s personal and corporate financial life, including tax, investment, estate and comprehensive planning as well as risk and cashflow management. The financial planning report generated from our discovery meeting is the foundation from which we make all decisions and is a living document that evolves along with my client’s needs and goals over time. Through semi-annual goal and tax update meetings, I ensure the accuracy of my client’s plan, keeping track of their current financial position while getting organized in all facets of their financial life.

This process empowers my clients to make informed decisions about capital and cash flow allocation and gives them a better understanding of the impact those decisions will have on their and their loved ones’ future. Without a clear financial plan, it is basically just hoping for the best.

Ultimately, my passion is to help my clients simplify their lives and make sound financial decisions that put them on a path to success. Our process allows them to focus on growing their business and making their well-earned transition to retirement while knowing they have a truly independent planner in their corner.

This article is a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. Investia Financial Services is a trademark and business name under which Investia Financial Services Inc. operates.