"If you don’t
know where you’re going, you’ll probably
wind up somewhere else"
David Campbell, Ph.D
And that in a nutshell is what financial planning is all
about. First it helps you determine where you’re going
- what you want for your financial future. Then it helps you
make it happen.
planning is a dynamic ongoing process that takes into account
the “whole you”. Your financial life – your
income, assets, liabilities, etc. – and your personal
life – your values, dreams, wants, needs, time horizons,
etc. And perhaps most important, your financial plan must
reflect your attitude toward risk and reward.
The result is a custom-tailored strategy that will help you
achieve your financial goals. A personal plan that will show
you how to optimize your financial decisions to make the most
of your wealth – now and in the future.
Financial planning can help you . . .
Minimize the taxes you pay
Maximize your investment returns
Make your retirement years more comfortable and secure
Handle your day-to-day finances faster and easier
Increase your savings and optimize the growth of your
Improve your cash flow for a better balance between income
Accumulate funds for special goals, like higher education
Look after your dependents in case of death or disability
Estimate your insurance needs
Have more confidence in your financial decisions
Transfer the assets of your estate to your heirs in the
most effective way
These are just some of the benefits of financial planning
– benefits that everyone can enjoy. But although everyone
can benefit from financial planning, not everyone needs
professional financial planner*.
This is a key decision you have to make. Should you do your
own financial planning or should you use a professional financial
planner. This section will help you decide. And you can start
by answering these few questions:
Are you the fiercely independent type?
Do you dislike asking for assistance?
Do you prefer to work things out on your own?
Do you have a hard time taking advice?
Do you feel confident about your financial and investment
Do you enjoy doing financial research?
Do you enjoy crunching numbers in financial simulations?
Can you devote the time it takes to look after your financial
If this sounds like you, you probably don’t need a
financial planner. If you’re willing to spend the time
and effort, chances are you’ll be fine doing your own
But if this does not sound like you, and you have a minimum
of $100,000 in investable assets, you may find a financial
planner can be of great assistance.
If you’d like to discuss this question with an RBC
Investments financial planning professional, click
here to find the RBC financial planning professional closest
Or if you prefer, you can explore the question further
the topics below:
*A financial planner has two roles within RBC Financial
Group - one as a financial planner with Royal Mutual Funds Inc., and
one as an account manager at Royal Bank or Royal Trust. Having this dual
role allows your financial planner to help you with all your personal
and investment banking needs, including mutual funds, portfolio solutions
and GICs, chequing and savings accounts, loans and mortgages, Visa Cards
and personal lines of credit.
Important information about our financial planning services can be found at the bottom of our