The term financial planning is often heard in regard to wealth management and financial services, but what does it actually mean?
For the wealth management team at First Credit Union, financial planning is a process that begins with understanding what motivates clients, their personal goals and values, and their current financial situation. It is not just about investing; investing is only a vehicle used to achieve financial goals.
Financial planning is a long-term method of identifying a client’s goals and dreams and aligning them with managing their finances, while at the same time navigating the financial hurdles that occur in every stage of life.
First Credit Union uses a team approach along with the Financial Blueprint to help members understand where they are today and to build a plan that will get them to where they want to be tomorrow.
“Having a strong financial foundation is the basis for ensuring short and long-term goals can be met,” says Scott Kovacs, CFP®, a senior wealth management specialist. “We start by listening to our members to understand their personal goals, and then we work with them to meet their objectives. We have a team of very experienced and qualified staff who work together to help members build the best plan for their situation.”
How do clients know the person they have engaged to be their planner has the appropriate knowledge, skills and abilities to earn their trust?
“Finding the right financial planning professional is an important decision that could affect all aspects of your financial well-being,” says Kirsty Reid, CFP®, VP of wealth management and retail branch operations. “It can also be the start of a long-term relationship that requires open communication, trust, and the ability to work together, so finding the right professionals is vital.”
The CERTIFIED FINANCIAL PLANNER® designation represents the standard in financial planning, with strict education, experience, competency and ethics requirements. A CFP professional is also required to maintain ongoing continuing education credits to further their knowledge and stay abreast of changes that may impact clients.
“Not only does a CERTIFIED FINANCIAL PLANNER® professional meet internationally recognized standards of knowledge, skills and abilities, they are also obligated to follow a code of ethics that prescribes their professional duty to put their clients’ interests first,” says Gilles Patenaude, CFP®, wealth management specialist. “We have four CERTIFIED FINANCIAL PLANNER® professionals on our team, as well as experienced licensed life insurance agents, which is something we are very proud of.”
Kirsty says the First Credit Union team takes a holistic approach to helping its members.
“By understanding their full financial picture, their vision for their future and lifestyle, and in some situations, managing expectations with reality, we work with specialists on our team to provide them with advice and support unique to their situation,” she adds.
In a time when debt levels are reaching record highs, savings rates are reaching record lows, and options seem to be endless, clients being comfortable with their financial picture, staying informed about choices, and having answers to questions about their future can help improve their overall well-being.
Clients are encouraged to come in and speak with a team member about questions they might be uncertain about: Should I continue to invest in my RRSP or in my TFSA? How can I reduce my taxes in retirement? Will I outlive my money?
A talk may be overdue.
To make an appointment, call First Credit Union at 604.485.6206. More information is available at firstcu.ca.
Mutual funds and securities related financial planning services are offered through Qtrade Asset Management Inc., Member MFDA.
