Who Needs Our Services?
Do you feel like any of these statements apply to you?
- I don't feel like I understand financial matters.
- Wealth is something that other people have and that I can't get.
- I don't need a financial plan because I don't have enough money.
- I'm embarrassed to ask questions about finances because I don't know what I don't know.
- I have little or no idea about how to become wealthy.
- Financial discussions make my head explode!
If any of these apply to you then you are not alone! Believe it or not, most of your neighbours are in the same boat.
None of these statements have to be true. Fitzpatrick Financial Services can start at the beginning, explaining in plain language what a financial plan can do for you regardless of how much money you do or don't have. We can also explain how the plan works so that you can achieve your financial dreams without having your head explode.
There are two ways in which we provide these services: in group seminars and in personal consultation.
Group seminars provide a good overview of financial planning topics and are ideal for those who are unfamiliar with the subject or otherwise want more information before seeking a private consultation. From time to time we offer these seminars to the public for a nominal fee. We will also schedule seminars for private groups (businesses, churches, clubs, etc.) at their request. If you wish these seminars may be held in your facilities for the convenience of your members.
Personal consultations are private and more in-depth. They may be booked at a time and place of your convenience. Most people have busy schedules as well as the multiple responsibilities of family and career. For your convenience, appointments may be booked at your office or home during evenings or weekends.
Features and Benefits
- Yearly check-ins allow adjustments to the financial plan to ensure that all of your goals are being met and to realign investments if necessary.
- Investment advice will aid you in making informed choices of where you will be most comfortable in placing your money.
Planning and Investment Advice
The nice thing about financial planning is that you don't have to be an expert to start. We can help you to set your goals and create a plan so that you can achieve them. If you wish, as you become more knowledgeable you can take more and more control of your financial situation. Here is an outline of the financial planning process.
Tax Planning and Preparation
Tax evasion is bad and illegal. That's what happens when people have income that they "forget" to declare. It leads to penalties, interest and interviews with people who have no sense of humour.
Tax avoidance is good and legal. If you take advantage of every allowable deduction and arrange your finances so that you have less taxable income at the end of the year then you end up paying less tax. The problem is knowing what deductions you can use and how to arrange things. If tax preparation were simple then there wouldn't be so many jokes about it.
By using the latest software and keeping up with the latest tax regulations we can reduce your tax bill to the lowest amount possible.
Most people fill out their tax returns and mail them. If you are owed a refund then you have to wait for your return to arrive, be processed, a cheque to be printed and then mailed back to you. We can EFile your tax return so that any refund that you will get any refund as quickly as possible.
Financial planning is a 6-step process that was codified by the Financial Planners Standards Council in 1995. It allows the planner to make an honest assessment of the client's financial information and for the client to understand the planner's needs for information and how the process works.
The six steps are:
- Establish the ground rules. Discuss what services are being offered, how much they will cost, how long they will take to implement, the responsibilities of the planner and the responsibilities of the client. All of this is set out in a contract ("letter of engagement") signed by both the planner and the client. Both parties keep a copy.
- Gather the client information. This includes financial records (bills, credit cards and other debts, income statements, past tax returns, etc.) as well as determining your goals, dreams, needs and priorities.
- Clarification and analysis allows the planner to identify areas of concern in your current financial position as well as areas in which you are doing well. Some issues may need more information from you and some may have to be dealt with immediately.
- Developing and Presenting the Financial Plan is done using your values and attitudes to recommend types of products that fit with your goals. Information on various types of investments are given along with the reasons why the planner has chosen them. If you are not comfortable with a particular type of investment, further information will be given or an alternative will be presented.
- Implementation of the plan is a set of recommended actions (along with a timeline for the most critical ones) as well as what is necessary to accomplish them. For some actions you will need to choose the ones you wish to implement.
- Review is done on a yearly basis to determine if the plan is on track and providing the desired results. Changes may be made to your plan based on your new or modified needs and goals. Changes may also be made at any time due to lifestyle changes (marriage, birth, inheritance, etc.). Of course, you may contact your planner at any time to ask questions or to make new plans.