On Financial Planning
I do not believe that everyone needs a financial plan—at least, not in the traditional sense and not at every stage of their financial journey. After almost two decades in wealth management, we have found that the most effective planning often comes down to a few simple principles: save consistently, spend wisely, and make decisions that align with your values and goals.
Often, financial planning is a veiled sales pitch. Clients regularly receive a glossy forty-page document with a basic retirement projection tucked inside. These documents usually end up in a drawer, forgotten.
In our practice, financial planning is not a sales tool. It is a natural part of the relationship we build with our clients through time. For us, the best planning outcomes are the result of meaningful, relevant conversations – often sparked by real-life questions:
- Can I afford to buy a new home or vacation property?
- What's the best way to support my children or grandchildren, financially?
- How do I structure my estate, or transition my business to the next generation?
- What is the most tax-efficient way to save for my retirement?
- Can we explore charitable giving strategies?
We have found that clients rarely need answers to all these questions at the same time. More often, one or two of them require our immediate attention, while others become more important later in one's life. This is why we believe the best planning happens in bite-sized pieces – when the timing is right, and the impact is meaningful.
Lou and I both bring investment expertise and financial insight to the table. But we know our limits. Often our clients require more specialized tax and legal advice. That is why we regularly work with a team of TD specialists who can provide a more thorough analysis and, frankly, better answers than we could for our clients most pressing questions. Throughout one’s relationship with our team, clients can expect to meet with two or three other professional advisors, each being tapped in for their specific expertise.
The planning conversations we have with our clients better inform us.
For us, financial planning is not a one-off exercise, but rather ongoing conversations about you, your family, your priorities, and your money. It is built into our process and our commitment to your long-term success.
If this sounds like the type of relationship you are looking for, we would love to connect. Please feel free to contact us.
The information contained herein has been provided by Fry Ormerod Wealth Advisory Group and is for information purposes[SI1] only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance. Certain statements in this document may contain forward-looking statements (“FLS”) that are predictive in nature and may include words such as “expects”, “anticipates”, “intends”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof. FLS are based on current expectations and projections about future general economic, political and relevant market factors, such as interest and foreign exchange rates, equity and capital markets, the general business environment, assuming no changes to tax or other laws or government regulation or catastrophic events. Expectations and projections about future events are inherently subject to risks and uncertainties, which may be unforeseeable. Such expectations and projections may be incorrect in the future. FLS are not guarantees of future performance. Actual events could differ materially from those expressed or implied in any FLS. A number of important factors including those factors set out above can contribute to these digressions. You should avoid placing any reliance on FLS. Fry Ormerod Wealth Advisory Group is part of TD Wealth Private Investment Advice, a division of TD Waterhouse Canada Inc. which is a subsidiary of The Toronto-Dominion Bank.
