{"id":2660,"date":"2026-02-02T14:07:32","date_gmt":"2026-02-02T14:07:32","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/lakeview-wealth-management\/?p=2660"},"modified":"2026-02-13T14:09:21","modified_gmt":"2026-02-13T14:09:21","slug":"why-planning","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/lakeview-wealth-management\/2026\/02\/02\/why-planning\/","title":{"rendered":"Why Planning?"},"content":{"rendered":"

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At the Advanced Wealth Planning Group at Wellington-Altus, we\u2019re strong advocates for financial planning. And while most Canadians share that view, we recognize that not everyone sees things the same way. This article aims to share our perspective on financial planning, particularly with those who may not yet see its full value.<\/p>\n

We\u2019ll start by addressing some of the common objections or misconceptions people often have about financial planning. We\u2019ll then clarify what we mean by financial planning, and finally, explain why we believe planning is important for everybody.<\/p>\n

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Common Objections and Misconceptions<\/h3>\n

If a retirement plan is the first thing that comes to mind when you hear the words financial planning, you\u2019re not alone, and for good reason. For most Canadians, retirement is genuinely their top concern, and the financial services industry has conditioned us to think that financial planning is synonymous with retirement planning. It\u2019s not uncommon to hear the following objections<\/p>\n

\u201cI Don\u2019t Need a Plan Because\u2026\u201d<\/strong><\/p>\n

\u2022 \u201cI\u2019m already retired\u201d
\n\u2022 \u201cRetirement is decades away\u201d
\n\u2022 \u201cI have a defined benefit pension and great benefits\u201d
\n\u2022 \u201cFinancial planning is only for the wealthy\u201d
\n\u2022 \u201cOur family has enough money to never have to work; we don\u2019t need a plan\u201d<\/p>\n

While these objections may come from people in different \u2013 if not totally opposite \u2013 circumstances, they are different chapters out of the same book and stem from the same misconception: that planning only means retirement planning.<\/p>\n

What Financial Planning Really Means<\/h3>\n

We do not deny that retirement is the paramount goal of most financial plans, but it is only one piece of the overall financial picture. In reality, everybody can benefit from planning, even if retirement is not a top priority. A financial plan encompasses so much more, and what that entails can vary greatly depending on personal circumstances, life events, and life stage.<\/p>\n

Personal Circumstances<\/strong><\/p>\n

Planning priorities can vary depending on one\u2019s occupation, net worth, and individual circumstances. There is really no such thing as a \u201cregular family\u201d, and therefore each plan is unique. For instance, a business owner would have different concerns than a public sector employee with stable income and a defined benefit pension plan. Additionally, certain situations may require special planning considerations, such as owning rental properties or cottages, operating a business, having a blended family, or supporting family members who are non-residents or who have disabilities or special needs.<\/p>\n

\u201cThere is really no such thing as a \u201cregular family\u201d, and therefore each plan is unique\u201d<\/p>\n

Life Events<\/strong><\/p>\n

The only constant in life is change. Events such as marriage, divorce, birth, death, disability, career changes, business sales, or relocations often trigger a financial planning update. However, true planning is a continuous process with periodic updates. Life events are things that would prompt a \u201crecalibration\u201d of the plan in light of new information.<\/p>\n

Lifecycle<\/strong><\/p>\n

Even in the absence of major life events, priorities change with the mere passage of time. For a young family, planning may focus more on financial management, education savings, and insurance protection. Twenty years later, that same family\u2019s priorities could shift toward retirement income planning and helping children with their first home purchase. Another decade on, the focus might turn to tax efficiency, estate planning, and supporting grandchildren.<\/p>\n

\u201cAt its core, financial planning is really life planning; money just happens to be the tool\u201d<\/p>\n

It\u2019s Not Just About Money<\/h3>\n

Although financial planning is performed by professionals in the financial industry and the term
\n\u201cfinancial planning\u201d may suggest it\u2019s all about money, it really is not. Some aspects, like updating Wills and powers of attorney, have little to do with money itself.<\/p>\n

Even where money is involved, it\u2019s not the end goal per se; rather, it\u2019s the means. Money is a store of value, a tool that helps us achieve what actually matters: security, education, freedom, experiences, and legacy. Planning helps align financial resources with the underlying objectives they serve.<\/p>\n

For example, if your goal is to fund your children\u2019s education, money, and planning vehicles like RESPs, are simply the tools that make it possible. If your goal is family harmony after a business succession, a comprehensive succession plan is what helps you achieve it, and the solution may include tools such as Wills, a Trust, a Unanimous Shareholders\u2019 Agreement, and key person insurance. At its core, financial planning is really life planning; money just happens to be the tool.<\/p>\n

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What Planning is and What It Isn\u2019t<\/h3>\n
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  1. Financial Planning and having a financial plan are not the same thing.<\/strong>\u00a0A written financial plan is often the product of the planning process. It is a written document that solidifies and helps clarify objectives, constraints, and next steps. A plan with no execution is not beneficial. Planning is the continuous and dynamic process of updates and follow through, while the plan is simply a reflection of the strategy at a specific point in time.<\/li>\n
  2. Planning isn\u2019t a one-time event, it\u2019s continuous.<\/strong>\u00a0Life changes, and so do your goals. That\u2019s why planning is iterative and evolves with your circumstances.<\/li>\n
  3. Having specific goals is not a prerequisite.\u00a0<\/strong>Planning often starts before you\u2019ve figured everything out. It can include financial management, tax-efficiency, protecting against risk, and setting the foundation for future goals.<\/li>\n<\/ol>\n
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    The Value of Planning<\/h3>\n
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    We\u2019re Already Planners<\/h4>\n

    The truth is, we already plan most aspects of our lives, just not the major ones.<\/p>\n