When it comes to creating a personal roadmap for the first time or updating an existing one, I ask my clients to consider the 5 ‘Ps’ of financial planning:
- -> Purpose – What is the ‘big why’ behind your financial goals? Are you focused on day-to-day income, reducing the need for work in the future, or leaving a legacy behind? If you’re not sure, this is something an IA can help you to figure out.
- -> People – Who is in your circle of trust? Having trusted family members and friends with financial experience can be helpful, especially if your goals are aligned with each other’s. A financial advisor adds an experienced, unbiased voice with your best interests at heart.
- -> Plan – Can your strategy weather volatility? You will need confidence in your plan if you’re to follow through on it, and having a knowledgeable advisor on your side can help with futureproofing your plan and keeping it up to date when the markets change.
- -> Perspective – What are your decisions based on? Decisions made from fear may keep you safe but prevent growth or push you into taking unnecessary risks. An investment advisor can help to maintain a balanced perspective and weather temporary downturns without sacrificing your investment strategy.
- -> Positive Action – Are your actions aligned with your plan? Each action you take now should help progress towards your long-term milestones and goals. An investment advisor can help to make the right choices and take smart risks at the right time, allowing you to maintain your momentum overall.
Asking these questions allows you to build a long-term roadmap and move closer to your financial goals, even when faced with momentary downturns. A long-term strategy requires a long-term commitment, so it’s important to find the right IA to suit your personal goals.
Maili Wong, CFA, CFP, FEA
Senior Portfolio Manager & Senior Wealth Advisor
Wellington-Altus Private Wealth Inc.
Wellington-Altus Financial Inc.
Maili Wong is a senior portfolio manager and senior wealth advisor at The Wong Group at Wellington-Altus Private Wealth, and the Amazon best-author of ‘Smart Risk’. She has over two decades of experience in the finance industry and was named a Top Wealth Advisor and one of the Best in Province in the 2022 rankings produced by The Globe and Mail and SHOOK Research.