Congratulations on Taking Control Of Your Finances!
If you are reading this, you have likely requested a consultation and are taking the first steps toward taking control of your personal finances. If not, you can request a fee-only financial planning consultation.
Novel Financial’s Fee-Only Financial Planning Process begins with a free, no-obligation, 30-minute consultation to determine what you are hoping to achieve through working together.
Our Promise To You
Novel is committed to only working with clients where it makes sense for both parties. What this means is that if Novel doesn’t think that you will be better off following the receipt of your Novel plan, then we will advise you of that before we start to work together. We are committed to only working with clients that we can truly help. We are confident that our approach and process can help almost everyone. However, in the rare case where it wouldn’t make financial sense for you, we are committed to pointing you down the right path in a manner that would be beneficial to you.
Next, we will break down some key areas and pieces of information that will make our meeting beneficial.
Goals & Objectives
To make sure that this is a productive meeting, first and foremost, you should understand your goals and objectives. This should include goals and objectives not just for your financial plan, but for your life in general. Your finances serve as a key building block to your life in general and should serve to the broader end.
Below is a list of sample goals and objectives. This is not intended to be a fulsome list, but rather some examples that may be included in a typical fee-only financial planning engagement.
Sample Goals & Objectives
- Understand where I am spending my money
- Pay Down Debt
- Save more money
- Understand my risk tolerance
- Understand my investment expenses
- Increase investment returns
- Second Opinion on Investments/Investment review
- Make my investments more tax efficient
- DIY investment support
- Save for children’s education
- Save for person/family member with a disability
- Save for retirement
- Life Events
- Save for / purchase a home
- Save for / purchase a vacation home
- Save for / purchase a rental property
- Healthcare Planning
- Elder care planning
- Disability insurance review
- Critical illness insurance review
- Accidental Death & Dismemberment insurance review
- Do I need to save for my child’s braces and wisdom teeth surgery?
- Determine what age I can retire
- Is my retirement dream feasible?
- Plan for my retirement decumulation/income drawdown
- Assistance to understand my pension
- Tax Planning
- Should I incorporate my business?
- How much should I contribute to my RRSPs this year?
- Tax saving strategies
- Am I eligible for the Home Buyer’s Plan?
- Should I deduct the home-related costs of my home-based business?
- Life insurance review for tax planning
- Life insurance review for adequacy in the event of death
- Property Insurance review
- Auto insurance review
- Health and Dental insurance/benefit review
- Estate Planning
- Develop an estate plan
- Review my existing estate plan
The best way to kick off the fee-only financial planning process is to come prepared with key financial information. Certain key documents or a prepared summary of the information will go a long way in determining the benefit that Novel can provide for you. Our commitment to only work with clients that we can help starts here. We recommend that you bring the most recent version of the below documents to the consultation
- Completed Personal Information Questionnaire
- Completed Personal Finance Check-Up (One version per spouse)
- Tax Return & Notice of Assessment
- Investment Account Statements (which show which investments you currently hold)
- Most recent pay stub
Although not required – it is highly recommended that you sign up for CRA My Account. The e-service offered by the CRA gives you access to all pertinent tax information at your fingertips, such as RRSP/TFSA contribution limits, Home Buyer’s Plan balances, Notices of assessment, etc. This can greatly simplify getting access to much of the pertinent tax information that is critical to the Fee-Only Financial Planning Process.
Novel is based out of downtown Toronto, Ontario. However, we are interested in working with clients from all locations. In order to facilitate this, we offer multiple consultation methods.
- Novel comes to you.
- We are willing to meet with you at your location of choice in the GTA.
- Virtual meetings.
- Any number of technologies are at our disposal:
- Google Hangouts
- Something else that works for you!
- Any number of technologies are at our disposal:
Novel looks forward to meeting with you to determine how we might be able to help you. And we promise, if we aren’t the right people to help you, we will point you in the right direction. We are excited about the opportunity to have you experience The Fee-Only Financial Planning Advantage!