April 20, 2009, 5:00 am

How to start investing – A DIY Growth Investment Strategy Part 10 – Where To Get My Plan Done?

by: The Financial Blogger    Category: Investment, Market and Risk
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This is the final part of this series about building a great net worth, investing properly and receives the proper financial advices for the right type of professional.

The ultimate step in financial planning is to get your financial plan done. Many financial institutions focus more on getting your investment on board than actually working on the projection of your portfolio. However, you can find a good financial planner that will help you putting everything in place.

You could certainly try to workout something on an Excel spreadsheet but the risk of miscalculation or forgotten details is very high. This is why I suggest you meet with a financial planner that has financial planning software. This kind of software are designed, tested and approved by professionals. It should include tax calculation, pension plans, retirement saving plans, non registered investment, TFSA for Canadians and must be able to include several sources of income (work, rental property, business, etc.).

This will give you a precise perspective of your assets and how they grow in the future.

How much does it cost?

There are two options when you are looking to get a financial plan. The first option is to go see an independent (fee based) financial planner. He may charge more than $1,000 (depending on your financial situation this could be up to $10,000). However, you will get a full and “integrated” financial plan. He will cover all aspect of financial planning while giving you specific and personal advice on each side of your financial situation.

The good thing with a fee based financial planner is that he won’t try to sell any products as most of them live from making plans for their clients. So you will benefit from getting neutral and professional advices on your personal situation.

If you are not ready (or convinced) to get a complete financial plan; you may get one at your bank. Most banks hire financial planners for their wealthy clients and they have access to great financial planning softwares. The plan will more likely to be free. They actually do plans for clients in the hope of keeping a great business relationship with them.

On the other side, you may find a few advices in your plan that encourages you to transfer your assets to their financial institution. While you are not forced to do anything, you can’t blame them to try to get more assets under management ;-). If the advices towards your assets come along detailed information, the financial planner may actually be right that it is a better investment solution that you presently have!

I must add that independent financial advisor may also have access to financial planning tools depending on the company they are working with. If you are not sure about the quality of the financial plan you received, I suggest that you do it twice with two different advisors in order to be able to make comparables. It takes a lot of time but it will certainly be beneficial over the long run!


For the money you don’t use in the market you should consider looking at CD rates for the money you want to lock in. Take a look at an internet bank or credit union for some of the better available rates on CDs and savings for your cash.

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