Thank you for taking the time to complete our questionnaire.
My personal and professional finances are complex, and I don’t have the time and/or interest to manage and keep track of everything.
You indicated that your finances are complex. As wealth grows, so does complexity. Managing finances likely takes valuable time away from doing things you truly enjoy doing.
We help you outsource some of these financial burdens. We organize your finances to ensure opportunities are realized and nothing is falling through the cracks
We help you outsource some of these financial burdens. We organize your finances to ensure opportunities are realized and nothing is falling through the cracks
If your finances are not complex or you have the time and interest, a good practice is to create a detailed net worth statement so you can track progress over time. It will also be a roadmap for your executor or power of attorney should the need arise.
I have a number of professional advisors, and I want someone I trust to coordinate their efforts and look out for my best interests.
Working with multiple advisors is quite common as different professionals are often needed to support financial, cash flow and investment needs. What’s important is that these professionals work together to provide the best advice and services for you and your family. Unfortunately, you may be the one tasked to make this happen.
We work in concert with our clients’ existing family advisors, acting as the “Family CFO” to provide integrated strategies and solutions and to optimize and simplify complex matters. We pull all the elements together to achieve maximum impact and value for you and your family.
We work in concert with our clients’ existing family advisors, acting as the “Family CFO” to provide integrated strategies and solutions and to optimize and simplify complex matters. We pull all the elements together to achieve maximum impact and value for you and your family.
You are fortunate to have trusted professionals who look after your best interests. Keep them informed of any major changes in your life so that all planning and investment decisions are coordinated.
I understand the level of long-term spending that my net worth can support and I am confident that I have enough capital to sustain my spending and legacy goals.
You understand your long-term spending and net worth and know it can sustain your legacy goals. Consider reviewing your spending and net worth on an annual basis or after major spending or changes to your income to identify ay planning opportunities that arise.
An important part of financial planning is to understand how much capital you need to support your lifestyle for the rest of your life. Do you see your assets growing or is your spending drawing down your capital too quickly? A comprehensive synopsis of your family’s financial situation that identifies issues and opportunities is a good starting point. We begin every client engagement with a detailed financial plan that looks at spending needs, current assets, estate considerations, and managing risk.
Together we can help you identify and prioritize resources and opportunities, and set achievable goals based on your values. Then we’ll be with you to implement each step of the plan. We revisit the plan every time a major change occurs in your life, to identify any further planning opportunities that arise and review how to mitigate any new risks.
Together we can help you identify and prioritize resources and opportunities, and set achievable goals based on your values. Then we’ll be with you to implement each step of the plan. We revisit the plan every time a major change occurs in your life, to identify any further planning opportunities that arise and review how to mitigate any new risks.
I have a strategic long-term approach to wealth management and investment allocation that I can be confident in regardless of market conditions
Congratulations for taking a long-term approach to wealth management regardless of market conditions.
To make sound investment decisions, it’s important to have a clear understanding of your financial goals and a road map for how to achieve them. By creating and documenting a strategic, long-term investment plan, you simplify investment decision-making and make it easier to navigate changing economic environments and market conditions.
I have confidence that the entirety of my investment portfolio is being reviewed regularly and that my investments and related planning are adjusted as my needs and goals evolve.
Continue with regular reviews of your investment portfolio and adjust whenever there is a change in your personal circumstances so that you can make important decisions on a timely basis.
Regular reviews are an important tool to make sure that your overall investment portfolio remains well-aligned with your financial goals and that each part of your portfolio continues to make sense as part of your investment strategy.
These reviews also offer an opportunity to reflect on whether any changes in your life or financial situation warrant an adjustment to your investment strategy. A disciplined program of regular reviews helps to ensure that appropriate changes are made proactively and in a timely manner.
These reviews also offer an opportunity to reflect on whether any changes in your life or financial situation warrant an adjustment to your investment strategy. A disciplined program of regular reviews helps to ensure that appropriate changes are made proactively and in a timely manner.
I receive an easy-to-understand summary of all of my investments across all of my advisors so that I can review individual manager and portfolio-level performance, cash flows, and gains/losses regularly.
Having a consolidated report of all of your investments is key to making investment decisions that are right for you. Review your report regularly to stay informed.
With so many investment options available, you may find yourself with multiple accounts at different banks or investment companies. Even with online access to your accounts, it can be time consuming and confusing to understand how your overall portfolio is doing.
We bring all of this information together and provide detailed, consolidated reporting on a regular basis so you can see how your overall portfolio and individual investment managers are performing in absolute terms and relative to benchmarks.
We bring all of this information together and provide detailed, consolidated reporting on a regular basis so you can see how your overall portfolio and individual investment managers are performing in absolute terms and relative to benchmarks.
I would like to have regularly scheduled update meetings to review my financial situation and progress to my goals.
Your goals and priorities will likely evolve over time. When these shifts are significant, it’s important to reassess your financial situation and consider what impact there may be on your financial future. Perhaps you need to reassess the risk in your portfolio or adjust your spending? Regular check-ins and meetings allow us to discuss what’s important to you and ensure we are focused on it.
Your goals and priorities will likely evolve over time. When these shifts are significant, it’s important to reassess your financial situation and review what impact there will be on your financial future.
I am confident that I am building an empowering money culture within our family and for future generations.
Even within a family, where children are raised with the same values, money culture may vary significantly. Congratulations on building an empowering money culture within your family.
Even within a family, where children are raised with the same values, money culture may vary significantly. Having frequent family meetings where you discuss money, values and hopes and dreams is a good way to establish a strong family culture aligned with your values as it relates to money, and life. If you find you are not having productive meetings because of family personalities or lack of time and commitment are a concern, you may benefit from adding a skilled facilitator. There is a benefit to having a non-family member guide conversations, take minutes and identify next steps. We are often invited to lead these “family treasury” meetings, which can be a valuable tool for family harmony and smoothing the transition of wealth from one generation to the next.
I know how much my heirs will inherit from my estate and I am comfortable that they are prepared to receive and manage this wealth.
Providing an inheritance for children and grandchildren is a dream for many. Knowing how much your heirs will receive allows you to plan how and when to distribute the inheritance. Continue preparing your heirs to receive and manage their future inheritance.
Providing an inheritance for children and grandchildren is a dream for many.
Knowing how much your heirs will get is important in designing an estate plan that achieves your legacy wishes. It can, however, also lead to concern or worry about how the inheritance will impact your heirs.
An inheritance is not a gift if the heir is unprepared. Wealth comes with responsibility that an heir may not be able to manage because of their age, inexperience with money or health/behavioural concerns. We provide an estate summary that allows you to clearly see how much your after-tax estate is likely to be and how much each heir would receive. We then work with you to determine how best to set the next generation up for success so that they can get the most benefit from the inheritance. This could involve building financial literacy within your family, or creating structures such as trusts to ensure an orderly transition of wealth guided by your wishes.
Knowing how much your heirs will get is important in designing an estate plan that achieves your legacy wishes. It can, however, also lead to concern or worry about how the inheritance will impact your heirs.
An inheritance is not a gift if the heir is unprepared. Wealth comes with responsibility that an heir may not be able to manage because of their age, inexperience with money or health/behavioural concerns. We provide an estate summary that allows you to clearly see how much your after-tax estate is likely to be and how much each heir would receive. We then work with you to determine how best to set the next generation up for success so that they can get the most benefit from the inheritance. This could involve building financial literacy within your family, or creating structures such as trusts to ensure an orderly transition of wealth guided by your wishes.
I am confident that my Will reflects my current goals and objectives for my heirs/beneficiaries.
Wills are often written and then placed in a safe location – often forgotten. While you are confident that your will reflects your current goals, life events such as births, deaths, divorce and grown children are all reasons to update a will, and so is a change in your financial situation.
Wills are often written and then placed in a safe location – often forgotten. But since nothing stays the same for too long, it’s a good idea to take out your Will and read it every few years. Life events such as births, deaths, divorce and grown children may all be reasons to update a Will, but so is a change in your financial situation or something as simple as buying a new property. We can help by ensuring Will reviews are done when material changes happen. We also provide estate flowcharts that summarize your Wills for easy referencing.
I am interested in understanding how I can turn my annual donations into a focused charitable strategy that aligns with our family values.
There are many advantages to charitable giving, but what’s most important is that you know your money will be well-spent on a cause that’s important to you.
Selecting charities and charitable activities that are aligned with your values can be very rewarding, but can take some effort as there are many organizations seeking funding for many different causes. We help you prioritize your giving so that you make an impact with your gifts and can see the results. For some families, a philanthropy strategy can be a way to engage and build financial literacy in the next generation, helping to create a lasting legacy.
Selecting charities and charitable activities that are aligned with your values can be very rewarding, but can take some effort as there are many organizations seeking funding for many different causes. We help you prioritize your giving so that you make an impact with your gifts and can see the results. For some families, a philanthropy strategy can be a way to engage and build financial literacy in the next generation, helping to create a lasting legacy.
Charitable giving is personal and reflects your values and supports causes that are important to you. Keep track of all donation receipts for income tax purposes and use charitable giving as an education tool for the next generation.
I am confident that I am taking advantage of all reasonable tax savings opportunities available for me, my family and my business.
Tax legislation is ever changing here in Canada and abroad. To remain confident about your tax situation, continue to keep apprised of legislation to ensure you are taking advantage of tax saving opportunities available to you because who likes paying more tax than they need to?
Tax legislation is ever changing here in Canada and abroad. It can be difficult to keep track of what’s required and know when new opportunities become available. Accountants are not always aware of your current situation or able to keep you top-of-mind among their many deadlines and clients. As a Family Office we know your situation and keep apprised of legislation so you can take advantage of tax saving opportunities – because who likes paying more tax than they need to?
I would like help organizing all of my annual, personal, corporate and trust tax related filings and instalment payments.
Most people hate tax time, and this is further exacerbated when you are filing multiple returns for multiple entities, sometimes in different jurisdictions. Accountants prepare the returns but cannot track down tax slips or make tax payments. We help organize your tax documents, track filing deadlines, manage tax payments, and review your tax returns to ensure they are capturing your entire situation. We also provide bookkeeping services for holding companies and trusts to help facilitate the tax return filings.
Congratulations for being organized with all of your tax filings and payments. It can be daunting and time consuming.
I have a reliable process for filing, organizing and accessing all of my financial information.
Filing paper copies in a drawer used to be the norm. These days, many receipts, statements and other documents are in digital form. While this adds convenience, you need to ensure you are storing this information in a secure manner.
Filing paper copies in a drawer used to be the norm. These days, many receipts, statements and other documents are in digital form. While this adds convenience, you need to ensure you are storing this information in a secure manner. We provide a secure online “Vault” to keep important information at your fingertips. It also assists family members and executors in the event of your passing.
Our family has frequent meetings where we discuss our family values and goals, entrepreneurship and financial literacy.
Continue having family meetings to discuss values, goals and financial literacy. These are good steps in creating a lasting legacy.
Having frequent family meetings to discuss values, goals, entrepreneurship and financial literacy can help prepare the next generation to become independent contributors and knowledgeable investors. They can also help a family to learn to work together with respect and confidence.
Congratulations in taking the first step towards identifying the available opportunities for your financial goals and family legacies. We hope that with this information you are ready to move forward with applying some of the ideas and concepts described.
For over three decades First Affiliated has been offering families of multi-generation wealth, integrated professional counsel across a wide range of financial, legal and personal matters.
We would welcome a confidential meeting to discuss how we can support you and your family’s financial and legacy goals.