Planning Process - Situational Financial Planning, Legal & ID Shield, Halifax, Nova Scotia, Canada

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Planning Process

Financial Plan

1. Initial Interview
2. Understand Current Situation
3. Crystallize future business and personal financial goals
4. Preliminary Analysis
5. Initial Implementation
6. Research / Analysis
7. Specific Recommendations
8. Implementation
9 & 10 Ongoing Service & Periodic Reviews
1. Initial Interview

I explain our comprehensive financial planning process (described below) and our Financial Opportunity Analysis. You then are able to determine your priorities, what areas you want us to initially cover and how you would like to proceed. I explain my responsibilities as your planner including a discussion about how and by whom we will be compensated. We also discuss your responsibilities as a client.

2. Understand Current Situation (Gather data and determine your goals and expectations.)

Through a discovery process I gather information about your lifestyle objectives, risk tolerance, financial resources and obligations through interviews and questionnaires. I listen and gather all the necessary documents before giving you advice.

3. Crystallize future business and personal financial goals

3. Crystallize future business and personal financial goals

I help you clearly define your personal and financial goals, needs and priorities. In addition confirm my understanding of your values, attitude and expectations, and if relevant, how you feel about risk.

4. Preliminary Analysis

We analyze your information to assess your current situation (net worth, tax projections, etc.) accessing professionals or specialists where appropriate.

Identify any problem areas or opportunities with respect to your:

Capital needs
Insurance needs and coverage
Retirement income
Employee benefits
Estate planning
Special needs: (i.e. adult dependent needs, education needs)

The report follows the following format and summarizes:

Current Situation
Action Plan

The comprehensive report covers the following:

Wealth Accumulation


Wealth Distribution

Disability & health
Family & business legacy

Risk Management

Death, Disability & health
Property & Casualty
Business Tax Strategies
Personal Tax Strategies
Business (Commercial Insurance)
5. Initial Implementation

I assist you in implementing the recommendations discussed. This may involve coordinating contacts with other professionals such as:
Accountants and Lawyers
Investment fund sales representatives
Insurance agents
Trust officers

It may also involve applications for any recommended financial products and the transfer and / or reorganization of investments/assets

6. Research / Analysis

Implementation may require more specific research and analysis by appropriate professionals. I can assist you with this.
7. Specific Recommendations
The presentation of any recommended fine-tuning and/or adjustments.

8. Implementation

Again I can assist you in implementing the recommendations.
9. Ongoing service

We will discuss and provide an agreed upon level on service.

10. Periodic reviews
The reviews include:
A review and evaluation of the impact of changing tax laws and economic circumstances.
A review of your life circumstances and an adjustment of the recommendations if needed as those circumstances change through live events such as birth of child or grandchild, illness, marriage and retirement (if you are not already reti


Paul is a Certified Financial Planner (CFP) licensed by the Financial Planners Standards Council; Financial and Estate Plans are provided under that license.

The information contained in this website is intended to provide general guidelines only. The application and impact of the law can vary widely from case to case based on the specific or unique facts involved. Accordingly, the information in this article is not intended to serve as legal, accounting or tax advice. Users are encouraged to consult with their professional advisers for advice concerning specific matters before making a decision.

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J. Paul Wilson, CFP®, ChFC®
Certified Financial Planner
27 Blue Thistle Road Halifax, Nova Scotia, B3S 1M3
Office (902) 405-8665 Email
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