Your roadmap guide to financial freedom.
Have a financial goal but not sure how to get there?
Saving money for your future is always a good call, but not having a strategy or plan for those savings can leave you feeling uncertain.
Having a plan helps you make the right decisions when it comes to market volatility or even making big purchases. It helps you stay on track.
So… what exactly is a financial plan? Are you picturing an old accordion style document folder? A duotang or plastic binder? Well, it could be. If you like physical documents, printing out things to hold and markup—sure.
It could also be entirely digital and interactive using the tools ATB Wealth provides including an engaging online portal you can log in to and understand at a glance, track your progress and more.
Working with a mix of digital tools to enhance and stress-test your plan and easy access to a real live advisor who cares—you get the best of both worlds, ensuring the right solutions are in place to meet your goals.
But what if you aren’t clear on what your financial goals should be?
Working with an advisor can help you answer those big questions and challenge your thinking around what you really want.
If you value spending more time with your family, you might have a goal of being able to take them on two vacations each year instead of one.
Having the money to spend on two family vacations is your goal, and the actions you take to reach that goal are directly connected to what you want out of life.
Short- mid- and long-term goals and how to hit them all.
One of the main reasons someone sees a financial advisor is to get some help putting together a long-term financial plan, usually for saving for big goals like retirement or a child’s education. Mid-term goals are things like:
- saving money in an RRSP to take advantage of the Home Buyer’s Plan to make a down payment on a house
- or a tax-efficient way to help the next generation save for their first home
- saving for a new vehicle or vacations
- or paying down debt.
Short-term goals ensure you're covered when it comes to unexpected emergencies like:
- a sudden home repair
- or illness
- or anything that requires quick access to cash.
The right plan helps you with budgeting and expense management. Especially when things like unexpected expenses crop up or inflation causes new challenges in managing day-to-day finances.
Knowing what you’re saving for drives what you choose to invest in.
If you’re saving for retirement, using a regular savings account isn’t your best bet. Or if you’re saving to take a vacation in a year, using a high-risk mutual fund that could lose value if the market goes down isn’t right either.
A good financial plan covers your current financial situation, identifies where you’d like that to change and grow, and maps out the way.
It’s your plan that prioritizes what needs to be done, providing benchmarks to measure your progress and monitoring how well you’re doing. Your financial plan is how you make your dreams come true.
THE FINANCIAL PLANNING ROADMAP
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How can a financial advisor help?
As you learn more about financial planning and think about your goals for the future, you might be considering connecting with an expert to confirm you’re on the right track. But you also might be discouraged if you don’t know what to expect.
A common misconception that stops people from getting expert guidance? They think they have to be extremely wealthy to need “wealth services” and feel intimidated—like there’s no point.
When really that is the point.
The right advisor helps you create a financial plan that can grow your wealth. No matter where you’re at in your financial journey.
An ATB Wealth advisor meets you where you’re at, whether it’s a quick video call from your kitchen table after the kids are in bed or a friendly email checking in proactively to ensure your plan is keeping up to an ever-changing world.
The right advisor helps you see your full financial picture clearly and creates a financial plan that grows with you through life’s changes.
ATB Wealth® (a registered trade name) consists of a range of financial services provided by ATB Financial and certain of its subsidiaries. ATB Investment Management Inc., and ATB Securities Inc. are individually licensed users of ATB Wealth. ATB Securities Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.
The information contained herein has been compiled or arrived at from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness, and ATB Wealth (this includes all the above legal entities) does not accept any liability or responsibility whatsoever for any loss arising from any use of this document or its contents. This information is subject to change and ATB Wealth does not undertake to provide updated information should a change occur. This document may not be reproduced in whole or in part, or referred to in any manner whatsoever, nor may the information, opinions and conclusions contained in it be referred to without the prior consent of the appropriate legal entity using ATB Wealth. This document is being provided for information purposes only and is not intended to replace or serve as a substitute for professional advice, nor as an offer to sell or a solicitation of an offer to buy any investment. Professional legal and tax advice should always be obtained when dealing with legal and taxation issues as each individual’s situation is different.