Financial Planning Checklist
It is always a good day to review your financial plan! Knowing what you have and haven’t accomplished is vital to reaching both your long and short-term goals. Below is a list of financial planning priorities that should be reviewed regularly.
What You Need to Know
Insurance
- Did you buy a new house?
- Did you have a baby or add to your family?
- Did you get married?
- Did you take on new debt?
- Did you get a new job or have a change in income?
- Did you experience a marriage breakdown or divorce?
Liabilities (new or changed)
- Mortgage
- Business Loan
- Student Loan
- Line of Credit
- Credit Card Debt
- Car Loan
- Any other liabilities?
Assets (new or changed)
- Art
- Jewelry
- Cash
- Real Estate
- Land
- Stocks
- Bond
- Life Insurance Policies
Short Term Goals (New or Changed)
- Save for a House
- Save for Vacation
- Pay off High Interest Debt
- Start Emergency Fund
- Major House Repair or Renovation
Long Term Goals
- Retirement Dates
- Education Savings
- Mortgage Elimination
Investments
- Adjusting Risk Tolerance
- Reviewing Asset Allocation
- Savings Strategies
- TFSA
- RRSP
- RESP
- RDSP
- Un-Registered Accounts
Accounting for Big Changes
- Did You Move?
- Did You Sell Major Assets?
- Did You Change Jobs?
- Did You Take on More Debt?
- Did Your Family Grow?
- Did You Lose a Loved One?
- Is There a Critical Illness in the Family?
- Did You Receive a Gift or Inheritance?
- Was Someone in Your Family Diagnosed with a Disability?
The Bottom Line
Your advisor is here to help you and guide you through each step of the financial planning process. The above list should be used as a starting point to address basic financial planning needs.
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