Phillips Financial Group

Investments

RRSP

If used properly, your RRSP is a powerful tool that can be used differently at various stages of life. The Home Buys Plan can be an effective way to save for that deposit needed on your first home purchase. Then you can reduce taxable income and grow your retirement nest egg for the future.

TFSA

If used properly, a TFSA can be an awesome tool used for retirement. If you happen to have a pension plan of some sort, the TFSA may be a better strategy than an RRSP. The funds are also available to you at any time, tax free.

Non-registered

Many options on how to grow your unregistered investments are available. Growth and protection are the key points here.

Retirement Planning

When you retire, you’ll want to enjoy your wealth without worry, knowing that your wealth will last for your lifetime. This is done by creating a retirement plan that takes into account the lifestyle that you want for your retirement as wells as future needs and sources of income. By combining your pensions, RRSPs, TFSAs and unregistered investments properly, you can maximize tax efficiency, manage risk, and have estate planning strategies in place.

RESP

Not every RESP is created equally. They all have a basic set of rules but, how some companies bend the rules may surprise you. Get educated (no pun intended) on how education savings plans work before you decide.

*Other group products such as Health plans, Group RSPs as well as Pension plans are also available.

Insurance

Permanent Insurance

Whole life, Universal Life, Paid up Additions

Different products for different situations. All have advantages and disadvantages. An advisor can help you get the best product for your specific needs.

Term insurance

Inexpensive coverage for specific situations. It should not be mistaken for permanent insurance but, if you have the right coverage, it can be converted to permanent. Usually renewable as well but cost prohibitive.

Critical Illness Insurance

Possibly the most underutilized, yet the most likely scenario to occur, coverage you can buy. A lump sum payment to help you over the financial hurdles of a prolonged illness. Not to be confused with Disability Insurance.

Disability Insurance

This coverage is included with most health plans but for those who are self-employed, this could be the most important coverage you need. It supplies a monthly income while you are unable to work, either from health or sickness.

Health Insurance

If you do not have coverage through a group plan, a personal healthcare plan could keep you from worrying about health and dental costs that occur on a regular basis. Many options and strategies available in this area.

Travel/visitors Insurance

Possibly the best bang for your buck. An illness or accident abroad could seriously impact your finances for a lifetime. The right coverage can protect you from a devastating loss.

Long Term Care Insurance

One of the most underused coverages used in Canada. Wildly popular in the U.S. Have you had a parent or grandparent go into a long term care facility? Are you aware of the cost? Are you aware of the wait to get into a government facility? Time that a senior does not have to waste.

Financial Planning

Each and every financial plan is different. My duties are to evaluate your current situation, establish your short- and long-term goals, and put a plan together that takes into consideration all of these things and maybe some that you haven’t considered.

It all begins with a budget. Here is a great place to start if you are unsure about how to create and function with a realistic budget: Budget Calculator

With a solid budget in place, we can look at realistic goals in the near term as well as the long term. This is where using the products and services of a Financial Planner come in. We help you allocate your assets in the most effective way to achieve these goals.

Any financial plan is a living breathing thing. It grows and changes over time, much like your children. It has to be monitored and adjusted on a regular basis and in particular, at those major life moments that come for all of us.

Your job is to have goals and dreams. My job is to help you get there!