Working With an Advisor to Develop a Retirement Plan

As a Wealth Advisor I provide my clients with investment advice and assistance with all other wealth management issues. However, I also act as a ‘catalyst’ to help them understand the financial implications of some of the lifestyle issues, opportunities or concerns that they face.

It has been my experience that while most Canadians are clear on what they are retiring from, few have prepared for what they are retiring to. Not only are you moving to a new life stage, but your financial planning needs will likely change from wealth accumulation to protecting your wealth, converting it to income in retirement and of course, wealth deccumulation.

Before I create a financial strategy, I like to have a sound understanding of the things that are important to my clients and their family now and in the future.

Here are some tips that I share with my clients to help them prepare for our retirement planning meeting.

Make sure you have a clear vision of what you want your retirement life to look like before we talk about a financial plan. Some clients feel that they should start with the financial plan first and then figure out what kind of life they can afford after that. I don’t agree. I think that you should decide what you want to do in retirement and then let me find ways to close any gaps between your goals and your resources if need be. At Scotiabank, we have created some tools to help you think about your retirement life. I urge my clients to go through this “self-discovery’ prior to our discussion because it will help both of us create a realistic financial and investment plan.
Provide me with an overall view of all the financial resources that might be available to you. A lot of people think that they should spread their money around between institutions, based on the idea that they will receive different kinds of investment strategies from multiple advisors. While I do not object to this reasoning, I like to take a Primary Advisor positioning with my clients where I help them manage all of their assets. Being aware of their total financial situation allows me to suggest the most effective strategies to help them achieve their retirement vision.
If you are going to share your retirement life with a loved one, make sure that they are included in the discussion. A lot of advisors only deal with one party in a couple when it comes to investment decisions. However, I believe a retirement plan requires both parties to be present as we discuss the client’s lifestyle needs. This is a great opportunity for client’s to compare notes with their spouses or partners and to ensure that both of their opinions are considered or reflected in their retirement plan.
Remember that a retirement plan goes well beyond a simple investment plan. From a financial planning perspective, I help client’s find ways to
Help your family
Enjoy your retirement lifestyle
Plan ahead for the future, considering both expected and unexpected issues that require some thought
Create a legacy, pass on a business or develop an estate plan
Provide you and your family with a sense of financial comfort.
Your retirement plan is not a one-time event, but a continuous process. I have an annual review process where I update my clients on the progress of their portfolio. These meetings present a great opportunity for them to keep me appraised of any changes in their goals or circumstances that may affect the retirement plan that they have in place.
As you look at your investment strategy in retirement, it is normally better to think strategically rather than tactically. This simply means that your investment plan takes a long-term perspective and doesn’t normally react to the short-term vagaries of investment markets. I work very closely with my clients developing retirement plans focused on their lifestyle needs and goals. If we try to react to the ups-and-downs of the markets, we run the risk of undermining the entire long-term strategy.



At ScotiaMcLeod, we understand that wealth transcends money and represents the things in life that we would like to accomplish. As a Wealth Advisor, I work closely with my clients to help them create a clear vision of their retirement and then a financial strategy that is aligned with those goals. I think it would be beneficial for us to meet and discuss how we can work together to make sure you get the most out of this next stage of your life.