Planning your financial future can feel overwhelming with so many decisions to make and unfamiliar terms to navigate, it can be hard to know where to start. A well-crafted financial plan simplifies this process, providing clarity and direction to help you achieve your life goals—whether that’s buying a home, saving for retirement, or growing your wealth. Think of a financial plan as your personalized roadmap—crafted to fit your unique goals and dreams.

What is a financial plan?

A well-structured financial plan provides a clear strategy to help you manage your money, prioritize your goals, and build long-term financial security. A personalized plan enables you to stay organized and make the most of your income to ensure you meet your financial goals. 

A financial plan isn’t one-size-fits-all. It should be customized to fit your life stage, income level, and personal goals. At its core, a comprehensive plan includes key elements such as budgeting, saving, investing, risk management, and planning for future milestones like retirement or buying a home. 

Beyond providing clarity, a financial plan can help you avoid common financial pitfalls, such as overspending or under-saving for retirement. It can also answer essential questions, like: 

  • What’s the best way to invest in my financial goals? 
  • How much home can I afford? 

Working with a professional can help you make the most of your financial plan. A Mainstreet and Aviso Wealth Advisor can guide you through the process, helping you set specific, measurable goals while ensuring your plan evolves with life changes like career growth, family milestones, or shifts in the market. 

With a personalized financial plan in place, you’ll feel more confident making informed decisions and staying on track toward your goals. In the next section, we’ll explore the financial tools available to support your plan and how to choose the right ones for your needs. 

What Financial Tools Are Right for Me?

Choosing the right financial tools is essential for building a strong financial plan. The right tools can help you save, invest, and grow your wealth in alignment with your goals. 

Some commonly used tools include: 

  • Mutual Funds: Professionally managed pooled investments that offer diversification and exposure to various markets, ranging from conservative to higher-risk strategies. 

For those comfortable managing their own investments, Qtrade Direct Investing® provides a self-directed platform where you can trade independently and explore various investment options. 

Our Mainstreet and Aviso Wealth Advisors can help you explore these tools and determine how they fit into your financial plan.

Understanding Your Risk Tolerance in Financial Planning

Risk tolerance refers to how comfortable you are with the ups and downs of market fluctuations in your investments. Identifying your personal risk level is key to building a financial plan that fits your lifestyle and long-term goals. 

Several factors can influence your risk tolerance, including: 

  • Time Horizon: How long you plan to invest before needing access to your funds. 
  • Financial Situation: Your current income, assets, and financial responsibilities. 
  • Investment Experience: Your familiarity with financial markets and products. 
  • Emotional Comfort: How much market volatility you can handle without stress. 

A Mainstreet and Aviso Wealth Advisor can help you assess your personal risk tolerance and recommend investment options that match your preferences. Whether you prefer low-risk, stable returns or are open to higher-risk strategies for greater growth potential, your financial plan can be tailored to align with your comfort level and financial goals.

What Information Do You Need to Get Started?

To create a personalized financial plan that reflects your unique situation, it’s important to gather key financial details before meeting with a Mainstreet and Aviso Wealth Advisor. Having this information ready helps create a comprehensive strategy tailored to your financial goals. 

Here’s what to prepare: 

  • Income Sources: Include salary, bonuses, rental income, or other regular earnings. 
  • Expenses: List monthly living costs, recurring payments, and discretionary spending. 
  • Debts: Outline any loans, credit card balances, or other financial obligations. 
  • Assets: Document savings, investments, property, and other significant holdings. 
  • Financial Goals: Clarify both short- and long-term objectives, such as paying off debt, buying a home, saving for retirement, or funding education. 
  • Insurance and Pension Information: Include details about life insurance coverage, pension plans, and employer-sponsored benefits. 

By preparing this information in advance, your Mainstreet and Aviso Wealth Advisor can provide personalized insights and strategies, helping you stay on track with your financial aspirations.

How Often Should You Review Your Financial Plan?

A financial plan isn’t something you create once and forget. It’s a living document that should evolve as your life changes. Regular reviews help ensure your financial strategy stays aligned with your current circumstances, income, and long-term goals. 

When to Review Your Financial Plan: 

  • Annually: Check if your income, expenses, or savings goals have shifted. 
  • After Major Life Events: Life milestones like getting married, having a child, buying a home, or changing careers may require adjustments to your plan. 
  • When Your Financial Situation Changes: Salary increases, debt reduction, or receiving an inheritance could impact your saving and investing strategies. 

Why Regular Reviews Matter: 

  • Stay Aligned with Your Goals: Ensure your plan reflects your current financial priorities. 
  • Optimize Savings and Investments: Adjust contributions to retirement accounts or investment portfolios based on changing income. 
  • Adapt to Life Changes: Key milestones like paying off a mortgage or starting an RESP may open new financial opportunities. 

By reviewing your plan regularly with a Mainstreet and Aviso Wealth Advisor, you can stay proactive, prepared, and confident in your financial future.

Navigating Complex Financial Conversations

Discussing challenging financial topics with family can feel overwhelming, but open communication is essential for a well-rounded financial plan. Addressing these topics early can help ensure everyone is prepared and aligned with your long-term goals. 

Key conversations to consider include: 

  • Estate Planning: Clarifying how your assets will be distributed and ensuring your wishes are legally documented. 
  • Unexpected Life Events: Planning for situations like job loss, illness, or the loss of a loved one with proper insurance coverage and emergency savings. 
  • Financial Roles and Responsibilities: Defining who will manage finances in case of incapacity or shared financial decision-making within families. 

A Mainstreet and Aviso Wealth Advisor can guide you through these conversations with care and expertise, helping you create a plan that reflects your wishes while protecting your loved ones’ financial well-being.

Take the First Step Towards Your Financial Future

Creating a financial plan is the foundation for long-term success. With a personalized strategy in place, you can move forward with confidence knowing you’re prepared to achieve your financial goals—whether that means saving for retirement, buying a home, or securing your family’s future. 

Take control of your financial future today by scheduling a meeting with a Mainstreet and Aviso Wealth Advisor. Our experts will help you create a plan tailored to your unique needs and guide you through every step of your financial journey. 

Ready to get started? 

Call your nearest branch or Book an appointment online today.

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc. The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is for informational and educational purposes and it is not intended to provide specific advice including, without limitation, investment, financial, tax, or similar matters.