It all starts with a plan
How one professional gained financial peace of mind
Like a groundhog day ritual, Patricia, a 54-year-old doctor, used to end every year with a promise to herself to “sort out” her financial affairs over the coming year. But, while she repeated the mantra year after year, she had yet to make any changes…until recently.
Dr. Patricia is a senior radiologist providing services – essentially as an independent contractor – to a private chain of imaging centres. She credits her attention to detail and organizational skills as a key part of her success at medical school, during residency, and now as a well-established and in-demand radiologist earning around $500,000 a year. A moderate saver, she has built a total net worth of $3.6 million. With her husband Sanjay, who holds a management position within a news bureau following a 25-year career as a journalist, Dr. Patricia has twin 19-year-olds who are in their second year of university. Despite the couple’s skills and education, Dr. Patricia has always felt ill-equipped to deal with any sophisticated financial planning matters, particularly regarding her practice. Nevertheless, she says she has “managed” with the help of an accountant (a friend of the family operating his own small business) who focuses solely on her taxes and business accounting.
On working with an Advisor, and Tax and Estate Planning specialists
I finally took the first step and contacted a Richardson Wealth Investment Advisor. While the process felt initially like falling into a financial abyss and admitting to the disorganized state of our finances, I knew it was a necessary first step. I worked with my Advisor who, over an 18-month period, thoroughly overhauled our finances and developed a comprehensive wealth plan.
The Advisor collected details on each account and asset, so Sanjay and I now have a clear understanding of what we own individually, and as a family, and what we owe. This meant we could streamline and consolidate certain accounts. It turns out we had seven identical accounts, for instance, which as the Advisor pointed out, made no sense in terms of tax efficiency.
A summary of how Dr. Patricia worked with an Advisor to tackle her main pain points:
The last word
“Overall, the process of “cleaning up” my financial affairs and creating a comprehensive wealth plan has been thoroughly liberating and has given me genuine peace of mind. And that has allowed me to focus on the most important parts of my life – my family and my work.”
Key benefits of a comprehensive financial plan
A proper financial plan allows you to take control of expenses, maximize tax efficiencies while reducing tax inefficiencies, create a retirement plan, incorporate effective asset protection strategies, and plan your legacy, among other key solutions. The earlier you start planning, the better!