Pages

Monday, 14 January 2013

Is Financial Planning the Same as Retirement Planning?





2011-12-07
MONEY MONEY AND BABY BOOMERS REINVENTING RETIREMENT

Listen to the Show
http://www.radio-shalom.ca/mp3/Programs/1042/1433.mp3





  
Financial Wealth Strategies with Gilles Couturier

If you do your own financial planning, have you ever wondered whether you should turn things over to a professional? On this show today I will attempt to shed some light on this topic and to provide our listeners with some things to think about so that the best decision can be made. As one is to retire the decisions that need to be made are more critical as retiree will want there investments to last. Mid-life brings a new set of financial planning realities: we may be less flexible, but we know ourselves better. We’ve usually accumulated some assets, but we may no longer have the time or energy and the knowledge to plan our retirement.


"A lot of people think they can do it on their own, but the transition to retirement is a very important time, At this stage of life people often have some experience accumulating money, so they may feel more confident about managing it on their own. "But they don’t have experience drawing those assets down. Mistakes made at this point in life can be extremely costly."
When approaching retirement there are two fundamental questions that will largely determine the comfort and security of retirees. The first question is -How much will they need each year in retirement to live on? And how long can they expect their investment assets to last? http://www.radio-shalom.ca/EN/showemission.php?ID=1042




The need for critical self 
evaluation is vital when determining whether or not to hire a financial planner. The following questions should help you sort out if you need of a financial planner or advisor: you ask yourself, do you have a fair knowledge and expertise in the field of taxes and retirement planning? Do you enjoy reading about investments, insurance and taxes and do you like to do your own research? Do you have the time to monitor and evaluate your investments and make periodic changes to your portfolio? If the answer is no to all these questions you will need professional help in managing your retirement . "Baby boomers fundamentally will reinvent retirement," said James P. Gorman, president of the Merrill Lynch Global Private Client Group. "With (baby) boomers living longer and remaining engaged and employed beyond age 65, many of the traditional financial assumptions regarding retirement need to be reexamined." ect...



 
GILLES COUTERIER
 B.B.A., C. Adm., F.P.




Gilles Couturier is Regional Vice-President of T.E. Mirador in Montreal (also know as T.E. Wealth in English Canada). He is a Financial Planner who has been providing advice on a comprehensive fee-only basis with T.E. Mirador since 1983. Prior to that he was with the Bank of Montreal. He graduated in 1980 from Bishop’s University with a Bachelor of Business Administration, and he is also a charter administrator.
Gilles` clients are primarily corporate executives , CEO`s, Executive Vice President and members of Board of Directors, many with some of the top 10 corporations in Canada and in Quebec; as well, he has a number of professionals as clients, such as doctors, lawyers and engineers.
A fair number of his clients are retired; and are located in large part in Quebec and other parts of Canada, US and Europe .particularly because executives are quite mobile and retirees sometimes re-locate to be closer to family or to be in a warmer area.
E: http://www.temirador.com/
gcouturier@temirador.com
D: 514-906-5885


My name is Samuel Ezerzer, your host to the Money & Business show on Radio Shalom, CJRS 1650 AM. Thank you for tuning in live on the Money & Business show, with our studio and headquarters in Montreal, the financial capital and the home to the greatest hockey team, the Montreal Canadians. We have another great show for you today and as always, you can call if you have any questions, comments, or criticisms on today's topic. Please call us direct at 514 738 4100 ext 200 or email me at moneyandbusinessshow@gmail.com,  if you have any inquiries. You can also visit our website at www.radio-shalom.ca – all our shows are archived there.


 
Many people don’t really understand the value of financial planning. As a result, many individuals:
Think financial planning is the same as investing
Neglect to set measurable financial goals 
Neglect to evaluate their financial plan periodically 
Think financial planning is the same as retirement planning 
Expect unrealistic returns on investments 
Are looking for a quick financial fix instead of a long term strategy 
Believe financial planning is primarily tax planning 
Think they'll lose control over their decisions if they use a planner.





QUESTIONS

Gilles What area of Finance do you provide advice in? is it legal ,taxes , retirement?


Gilles What are some of the issues or challenges and trends that you see developing that have impacted the individual in their finances?  Gilles The new retirement survey from The Merrill Lynch New Retirement Study concluded the following: -33% surveyed said Paying off debt was ranked as the single most important thing to do towards securing a financial future in the coming year. -53% of the individuals surveyed were concerned about the amount of debt in their households, yet 63% surveyed, expected to have less debt when they retired and expected to be eventually debt-free.






Gilles At retirement many people accumulate wealth, some people feel more confident about managing it on their own, "But they don’t have experience drawing those assets down. Mistakes made at this point in life can be extremely costly?"

 
 
There are two questions an individual who accumulated wealth over the years should ask themselves? Is how much will I need each year in retirement to live on? And how long can my expect my investment assets to last? Gilles what are individuals doing wrong when it comes to retirement income?
Many people don’t really understand the value of financial planning.  As a result, many individuals:Think financial planning is the same as investing
Neglect to set measurable financial goals 
Neglect to evaluate their financial plan periodically 
Think financial planning is the same as retirement planning 
Expect unrealistic returns on investments 
Are looking for a quick financial fix instead of a long term strategy 
Believe financial planning is primarily tax planning 
Think they'll lose control over their decisions if they use a planner
 
Gerontologist and author  Ken Dychtwald, Ph.D., The New Retirement Survey offers a preview of the different lifestyles, workstyles and recreation activities that baby boomers envision for their future. Here are highlights of the survey, from a news release by Merrill Lynch:  -----The unpredictable cost of illness and healthcare is by far baby boomers' biggest fear. They are three times more worried about a major illness (48%), their ability to pay for healthcare (53%) winding up in a nursing home (48%), than about dying (17%).
Most individuals Don't understand that good professional planning advice is largely dependent on good information from clients?

Gilles financial planning uses a big picture approach each financial decision you make Gilles for your client such as CEO of big corporation may affect several other areas of there life. For example, an investment decision can have tax consequences harmful to estate plans; a decision about a child's education may affect when and how you meet your retirement goals? How thorough are you?

Gilles Re evaluating your financial situation periodically is important for an individual financial process; it may change over the years due to changes in your lifestyle or circumstances, such as a birth, an inheritance, marriage, house purchase or change of job status. How important is it to revisit and revise your financial plan and stay on track like per example; wills and power of attorney?

Individuals and families with substantial assets often face difficult decisions associated with protecting and extending their legacy, transmission of wealth to future generations can be sometimes be very complex , Gilles how complex can transmission of wealth or inheritance to their heirs be? (estate, gift, inheritance, trust, and charitable planning and to develop and implement an estate plan tailored to their needs)

-Gilles how do you approach this situation of debt when securing a financial plan, it could a very sensitive conversation when dealing with someone’s spending habits? 


Gilles for someone who comes from Quebec City you are very fluent in English why is that that?