FINANCIAL SERVICES
Whether you are looking to set up an RRSP or TFSA, or need a fair price for life insurance to protect your family, business, or mortgage, Steinkey Financial Services can help. My vision of focusing on your needs first means that I will only recommend the best products for your situation and provide plans backed by reasonable financial analysis and discussion.
Clients like you often have concerns about separating planning from products. This gives you greater confidence that the plan built for you will not be motivated by a desire to simply sell you a product. This approach to financial planning means you are the focus, instead of the product or company being recommended. As a result, fee-for-service financial planning is available, so you can just buy the advice you need, and use your plan with whichever financial institution or advisor you choose.
After all, most of us don't plan to fail...we just fail to plan!
Insurance planning is the process of reviewing, understanding, and mitigating those risks so that disasters are manageable and cause the least amount of disruption to you and your family.
If you believe that there should be more to investment planning than just blindly putting all of your money (as fast as possible) into the stock market, then it might be time to take a look at your investment strategy.
Planning for your child's post-secondary education can be a daunting task. Fortunately, there are federal and provincial grant programs to help with that process and RESPs.
Most people work hard their whole lives trying their best to set aside a few extra dollars to supplement their retirement, but many have little (or no) concept of how much they should be setting aside.
The orderly transition of your affairs after your death requires a solid estate plan. With proper planning, you can use your hard-saved money to live a comfortable retirement.
INSURANCE PLANNING
Nobody likes buying insurance. But when we need it, we are really glad it's there.
Insurance is meant to protect your most valuable assets in the event that tragedy strikes—your homes, cars, lives, incomes. Life tends to throw us curve balls, typically while we are caught up in the hectic day-to-day hustle and bustle of work and family. When that curve ball comes, insurance is the peace of mind that allows you to go about your daily routines without worry and stress.
Insurance planning is the process of reviewing, understanding, and mitigating those risks so that disasters are manageable and cause the least amount of disruption to you and your family. Insurance planning involves products such as life, disability, critical illness, and long term care insurance.
At Steinkey Financial Services, I can build a "risk reduction" plan to help you understand the risks you face and what steps you might take to minimize the impact to your daily life. Your insurance plan is customized to your particular situation and will be built with your specific concerns and risks in mind.
A properly designed insurance plan looks at all angles to ensure that you are properly protected in the event of:
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Disability (your employer plan alone may not be enough coverage)
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Critical illness (such as stroke, heart attack, and cancer)
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Death (ensure education plans are funded and your loved ones are looked after)
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Long term medical care (facility care or to cover the cost of in-home care)
INVESTMENT PLANNING
Many Canadians believe they need to take big risks to achieve reasonable rates of return. Although it is generally true that greater risks yield bigger rewards, many of us do not realize that we sometimes take unnecessary risks. In some cases, there is a real possibility of significant loss which might outweigh the potential of an above-average return.
If you believe that there should be more to investment planning than just blindly putting all of your money (as fast as possible) into the stock market, then it might be time to take a look at your investment strategy.
As investors, we have a tendency to like risk when markets are going up, but dislike risk when markets are on their way down. Understanding risk, your time horizon, and how these affect your investment strategy is key in ensuring that you are invested in a "risk appropriate" manner.
RETIREMENT PLANNING
Retirement Planning contains two key stages: saving and spending.
Most people work hard their whole lives trying their best to set aside a few extra dollars to supplement their retirement, but many have little (or no) concept of how much they should be setting aside. The conventional industry wisdom is always "invest as much as you can", but closer attention should be paid to whether those funds are invested in RRSPs, TFSAs, or some other investment type.
The satisfaction of getting a huge pot of money ready for your retirement can quickly disappear if too much of that hard work is eroded away through income taxes or Old Age Security claw backs. Retirement Planning is often done in conjunction with Investment Planning and looks at:
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How funds are invested today
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How funds should be invested in the future
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How funds will translate into income during your retirement years
EDUCATION PLANNING
According to StatsCan, in the last 5 years the average annual undergraduate tuition fees in Canada for full time students rose by 17.7% to $5,366. That means a three-year undergraduate program will cost an average of $16,098 for tuition alone. And that is just the average. Many programs saw their tuition fees rise noticeably more...
Business Management and Public Administration+23.2%
Engineering+24.1%
Law+24.8%
Dentistry+28.0%
Veterinary Medicine+37.1%
Pharmacy+129.8%
In the 2012/2013 tuition year, we can expect the average tuition in Canada for law, medicine, dentistry, and pharmacy to be over $10,000/year. You can check the five year trends for all disciplines for Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia by clicking on the respective province.
Planning for your child's post-secondary education can be a daunting task. Fortunately, there are federal and provincial grant programs to help with that process and RESPs. Your education plan helps you maximize the benefits of these grant programs and helps you to prepare your children for the day they strike out on their own in the world.
ESTATE PLANNING
The orderly transition of your affairs after your death requires a solid estate plan. With proper planning, you can use your hard-saved money to live a comfortable retirement, yet still leave a legacy for your children or grandchildren.
Your estate plan ensures that your investments and insurance policies are properly structured to reflect your wishes, as outlined in your will. Your plan examines issues such as property (foreign and domestic), final taxes and probate fees. We ensure that any charitable bequests are completed and your legacy survives.