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Components of a Financial Plan

Financial management

Financial management considers your short- and long-term goals for income, expenses, debt reduction and savings. Your MD Advisor will analyze your financial goals and desired lifestyle and assess how much you can save. Together, you can establish a cash flow strategy for today while building wealth for tomorrow.

Tax planning

Tax planning has a simple goal: minimize your tax burden so you can build your wealth faster. Along with your tax and legal professionals, your MD Advisor can help you find ways to minimize your taxes through various accounts, and help you evaluate different strategies, including medical practice incorporation and estate planning.

Asset management

Asset management relates to your investments and employing strategies to optimize your portfolio. Your MD Advisor will ensure that your investments are consistent with your goals, time horizon and risk tolerance. Over the course of your life, these strategies may change as your personal circumstances and economic conditions change.

Retirement planning

Retirement planning helps you set a goal for when you want to retire and your income and lifestyle objectives during retirement. Your MD Advisor can determine if your current savings are on track and provide guidance on strategies to help achieve those goals. It is important to start planning early and revisit your retirement plan on a regular basis.

Risk management

Risk management is about protecting yourself and your dependants financially in the case of death, disability or critical illness. Through the effective use of insurance, you can ensure that your financial obligations can be met and your family’s standard of living can be maintained, if something unfortunate were to happen.

Estate planning

Estate planning ensures that you control how your estate is distributed when you die. An updated will and power of attorney help to provide instructions stating your wishes. Your MD Advisor can help you minimize the tax associated with your estate while maximizing a tax-efficient transfer of wealth to your beneficiaries, including charities.

Estate and trust services are offered through MD Private Trust Company, a CMA company. Insurance products are distributed by MD Insurance Agency Limited, a CMA company. All life-licensed MD employees have life licences with MD Insurance Agency Limited, a CMA company.