Understanding Wealth Management with WAN Financials

Stage 1: Early Stage of Life (Ages 20–35)

We call this a foundation stage. This is the most important stage of Financial Focus: Early career, Planning, budgeting, debt management, first investments and discipline.

Set Your Goals to:

• • Set your financial priorities in life and start planning.
• • Focus on paying off your student loans and establishing good credit.
• • Start saving for a down payment for your home.
• • Set up an emergency fund and build healthy financial habits by keeping track and controlling unnecessary spending.
• • It is very important to start contributing to your registered accounts (RRSPs or TFSAs) for long-term growth.

How WAN Financials Helps:

• • Preparation of Taxes and Optimization of your tuition credits to get maximum tax savings.
• • Planning and critically evaluating cash-flow and debt reduction strategies.
• • You are dreaming of your first home, let’s plan for this and advise and help you secure a mortgage.
• • Your team helps you determine your goals and teaches you how you can achieve them over this wealth accumulation journey.

We help you start strong, build smart financial habits, and create a solid foundation for your wealth journey.

Stage 2: The Family Stage (Ages 35–45)

Family grows in this stage of life, and Financial Focus is to plan for growing families, debt and mortgage management, and risk protection.

Goals:

• • Debt (credit card, car, HELOC or personal) and mortgage management and family cash flow.
• • Start saving for children’s education (e.g. contribution to RESPs)
• • To manage uncertainty about income and increase predictability, you should strengthen insurance coverage for income protection
• • Think long-term and long-term investment and retirement strategies should be the focus here

How WAN Financials Helps:

• • Thorough family financial planning.
• • Advice and planning on Education and RESP saving and investment.
• • Review of Life, disability, and critical illness insurance.
• • Debt optimization, mortgage restructuring, and debt consolidation.

We help you protect your growing family while building a solid financial foundation for the future.

Stage 3: The Wealth Generation Stage (Ages 45–65)

This is the key wealth accumulation phase. The focus is on maximizing earnings, growing investments, and applying smart tax strategies to protect and increase your net worth.

Goals:

• • Maximize and optimize RRSP & TFSA contributions.
• • Risk Management and Diversification of Investments.
• • Explore alternative investments such as real estate & business opportunities
• • Plan and optimize retirement income and succession strategies.

How WAN Financials Helps:

• • Advanced tax planning for individuals, families, professionals & business owners.
• • Manage your investment portfolio and tailor it to your goals.
• • Strategies, whether you should incorporate business or timing to exit from business, or severance tax strategies.
• • Departure tax, Cross-border tax and emigration/immigration planning.

Stage 4: The Cash Flow Stage (Age 65+)

In this stage, the Financial Focus is that the Retirement income is well enough to maintain your standard of living, wealth preservation, and estate readiness to transfer.

Goals:

• • Maintain a well-planned cash flow through RRIFs, pensions, annuities or other registered and non-registered investments.
• • Plan the withdrawal to reduce taxes on withdrawals and either avoid or minimize OAS clawbacks.
• • Risk management is an important part of every stage of life. Preserving capital while minimizing risk.
• • Regularly reviewing and updating your estate and succession plan.

How WAN Financials Helps:

• • We design the withdrawals to optimize retirement income and minimize the taxes.
• • Help you in the integration of OAS, CPP for maximum government benefits.
• • Tax-efficient strategies for Estate planning.
• • Short and long term Healthcare and long-term care planning.

Stage 5: Wealth Transfer & Estate Planning (All Ages)

Whether you are working hard or have worked hard your entire life to give a good and stress-free financial future to your family. Now it’s time to plan for leaving a legacy and ensuring smooth wealth transfer.

Goals:

• • It is important to create a will and update it legally when required.
• • Minimize estate taxes and probate fees.
• • Set up a Trust to protect family assets (depends) and designate beneficiaries.
• • It is vital to have a proper plan for inter-generational wealth transfer.

How WAN Financials Helps:

• • It is vital to have a proper plan for inter-generational wealth transfer.
• • Estate taxes can be one of the biggest tax bills and contribute to stress in your life or your loved ones’ lives. There could be ways to address this shock, e.g. Life insurance planning solutions to cover estate taxes
• • Executor guidance and beneficiary planning.
• • Helping with strategies that can minimize Probate in Ontario.