Mainstream media makes certain financial products seem like the ultimate solution to everyone’s financial needs.
However, it’s important to understand that products are just tools—they’re only useful when strategically aligned with your financial plan. Think of them like ingredients in your favourite recipe; alone, they’re just ingredients, but expertly put together, they create an amazing meal! Whether it’s insurance, stocks, bonds, investment funds, or cryptocurrency, each product serves a specific purpose. The key is understanding how these products fit into your overall strategy and being in a position to execute on them during your lifetime.
At Outfitter Financial, we’re different than most advisors, we’re driving results through a risk lens because we don’t pretend that life is a straight line. We have the expertise and professional resources to deliver on your financial objectives and we only provide financial plans and product solutions specific to you. We are your financial outfitter, guiding you every step of the way.
Our Process
Step 1
Understanding personal and financial circumstances
The first step in our financial planning process is gaining an understanding of your personal and financial circumstances. How did you get where you are today? Who is important in your life? What assets do you have to work with in your next stage of your life journey?
To begin to understand your circumstances, we ask everyone who is considering working with Outfitter Financial to complete a confidential questionnaire.
In the questionnaire, we ask for some basic information, like: do you own a home, are you married, how many kids do you have, are you self-employed, etc.?
In the questionnaire, we do not ask for your specific financial numbers. It should take you 10 minutes or less to complete.
With your questionnaire complete, the next phase of step 1 is to speak with you directly. Our first meetings are always a virtual meeting via video conference tools like Zoom, teams, etc. Another option is a traditional phone call. Phone calls still work too.
This meeting is free and without obligation. I want to hear your financial concerns, what you would like to accomplish, and determine how I can help you improve your future.
Equally important, this is where you can ask away and get a real good sense of who we at Outfitter Financial are and how we guide our clients to wealth and beyond. We want to make sure we are aligned and suitable to work with each other. This is not based on the size of your investment portfolio or net worth, but whether our values and lifestyles align.
Step 2
Identifying and selecting goals
Step two in our financial planning process is identifying and selecting your goals.
You probably already know your goals before you come to see me. In our first meeting, we will talk about your goals. I may even suggest some goals that you haven’t thought of, but could help you with your financial future.
Common goals our clients have are determining when they can retire, determining what their retirement spending might look like, having their investment portfolios reviewed, how they can pay less tax, and learning what steps they could be taking now to improve their financial future.
With my help, we will select and prioritize your goals. Hopefully all of your goals will be achievable, but if not, we may have to resize them or prioritize them.
If after our meeting, we both decide to work together, I will send an Engagement Agreement and Understanding for Planning Services. This outlines the areas you would like advice on, responsibilities of both parties, implementation process and disclosure, termination, third party professionals, confidentiality, conflicts of interest and acknowledgements.
After we are officially working together, my understanding of your personal and financial circumstances continues to expand.
I will collect the specific data needed to create your plan. Examples of the information I will collect include: your income, your spending, your risk tolerance, your account details, assets, liabilities, available resources, rental properties, taxes, employee benefits, government benefits, insurance coverages, and others.
Step 3
Analyzing current course of action and potential alternative courses of action
Step three of our planning process is when my work as an accredited financial planner really begins. At this stage, your input is complete for a while.
Using software, calculations, knowledge and over 30 years of experience, I will analyze your current course of action and create a projection for how things are likely to turn out for you should you continue as you currently are.
A baseline retirement projection is the most common example of this scenario. If you continue to save and invest as you are, you continue paying down any debts, and you retire at the age you want, what does your retirement look like? How much can you spend safely in retirement?
From this baseline situation I will test alternative courses of action to find ways to improve your outcomes. What changes to your finances will create a better future for you and your family?
As a Chartered Life Underwriter (CLU), I specialize in risk management, wealth creation and estate planning. My education and experience have taught me how to analyze the different alternatives available to you and assemble them into a coordinated plan that maximizes the use of various elements and strategies.
Step 4
Developing the financial planning recommendations
In step four of our financial planning process, I will select the best of the alternatives available to me as an independent advisor to make my recommendations.
The term “best” could mean many things including highest probability of not running out of money, highest net worth remaining for your heirs, highest average spending, easiest to implement, least complicated, and others, depending on your individual objectives.
In developing our recommendations, we will coordinate what the numbers tell us with what we know about you, your personality and your desires.
Once we have finished developing our recommendations, we will write a report detailing our findings, recommendations and the reasoning behind our recommendations.
Step 5
Presenting the financial planning recommendations
After I have completed your financial plan, we will meet again and go over the report. I will explain each of my recommendations and answer any questions you have.
We will show you how the variables affect your outcomes. For example, does allocating $500 more per month make a difference? Does working one additional year make a difference? What tax implications could I face? What impact does the actual rate of return have… if so, how much?
As we adjust the software and observe how the different elements of your financial plan interact with each other, you will come away with a great understanding of how your behaviour today affects your future lifestyle.
Step 6
Implementing the financial planning recommendations
Step six of our financial planning process is to implement the recommendations that you agree with. A financial plan that isn’t executed is just a plan, and will not get you closer to where you want your money to take you.
Most “fee for service” financial planners do not offer insurance and/or investment solutions, they just suggest them. In other words, they only provide the financial plan and do not assist you with putting in place the recommended insurance and/or investment advice. They are either not licensed to do so, or don’t want the responsibility of your insurance/investment experience and ultimate financial outcome.
At Outfitter Financial Inc., we provide our clients a full, comprehensive financial plan and find you solutions specific to you. If all you want is the financial plan and choose to source insurance and/or investment solutions on your own, we charge $2,500.00 per plan and $3,500.00 per corporate plan.
If through the planning process, you choose to implement your insurance and/or investment recommendations through our firm, we waive the $2,500.00 fee (forever).
Step 7
Monitoring progress and updating
We do not charge a fee for your assets under management – we get paid a service fee directly from the insurance/investment solution providers we utilize to fulfill the financial objectives of our clients. As a result, we have the responsibility of monitoring and providing annual reviews (sometimes more than once a year) and strategic updates at no additional cost to you.
If something changes in your life like a new job, an illness, new baby, you buy a home, etc., we recommend an update to your plan, even if between annual reviews. Once again, at no additional cost to you!
Providing opportunity
for investment growth
Retail investing
Where it fits, Outfitter Financial offers low fee segregated fund solutions that combine the growth potential offered by a broad range of investment funds with unique wealth protection and estate planning features.
Insurance as an asset class
Most investors view insurance as an expense, when in fact it can be a powerful asset. We’re a national authority on using properly structured participating whole life insurance policies as an attractive safe money alternative to cash and fixed income investments.
Private investment management
For clients interested beyond the public markets, Outfitter Financial has developed strong relationships with Portfolio Managers (PMs) across Canada. Typically only available to pension plans, foundations and ultra-high-net-worth families, we can introduce you to a PM if you have $300,000 of investable assets or more.
PMs also set themselves apart from retail investment managers by accessing private markets and often charging lower management fees than most mutual funds. If we introduce you to one of our PMs, we sit with you – on your side of the table – and hold them accountable together.
Managing your own portfolio?
If you’re the type who prefers to manage your own investment portfolio, we admire that and support you! Having said this, most investors are still losing money unknowingly and unnecessarily. We are here to help you identify the possible leaks and get you back on track with managing your portfolio.
Producing predictable and
sustainable cashflow
Liquidity
Access to cash for income you can rely on, for an investment or business opportunity or for unforeseen capital expenditures is paramount, even during retirement. We can help you accomplish this and avoid having your money sit stagnant in a cash account!
Beyond the markets
Backed by Canada’s leading lending institutions, tax advantaged Insured Retirement Planning (IRP) has taken centre stage with affluent and high-net-worth Canadians. Ask us how an IRP can complement your income goals.
Integration
Income in retirement can come from sources beyond government benefits, pension plans and registered plans. Knowing which sources are available to you – and which to take income from first – could prevent hundreds of thousands of dollars from disappearing over your lifetime.
Protecting capital today
and in the future
Risk management: protecting human capital
With three decades of supporting top advisors, advisory firms, and their clients, we can help you identify risks in your financial objectives and protect you and your loved ones in the event of a premature death, disability or critical illness.
Risk management: minimizing tax
There’s a BIG difference between deferring taxes and minimizing them. With proper planning and execution, we can help you take control of your money and protect yourself from unnecessary tax loss… today and tomorrow!
Risk management: protecting investment capital
The timing of a market downturn is never optimal and can take a significant toll on your portfolio. Just by allocating five to ten percent of your portfolio to a properly structured permanent insurance policy, we can help minimize these unnecessary losses and provide more liquidity for opportunities that may present themselves.
