The program is designed to allow the user to satisfy the "know your client rule" set down by the Ontario Securities Commission for those clients investing small amounts such as their first RRSP investment and also to take you through the process of preparing a sophisticated financial plan for the average consumer. The average consumer is envisaged as a person who earns an annual income typically ranging from $25,000 to $250,000 per year or even higher.
The "know your client" rule is satisfied by completing the following:
A sophisticated financial plan assesses the clients current situation, reviews his objectives, identifies problems related thereto, recommends logical solutions to the problems, provides a program for the implementation of the logical solutions and periodic reviews to compare the actual results with the original financial plan.
The sophisticated financial plan is prepared by completing all schedules and subsidiary schedules offered by the program.
A Typical full plan printouts include:
With the tools provided, a user can answer questions such as the following:
- Would I be able to retire at 60, 65 or some other retirement age goal?
- How are taxation issues affect the after tax position of my family?
- Can I finance the education of my children? A vacation? A Car?
- Which RRSP maturity option should I choose and what’s the overall effect? RRIF/LIF/Annuity?
- What investments and returns would I need to increase my net worth and sustain a chosen life style during retirement years? How would they grow over time?
- What’s the minimum life insurance I need?
- How can I accumulate wealth for my family and my eventual beneficiaries?
- What income level would be required at retirement? At my death or my spouse’s death?
It also allows the Financial Planner to analyze and document the following:
FP screen Shots
Several charts by year or age provide a visual picture of the financial position of your client and year by year balances of investments.
The program is seamlessly linked to the Visual T1 program making the preparation of the financial plan an effortless task.
Specifically the program will help you determine and document the following for your client:
Additional features and worksheets are provided by the program such as:
MS Windows: Win 7,8,10 or compatible