Personal financial safety is a step in addressing individuals whose financial security could be affected by a premature death, a Disability, or an untimely or forced retirement. Generally, this analysis of the needs and the financial risks is addressed to private individuals having family responsibilities. The steps are as follows:

Step 1: Determining the objectives

Although we all seek financial safety and prosperity, each person has particular objectives and needs which should be clearly identified. The client will specify his/her objectives regarding their finances, as well as that of lifestyle.

Step 2: Evaluating the personal financial situation

This analysis makes it possible to identify the client’s family and financial picture. The analysis will cover:

	Sources of income and expenses
	Analysis of investments
	Analysis of debt
	Financial projections

Stage 3: Analyze financial risks

The analysis of the financial risks makes it possible to identify the obstacles between your current situation and the objectives you set. These obstacles are generally out of your control. While the probability of their occurring may be low, the financial consequences can be very significant. The analysis will relate primarily to the following scenarios:

	A premature death and its impact on the financial security of the survivors
	The loss of health and the assessment of its impact on your capacity to earn a living, as well as the impact of additional expenditures as a consequence of your illness or disability
	The reduction of income following retirement or premature retirement

Stage 4: Presentation of the report and recommendations

Once the analysis is completed, we will outline our recommendations. Where applicable and appropriate, we will consult your legal and tax advisors. Together we will establish the following elements in the plan:

	Wills and power of attorney
	Family inheritance
	Life Insurance
	Critical illness and disability insurance
	Investment portfolio
	Registered savings plans

Stage 5: Execution of the plan

Upon the presentation of the recommendations, the client will follow a list of his/her priorities and the advisor will identify, with the client’s input, the various professionals who will be implicated in the next stages. This step makes it possible to address each problem and to apply the recommendations in a systematic, comprehensive manner.

Stage 6: Periodic follow-ups

It is important to adapt the client’s plan to take into account any changes which may arise.

Laws and the tax treatment of certain strategies can change, the rates of inflation and the yields may vary, and the contribution of these elements may impact the evolution of the financial situation of the the client, sometimes in a direction that was not anticipated.  

An update is necessary as soon as there is a change in the personal situation, or at least every five years if the situation remains stable, and if the working hypotheses have not changed.