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Life changes...your financial plan should too

Creating a financial plan is not a one-time event. Here are some examples of the types of changes you might face, and how these could affect your financial plan.

  • Your cash flow. Whether it's an increase or decrease, a change in cash flow affects a number of elements in your financial plan. Getting a raise, for example, will increase your RRSP contribution limit for the following year.
  • Your family. Marriage, the birth of a child, the death of a family member - events like these are likely to require adjustments in your insurance coverage, will, and RRSP beneficiary designation.
  • Your asset allocation. The mix of growth, fixed-income, and cash assets in your portfolio can change over time, as each asset class performs differently. To get back to your target allocation, you might need to rebalance.
  • Your time horizon. As time passes, goals that were once long-term become short-term, and may require a different strategy.
  • The investment environment. The financial industry is constantly evolving, and your financial plan needs to stay in step with it.
In a changing world and throughout your life, the guidance of a professional advisor is invaluable in helping you keep your plan on track.

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