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FINANCIAL PLANNING SERVICES

What is a Financial Plan?

Financial planning is a continuous endeavor that takes into account all aspects of your finances with the aim of developing strategies to achieve both your immediate and long-term objectives. By engaging in this process, you can gain clarity regarding your current and future financial well-being, while also considering retirement and estate planning needs.

What is the cost of a Financial Plan?

At Stark & Marsh, our accounting clients benefit from a complimentary Financial Plan and review of any existing insurance policies.

Financial Plans established with Stark & Marsh are continuously reviewed and adapted in real-time to accommodate any changes that may arise. We firmly believe that Financial Plans serve as the cornerstone for informed financial decision-making, and we are committed to providing our clients with access to a dedicated Wealth Advisor who will work closely with their Stark & Marsh accounting team.

Documents Required

Some key documents that you should plan to gather if and when you are ready to build a financial plan include:

Income Tax Returns: Bring your last two years’ income tax returns. This gives the financial planner an idea of your earnings and tax liabilities.

Pay Stubs: Your most recent pay stubs can provide a clear picture of your income and deductions.

Bank Statements: These can show your saving and spending habits, as well as your current bank balance.

Investment Documents: If you have investments, bring statements or documents related to them. These can include retirement accounts, brokerage accounts, or individual stocks and bonds.

Insurance Policies: Bring documents related to life, health, home, and auto insurance. These can affect your financial planning, especially in the area of risk management and estate planning.

Real Estate Documents: If you own property, bring mortgage statements, deeds, and rental income statements if applicable.

Debt Statements: If you have any debts, like student loans, credit card debts, or car loans, bring recent statements showing how much you owe and your payment schedule.

Estate Planning Documents: If you have a will, power of attorney, or trust documents, bring these as they can impact your financial planning.

Budget or Expense Tracker: If you keep a budget or track your expenses, this information can be very helpful in a financial planning meeting.

Pension Statements: If you have a pension plan, bring your most recent statement.

Business Documents: If you own a business, bring your financial statements, such as balance sheets and income statements.

Building a financial plan involves several important steps

Setting Financial Goals

At different stages of your life, your financial goals will vary. Our team is here to help you recognize and rank your immediate and future financial objectives. These may encompass building a retirement nest egg, purchasing a home, eliminating debt, or securing funds for your children’s education.

Assess Your Current Financial Situation

We will evaluate your current financial health by analyzing your income, expenses, assets, liabilities, and cash flow. This step will provide a snapshot of your current financial standing and help identify areas for improvement.

Analyze Insurance Needs

Our Wealth team, together with your Stark & Marsh Advisor, will thoroughly assess your current insurance coverage, which includes health, life, disability, and property insurance. This analysis aims to determine if the coverage adequately meets your needs with tax effectiveness also considered.  By evaluating the sufficiency of your current coverage in safeguarding you and your family against unexpected events, while also considering its tax efficiency, we ensure that you only invest in insurance policies that are truly necessary.

It is important to keep in mind that constructing a financial plan is a continuous endeavor that requires regular assessment and adaptation. Our dedicated team remains committed to maintaining open communication with you, so that we can promptly modify your financial plan as circumstances evolve.

Candace Gelleta, CFP®, RRC®

Senior Wealth Management Advisor

What’s next?

At this phase, numerous planning objectives will arise, and our team will provide assistance in prioritizing the essential tasks. Next steps could include:

Planning for Retirement: Determining how much you need to save for retirement and identifying the most suitable retirement accounts.

Manage Debt: Develop a plan to manage and pay off any existing debt, such as loans, credit card debt, or mortgages. We will prioritize debt repayment based on interest rates and establish a strategy to reduce debt over time.

Tax Planning: Our team is committed to helping you implement tax-efficient strategies that will effectively reduce your tax liability. Our Wealth Advisor will collaborate with your Stark & Marsh Advisor to create a comprehensive Financial Plan tailored to your specific needs.

Estate Planning: Creating or updating your estate plan may be identified as a need. Ensuring your assets are protected and distributed according to your wishes in the event of incapacitation or death is crucial.

WEALTH MANAGEMENT TEAM

CANDACE GELLETA

CFP®, RRC®, SENIOR WEALTH MANAGEMENT ADVISOR

cgelleta@starkmarsh.com

Candace has been actively involved in financial planning since 2014. She is a Registered Retirement Consultant RRC®, has a Financial Planning diploma from the Canadian Institute of Financial Planning, and has completed her Certified Financial Planner CFP® certification through FP Canada.

Candace works with Stark & Marsh clients to build a financial plan that considers Financial, Insurance, Retirement, and Estate needs. She works closely with the Stark & Marsh accounting and tax advisor to ensure the complete financial picture, including tax implications, are contemplated.

Through a referral agreement with Stark & Marsh Wealth Management, Candace will refer clients interested in investments to the TriCert Investment Counsel Inc. Clients have direct access to a team of portfolio managers through this referral arrangement who can tailor an investment management strategy specific to their needs. This integrated approach, which links the clients’ accountant with their financial planner and investment advisor, provides a unique opportunity to develop a comprehensive and customized plan best suited to serve the clients needs.

JANICE BISSONNETTE

ENGAGEMENT COORDINATOR

jbissonnette@starkmarsh.com

Janice plays a vital role in the development and implementation of Stark & Marsh clients financial plans. Acting as a liaison between clients and the financial planning team, Janice’s primary responsibility is to ensure smooth coordination and effective communication throughout the engagement process.

As an engagement coordinator, Janice works closley with clients to gather all relevant financial information including income, expenses, assets, and liabilities. Janice will ensure all documents are carefully organized ensuring accuracy and confidentiality. This information serves as the foundation for the financial plan.

Once the financial planning team has analyzed the data, the Janice assists in preparing comprehensive financial reports and presentations.

In addition to document preparation, Janice oversees the scheduling of meetings and appointments. She coordinates with both internal team members and external clients to ensure that everyone is on the same page and that deadlines are met.

Throughout the engagement, Janice keeps track of any changes or updates to the financial plan. She will communicate these changes to the relevant parties, ensuring that all involved are well-informed and able to make informed decisions.

Overall, Janice serves as a crucial link between clients and the financial planning team, ensuring that the financial plan is tailored to the client’s needs and objectives. Through effective coordination and communication, Janice contributes to the successful implementation of the plan and the achievement of the client’s financial goals.

Questions? Complete the form below and a member of our Wealth team will be in touch with you. 

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Through a referral arrangement, Stark & Marsh Wealth Management Services offers you direct access to TriCert Investment Counsel’s Portfolio Managers who will tailor an investment management strategy that is specific to your unique circumstances. Working with your accountant and financial planner, TriCert Investment Counsel’s Portfolio Managers take a quality sector-based (QSect™) approach to investing.

TriCert Investment Counsel is registered with the securities regulators as a Portfolio Manager and is engaged to provide clients with discretionary portfolio management.

To learn more, visit the TriCert website.

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