Jason Polsinelli, head of the Polsinelli Financial Advisory Group, offers advice on how you can get more from the money you put away.

When you’re young, saving is easy. You’re told by your parents to put a little away for a rainy day and, when you do, you get to watch your funds grow. As an adult, though, it’s different. Saving money can take on a number of forms, and requires much more coordination, strategy and advice.

Q. What is saving? Doesn’t it just involve putting money aside in a bank savings account?

A. Today, saving money involves much more than that. Rather than simply stockpiling wealth, more people are seeking comprehensive solutions to achieve specific goals.

Tax Free Savings Accounts (TFSAs), for example, are now available to most Canadians through their financial institutions and offer various benefits, such as flexibility when accessing wealth. For those looking to save and invest in their retirement, Registered Retirement Savings Plans (RRSPs) allow them to do so while employing tax efficiency strategies. Similarly, Registered Education Savings Plans (RESPs) are a great, tax-sheltered option for saving for your kid’s education, eligible for grant money from the federal government.

Strategically utilizing accounts like these for specific goals offers unique benefits compared to just setting money aside in a savings account. It’s important to know what’s available to you so you can make the best decision for you and your family.

Q. It seems there are a lot of different savings vehicles out there. How do I know what is right for me and my family?

A. Everyone’s financial circumstances are different. For some individuals, saving might involve paying down their mortgage to create more home equity, while others might be focused on a future purchase like buying a car or cottage. Each family has its own unique set of dreams, goals and complexities. Therefore, goal-based savings require goal-based solutions, including a Total Wealth Plan. That’s where having a wealth advisor can be of tremendous value by helping you turn that complexity into clarity.

It’s important to know what is available to you so that you can make the best decision for you and your family based on your unique circumstances and goals.

Q. I’ve heard of financial planning, but what is a Total Wealth Plan?

A. Total Wealth Planning involves looking at the entirety of an individual or family’s current circumstances and future aspirations, including retirement, children’s education, debt and banking management, future purchases, budgeting and saving. In more comprehensive cases, it may also involve will and estate advice, philanthropic planning, corporate succession advice, pension analysis, and incapacity and insurance planning. From that, a set of customized solutions is provided. When done effectively, goal-based planning can be hugely rewarding, saving families time, money and stress.

Q. Where can I get a goals-based Total Wealth Plan?

A. Standard retirement planning exists at most financial institutions and specializes in providing financial planning services. Total Wealth Planning, on the other hand, requires someone who knows your circumstances, understands your goals inside out, and can produce an easy-to-follow roadmap toward attaining them. This level of sophistication requires planning experience and a complete understanding of the array of professional wealth management disciplines. I would recommend that the professional you choose not only has the right designations, but the right depth of experience.

For more information, contact the team at 905.695.1518, or visit:
polsinellifinancialadvisorygroup.com