INSURANCE HOME LIFE INSURANCE LIVING BENEFITS BUY INSURANCE ONLINE TOOLBOX How much is enough? Developing a financial plan How healthy are you? Tax & estate planning Financial statements How are my UL accounts doing? ASSOCIATIONS & ALUMNI CONTACT US	. How Does Plan Right Work? Plan Right is designed to simplify financial planning by following a tried, tested and proven process recommended by the Canadian Association of Financial Planners. Some of the questions it answers are: Should I pay down my mortgage or top up my RRSP? How should I invest a severance? A financial advisor can take you through each step of the process, but we’ve captured some of the highlights in this section of the Web site so you can get an idea how it works. The Six Step Plan Right Process: Step 1 – Evaluate current financial situation Step 2 – Determine future goals Step 3 – Identify financial barriers Step 4 – Recommendations and plan Step 5 – Implementation Step 6 – Ongoing review Step 1. Evaluate your current financial situation Everyone's situation is different. With your financial advisor, you should explore questions such as the following: What are your income sources and expenses? What types of investments do you have? What lifestyle do you want now? What is your net worth? Step 2. Determine your future goals There are as many different goals as there are individuals. An advisor can take you through our questionnaire to help you determine your goals. Some questions you will be asked may be: Are you saving to buy a house, or a bigger house? What are your hopes and dreams for retirement? Have you put aside money for a rainy day? Do you need to provide for your children's education? Where do you want to be, financially in 10 years? In 20 years? Step 3. Identify any financial barriers to your future goals This is where an experienced, expert advisor will be indispensable. With his or her assistance, you'll be able to determine whether your current actions will allow you to achieve your goals. If not, they will suggest changes that need to be made to get you there. Step 4. Recommendations and Plan Your advisor can help you get your financial plan off to a good start by: recommending investments specific to your needs maximizing your tax sheltering opportunities guarding your plan against unforeseen risks building a dependable retirement income providing you with the information you need to make sound financial decisions. Your advisor will provide a written set of recommendations to help you reduce or eliminate any barriers to your financial success. Step 5. Implementation The best time to set your plan into action is right now. It's never too early, and certainly never too late, to begin. Plans that sit on the shelf don't accomplish anything. Step 6. Ongoing Review It's best for you and your financial advisor to review your financial strategy on a regular basis to ensure you continue to meet your financial goals. As your situation changes, your goals and needs may also change. Adjustments to your personal plan can be made along the way since to be truly effective, a financial plan must stay up-to-date.