Freedom seekers

Accumulating wealth and seeking financial independence

Will we have enough? We hear this a lot from our clients. Our first task is to work with them to define what “enough” is and set course for that destination. We establish: current goals (buying a family cottage, financing children’s education etc.); a target financial independence date; and a vision for life after work. The resulting plan remains flexible to life’s changes and can help give our clients peace of mind knowing a plan is in place and they’re on track.

Here is an illustration of how we can help freedom seekers

Ashleigh and Greg are a couple in their late 30s with good income and stable jobs – they want to know they are making the right decisions to ensure they have enough. Here’s how we’re helping them with the Life Compass (click on the compass to learn more about each quadrant of the process).

Here is an illustration of how we can help freedom seekers

Ashleigh and Greg are a couple in their late 30s with good income and stable jobs – they want to know they are making the right decisions to ensure they have enough. Here’s how we’re helping them with the Life Compass (scroll over the compass to learn more about each quadrant of the process).

DISCOVERY

Where Do You Want to Go?

Ashleigh and Greg are well established in their careers, with two young children and a sizable investment portfolio. But they are not certain they are making the right decisions to allow them to stop working in the future to enjoy their life as they have dreamed. Given the increasing demands of their day jobs, their investment planning and portfolio management was not getting the attention it deserved. They felt that the advice they had been receiving was a cookie cutter solution and wanted an investment strategy that made sense for them.

MONITORING & REPORTING

Charting Your Progress

In addition to receiving monthly statements, Ashleigh and Greg receive a quarterly overview updating them on their accounts with details on the progress of the companies they own and a broader discussion on a timely economic or investment issues. We touch base several times over the course of the year and have a longer annual meeting to discuss Ashleigh and Greg’s life and their goals. We review the plan and make sure they remain on track, making any adjustments as necessary.

PLANNING

How Will You Get There?

Genova worked with Ashleigh and Greg to define their financial independence goals and charted a course to get there. The roadmap provided directions to financial independence which included calculating how much they expect to be able to spend and save each year to reach their goals – this included paying for their children’s education and purchasing a family cottage down the road. We established their cash needs and developed an investment policy statement for their portfolio.

IMPLEMENTATION

Making It Happen

Ashleigh and Greg opened accounts with Genova, and we built a portfolio of what in our view, are good businesses. We make sure they are taking advantage of tax saving opportunities by making appropriate and timely transfers among their taxable accounts and their RRSPs, TFSAs and RESP.