Based on current financial statistics and economic trends; we know 5% of Canadian High Net Worth individuals work closely with their financial advisor, who most likely manually created a well laid out; written and structured financial plan. This plan creation process includes the use of stand-alone
financial calculators; with each calculator performing a specific function.
As much as we would like to see the number of Canadians who have financial plans closer to 50%
rather than 5%; we all know; advisor controlled financial plans are more robust and even more notably,
the report is subjective; not objective.
I’ll simply make a statement here for discussion later; is it a mere coincidence that only 5% of all
Canadians will retire in absolute comfort and not necessarily feel the effect of difficult economic times.
Is there a correlation? You bet; this is not a coincidence; however; it’s up to Canadians to get more involved in the planning of their financial lives; including retirement.
Canadians need a financial planning platform that is interactive; flexible and one which looks at their financial road map objectively; not subjectively. Additionally; Canadians need a financial plan which identifies financial weaknesses.
Manage Your Money™; a comprehensive financial plan creation software is 100% navigated by the
end-user; as opposed to an advisor; however; by placing this power and control into the hands of the end-user; they’re more honest, realistic and better equipped with the reality and costs of overcoming financial concerns and are acutely alert to avoid financial pitfalls.
Of course; as an advisor myself; I appreciate very much my clients creating their financial plans saving me hours of fact-finding and research; instead, I’m now spending my time wisely by educating my clients and administering financial products and services in order to satisfy their financial requirements, goals and objectives.
The Manage Your Money™ software is laid out in 15 interactive sections; starting with Personal and Family Data; Goals and Objectives planning; Funding Future Major Events, the creation of their Cash Flow and Net Worth Analysis, Income Replacement, Asset Protection, Debt Management and finally; Retirement and Estate Planning.
Unique Features: The Manage Your Money™ software has a unique and proprietary internal memory chip that recognizes key bits of data and if that data is required anywhere else on the software’s sections; it pre-populates the data. In this manner users don’t have to remember what to add to a certain field; it's already there; avoiding redundancy.
Inflation: Users can toggle between a 0% - 4% inflation by the simplicity of a click; which instantaneously adjusts every single calculation throughout the software’s 100,000 lines of coding by the chosen inflation rate. It would take an advisor or an accountant or consumers; hours to manually update every single calculation to reflect the effects of inflation.
Password Protected: The software is password protected; preventing family members from accidentally launching your financial plan in order to peruse your confidential data. Each copy of Manage Your Money™ can create 4 financial plans with unlimited updates.
Encryption: Our software is also encrypted by 128-bit technology; including uploading and emailing of the Financial Plan to their financial advisor or a financial planning firm; naturally you will have to provide your advisor with a copy of the software and your password.
Capitalized Retirement/Investment Accounts: Most Canadians have 2 - 3 investment accounts; 1-2 RRSP accounts; 1-2 TFSA accounts and so forth; each with its own rate of return and each with its own investment timeline; however, some investors can have 10-15 accounts and if that client were to ask his/her advisor what the accumulated value of all their investments at age 65 would be; that advisor would have to spend hours calculating and compiling the numbers; one account at a time; fortunately; the Manage Your Money™ software does it instantaneously.
Estate Tax Analysis: fortunately, most Canadians are aware that when they pass away their assets pass on tax-free to their surviving spouse; however, when the 2nd spouse dies; the entire value of the estate; except the family home and cash is deemed to be sold at fair market value and income taxes are due on the growth; when you file their last tax return.
This Deemed Disposition rule always stuns Canadians who think a will circumvents taxation; it does not. Working with my firm; we provide multiple mechanisms to minimize the effect of taxation on your estate.
In conclusion; the Manage Your Money™ financial planning software acts like a gigantic screwdriver and its only job is to find financial weaknesses and provide recommendations to tighten the deemed weaknesses. What the software will not do is recommend a particular financial instrument as we’ve left that decision to myself and my fellow financial colleagues.
The Manage Your Money™ software was created by Riyad K Mohammed; who has been in the Wealth Management/Financial Planning industry for the past 32 years and possesses a wealth of experience in all aspects of financial planning; including family, retirement and estate planning.
We’ve designed and laid out the financial planning software; as if a ‘live’ advisor was sitting in front of clients asking them questions and collecting pertinent financial information; which then goes into the creation of their financial plan. To get more information; email Riyad at: riyadm@themoneycafe.
Step 1 in our wealth management process is to create a detailed and objective financial plan. At the Money Cafe; before we begin taking a deeper dive into your financial life; we create your personalized financial plan.
We created Canada's first user-navigation financial planning software and is available to all Money Cafe clients..