Financial Advice for Incorporated Professionals

We can help you determine where you are today financially and where you want to go. We can provide you guidance on how to reach your short, medium and long term financial goals.

Financial advice for incorporated professionals is often two-sided- advice for the practice and personal financial advice.  A few things to keep in mind for professionals are:

  • Professionals are typically in the highest income tax bracket, therefore incorporating their practice can help manage and defer taxes at a lower corporate tax rate.

  • By incorporating- professionals can have access to dividends from their corporation, shareholder loans, corporately held life insurance and since money can be left inside a corporation- this money can be used in years where there are life changes such as pregnancy, buying a home or retirement.

  • Professionals should also ensure that they have access to health benefits.

  • Debt for a professional is not unusual, given the costs of education and equipment, therefore working with an advisor and accountant can help an incorporated professional find a way to balance their cash flow.

Why do you need Financial Advice?

  • Worry less about money and gain control.

  • Organize your finances.

  • Prioritize your goals.

  • Focus on the big picture.

  • Save money to reach your goals.

For an incorporated professional, personal and practice finances are connected. Therefore both sides should be addressed: Personal and your Practice.

What does Financial Advice for an Incorporated Professional include?

There are 2 main sides your practice’s financial plan should address: Growth and Preservation

Growth:

  • Cash Management- Managing Cash & Debt

  • Tax Advice- Finding tax efficiencies

  • Health Benefits

Preservation:

  • Investment- either back into the business or outside of the business

  • Insurance Planning/Risk Management

  • Retirement Planning

What does Personal Financial Advice include?

There are 2 main sides your financial plan should address: Accumulation and Protection

Accumulation:

  • Cash Management – Savings and Debt

  • Tax Advice

  • Investments

Protection:

  • Insurance Planning

  • Health Insurance

  • Estate Planning

What’s the Financial Advice Process?

  • Establish and define the financial advisor-client relationship.

  • Gather information about current financial situation and goals including lifestyle goals.

  • Analyze and evaluate current financial status.

  • Develop and present strategies and solutions to achieve goals.

  • Implement recommendations.

  • Monitor and review recommendations. Adjust if necessary.

Next steps…

  • Talk to us about helping you get your finances in order so you can achieve your lifestyle and financial goals.

  • Feel confident in knowing you have a plan to get to your goals.