A Complete Guide to Financial Planning

By: Kevin Christopher JD, Wealth Advisor

People always think they are too young or don’t have enough money to start thinking about financial planning, investment management, or retirement planning. The truth is everyone should be doing it. Let’s explore how significant financial planning, investment management, and retirement planning can be for people of all ages and different financial situations.

We’ll discuss everything you need to know about financial planning in this post, from what it entails, what it covers, eligibility, and more. We’ll explore how significant these things can be for people of all ages.

Financial Planning

Let’s start with the basics; what’s financial planning? This is creating a plan to achieve financial goals and objectives. Financial planning can include investment management, retirement planning, tax planning, and estate planning.

If you’re like most people, financial planning is probably something you only think about when you have a specific goal in mind, like buying a house or saving for retirement. But what if there was a way to make financial planning an ongoing part of your life? That’s where the financial planning process comes in.

The process of financial planning typically includes the following steps:

  • Determine your goals and objectives
  • Assess your current financial situation
  • Develop a plan to achieve your goals
  • Implement the plan
  • Review and adjust the plan as needed


Not everyone is eligible for financial planning services. To qualify, you need to have a certain amount of assets or income. The minimum requirements vary from planner to planner, so be sure to check with your planner before beginning the process.


Most Wealth Management services cover various topics, including investment management, retirement planning, tax planning, and estate planning. However, some areas may not be included in the plan. Be sure to ask your planner about the coverage before you sign up.

What’s Investment Management?

This is the process of selecting and managing investments to achieve specific financial goals. Investment management includes choosing appropriate investments, rebalancing portfolios, and selling or buying assets.

The investment management process usually entails:

  • Determining your investment goals and objectives
  • Selecting appropriate investments
  • Rebalancing portfolios to maintain the desired asset allocation
  • Monitoring and adjusting investments as needed

The investment management process is a systematic way of making decisions about how to best use an investor’s money to achieve their financial goals. It involves analyzing the client’s financial situation and then developing, implementing, and monitoring a plan to help them reach their targets.


Only individuals with investable assets of at least $100,000 are typically eligible for investment management services. This is because the costs of providing such a service can be high, and it’s not feasible for firms to offer these services to clients with smaller portfolios.


Investment management coverage usually includes making buy and sell decisions for individual securities and recommending and monitoring mutual funds, exchange-traded funds (ETFs), and other investment vehicles.

What’s Retirement Planning?

It’s the process of figuring out how much money you’ll need to have saved up to cover your costs after you stop working. This includes your immediate needs, like housing and food, and long-term costs, like healthcare.There are a few key things to think about when planning for retirement:

How much money will you need each year?
You can use online calculators to estimate this amount.

What will your expenses be in retirement?
These could include things like travel and hobbies and health care costs.

How long will you live?
This is tricky to predict, but it’s important to think about, so you can plan accordingly.

When should you start saving for retirement?
Ideally, it would be best if you started as early as possible. But if you’re starting late, it’s not too late – you can still save a lot of money by making wise choices about your investments.


There are various ways to save for retirement, and the best one for you will depend on your unique situation. Common options include 401(k) plans, IRA accounts, and annuities.

It’s important to consult with a financial planner to figure out what option is best for you – they can help you make sure your savings will last throughout your retirement years. 


To qualify for retirement planning services, you must be at least 50 years old. The planner will help you create a plan for withdrawing money from your retirement account and ensure that you’re on track to meet your retirement goals.


Retirement planning services typically include a review of your current retirement plan, recommendations for changing your plan if necessary and help setting goals for retirement. The planner will also recommend investments that could help you reach your goals.

What’s Tax Planning?

Tax planning is the process of organizing your financial affairs to minimize your tax liability. The goal of tax planning is to arrange your financial situation to allow you to pay the least amount of taxes possible.

Several different strategies can be used for tax planning, including:

  • Investing in tax-advantaged accounts like 401(k)s and IRAs
  • Claiming all available deductions and credits
  • Minimizing income and capital gains taxes
  • Taking advantage of tax treaties between countries

The specifics of tax planning will vary depending on your situation. Your accountant or financial advisor can help you create a plan that’s best suited for you.


There are no specific eligibility requirements to engage in tax planning. However, tax planning is most effective when it is carried out in conjunction with an individual’s overall financial plan. Tax planning is also an important part of estate planning. Individuals preparing their estate for transfer should work with a professional to take all available tax breaks into account.

Tax Planning Coverage: Federal and Provincial

Tax planning is a process that helps individuals and businesses pay the least amount of tax possible. It can be done at the federal or provincial level or both.

Federal tax planning refers to strategies that help individuals reduce their taxable income. This may include making RRSP contributions, taking advantage of investment deductions, and claiming credits and exemptions.

Provincial tax planning is similar but focuses on a provinces’ specific strategies. For example, some provinces offer property tax breaks for seniors or have different rules around capital gains taxation.

What’s Estate Planning?

Estate planning is the process of arranging for the distribution of your assets after your death. The goal of estate planning is to ensure that your assets are distributed in a way that you would want and that your loved ones are taken care of after you’re gone.

Many different things need to be considered when creating an estate plan, including:

  • The type of assets you have
  • Who you want to inherit your assets
  • How you want your assets distributed
  • What happens if you become incapacitated or die intestate (without a will)

The specifics of estate planning will vary depending on your individual situation. Your accountant or financial advisor can help you create a plan that’s best suited for you.


Any individual who has assets they would like to pass on to their heirs can benefit from estate planning. This includes people who are not yet retired and those who have already retired.

Estate Planning Coverage: Federal and Provincial


Federal estate planning refers to strategies that help individuals reduce the amount of tax paid on their estate when it is transferred to their heirs. This may include making gifts during life, setting up a trust, and choosing the right type of will.

Provincial estate planning is specific to each province and covers property taxes, probate fees, and inheritance taxes.

What’s A Private Client?

A private client is a high-net-worth individual who requires specialized financial planning and investment management services. Private clients typically have investable assets of $500,000 or more.

They may require a wide range of services, including:

  • Investment management
  • Retirement planning
  • Tax planning
  • Estate planning
  • Philanthropy consulting

Private clients often work with a team of specialists, including accountants, lawyers, and investment advisors. This allows them to get the most comprehensive advice and service possible.


To be eligible for private client services, you must meet one of the following criteria:

  • Have a net worth of at least $500,000
  • Earn an annual income of at least $250,000.

If you do not meet either of these criteria, you may still be able to receive some services depending on your specific needs and situation.

Private Client Benefits

When you become a private client, you gain access to a wide range of benefits, including:

  • A dedicated team of professionals who will work with you to create a personalized financial plan specific to your needs and goals,
  • Comprehensive investment management services that will help you grow your wealth over time.
  • Help planning for retirement, including advice on how much money you’ll need and how to make the most of your savings.
  • Tax planning services can save you money on your taxes each year.
  • Estate planning services can help ensure your assets are transferred to the people or organizations you choose after your death.

Get Professional Help

The best way to get started with financial planning is to work with a professional. At Nesso Wealth, we can help you develop a plan specific to your needs and goals, and we can guide the way. We’ll also help you adjust your plan as your life changes.

No matter what stage of your life you’re in, our main goal is to help you achieve your financial goals so you can focus on other important areas of your life. Don’t hesitate to reach out now to get started.



For a comprehensive review of your personal situation, always consult with a tax or legal advisor.  Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.

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