Video transcript: why you need a financial planner

Why you need a financial planner

Fabio: [00:00:00] Hey, Meridian community wealth is such a big topic right now, especially with Canadians. And so we brought on one of the best at Meridian di Cruz. She's the vice president of wealth, and she's gonna cover a few of the, misconceptions about wealth and some of those hot topics that a lot of members are asking.

And so speaking of a financial plan not everybody has one, right? People, you. They think they have one. And then they come 20 years down the road and they realize, oh, I'm not actually as planned as I should. And so obviously it's incredibly important to have a financial plan. And so I guess in a simple term, like why is it important to have a financial plan right now?

Dilys: Yeah, so I like to, I like to use analogy, you know, financial. Plan is like a GPS, right? It gets you put in your destination where you wanna be in the next 5, 10, 15, 20 years, whatever it might be. And the plan is going to help you get there. It's gonna give you the directions to get there. And so it is a living, breathing document.

It's not something that will be done today. And then it gets put in your file folder and then never looked again. And. It, you know, it [00:01:00] also, it helps you plan for life events, no matter whether you're single or you're married or where you're at in your life. A financial plan will help you plan for major life events, whether it is buying a house, having a family retirement post retirement.

And so a plan is important because at least it will then give you confidence in your future. You'll say, I've got this under control and I have somebody. That has got my back to make sure it's, you know, that I'm on track to meet whatever those objectives are. Now a plan doesn't have to be intimidating either.

It can be long depending on what your goals are, or it can be, you know, a really short plan to say, you know, my next goal is to buy a house. How can I get there? And that might just be part of a bigger plan. So again, it, in the end, at the end of the day, it helps you get to where you wanna get to, but it gives you peace of.

And confidence to know I've put a plan in place I'm gonna be okay. And I think that's the most critical thing with a financial planning. 

Fabio: Absolutely. And, and it shifts right. It shifts and change. It's not like, [00:02:00] Hey, we create it now. And it's kind of one and done for 20 years or 30 years. Right? Like there's continuous check in points.

There's like, Hey, how, how you know needs changed in your life? And obviously that's where, you know, a lot of those things need to change as, as like you. You know, circumstances in life change, you know, big life goals, change. Like I said, you know, family, a big house, you know, you buy a house or something. And so yeah, of course COVID happens.

COVID happens exactly. Right. That's a big one. That's a right way. 

Dilys: How does that impact the plan and then you can revisit it and, and adjustments can be made. So this, this absolutely, to your point, things happen, life happens. And so having a plan is not STED, it's going to be, we're gonna revisit it. How do we adjust it for now?

And then get you back on track whenever, you know, whenever the circumstances over.