MDL Financial Group is one of Ottawa’s top financial planning firms according to Ottawa Stories. We believe that it is because our certified financial planners adopt a tailored approach that focuses on designing financial plans according to the needs of our clients.
We focus on the long-term success and security of your customized portfolio. We want to make sure you are confident and comfortable with your financial future. Our investment strategy, security standards, and service approach are designed to earn your trust, organize your financial world and grow your wealth. We’ll pair you with one of our certified financial planners who can deal with your specific financial situation and desired outcomes. Book a 15-minute consultation and we’ll help you create a better plan to manage your financial future.
Unlike banks and other major financial institutions, MDL is not a sales organization remunerated by sales, volumes, quotas or the number of generated transactions. Our decisions are completely independent and free of biases. Our fees are transparent and generally much lower than retail management products.
Our approach is simple. We design, implement, and manage our client’s financial plans so that they can benefit from growth as well as capital preservation. Our service is designed to be attentive to the needs of our clients. We continuously invest in technology and education so that our clients benefit from plans designed for their goals and aspirations.
MDL has been around since 1990 and all the advisors that work for the firm have many years of experience and accreditations. This unique team of people is the cornerstone of MDL’s success.
Often, people come to us when dealing with significant wealth for the first time. This wealth could be the result of a very difficult emotional or stressful period (death, health issues, divorce, or the sale of a business). Other times, it is the culmination of a lifelong career, of saving and sacrifice, or a family legacy that they wish to pass on. Regardless of the situation, the dependability of our team’s proven experience and the calibre of our stewardship bring comfort to those with wealth in our care.
Our 6-step financial planning process:
Determine Your Current Financial Situation
The very first step in the financial plan process is to look at your current financial situation. Determine your living expenses, savings, income, and debts. We will ask for your financial documents and determine where you stand financially. We’ll look at your assets, and debts, and suggest the changes that need to be made for you to achieve your financial goals.
Set Financial Goals
Setting financial goals is a great way to base a financial plan on. Your financial goals should be very clear and straightforward. Whether you want to pay off all your debts, build a retirement plan, or have a certain amount of savings, your goals should be well-defined. However, when setting financial goals, make sure they are realistic and achievable, considering your current income and financial situation.
Consider Alternative Courses of Actions
Having a contingency plan is always a great idea so that you can have an alternative course of action in case your main plan goes wrong. When setting a financial plan, consider all the available alternatives and determine the best-suited course of action for your situation.
After determining all the alternative courses of action, the next step is to evaluate these alternatives. You should evaluate these options to determine the consequences of your course of action, also known as opportunity cost. Opportunity cost is what you have to pay when you make a certain choice. For instance, paying your child’s tuition means letting go of your vacation plans. Decision making always involves a trade-off like this. Therefore, consider what you lose when choosing a certain course of action.
Implement the Financial Plan
Once you’ve set your financial goals and weighed down all the alternative plans, you come up with a final action plan. This action plan would be directed towards achieving your financial goals in order or priority. Therefore, your goals should always be listed in the order of importance, so the financial action plan prioritizes your most important goal.
Revisit and Re-Evaluate Your Financial Plan
Wealth management and financial planning are continuous processes. It needs re-evaluation to ensure that the plan is being followed and that the desired outcomes are achieved. If you are not achieving your financial goals, it’s time to revisit and revise your financial plan. Although you might not be able to determine what’s wrong, a financial planner can help you figure that out.
Get in Touch with an Ottawa Certified Financial Planner to start building your financial plan.
Without a financial action plan, wealth management is quite challenging and can make it almost impossible to achieve your financial goals. But our Financial Planners in Ottawa can help you make the right decisions and identify what you’re doing wrong. Reach out to us now to build your financial plan.