ADVANCED FINANCIAL
PLANNING
GROUP FINANCIAL
PLAN ASSIGNMENT
Prof. Prema Chandran
Financial Planning
George Brown College of Applied Arts and Technology – Toronto, Ontario
GROUP FINANCIAL PLAN ASSIGNMENT
Course Code : CRN-82533-201903
Submitted by : Jagpreet Singh (10126723)
Satnam Singh (101210638)
Divya Walia (101186277)
Khushbu Maheshwari (101262703)
Submitted to : Prof. Prema Chandran
Date : July 31, 2020
Table of Content
Serial no.
Content
1
Disclaimer
2
Introductory Information
3
Cover Letter
4
Goals
5
How does Financial Planning Work
6
Financials
7
Clients Current Financial Situation
8
Financial Management
9
Asset Management
10
Retirement Planning
11
Estate Planning
12
Risk Management
13
Recommendation
Disclaimer
The figures mentioned in this report are all factual and are presented by our professor and
are further picked by Group D. All these assumptions are factual and are taken from a
case study provided by her.
Information and figures provided is general in nature and are not to be used for any legal
purpose.
Introductory Information
We at GBC Finances and Co. believe in the process of making one realize and managing
your own finances in line together with your own life goals. Everyone has their own set of
life goals which includes buying a home, managing wellbeing for your own children,
saving up for your children’s education or planning of your old days which is retirement.
The whole financial process involves collection of your personal financials’, setting up
your life goals, understanding your current financial situations and springing up with a
plan or a method for the way you will be able to meet your own personal financial goals
providing you current situation and future plans and reviewing this on ongoing basis.
Where do we start?
You first need to determine with which Financial Planner you want consult. Contact our
office reception and get your appointment fixed for a suitable date for both our consultant
and you. Please arrive 5-10 minutes before your appointment. The entire package
includes all the main information and one free consultation session and further requires
$5,000 thereafter, which includes the fees for consultant and other expenses which may
occur. There are an extra $100 fees for registration. Once we receive the entire payment
your process starts undergoing through various steps as discussed with your consultant.
Aspects of Financial Planning includes:
1) Individual Financial Planning: Every individual or planner avail proper knowledge
and professional guidance from an Authorized Financial Service Provider, who will
be able to make a portfolio on investment and insurance which suits to an
individual, while taking all consideration in mind.
2) Retirement Planning: Being part of the portfolio, the Financial Planner should
include a Retirement Plan that favors both employers sponsored retirement funding
as well as individual plans.
3) Retirement Counselling: As individuals approach retirement (three to five years ahead)
it is suggested that they benefit themselves of legitimate qualified and expert direction from
an Approved Financial Services Provider, who will furnish them with subtleties of the
numerous choices and decisions that they need to consider at retirement, just as furnish
them with illustrative estimations of their anticipated Retirement Capital and the annuity
pay that might be gotten from such capital. It ought to be borne at the top of the priority list
that every individual resigning will have various conditions and prerequisites at retirement.
Cover Letter (Summary)
Taking into consideration about Jaskaran and Muni Sahir, a lot needs to be
done to get them in place (financially). It took our team to make a detailed
analysis and come up with outcomes and here are few suggestions
regarding which you need to make changes for a more secured life now and
later. They are as follow:
A. Asset Allocation: Implementation of an investment strategy that
attempts to make a balance in between risk and reward by adjusting
the percentage of each assets in an investment according to the
tolerance for risk, goals, and time span for investment
B. Retirement: Determining the goals for your future in order to have a
secured life after you leave your job and want a happy and prosperous
retirement life with no financial burden.
C. Life Insurance: In case like major surgery or any kind of major illness,
one needs life insurance to cover the costs of the treatments. Also, it
helps the other spouse to have the amount in case one of the partner’s
die armature.
D. Estate Planning: Your entire life you cannot live in a rented house,
you want a house to yourself which you can call yours and give it to
you heirs.
E. Education (of child): Primarily, parents pay for your secondary, post–
secondary and tuition fees for college/university. To have a secured
education for your child, planning of your financials is required.
Moving further, we have the recommendation that according to our team
suits you the most. We at GBC Finances and Co. personally believe that
along with and in consideration of our experts you need to make changes or
maybe consider rebalancing your current portfolio allocation considering
making a cut down on few items particularly.
You thereafter require, in addition as capital for your retirement based on the
assumptions taken in accordance with your plan. Assumption taken for
retirement for Jaskaran and Muni are that they are getting retired at the age
of 65 years.
Jaskaran requires an addition of amount in life insurance whereas Muni
requires for her life insurance. Also, just to be safe, you should review your
needs for insurance every year to ensure you have adequate amount of
coverage.
Jaskaran/Muni requires an additional amount of in annual disability coverage
under insurance. Also, you should be reviewing your disability insurance
requirements annually to have adequate coverage.
