Financial Advisory Checklist

Organizing your financial life is the first step toward achieving your financial goals. This comprehensive checklist will help you assess where you are and identify areas that need attention.

Current Financial Situation:

Calculate your net worth (assets minus liabilities)

List all your assets: bank accounts, investments, real estate, vehicles, etc.

List all your liabilities: mortgages, loans, credit card debt, etc.

Track your monthly income and expenses

Review your credit report annually

Emergency Fund:

Aim for 3-6 months of essential expenses in a high-interest savings account

Keep this fund easily accessible but separate from your daily spending account

Review and adjust the amount as your circumstances change

Debt Management:

List all debts with interest rates and minimum payments

Prioritize high-interest debt for repayment

Consider debt consolidation if it reduces your overall interest costs

Avoid taking on new debt unless necessary

Retirement Planning:

Determine your retirement income needs

Review your RRSP and TFSA contribution room

Maximize employer matching contributions if available

Understand your CPP and OAS entitlements

Create a retirement savings timeline

Insurance Coverage:

Review life insurance needs based on dependents and debts

Assess disability insurance coverage

Review health and dental insurance

Consider long-term care insurance if appropriate

Estate Planning:

Create or update your Will

Designate beneficiaries on all registered accounts

Create Power of Attorney documents

Review and update beneficiary designations regularly

Tax Planning:

Understand your current tax bracket

Maximize tax-advantaged accounts (RRSP, TFSA)

Keep receipts for tax deductions and credits

Plan for major tax events (retirement, sale of assets)

Investment Review:

Assess your risk tolerance

Review your asset allocation

Ensure your portfolio aligns with your goals and time horizon

Rebalance your portfolio as needed

Regularly reviewing this checklist and working with a qualified financial advisor can help ensure you're on track to meet your financial goals.