Become Your Own Chief Financial Officer

Become your own Chief Financial Officer

Gwen Becker, CFP, CIM, FCSI

RBC Wealth Management DS

Associate Portfolio Manager

Gwen.becker@rbc.com

403 299 5265

Allison Maher, CA, CFP, TEP, ICD.D

Family Wealth Coach

Co-Founder

allison@familywealthcoach.ca

403 615 4144

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AGENDA

1. Women are making strides

2. Current challenges facing women

3. Managing all aspects of your wealth

4. Taking action – setting realistic goals

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WOMEN ARE MAKING STRIDES

TODAY, WOMEN ARE MORE FINANCIALLY SUCCESSFUL AND INDEPENDENT

o Education indicators

o Higher participation in the workforce

o Leading the entrepreneurial charge

o Increased control over household spending

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WOMEN ARE MAKING STRIDES

INCREASED CONTROL OVER HOUSEHOLD SPENDING

o Women are the sole decision makers in 28% of high net worth households (those with $1 million+ in investable assets)

o In the remaining 72% of those HNW households, 65% of women share in the decision making

o 90% of women will be solely responsible for family finances at some point in their lives

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CURRENT CHALLENGES FACING WOMEN

WOMEN STILL FACE HEADWINDS

Life Changing Events Lower Average Earnings

Longer Life Expectancy

Time away from work for family

obligations

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CURRENT CHALLENGES FACING WOMEN

WOMEN ARE LIVING LONGER

Life expectancy at birth has risen to an all time high of

81YEARS OF AGE

Men at age 65

83YEARS OF AGE

Women at age 65

87YEARS OF AGE

VS.

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CURRENT CHALLENGES FACING WOMEN

TIME AWAY FROM WORK FOR FAMILY OBLIGATIONS

Children

o Over 13% of women work part-time because they are caring for children vs. 1% of men

Elderly parents

o 14% of women are caring for a senior who lives outside of their home

o 40% of women spend more than 10 hours a week caring for a senior who lives in their home

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CURRENT CHALLENGES FACING WOMEN

LIFE CHANGING EVENTS - DIVORCE and WIDOWHOOD

o Divorce

Ø 38% of marriages entered in 2008 are expected to end in divorce before the 25th year of marriage

Ø 43% of marriages entered in 2008 are expected to end in divorce before the 50th year of marriage

o Widows are not just the very old.

Ø While 75 percent of those 85 and older are widows, there are more women who are widows age 75-84;

Ø One third of widows are under age 70; and

Ø One third of women who become a widow are under age 65.

www.youtube.com/watch?v=IGQmdoK_ZfY

What is your gorilla?

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MANAGING ALL ASPECTS OF YOUR WEALTH

COMPREHENSIVE FINANCIAL PLANNING

o Do you know what your financial future looks like?

o A Financial Plan addresses core financial needs, and answers these questions:

Ø Can I retire when I want to and maintain my desired retirement lifestyle?

Ø How can I ensure that I don’t outlive my money?

Ø How can I minimize the taxes I pay each year?

Ø Is my investment mix appropriate?

Ø If I were to die unexpectedly, would my family be taken care of?

Ø How can I protect the value of my estate?

Tools make work easier.Tools make work easier.

Financial Independence

Social Capital Family Legacy

The Realms of Planning

Financial Independence

Social Capital

Family Legacy

💭 What are the relative sizes of your circles?💭 What are your main priorities/goals in each circle?💭 What strategies/tactics/tools do you currently have working for you in each circle?💭 What resources do you need in each circle?💭 What obstacles must you overcome in each circle?💭 How might these circles change over time?

Mission – Vision – Values - Goals

WHAT & WHY

Strategies – Tactics - Tools

WHO & HOW

Your Financial PlanTax Planning

Insurance/Risk Management

Family Legacy Cash Management

Investment Planning

Credit/Lending

1

4

3

5

2

Career Planning

Asset ProtectionEstate Planning

Philanthropy

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MANAGING ALL ASPECTS OF YOUR WEALTH

UNDERSTANDING YOUR INVESTMENT CHOICES

Return

Ris

k

Common shares

Real estate investment trusts (REITs)

Tax-exempt insurance

Preferred Shares

Hybrid Bonds

Corporate bonds

Annuity

Segregated Funds (guaranteed minimum withdrawal benefits)

Guaranteed Interest Annuity (GIA)

Government bonds

Guaranteed Investment Certificates (GICs)

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MANAGING ALL ASPECTS OF YOUR WEALTH

V

I

S

O

R

ISION

MPORTANCE

UPPORTING

RESOURCES

BSTACLES

EADINESS

Goal Setting

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TAKING ACTION

STEPS TO BUILD AND PROTECT YOUR FINANCIAL SECURITY

o Prioritize what is important to youo Find the right advisor or team o Get organized - Take an inventory of your assets and

liabilitieso Do your research and due diligenceo Build a financial plan and set goalso Stay disciplined o Review, reassess and rebalance – “life lifes us”

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TAKING ACTION

BECOME YOUR OWN CHIEF FINANCIAL OFFICER

o Set goals, dream big and have a plano Interview advisors until you find one who is right for you:

ØAre you registered?ØWhat is your background?ØHow are you paid?ØWhich kinds of products and services do you offer?ØWho are your clients?

o Become your own Chief Financial Officer!

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RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC WM FS”), a subsidiary of RBC Dominion Securities Inc. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of RBC WM FS. In Quebec, Investment Advisors are acting as Financial Security Advisors of RBC WM FS. RBC DS WM FS is licensed as a financial services firm in the province of Quebec. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ®Registered trademarks of Royal Bank of Canada. Used under license. © RBC Dominion Securities Inc. 2015. All rights reserved. (02/15)

Thank you