Final Case Assignment

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School

George Brown College Canada *

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Course

ACCT3009

Subject

Finance

Date

Jan 9, 2024

Type

docx

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Uploaded by DoctorKangarooMaster2389

Final Case Assignment Olga & Michael Dobiski BFPL 4101 Advanced Financial Planning Khanh Nguyen (101219261) 1

Table of contents Client Profile Cover Letter Client’s Goals, Needs, & Priorities Financial Management Income Tax Planning Risk Management Asset Management Retirement Planning Estate Planning Overall Impact of Financial Plan 2

Client Profile Personal information Name Olga Dobiski Michael Dobiski Age 53 56 Married Status Married Married Employer Private School Healthco Ltd Occupation Teacher Chief Financial Officer Dependents Name Jessica Dobisk Maya Dobisk Age 24 22 Assumptions When creating a financial planning report, assumptions about inflation and other economic variables are crucial for making accurate predictions and developing a comprehensive plan. It’s important to consider the historical trends in inflation rates and how they may change over time due to various economic factors. Other economic variables, such as interest rates, GDP growth, and unemployment rates, are also important to consider when making financial plans. It’s important to consider various scenarios and potential outcomes, including best-case and worst-case scenarios, to help develop a comprehensive plan that can adapt to different economic conditions. Documenting these assumptions in a financial planning report is crucial to ensure transparency and accountability. It provides a clear understanding of underlying 3

assumptions and how they may impact the overall plan. It also helps in tracking progress and adjusting the plan as needed based on changes in economic conditions . Cover Letter April 14, 2023 Dear Mr. and Mrs. DObiski, Thank you for allowing us to help you plan a better-financed future. We are delighted to offer you professional advice and assistance throughout your financial planning journey. Our goal is to help you attain a clear understanding of your financial position, realize your financial potential, and come up with reliable strategies to help you achieve your financial goals. We assure you that all the information that you have provided to our team will be kept confidential. No third party can have access to your personal information without your written consent in place. Based on the information we have gathered; we are proposing a list of services as follows:  Listing goals, needs and priorities  Developing strategies for financial management  Developing strategies for tax and retirement planning  Develop strategies for risk, asset, and estate planning  Provide current and future cash flow chart  Provide a statement of financial positions and overall impact of the financial plan Here are some highlights which help guide you through this relatively lengthy report. We successfully identify and prioritize the goals and strategies tailored to your financial 4

position. We proposed to help you two to reassess your investment strategy to ensure it aligns with the retirement goals, explore tax-efficient strategies to maximize your retirement savings and minimize the tax liabilities, and consider estate planning to ensure the assets are distributed according to your wishes. Please provide us with all of the relevant documentation and information to help us build a suitable plan. Our financial planning components will be listed and categorized; you may refer to the table of contents to find the information of all relevant sections. Each category we include will come with detailed recommendations and relevant strategies suitable to your situation. As a courtesy, the initial consultation is free of charge, and we appreciate you coming to us to start to step one of your financial journeys. I will charge a standard flat fee of 1.5% based on your assets under management. We will currently calculate the service fee as if you are staying with us for future services. The future service will be calculated based on the number of future assets under management. Thank you for choosing and trusting us Yours sincerely, Khanh Nguyen ACB Financial Ltd. Client’s Goals, Needs, & Priorities Olga and Michael DObiski's goals are retirement planning and financial stability, with a focus on supporting their children's education and maintaining their current lifestyle. They are willing to take moderate risks in their investment strategy but want to avoid 5

excessive volatility. They also want to balance their individual salary expectations with their family priorities and minimize their estate taxes. To achieve their goal, Olga and Michael need to reassess their investment strategy to ensure it aligns with their retirement goals, explore tax-efficient strategies to maximize their retirement savings and minimize their tax liabilities, and consider estate planning to ensure their assets are distributed according to their wishes. Financial Statements Olga and Michael DObiski's Statement of Net Worth Saturday, December 31, 2022 Olga Michael Joint Total Assets Chequing and savings account $8,000 $8,000 Personal assets $45,000 $45,000 TFSA $18,800 $19,500 $38,300 RRSP $269,856 $809,000 $1,078,856 Non $48,200 $48,200 6

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