Paul Philip, CFP, CLU Nancy Philip, CFP , CLU feature Financial ‘Adjustments’ Getting your wealth in motion T Paul Philip, CFP, CLU, and Nancy Philip,CFP ,CLU,have been advising hundreds of chiropractors across Canada since 1992. Their firm, Financial Wealth Builders, is located in Toronto, Ontario. he global economy in 2008 was brutal and, so far, 2009 has not been much better. There is, however, an upside to the economic events we have seen and/or experienced. Now, more than ever, chiropractors realize it is time to take personal responsibility for their fi nancial futures, and are seeking information on the best way to do it. Often the first question on the DC’s mind is “Where do I start”? Successful financial planning is similar to chiropractic care. It involves a process of working with an expert who utilizes a holistic approach. The following is a high-level view on how to get started, and some important points to consider. MACRO- VERSUS MICROMANAGING Most chiropractors have aligned themselves with various micromanagers to assist with their fi nancial decisions. These managers are specialists in their particular area of expertise. The question is; “When was the last time you had all your fi nancial micromanagers in the same room to discuss what is best for you and your family? The answer for most is “probably never.” But, wouldn’t it make sense to have all your fi nancial activities co-ordinated? Absolutely. To ensure success it’s important to have both micromanagers and a macromanager in place. A macromanager designs the overall strategic plan, and makes sure each financial micro- manager executes their part of the strategy. The presence of a macromanager often enables the micromanagers to better perform their services. Think of it as being similar to building a house. You would fi rst go to an architect to design your home according to your needs and taste. Once the overall design is agreed upon, the tradespeople are brought in to complete each task required. Successful fi nancial planning requires a macro fi nancial architect to oversee the “big picture.” FINANCIAL JUNK DRAWER Depending on what stage of life you are at, you probably have already made many financial decisions and purchased various fi nancial products. Commonly, chiropractors, left on their own, end up with a “fi nancial junk drawer.” And, just as in a junk drawer at home, you can lose track of what’s inside. As a result, fi nancial decisions and products may end up: unco-ordinated non-integrated purchased by convenience disorganized • • • • 32 • CANADIAN CHIROPRACTOR | MAY 2009 www.canadianchiropractor.ca
Chiropractic + Naturopathic Doctor May 2009: Page 32
