{"id":3221,"date":"2016-10-27T19:00:00","date_gmt":"2016-10-28T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/an-integrated-approach-to-wealth-planning-with-mygps\/"},"modified":"2024-04-15T13:30:56","modified_gmt":"2024-04-15T17:30:56","slug":"an-integrated-approach-to-wealth-planning-with-mygps","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/an-integrated-approach-to-wealth-planning-with-mygps","title":{"rendered":"An integrated approach to wealth planning with myGPS<sup>TM<\/sup>"},"content":{"rendered":"\n<p>Year over year, and over the course of life, there\u2019s a significant range of changes that every individual    experiences \u2014 personally, professionally and financially. Some have a very large impact on an    individual\u2019s or a family\u2019s anticipated path, whereas others necessitate just a small shift in approach.    In some regards, part of the beauty of life is sometimes not knowing what adventure or opportunity may be around the    corner; however, when it comes to ensuring the unknowns are accounted for and that objectives are met no matter what    the future may hold, appropriate wealth planning plays a lead role. RBC Wealth Management now offers a new,    integrated approach for individuals to identify, plan, track and help realize their wealth goals \u2014    myGPS<sup>TM<\/sup>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Streamlining the process<\/h3>\n\n\n\n<p>Aptly named, the purpose behind myGPS<sup>TM<\/sup> is to provide individuals with personalized direction in their    wealth planning. The name stands for \u201cGoals, Priorities, Solutions,\u201d which itself reinforces the focus    behind its capabilities and the functionality it provides. With a back-to-basics approach, myGPS<sup>TM<\/sup> enables    RBC advisors to identify an individual\u2019s goals and helps them manage the life-changing events and milestones    via a detailed and customizable client projection. Specifically, it zeroes in on overall planning aspects that    everyone typically faces at some point, such as home ownership, retirement and estate planning, and at the same time    better connects individuals with their RBC advisors to plot a customized course based on personal needs and    circumstances.<\/p>\n\n\n\n<p>The foundation of myGPS<sup>TM<\/sup> revolves around five relevant and common questions that Canadians typically have    in regards to their long-term wealth planning. These questions span the areas of current financial situation,    ensuring future lifestyle choices are adequately funded, providing for family should the unexpected happen, how    change impacts future financial situations, and helping to ensure wealth goals become a reality. Information    regarding these questions is input by the RBC advisor, and then customized client reports are created, providing an    overview of the high-level financial picture, and how individuals are tracking towards their short- and long-term    goals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Building the client-advisor relationship<\/h3>\n\n\n\n<p>With growing trends in online services within the financial industry, myGPS<sup>TM<\/sup> provides a value-added    option by offering a complementary channel for building the human relationships that are fundamental in successful    wealth planning. myGPS<sup>TM<\/sup> simplifies the process of information collecting and storing, and then takes it    one step further in using that information to generate potential opportunities and planning considerations that    become important discussion points between the client and advisor. It\u2019s here where the integrated approach of    myGPS<sup>TM<\/sup> truly shines through. The design of the tool gives the RBC advisor a very clear, accurate,    up-to-date snapshot of the individual\u2019s situation, which in turn better enables them to bring expertise to the    table with precise solutions and assistance in navigating the path towards achieving long-term goals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Providing relevance for a wide user base<\/h3>\n\n\n\n<p>One of the key objectives of myGPS<sup>TM<\/sup> is to provide a simplified and effective wealth-planning projection    for individuals across multiple stages of life. From young adults who are taking on more financial responsibility to    those nearing or into their retirement years, the capabilities of myGPS<sup>TM<\/sup> have been built with    everyone\u2019s goals and needs in mind. However, further to individual planning, an additional feature of    myGPS<sup>TM<\/sup> is planning functionality and solutions for business owners. In fact, one of the key questions in    generating a personalized report addresses business survival in a major change or crisis and overall business    succession planning.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Have you ever wondered&#8230;<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">What my financial future looks like?<\/h4>\n\n\n\n<p>With the help of an RBC advisor, myGPS<sup>TM<\/sup> provides an additional way for individuals and families to gain a    more holistic view of their current and future financial situation. In doing so, it supports an important aspect of    wealth planning, which is developing valuable insights into how to reach short- and long-term goals.<\/p>\n\n\n\n<div><\/div>\n\n\n\n<div class=\"row migrated\">       <div class=\"col-md-12\">          <h5>Current Net Worth<\/h5>          <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/current-net-worth.jpg\" alt=\"\" class=\"\" \/>          <div class=\"row mb-1-half\">             <div class=\"col-md-4\">                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(0, 39, 80); vertical-align: middle;\">Personal                   Investable Assets                <\/div>                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(234, 230, 164); vertical-align: middle;\">Personal                   Investable Assets                <\/div>                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(88, 136, 134); vertical-align: middle;\">Personal                   Liabilities                <\/div>             <\/div>             <div class=\"col-md-4\">                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(111, 111, 111); vertical-align: middle;\">Lifestyle                   Assets                <\/div>                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(115, 176, 227); vertical-align: middle;\">Corporate                   Cash Surrender Value                <\/div>                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(253, 209, 136); vertical-align: middle;\">Corporate                   Liabilities                <\/div>             <\/div>             <div class=\"col-md-4\">                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(70, 108, 134); vertical-align: middle;\">Corporate                   Investable Assets                <\/div>                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(117,103, 36); vertical-align: middle;\">Corporate                   Other Assets                <\/div>                <div class=\"rbc-display\">                   <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                      style=\"width: 35px; border-top: 6px solid rgb(112, 102, 91); vertical-align: middle;\">Net Worth                <\/div>             <\/div>          <\/div>           <p class=\"mb-1-half\">myGPS<sup>TM<\/sup> provides consolidated summaries showing your incomes, savings, expenses,             investments,             real estate and debt &ndash; your critical financial information presented in one document.<\/p>        <\/div>    <\/div>\n\n\n\n<div class=\"row migrated\">        <div class=\"col-md-12\">          <h5 class=\"mb-1-half\">Current Cash Flow<\/h5>          <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/current-cash-flow.jpg\" alt=\"\" class=\"\" \/>       <\/div>       <div class=\"col-md-6\">          <h6>Incomes<\/h6>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(0, 39, 80); vertical-align: middle;\">Employment Income          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(88,136, 134); vertical-align: middle;\">Rental Income          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(137, 146, 153); vertical-align: middle;\">Other Income          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(81, 181, 224); vertical-align: middle;\">CPP\/QPP &#038; OAS             Income          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(168, 218, 239); vertical-align: middle;\">Pension Income          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(117, 103, 56); vertical-align: middle;\">Non-Registered             Distribution          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(224, 218, 210); vertical-align: middle;\">Registered             Distribution          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(0, 158, 211); vertical-align: middle;\">Private Corp.             Dividends          <\/div>       <\/div>        <div class=\"col-md-6\">          <h6>Expenses<\/h6>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(214, 206, 72); vertical-align: middle;\">Expenses &amp;             Donations          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(234,230, 164); vertical-align: middle;\">Debt Payments          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(101, 149, 169); vertical-align: middle;\">Savings          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(225, 235, 239); vertical-align: middle;\">Reinvested             Distribution          <\/div>          <div class=\"rbc-display mb-quarter\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(140, 140, 140); vertical-align: middle;\">Income Taxes          <\/div>          <h6>Surplus \/ Deficit<\/h6>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(170, 186, 10); vertical-align: middle;\">Surplus          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(185, 26, 14); vertical-align: middle;\">Deficit          <\/div>        <\/div>    <\/div>\n\n\n\n<div>\n<div class=\"mb-half\"><\/div>\n<h4 class=\"mb-1-half\">If I live to be 90, will I have sufficient funds to maintain my current and\/or desired       lifestyle?<\/h4>\n<p>Based on the information provided, myGPS<sup>TM<\/sup> will project income, savings, taxes, expenses and the value       of your assets into the future.<\/p>\n<h5>Projected Income and Distribution<\/h5><\/div>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/projected-income-distribution.jpg\" alt=\"\" class=\"wp-image-3224\" width=\"1024\" height=\"376\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/projected-income-distribution.jpg 1380w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/projected-income-distribution.jpg?resize=300,110 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/projected-income-distribution.jpg?resize=768,282 768w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/projected-income-distribution.jpg?resize=1024,376 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div class=\"row mb-1-half migrated\">       <div class=\"col-md-6\">          <h6>Incomes<\/h6>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(0, 39, 80); vertical-align: middle;\">Employment          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(135,175, 191); vertical-align: middle;\">Rental          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(137, 146, 153); vertical-align: middle;\">Other          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(193, 181, 165); vertical-align: middle;\">CPP\/QPP &#038; OAS             Income          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(170, 186, 10); vertical-align: middle;\">Pension          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(81, 158, 224); vertical-align: middle;\">Private Corp.             Dividends          <\/div>       <\/div>        <div class=\"col-md-6\">          <h6>Distribution<\/h6>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(88, 136, 134); vertical-align: middle;\">Registered          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(184,169, 112); vertical-align: middle;\">Non-Registered          <\/div>          <div class=\"rbc-display  mb-quarter\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(252, 163, 17); vertical-align: middle;\">Tax-Free Proceeds          <\/div>          <h6>Other<\/h6>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(249, 63, 38); vertical-align: middle;\">Deficit          <\/div>          <div class=\"rbc-display\">             <hr class=\"d-inline-block mb-quarter mr-quarter mt-0\"                style=\"width: 35px; border-top: 6px solid rgb(254, 223, 1); vertical-align: middle;\">Cash Outflows          <\/div>       <\/div>    <\/div>\n\n\n\n<div>\n<h4>How does changing my financial assumptions impact my future financial situation?<\/h4>\n<p>It is impossible to know for certain what will happen tomorrow. To provide a financial projection, however,       certain assumptions about what will happen in the economy have to be made. But what if some of those assumptions       prove to be wrong? What if, for example, you were forced to retire early? Or perhaps you end up spending more in       retirement. The myGPS<sup>TM<\/sup> Retirement Analysis allows you to independently change the assumptions you have       made about the future to see how that change will affect your overall finances.<\/p>\n<h5>Retirement analysis<\/h5>\n<div class=\"p-1-half box-shadow\"><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/retirement-analysis-things-you-control.jpg\" alt=\"myGPS retirement analysis\" class=\"wp-image-3225\" width=\"1024\" height=\"603\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/retirement-analysis-things-you-control.jpg 1380w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/retirement-analysis-things-you-control.jpg?resize=300,177 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/retirement-analysis-things-you-control.jpg?resize=768,452 768w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/10\/retirement-analysis-things-you-control.jpg?resize=1024,603 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div class=\"mb-2\"><\/div>\n\n\n\n<div class=\"wp-block-rbcwm-well well is-style-default mb-3 migrated\">\n<h4 class=\"wp-block-heading has-text-align-left\" id=\"h-important-areas-to-think-about-as-part-of-planning\">Important areas to think about as part of planning<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Considering any changes to family situation or dynamics and how this impacts any current financial and estate plans.<\/li>\n\n\n\n<li>Reviewing overall investment portfolio with your professional advisor.<\/li>\n\n\n\n<li>Identifying any health considerations or potential upcoming needs for you or your family members.<\/li>\n\n\n\n<li>Forecasting any changes to professional status or timelines for retirement.<\/li>\n\n\n\n<li>Reviewing overall retirement goals and lifestyle choices.<\/li>\n\n\n\n<li>Identifying any large pending or expected expenditures, such as a vacation property, vehicle or family vacation, and budgeting accordingly.<\/li>\n\n\n\n<li>Factoring in educational considerations for young family members, including children and grandchildren.<\/li>\n\n\n\n<li>Identifying charitable and philanthropic goals.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Using technology as a complement to the value of professional advisors.<\/p>\n","protected":false},"author":15,"featured_media":3227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[239],"tags":[],"rbcwm_content_owner":[],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-3221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-transfer"],"acf":{"rbcwm_subtitle":"Augmenting the client-advisor connection in making wealth planning work for you.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":"<p><em>The following examples are for illustrative purposes only.<\/em><\/p>\r\n<h5>Key timelines<\/h5>\r\n<p>Currently, myGPS<sup>TM<\/sup> is offered to clients of RBC Dominion Securities.<\/p>"},"rbcwm_insight_cta_id":[11937],"rbcwm_pagination":{"next_link":"","next_link_text":"","previous_link":"","previous_link_text":""},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>An integrated approach to wealth planning with myGPSTM<\/title>\n<meta name=\"description\" content=\"Using technology as a complement to the value of professional 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