As a chiropractor, you know that alignment is key to achieving optimal health and wellbeing. The same is true when it comes to your practice's finances. That's why we've developed "Align 33", a comprehensive financial planning process specifically designed for chiropractors like you.
It all starts with your practice. We believe the Profit First cash flow system can radically change the financial health of your practice.
Turn your practice from a cash-eating monster into a money-making machine by applying the Profit First system. This system gives you the power to ensure your practice is always profitable, allowing you to continue making a positive impact in the lives of your practice members and community.
Let's get clear on where your practice stands today and what your goals are for the future. By getting clear on your targets, we can tailor your plan and cash flow system to help you reach your goals.
The Profit First system ensures that your practice generates a profit and pays you a consistent salary, regardless of variabilities in revenue each month. As the most important employee of your practice, it's important to make sure you're taking home a great-looking paycheque before paying any expenses.
As a practice owner, you take on the risk and reward of business ownership. With Profit First, a quarterly profit cheque is in your future. This allows you to book that holiday or do that kitchen renovation you've always wanted, because you deserve it.
We will do a deep-dive analysis of your corporate financials and create a plan around your practice's ideal ratio of operating expenses to revenue. Your Profit First system will allow you to easily determine if you're spending too much or have some breathing room.
Taxes are a reality, and we'll determine the best compensation strategy for you (salary vs. dividend) and create a tax plan to help reduce tax and have the right amount of cash set aside for tax time.
Got debt? We'll come up with a game plan to get it paid down quickly and strategically. Even if it doesn't happen overnight, just knowing when you could be debt-free can be a huge weight off your shoulders.
You know what feels pretty nice? A bank account stuffed full of cash reserves.
Having 3-6 months' worth of expenses set aside can give a practice owner that added peace of mind. Life is unpredictable, cash on hand provides options and flexibility.
Business finances can get messy and out of hand quickly. Let's make sure your systems, bookkeeping and reporting are leaving you feeling confident and informed rather than feeling dazed and confused.
We'll stay in communication with your CPA and bookkeeper to make sure everyone is on the same page.
Once we have a plan for your practice, we'll shift our focus to maximizing the income you're generating. In this stage, we'll take a holistic approach to your personal financial plan, covering all aspects of it.
The ongoing and collaborative process of financial planning starts with understanding why money is important to you.
What are your core values? Family, flexibility, security, adventure, community, etc. This question is simple yet profound, let's start with it.
Sometimes it feels like another year has passed by in the blink of an eye. Let's make sure you're on the right track to achieving your goals this year.
What are you looking to accomplish in the next year or two?
Achieving bigger goals can happen more quickly and efficiently when you have a plan in place.
This could include starting a family, planning a wedding, or buying a home or rental property.
Let's create a space for you to share your big dreams. You have permission to use the word "guesses" instead of "goals" if that feels more comfortable for you.
It's important to dream big, and we'll create a plan to help you reach your goals.
Cash flow is the core of financial planning. We'll use a proven approach that works with natural human behaviour to manage your cash flow more efficiently.
This doesn't involve creating a budget or cutting out $5 lattes.
A strong emergency fund is crucial for building a solid financial foundation. The goal is typically 3-6 months of living expenses, but this can vary for each individual.
It's not a matter of if but when you'll need to access your emergency fund.
Let's create a plan to manage and pay off your student loans, lines of credit, credit cards, and car loans.
I understand it can feel overwhelming, especially in the early years of your career, but together, we can make progress.
We'll conduct a full assessment of your current insurance and help you determine the right type and amount for your needs. If you have debt and dependents, it's generally recommended to have a simple, low-cost term life policy.
It can be hard to express how important this is. Your ability to go into your practice, treat your patients and generate revenue is your biggest asset.
Statistically, you have a 30% chance of having a disability during your working career.
Let’s make sure this asset is protected.
We all know someone who has been impacted by a family or friend who got hit with a critical illness (cancer, heart attack, stroke etc.). It’s unpredictable and can happen to anyone.
Medicine has advanced where we often can recover and carry on with life, but not without financial impacts.
We'll educate you about estate planning and review your current documents.
If necessary, we can connect you with estate planning experts and provide additional resources.
One of our objectives is to assist you in keeping your financial life organized.
By using our digital planning tools, you'll have a central location for all your essential financial documents, action items, and an overview of your net worth (assets & liabilities).
Our goal is to help you steadily increase your wealth year over year. We provide professional portfolio management and ongoing advice to ensure that your investments are aligned with your goals and on track for success.
Achieving success in long-term investing requires understanding and confidence in your investment strategies. We will educate you on the essential principles and best practices for successful long-term investing before we get started.
Sadly, many Canadians are paying exorbitant fees on their investment portfolios. By reducing your fees by just 1-2%, you could potentially increase the value of your portfolio by hundreds of thousands of dollars by the time you need to rely on it for retirement income.
We have partnership with a trusted portfolio manager to design an investment portfolio that fits your unique goals and risk tolerance.
Your portfolio may include assets like real estate, stocks, or cryptocurrency, and we'll make sure they're integrated into your overall strategy.
Whether you're aiming for a traditional retirement or financial independence to make work optional later in life, we will assist you in mapping out your goals and creating a plan to achieve them.
We will work with you to determine the appropriate savings rate for you and where to invest your money. Tracking this key metric is crucial for building long-term wealth and achieving your financial goals.
If you're considering becoming a practice owner, we'll assist you with the planning process to build a solid foundation and guide you through the decisions that will arise as you open your doors.
Acquiring an established practice can be a smart move to advance your chiropractic career. We're here to be apart of your team and help you with the analysis and planning required to make an acquisition.
As you plan for your future, whether it be transitioning into working less or retirement, the decision to sell your practice can be a pivotal one. We understand the magnitude of this step and will guide you through the process, taking into consideration how it will impact your long-term financial plan.
If you want to pay for some or all of your children's education costs in the future, a Registered Education Savings Plan (RESP) may be the perfect investment account to help you achieve this goal.
Monitoring your net worth, which is the sum of your assets minus your liabilities, can give you insight into your financial well-being and help you track the progress you're making every year.
If you're someone who wants to use your wealth to make a positive impact through charitable giving, let's plan for it.
Where and how you invest will usually have tax implications. We will work with your tax professionals to plan for the tax effects of your investment accounts.
We can meet to go over where your finances are at, pinpoint your short-term ambitions and worries, and investigate how we can work together to attain them. If we decide we are a good match, I will put together a personalized Financial Plan of Care just for you.Book Initial Assessement
Our Financial Plan of Care is a straightforward look at where you are at financially and what your goals are. We can pinpoint the most significant areas to concentrate on as well as the necessary steps to take. In addition to the plan, we'll provide a proposal for investing in our planning services.
We are committed to helping you reach your financial objectives by engaging in productive conversations, devising a plan, and taking the necessary actions. You deserve to be financially secure and to feel calm about your finances.See Success Stories