This fall we set up our booth at four conferences across Canada. Our banner says it plainly: Financial Planning and Wealth Management for Canadian Chiropractors. And yet the first question at almost every visit was the same: "So... what do you do?"
It's a fair question. Ask a room full of people what financial planning means and you'll get a different answer from each of them. So here's ours, followed by the questions that come up once a doc gets past the banner.
Financial planning covers every part of your financial life that's in your control. It means coordinating those parts every year and making a steady series of good decisions that connect to one plan. Investments are part of it, tied to the plan rather than standing on their own. Do it consistently and you'll see it in your goals and your net worth. You'll also feel it: clearer, more organised, more confident.
This is the first question about eight times out of ten. No one can promise you a return, because markets aren't in anyone's control. A better question: do you have an investment philosophy you understand and believe in? That one is in your control. And the point of a clear philosophy is that it keeps you in your seat when markets get scary. A portfolio only works if you can stick with it.
If your portfolio has done well over the last few years, check what you're comparing it to. "I'm doing well" means little without the right yardstick.
There are no tricks. You can structure your affairs to be tax-efficient, legally and within CRA rules, both this year and over your lifetime, working alongside your accountant. That is planning done well and consistently, not one strategy that fixes everything the day you sign on. What it saves depends entirely on your situation, and no one can promise a number in advance. If someone is selling you a tax trick or a guaranteed return, ask a lot more questions before you go ahead.
Every incorporated chiropractor has to decide how much money to move from the corporation to their personal hands each year, and how: salary, dividends, a mix of both, or taking money out as needed, which has its own tax rules and is worth planning rather than improvising. We start with the practice: revenue, operating expenses and how cash flows through it. That tells us what the business can safely pay you. Then we look at what you need at home to live comfortably. Only then do we weigh how to pay it, including what each option means for your taxes this year and over the next couple of decades.
It's the most common thing we hear. The practice grows, you pay yourself more, and at the end of the year you can't say where it went. Usually there's no clear plan for the year, and lifestyle creep fills the gap. The fix starts with knowing your goals, so that more income gets pointed at them on purpose.
RRSP, TFSA, RESP, the corporation, the mortgage. Conflicting advice is everywhere, and the right answer depends on your situation. Where your money sits matters, not just how it's invested: whether it grows tax-free, tax-deferred or taxed.
It's the biggest question and the hardest one to answer precisely. A projection decades out rests on assumptions; we use FP Canada's projection guidelines, which tend to be conservative. Sometimes the answer is "start doing these three things." Sometimes it's "you're well ahead, so go live your life." Either way, you should have an answer, updated every year, whether you're 35 or 60.
It starts with getting to know each other: an intro call, then a discovery call, to see whether you have a problem we can actually help with. If you go ahead, the work starts on your top priority. Over time, a good planner covers every part of your financial life, personal and corporate: cash flow, insurance, investments, the long-term plan and tax.
What separates the great ones is being proactive. Our clients meet with us three times a year, every spring, fall and winter. Each meeting has a topic, but there's always room for whatever is on your mind. One client this fall put in an offer on a new building for the practice the night before our meeting, so that became the meeting. That's the point: when something big happens, you already have someone in your corner who knows your goals and your family.
Money is an emotional subject, and booths can feel intimidating. If you're curious, start the conversation, with us or with someone else.
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General education, not personal tax or investment advice. Your situation is different, so talk to your own accountant and planner before acting.
Listen to episode 057 of The Chiro Money Show →
Financial Advisors for Chiropractors
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