Dr. Janet Knight, BSc., MD, FRCP(C). 51-year-old Medical Specialist
“I’ve worked hard for over 25 years and I want to slow down and have an end in sight.”
Dr. Janet Knight is a dermatologist in Mississauga, Ontario. She works in a group practice with two other medical colleagues. She is married to Phil, an IT consultant working mostly on government contracts. They have three children age 17, 19 and 22. Two are in university while the youngest attends Mentor College, a private school. The family lives in a close-knit community and owns a cottage on Lake of Bays.
What keeps Janet up at night?
- Worrying about career opportunities for their children and the cost of housing.
- Concerns that her mother, who is a widow, will not be able to take care of herself much longer.
- Noticing “twinges” in her back and neck.
- Feels stressed about her retirement but has never had a plan. Don’t know what they need to maintain their present lifestyle.
- Planning the next family vacation.
What we did for Janet
- Worked with Janet and Phil to determine when they would like to retire and how much they would require to fund their retirement lifestyle
- Developed a conservative projection and established a yearly savings goal to meet their retirement expectations and perhaps help their children with housing options.
- Discussed the pros and cons of setting up an IPP for Janet through her Professional Corporation. Presented several actuarial IPP projections for consideration.
- Reviewed disability and life insurance coverage for Janet and Phil.
- Presented and implemented a conservative and stable investment plan to fund their retirement.
- Met with Janet and her mom. Gave our opinion on assisted living and long term care options. Ensured that Janet and her mom understand their Will and Power of Attorney documents.
- Invited Janet and her entire family to attend one of our Financial Literacy events. Introduced her children to financial life skills needed as they finish their education and enter the work force.
What Janet values in a Financial Advisor:
- Someone she can trust and build a long term relationship
- Financial reminders and great communication
- A team with a clear investment mandate. Conservative, predictable investments
- Help and motivation to tackle their retirement goals
- Someone that looks after her entire family’s interests
- A team that understands and accommodates her busy schedule