MONTREAL, Feb. 8 /CNW Telbec/ - When it comes to retirement planning, most financial institutions apply the same rules. The client's assets are taken into account; a certain revenue is targeted equal to approximately 70% of pre-retirement earnings; and the amount that needs to be saved is determined as a consequence. For Laurentian Bank's financial planners, the process goes far beyond these basic considerations. The process includes a budgetary exercise to develop a very detailed picture of the needs of individuals upon retirement, to define specific and personalized objectives for maintaining the desired quality of life, and to establish saving strategies that will enable individuals to take full advantage of all pertinent financial and taxation aspects.

"Some of our clients could be able to meet their needs with 50% of their pre-retirement revenue," explains Denis L'Hostie, Senior Manager of Financial Planning at Laurentian Bank. "Others who wish to see their plans come to fruition will have to maintain the same level of revenue. It depends on the particular situation. Our work consists of helping our clients be aware of their eventual needs and of how they can adequately meet those needs by adopting custom-tailored saving strategies."

A Detailed Process That Adds Real Value

Financial planning at Laurentian Bank calls for establishing the client's real objectives. The client then needs to determine if, when and how much must be invested. Finally, clients must identify where they must cut or reduce their expenses to save systematically. That is why a rigorous budget planning exercise is so important to be able to determine future needs as precisely as possible. "It is an exercise that can seem to be quite tedious, but it provides an overall picture that is very precise," underlines Denis L'Hostie. "All expenses must be foreseen, and clients often tend to underestimate certain aspects, such as their personal spending."

What financial planning offers clients in terms of added value is a clearer and better adapted vision of specific conditions. Planners apply the different rules that allow for the maximization of retirement revenue. "Let's take the example of an individual who has not made use of their full RRSP contribution eligibility, which totals $25,000," adds Denis L'Hostie. "It can be more advantageous in certain cases to take out a loan in order to gain access to the tax benefits available. Taking all the deductions that will be reinvested into account, and given today's low interest rates, a taxpayer stands to gain even by amortizing these tax deductions over several years. At the same time, their retirement funds begin to grow tax-free from that moment on."

Planning at Laurentian Bank: A Comprehensive and Free Service

Aside from the tax aspects, when called upon, the financial planner can also identify key estate factors related to retirement revenue. Planners can also advise clients about other vehicles. These include TFSAs and RESPs, which can prove to be very beneficial in certain cases.

Another important aspect is the fact that these financial planning services are offered free of charge to Laurentian Bank clients throughout Québec, regardless of the complexity of the planning process. As such, individuals are well advised to consult one of the Bank's experts to plan for their retirement. In so doing, they can take advantage of a rigorous analysis of their needs and portfolio, as well as of a program focused on risk reduction and the respect of each investor's individual profile.

About Laurentian Bank

Laurentian Bank of Canada is a banking institution operating across Canada and offering its clients diversified financial services. Distinguishing itself through excellence in service, as well as through its simplicity and proximity, the Bank serves individual consumers and small and medium-sized businesses. The Bank also offers its products to a wide network of independent financial intermediaries through B2B Trust, as well as full-service brokerage solutions through Laurentian Bank Securities.

Laurentian Bank is well established in the Province of Quebec, operating the third-largest retail branch network. Elsewhere throughout Canada, it operates in specific market segments where it holds an enviable position. Laurentian Bank of Canada has more than $23 billion in balance sheet assets and more than $15 billion in assets under administration. Founded in 1846, the Bank employs more than 3,600 people.


For further information:

Mary-Claude Tardif
Public Relations Advisor
514 284-4500, extension 4695

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