A successful business owner, Stephen along with his wife and three children have the following in assets and liabilities:

$250,000 RRSPs for Stephen and his wife has $100,000 in RRSPs;

Corporate account jointly held worth $1,000,000;

They are 43 years old and their children are 10, 8 and 6 years old;

They own their home worth $450,000 and have a mortgage of $250,000.

Use the six essential components of financial planning to provide sound financial advice to the clients. the six components include:

1. Gathering information 2. Establishing goals and objectives 3. Analyzing financial situation 4. developing & presenting financial plan 5. implementing plan 6. monitoring and reviewing the financial plans.