Setting up a Financial planThe aim of the financial planning process is to help you reach your financial objectives. The outcome of this process is to have a financial plan that will manage your investments efficiently and effectively, so that you can maintain your desired lifestyle in all circumstances.
Financial planning reviews wealth creation, wealth distribution and wealth protection strategies required to meet your financial objectives.
You may have a number of objectives, that you will probably prioritise, some examples are shown below.
- Protecting your family in the event of you or your partner suffer a critical illness
- Ensuring your family's lifestyle does not change should you or your partner die prematurely
- Ensuring that your income continues should you have an accident or illness leaving you unable to work.
- Maintaining your lifestyle in retirement, without having to work in retirement
- Mitigating any potential Inheritance Tax Liability on your Estate
- Saving for School fees or higher education
- Saving for your children's wedding
- Investment planning - making your money work for you
- Long term care planning
- Raising capital on your home
- Reducing your tax burden
The starting point is to create a profile of you. This is achieved by collecting information about your personal circumstances and current financial situation. From this, we will create a Financial Plan that will analyse your financial arrangements and identify the cost of your desired lifestyle (including consideration for any disasters that may arise.
We will the make recommendations as to how your finances can be best utilised. Once the plan is set up we will also help you review it regularly. As your circumstances change, the review becomes more important and possible changes or modifications to the plan become desirable.