Financial Planning
The financial planning process
When you meet with me I will take you through the financial planning process where I can identify your needs and how we can work together to meet your goals.
When you meet with me I will take you through the financial planning process where I can identify your needs and how we can work together to meet your goals.
Personal finance is quite a personal thing (hence the name) and it can be quite intimidating to meet with someone you have never met before and disclose your entire financial situation. This is why it is important to get to know each other so that you are comfortable enough with me to discuss not only your finances and life goals, but the challenges and obstacles that you face as well. If I am going to assist you on your financial journey we need to build a relationship based on honesty and trust.
As I mentioned earlier, before we discuss anything finance-related, we need to get to know each other. To advise you better, I need to get to know you better so that we can get on the same page when it comes to crafting a financial plan. Once we do that, we can discuss your short-term and long-term financial goals and requirements. Such goals could include; saving for your retirement, saving for your childrens’ education, protecting yourself financially against dreaded disease or disability or even structuring your finances in such a way that they are tax-efficient.
Once I have a better picture of your short-term and long-term financial goals, we can begin to analyse your current financial situation and needs. For example, I am not going to advise you to take out an investment if you have a mountain of credit card debt or tell you to take out life cover if you have no one depending on you financially. It is in this stage where I will perform a FINANCIAL NEEDS ANALYSIS.
After I have analysed your financial needs, I will take this information and make recommendations based on my findings. In this stage I will present your with your possible investment, savings or insurance-based options. For example, if you are looking at taking out life cover, I will give you your minimum cover recommendations (based off your current debt, income-level and family requirements) as well as your optimal cover recommendations.
Together I will take you through each of the presented options and help you decide on the best solution for you based on YOUR NEEDS. My goal is to arm you with enough knowledge that you understand the decisions you are making and WHY. Once you are happy with the recommendations and have finalised your decisions, we will implement your financial plan with the investment, savings or insurance-based solutions you agreed on.
Because your financial needs and goals will change as your circumstances and situation do, we will need to meet at least once a year to review your current strategy to ensure it still aligns with your goals.