As you may know, Roban Financial are honored to be nominated in the Operational Excellence Award category in this year’s Wexford Business Awards.
This Award recognises the Lifestyle Planning Service Roban Financial offers clients. So what is a Financial Life Plan? As with anything in life, we all have aspirations and long term objectives for the future. However such aspirations can only be achieved by putting in place, and following a plan in order to achieve the end result. The same can be said for our financial life plan.
Throughout our lives, we all have to work hard to earn the money we need to fund our lifestyle, whatever that may be. We will always require a financial life plan to ensure that we give ourselves the best possible chance financially, to do what we wish, for ourselves and our families.
Our process starts by us gaining a complete understanding of your current financial position by completing a full Financial Advice Planner. We want to understand all aspects of your financial life – your current assets & liabilities, your income and expenses and a range of other relevant information. We also seek to understand exactly what it is that you want to achieve in your financial future. Hence our service is your Financial Life Plan.
By asking the right questions, we can help you articulate what you want for the future.
Whilst, in the early years a financial life plan might be ensuring there is life insurance in place to cover the mortgage loan on a new home and ensuring there is provision for a young family, if you are a co-habiting as opposed to married couple, we advise you on how to put in place such cover without there being onerous tax implications on the surviving partner. This is necessary as you are treated as a stranger for inheritance tax purposes, should you inherit the property or the proceeds of personal life cover from the deceased partner.
At all times throughout our lives, our focus is on our family and it is a common concern among our clients to have sufficient financial provision in place for their families in the event of death or serious illness. This is particularly where we have young dependants. We can assist in putting in place a plan which pays out a lump sum payment either monthly or as a once off sum in the event of serious illness or death. Indeed we can also ensure that there is salary protection in place, should you become ill or unable to work due to accident or sickness.
We all have big hopes and dreams for our children and invariably want to ensure they have access to every opportunity and a good education. The cost of 3rd level education is expected to rise in the years to come but even as it stands the cost of living away from home is expensive (as per the DIT Report 2015 it currently costs €11,000 per annum per student for third level assuming that student is living away from home). The only way we can prepare ourselves for that is to put a savings plan in place. We can assess what you need to put away and what you can afford to put away and make sure when your children reach 18, you are prepared and can afford them the best opportunities in life.
Do you want to travel the world when you retire? Do you want to have enough funds set aside to help your children buy their first home when their time comes? Do you want to have the financial resources available be able to treat your grandchildren?
It’s all about planning and perfectly do-able if a plan is put in place that is sustainable and affordable to you. This is the Financial Lifestyle Service we can provide.
This is an opinion only and does not constitute advice as individual circumstances will determine all financial advice given.
