Proper financial planning is extremely important. It can mean the difference between being able to enjoy life knowing you are planning and preparing for the future and simply not being prepared for life’s important events.
For that reason it is important to carry out a Financial Review regularly, and particularly around the time of important events, such as new job or starting a family.
So what does a Financial Review entail?
We can simplify the review process to 5 important steps as follows.
Finding Out About You
Firstly, we meet to discuss your current personal financial circumstances and objectives. We ask you about your current family situation, your home, your job and your plans for the future. We also discuss your existing financial plans, where applicable.
Identifying your Needs
Next we ask you to think about your financial needs now and in the future. We look at ways to protect your family should anything happen to you and we ask you to consider your protection, retirement, savings and investments need.
Consider your Options
We hold another meeting to discuss the outcome of your Review . We will cover all areas of your finances during the review – Protection, Retirement plans, Savings and Investments. All of these key areas will help you build up a complete picture of where you stand financially.
Agreeing your Priorities
We prioritise your needs. It may not be possible to implement all areas at once. While protection is always a priority, we work together to identity any shortfalls you have in other areas, and look at what you need most at this time.
Implement your Plan & Review
Once we have decided, based on our meetings, what plans needs to be implemented, we implement suitable plans for you. We stress the importance of continuing to review your financial needs at least on a annual basis as your circumstances and objectives may change.
As you can see from the above, it is a simple, logical process. It does mean setting aside some time to commit to at least 2 meetings, with us as your Financial Advisor. However it will mean you will be more prepared and financially organised than you were previously. You will have peace of mind from knowing you are prepared for the future.