What is Financial Planning?
It's simply your list of short, medium and long-term goals that are important to you, together with an outline of how you're going to use your money to achieve those goals.
Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life; it's not just about buying products like a pension or an ISA.
It could start with protecting your family by putting appropriate wills in place and considering how your family would manage without your income, before taking a more detailed view on managing finances and investment strategies.
The importance of a financial plan
We need to plan for unexpected life events like falling ill or dying prematurely. You could build a plan on your own to allow for unplanned eventualities, or if your needs are more complex you should consider the help of a financial adviser.
A financial adviser has a wealth of knowledge and experience, they can advise on investments, insurance, estate planning, budgeting, retirement planning, saving for college, tax planning and many other areas.
The best part of personal financial planning is that your future will be more secure.
How can a financial adviser help me?
Managing your finances
A financial adviser can assist you in managing your finances to ensure you are on right track to meet your financial goals. They will not only assess your current financial situation but discuss the objectives you would like to reach (and how long it will realistically take to achieve them).
Evaluate your financial situation
By helping you evaluate your financial situation, your financial adviser will be able to work with you to develop and implement a plan, that will help you reach your goals. It's important that your goals are reviewed on a regular basis too, a financial adviser will also help you to ensure your plan stays on track.
Your goals change with age and situation. It's hard to envisage the impact of funding your children through higher education, helping them to buy their first house, helping them out after a divorce or assisting relatives with unexpected long term care plans. We don't always know what's round the corner.
Keeping you on track to reach your goals
A financial adviser can help you make smart decisions to keep you on track in achieving your financial goals. They may suggest starting (or increasing) pension contributions in order to save for your pension, or putting aside money for unexpected events.
A financial adviser may also advise you on ways to grow your capital and protect things that matter like your family or business.
Peace of mind - keeping your finances under control
Financial planning can give you peace of mind that your finances are under control, and help you achieve your financial objectives.
Have financial goals, but don't know how to make them happen? Come and talk to us
When's the right time to make a plan?
The time to create a financial plan is NOW! It doesn't matter what your income is or plans for the future, it's important to have a solid plan to achieve your goals. It's not wise to have plans for your future retirement without first looking at how you can achieve and sustain your financial goals. Start creating a financial plan today, to enable your money to offer you more of what you want out of life.
Often planning for the future takes a back seat to staying financially secure, even those living from payday to payday can benefit from financial planning by creating a budget. A budget can be valuable in determining what you actually spent each month and can help you find ways to cut down or even eliminate unnecessary expenditures.
Helping you plan and invest for the future
Spreading your capital in order to reduce risk, our investment approach emphasises the protection of capital.
Many people will need their capital to support them for 20 or 30 years in retirement or even longer.
New pension rules make pensions an ideal way to invest and maximise tax savings.
Inheritance Tax Planning
With advance planning we can help you look at ways to minimise potential tax bills.
It's important to protect your family and your assets, we can help you to maintain your wealth.
Financial planning is not just about investing, protection and tax mitigation. It is a process.
It allows you to manage your finances in such a way that you can link it to your goals.
1. Establish your goals in life, whether they're short, medium and long term.
2. Set out your assets and liabilities (pension, house, investments, savings, dependants etc.)
3. Look at your current financial position and how realistic your goals actually are
4. Develop your plan and explore new ideas, maybe think about phasing your retirement
5. Your plan isn't just about money, think about your lifestyle and getting the most out of your retirement
6. Ongoing reviews - It's important to monitor and review your plan regularly to stay on track
We specialise in providing you with quality, professional financial advice that you can trust.