Financial planning is the process of bridging the gap between an individual’s current financial position and the financial position they need to build in order to achieve their short-term, medium-term and long-term financial and lifestyle goals and aspirations.
These goals can include short-term events such as growing a family, buying car, or saving for a holiday; medium-term events such as renovating or upgrading the family home; or long-term events such as retiring and leaving the workplace.
In doing so, the financial planning process considers an individual’s current income, expenses, assets and debts and recommends certain strategies in line with these goals.
These strategies address an individual’s cash management and budgeting habits, their current debt position including high interest rate short-term debts and the mortgage, how much tax and individual pays from their income and their superannuation, their investment assets such as shares or property and risk tolerance to market volatility, the current superannuation and the likelihood of their super fund growing to meet their retirement nest-egg goals, and finally the effects that accident, illness or death could have on a family’s assets and the protection of beneficiaries over the long-term.
And after this analysis a financial plan will recommend changes in these areas to ensure that all areas of a client’s financial position are working cohesively to achieve their short-term, medium-term and long-term goals.
However, one initial planning is not a static one off process is a one certainty in life is change. Life will bring its ups and downs and attitudes to past goals and objectives sometimes change; and therefore the financial planning process needs to help clients navigate these changes over the long-term.
Our financial advice service is tailored to meet our clients’ needs whether this involves focusing on specific areas of advice via our Financial Planning & Advice Service, focusing on the complete picture of our client’s financial situation via our Holistic Financial Advice Service, or focusing on the retirement planning needs of our clients via our Retirement Planning Service.
