“ Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. ”

Stephen A Brennan, US Basketball Coach

 

Financial Planning

 

The Institute of Financial Planning describes comprehensive financial planning as a systematic process by which future goals are identified and prioritised, progress to their attainment is regularly monitored and the planning updated.

As Professional Financial Planners we help clients define, review and attain their goals and objectives.  That process and the subsequent reporting would typically cover some or all of the following:

• Life Goals
• Cash Flow
• Investments
• Personal Risks
• Personal Protection
• Tax Planning and Mitigation
• Retirement Planning
• Estate and Succession Planning

 

Financial planning is best illustrated as a six step process:

 

1. To explain the steps in the process, the overall objectives and discuss the nature of the ongoing relationship.
2. To gather the information needed to identify where the client is today - a personal balance sheet and an analysis of income and expenditure.
3. To discuss and agree goal setting for both the short and longer term together with an analysis of the current arrangements.
4. To draft a proposed plan with specific recommendations for discussion.
5. To agree on the plan to be implemented and the particular priorities and to coordinate the process with other professionals such as lawyers and accountants.
6. An annual meeting to monitor progress, review and re-assess to keep the overall planning on track.

 

The six stage process

 

             

 

The ongoing process will cover:

• The identification of financial and other risks together with proposals to mitigate or eliminate those risks.
• Tax planning to ensure all available allowances are considered and where possible are used, to identify bespoke strategies which can help preserve wealth.
• Investment strategies to accumulate wealth and achieve defined goals such as the purchase of a new house, car, boat or plane; the cost of childrens/grandchildrens education; ultimate retirement.
• Financial independence in full or in part which requires the identificaton of the cost of future lifestyle and a plan to identify how it can be best achieved and when.
• Estate and Will planning to reduce the ultimate tax, achieve succession/generational planning objectives.

 

If you are looking for a Financial Adviser in Colchester or an IFA in Essex then please Contact us