Financial Planning Process

OUR FINANCIAL
PLANNING PROCESS


Hold the Vision and Trust the Process

Financial Planning Process

Our Lifetime Financial Planning Process

1. LIFESTYLE GOALS AND ASPIRATIONS

We begin by discussing and agreeing with you your Lifestyle Aspirations, Hopes, Dreams, Goals”. These might include funding your Children’s education, helping out Family members, and ensuring you will have enough to retire in comfort. But you might also have other goals such as acquiring a holiday home, extensive travel or retiring early.

2. YOUR CURRENT FINANCIAL POSITION

We then put numbers on your goals. To do so we need to gain a full understanding of your current financial position, including your income and expenses, assets and liabilities, Family situation, details and ages of your dependents, as well as any existing portfolio of financial products you currently have. This part of the process is known as the Factfind.

3. SHOW YOU WHAT YOU CAN EXPECT ON YOUR PRESENT COURSE

We can now show you what you can realistically expect if you continue as at present. This stage is what we term the Base Plan. It is your starting point or Baseline plan. Your Base Plan may show that some or all of your goals are achievable. It may show that some changes would bring improvements. It may also show that some changes are needed if your goals are to be met.

4. IDENTIFY ANY CHANGES NEEDED

So the next stage in the process is to identify and quantify any changes needed.

5. RECOMMEND SOLUTIONS

We can now recommend the changes you need to make to your own financial management, highlight any tax saving opportunities which you can avail of, and recommend any financial products that are required to meet your goals, protect against unforeseen disasters and avoid own goals.

6. SHOW WHAT TO EXPECT IF YOU ACCEPT OUR RECOMMENDATIONS

The next stage in the process is to show you what you can expect if you accept our recommendations. Ideally this will show that all your goals are achievable. But it may also show that some of your goals are unlikely to be achievable. This may mean prioritising or perhaps scaling back some goals. When we have finally agreed a realistic and achievable plan, this becomes the Master Plan, and we move to the implementation stage.

7. IMPLEMENT SOLUTIONS

This stage often requires several meetings because we prefer to implement solutions in priority order. When everything is organised and in place, you are now set to move ahead in confidence with your finances properly aligned and in good shape.

8. MONITOR PROGRESS WITH ONGOING REVIEWS

As time moves on, your own circumstances will change, and the world outside changes also. Change is the only constant. The change is usually gradual, but sometimes it can be abrupt and unexpected. So we arrange regular Forward Planning meetings with you. The purpose of these is to review progress to date, update your plan and make any changes needed going forward to ensure you remain on track to achieving your goals,

Business Owners & Self Employed

As SME Business Owners and Farmers, you are the risk takers and the backbone of our country’s economy.

We are proud to help contribute to your success by ensuring your personal finances are in good shape and aligned to your needs, and the needs of your family.

We can also help with many issues such as planning business exit or succession, gifting money down the generations and estate planning to minimise inheritance tax.

How much is enough? We can help you work out how much is enough to enable you to retire or simply take it easier. And then, taking into account all your assets, create a strategic plan to help you to achieve financial independence.

We conduct regular Forward Planning review meetings to keep you on track to ensure you achieve your goals. In between meetings we keep you informed of matters that might affect you and we are always available at the end of the phone for a second opinion about anything.

We understand that as a business owner, a large part of your Financial Plan might include the sale of your business. That’s why we are happy to offer our Fee Based Financial Planning Service to get you started on your Lifetime Financial Plan.

Executives & Professionals

As a highly skilled Executive or Professional you will have spent a substantial portion of your life educating yourself and working hard in order to achieve a certain standard of living. 

You may be earning a substantial salary for the work you do, but this also means you will inevitably pay more tax unless you have a Financial Plan.

Holding on to the bulk of your substantial salary is now the key to achieving your long term wealth and lifestyle aspirations.

A Lifetime Financial Plan will demonstrate how you can avail of all the relevant and legal mechanisms to minimise your tax bill and maximise your long term income, growing your wealth and protecting your families standard of living along the way. 

Our Fee Based Financial Planning Service may suit your circumstances.

Retirees

When we prepare your Lifetime Financial Plan we will be able to let you know how much you can safely afford to spend now that you are no longer working and earning.

Our Clients often find peace of mind from knowing that they have enough to see them through, and that their income will last as long as they do.

Regular review meetings are the key to staying on track. We live in a complex world, but we avoid jargon and explain everything in plain language.

And it is unlikely that you need to take any risks with your investments at this stage, so we won’t either. No Own Goals is the motto at this stage.

Helping out the next generation and your grandchildren may be on your mind, and we can provide guidance in relation to what is affordable for you without leaving yourself short, and how it can be done in a tax efficient manner.

You will also need to have up to date Wills and Enduring Powers of Attorney, and we can work with your Solicitor on that if required.

Trustees

We understand the investment needs of Trustees and we work with your Tax and Legal advisors to help bring about the best outcomes for your Beneficiaries.

A long term holistic financial plan is the best way to foresee and plan for the future needs of your beneficiary. Regular reviews enable you to monitor progress in achieving the objectives of the trust

Regular Forward Planning meetings are an opportunity to review progress, make any necessary changes and ensure your investments are on track to achieve your goals.

If you think you might like to work with us – call us at 046 92 40961 or send us an email

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