Hold the Vision and Trust the 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,