We all have dreams! For buying a new car, that dream house, getting children education and higher education, children married in style, or simply retiring early. All these are also significant financial decisions. Astute long-term planning may make life financially secure, while inadequate or misguided planning could turn it away. The process of meeting your life’s goals, through prudent management of finances is what is often referred to as `Financial Planning’.
Financial planning covers the various facets of an individual’s financial needs, which include Accumulating capital, Protection against risk, Investment Planning, Estate Planning, Retirement Planning, and Tax planning.
Many people think that financial planning is a once-and-done event that starts with the numbers and ends with investments and pie charts. But that’s not what true financial planning is about.
Financial planning is a comprehensive, ongoing approach that starts with helping you define your dreams, developing a plan to help you get there, then tracking your progress along the way, recommending changes where needed.
What is a personal financial plan?
A personal financial plan is an effective way to manage all areas of your financial life. You might think of your personal financial plan as a map that shows you how to save, spend and invest to reach your goals. Your financial plan helps you meet the financial needs you have today while you plan for tomorrow’s dreams.
Your personal financial plan should be about you and your life
That’s why we take a unique approach to develop a financial plan designed just for you. Your advisor will take time to get to know you and talk with you about your current needs and your goals for the future.
The plan your advisor creates takes into consideration your income, expenses, investments, and debt and shows you how to manage your money to help meet your short-term needs and long-term goals, all while protecting what you have and those you care for.
Your financial plan will identify strategies and tactics to help you:
Examine your present financial situation
Protect what’s important
Manage your taxes
Leave a legacy
How financial planning makes a difference:
True financial planning is based on a long-term, one-to-one relationship with an advisor and involves a comprehensive, ongoing approach to managing all areas of your financial life. For many people, having a financial plan helps them feel more confident about their financial future.
Recent reports show that 93% of couples and individuals who have a financial plan feel financially prepared for their retirement.