How it works
The Lifestyle Financial Planning Process
"Many people have goals and dreams, but a goal without a plan is just a wish... an achievable goal is a dream with a deadline ..."
Here's how we formulate the plan towards your goals:
Stage 1 - About You
We start by meeting to discuss your personal circumstances and your current financial situation. We will go into detail so that we can draw up a complete picture of where you are now, and where you want to be. We'll ask about you, your occupation, your savings & investments, your mortgage, your current liabilities and your tax position. This information will be the blueprint for your financial plan.
Stage 2 - Your goals & ambitions
Next we discuss your objectives, aspirations and any specific or anticipated milestones you wish to plan for, as well as any concerns that may arise. We will discuss risk and reward, and your attitude towards investment risk, as this feedback from you will enable us to construct an appropriate investment portfolio which is a major part of the plan. As we move forward in our discussions you will see how all this fits into place in your personal plan.
Stage 3 - Analysis
We will go through our analysis of your current position and outline our initial thoughts for your financial plan with you. We will take all of your existing provisions into account and your anticipated current, and future, income and expenditure, and then present you with your specific lifetime cash flow analysis. We test the existing provisions against various “what if?” scenarios to see if there are any shortfalls in your current strategy. This is your lifetime cash flow forecast.
Stage 4 - How to get there
So now that we know where you are and where we want to be, we present your personal Financial Plan. This maps out the journey to your destination, and we establish the best and most time-efficient route to get you there. We discuss how your existing finances including assets and liabilities can be best utilised towards the achievement of your financial goals. Your personal Financial Plan will also include any cost of achieving your objectives.
Stage 5 - Implementation
When you are happy to proceed, it is time to implement the steps in the plan. Each course of action we have recommended (which has been agreed by you) can now be put into motion.
Stage 6 - Review & update
Circumstances and objectives change. Therefore, it really is essential to review & monitor the plan regularly to check the progress towards reaching your goals. We recommend reviews should be at least annually so that you keep your Financial Plan on track.