AGAIN AND AS MENTIONED IN THE LAST ARTICLE “if you fail to plan you plan to fail”. While some individuals do indeed achieve their goals and objectives, more often than not this is through sheer luck rather than planning. It is never too early, or late, to begin the financial planning process, and putting in place a Financial Plan can involve as little as spending up to two hours with a Qualified Financial Planner. During this meeting you will typically discuss the following:
- Your Short, Medium and Long term Goals and Objectives.
- Your existing financial situation as well as establishing how much your lifestyle is costing through analysing your income and expenses.
- What Estate Planning you may have in place, including any Wills, Enduring Powers of Attorney and Trusts.
- The Personal insurance you may have to assist you in times of crises.
There are several advantages to begin early planning:
- You can ascertain whether the available resources are sufficient to meet your desired needs, such as maintaining your lifestyle in Retirement.
- It may identify ways to structure assets to minimise tax.
- There may be ownership/estate planning issues.
- Through getting time on your side planning can be conducted in a relaxed manner without pressure.
- Possible pitfalls can be identified early.
- It reduces worry. Having a plan in place can reduce any anguish and help to bring order and organisation to a family’s affairs.
After taking advice and considering all the issues a written plan will be prepared which is unique to the individual(s). This plan will then be monitored regularly and adjustments made, in consultation with the client, if required. Like a business plan, it is not something visited once and left to collect dust. It is a flexible living document.
If you would like to discuss how a Financial Plan may help you and your family in maintaining your lifestyle in the future please contact your professional adviser.
Source: RSM Prince and Partners – Trial Balance Newsletter