Financial planning is an ongoing process. It helps you establish your financial goals, and then achieve them by making the best use of your financial resources. Your financial adviser uses a six-step process that helps you take a ‘big picture’ Read Morelook at where you are and where you want to be. Using this process they help you work out what you need to do now and in the future to reach your goals.
Step 1. Gathering your financial data, such as details on your income, debt level, commitments, etc.
Step 2. Identifying your financial goals.
Step 3. Identifying any financial issues or deficiencies between where you are now financially and where you want to be.
Step 4. Preparing your financial plan which will identify recommended investments and address your attitude to risk.
Step 5. Implementing your financial plan.
Step 6. Reviewing and revising your plan – to ensure it stays up-to-date and relevant.
The best way to manage your financial affairs is to get expert advice. Your financial adviser will work through each stage of the planning process with you and help you manage the trade-off between satisfying your current needs and meeting your long-term financial goals.
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