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Why Do You Need Financial Planning Advice
Whatever you plan in life you will achieve better results if it is well planned and organised. If you wish to create wealth for future goals such as retirement or wealth for your retirement now, quality financial planning will increase your chances of success.
What Is a Financial Plan
The first step in an ongoing plan to manage wealth is a detailed Financial Plan. Some of the key issues covered by a Financial Plan are:
Analysis of your assets and liabilities
Your income and expenditure requirements
Your financial goals and objectives
Your risk profile
The taxation implications including Reasonable Benefit Limits (RBL)
Social Security entitlements
Cash flow from portfolio
The growth potential of the portfolio and its liquidity or otherwise
The diversification of your portfolio, e.g. how much in shares, cash
Diversification of fund manager e.g. portion to be allocated to each manager
Recommended suitable investments for you
A Financial Plan will look ahead for at least five to ten years keeping in mind most retirees will live at least twenty years in retirement.
Younger people today need to be creating wealth over at least a twenty year time frame.
The investment selection is just one of the issues covered by a financial plan - financial planning is not just about recommending investments.
A financial plan is simply step one in an ongoing process of achieving wealth creation.
In any one year there are many changes in Financial Markets, Government Legislation affecting issues such as taxation and social security, and in your personal needs and circumstances. Without the services of a professional qualified financial planner, you will find making informed decisions to be a difficult task and you will be unlikely to get the results a Financial Planner will achieve.
When you engage a planner you are paying for a total service not just selecting investments.
