Financial Planning
A financial plan can help ensure that no stone is left unturned in relation to your financial situation and potential strategies to enhance your wealth.
Creating your financial plan
One of the best ways to start mapping out your financial planning strategy is to step back and look at your overall financial situation by having a comprehensive written financial plan prepared for you and your family. This type of financial plan addresses all aspects of your financial affairs, including cash and debt management, tax and investment planning, risk management and retirement and estate planning. It can help ensure that you leave no stone is left unturned in relation to your financial situation and potential strategies to enhance your wealth.
A comprehensive financial plan can address the following questions:
- Can I retire when I want to and maintain my desired retirement lifestyle?
- How can I ensure that I don't outlive my money?
- How can I minimize the taxes I pay each year?
- Is my Investment mix appropriate?
- If I were to die unexpectedly, would my family be taken care of?
- How can I protect the value of my estate?
In many cases, the key to a comprehensive financial plan is the level of customization it offers.
A customized, comprehensive financial plan should involve the following:
- In - depth discovery discussion to ensure that your goals, aspirations and objectives are clearly identified.
- Projection of your financial situation (investments, retirement income and estate value) based on your current strategies and savings rate.
- Recommendations of key investment, tax, estate planning and retirement planning strategies that are aligned with your goals.
- Projection of your financial situation of the recommended strategies are implemented.
- An action plan that summarizes the key recommendations and a clear guideline for you and your advisor to help monitor their implementation.
