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Financial Planning Process

The aim of the financial planning process is to meet certain monetary goals in your life. These life goals are personal and will vary from person to person. For instance, some may wish to save for their child's education whilst others may wish to create a large pension fund in order retire abroad. Whatever the life goals and financial status, sound financial planning is a process which everyone can use to reach what is important to them.

The financial planning process in six steps:

  1. Establishing life goals. The foundation of the financial planning process will be based around one or a number of short, medium and long term goals, i.e. purchasing a new car by the end of the year, investing into a 5 year bond or wanting to completely pay off your mortgage in a certain period of time. It is important that these goals are realistic and attainable.
  2. Gathering your relevant financial data. A financial planning advisor requires transparency of all your financial details for an accurate and relevant financial plan.
  3. Analysing your current financial status. This will take a IFA a varying length of time depending on the complexity of your finances and aims. It may include examining your assets and and cash flow.
  4. Mapping out your financial plan or strategy. Your advisor will work with you to set a financial planning process you are happy with, listen to concerns and alter it accordingly.
  5. Implementing your plan. Again your advisor should be helping you to work and stick with your tailored plan, putting you in touch with the right financial products and services if need be.
  6. Monitor, re-evaluate and adjusting the plan accordingly. This should happen regularly, particularly if your personal situation and life goals change. i.e. you are expecting a baby or change jobs. This may alter the whole financial planning process.

Realise your life goals by starting a financial planning process. For a fee free and no obligation consultation and sound financial planning advice talk to an independent advisor today.

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