Independent Financial Planning Advice - Achieving Financial Goals

By: Advanced Financial Planning  05/12/2011
Keywords: Financial Planning, financial advice, retirement

What is Financial Planning?

Financial Planning is the cornerstone of our business. Financial Planning is a step by step process, which starts with asking the question what are your financial goals? As your Financial Advisor we will assess where you are currently at and help you put a plan in place to bridge the gap from your current financial situation to achieving your financial goals. Reviewing the plan regularly will ensure your objectives are being met and that any change in circumstances can be planned for.

At Advanced Financial Planning we want to help our Clients manage their personal finances better, have a better understanding of financial products and above all achieve financial independence and security. All financial advice is Independent and Unbiased.

Why is Financial Planning so important?

Financial Planning is important to achieve life goals, but it is also important because nobody knows what life will present. One thing is certain however, without a financial plan the quality & security of your lifestyle & income are at risk. The following are some examples of financial risks, which can be minimised by financial planning:

  • Taking out Protection against the risk of becoming ill & not being able to work
  • Having Health Insurance to provide against medical expenses
  • Saving for a rainy day
  • Creating a fund to maintain your current life style in retirement

Examples of Financial Planning Needs at different life stages

We all need a financial plan, whether you have just started your family or you are planning to retire soon, it is never too early or too late to start your Financial Plan. The ages chosen below are representative and obviously each individual case will be different.

Job Starter (Age 18 – 25)

At this stage of life a person is starting out financially. It may be the first time a regular income is being earned. Various financial needs must be addressed, such as college loans, credit card debt, health insurance options and whether all tax reliefs are being claimed (i.e. rent relief). Life goals need to be established and a financial plan to meet these goals put in place. The goal may be to save a deposit for a property or saving for a MBA. Unless the goal is planned for, the financial means to achieve the goal may not be met.

Family (26 – 55)

At this stage of life many financial needs become evident. You may wish to purchase your first home or a bigger property to make room for the new arrival. Protecting your income and your wealth becomes more important. Saving for your children’s education may be a need that enters your mind.

Pre or Early Retirement (50 +)

Anyone with children will at some stage see them move on to start their own life of independence. At this stage parents begin to focus on their own needs again. Are there adequate funds for a comfortable retirement? Can more funding be made? What goals do you still want to achieve and what financial needs are required to achieve these? Do you want to travel? Perhaps you have a family business that you wish to transfer to your children?

Retirement (65+)

Are there adequate funds for a comfortable retirement? Can more funding be made? What goals do you still want to achieve and what financial needs are required to achieve these? Are funds required for health/medical expenses? Will there be a need for long term care / home help and how will this be provided for financially? Have you made a will and have the taxation consequences of passing on assets been addressed?

Only with a Financial Plan can you achieve your financial goals and minimise financial risk, unless of course you win the lotto.

Keywords: Advanced Financial Planning, financial advice, Financial Advisor, Financial Planning, retirement

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