Financial planning is an essential part of life that many people overlook. Analysing income, expenses, and assets is important in creating a financial plan. This plan will help you achieve your long and short-term financial goals.
The financial planning process can help you make smart decisions about your financial future. It can enable you to build wealth and security for the future. You can start today by properly using your money.
The aim is to create a financial roadmap that will address your concerns. This could include tax-efficient saving and investing, reducing debt, and creating a plan for retirement or estate planning.
If you ask yourself the importance of financial planning, we can help. Good financial planning can provide you with many benefits. It can give you the power to create the life you desire. Moreover, it can give you a sense of security.
Lastly, it can provide you with a legacy to leave. It is essential to have a team that understands your dreams and whom you can trust to help you reach them.
We can assist you in creating a life plan. This includes pension planning, inheritance tax, savings, and life insurance advice.
How to Build a Financial Plan
Financial planning aims to help individuals make informed decisions about managing their money best. We practice lifestyle financial planning. The benefits of having a plan in place include the following:
Understanding Your Financial Goals
Good financial planning can provide you with a greater understanding of your financial objectives. Reviewing your savings accounts and creating an emergency fund is an immediate objective. Reviewing your cash flow and setting aside money for retirement is an example of a future goal.
Creating a strategy can help you be ready for possible emergencies. These might include losing a job or having medical trouble. Saving money for a rainy day and having the right plan is essential.
By establishing a plan and monitoring spending, you can determine when to pay off debt and save more. This will help you with your finances in the long run.
Better Retirement Planning
Creating a strategy can assist you with your retirement. Calculating your expenditure helps you prepare for later years. Recognising the different sources of income for your retirement is also important. Lastly, deciding how to save and invest for the future is essential.
The Planning Process
Most financial planners in the UK follow a four-step holistic financial planning and analysis process. This proven technique is endorsed by financial planning firms, the personal finance society, and the wider financial services industry.
It is used initially when we take on a new client and reviews if you opt for our ongoing advice service.
Your adviser will explain the whole process, covering our services and whether we can help you. You can use this meeting to ask any specific questions you might have.
The steps can be split into the following parts.
1 – Discovery Meeting.
Before taking action, your financial planner will discuss your specific life goals and objectives. We will consider your financial knowledge and experience. We will also prioritise the aspects of your finances that are most important to you.
We will also gather adequate data and information about your finances and circumstances.
2- Planning
Your financial planner will examine the information about your current situation. They will then be able to put together your plan. This will cover the advantages and drawbacks of different strategies.
Once the report is ready, they will arrange a time to go through the report with you. The report is usually sent to you before the meeting for you to review
3- Implementation
Any changes required on the initial recommendation will be made and resent to you. Once you agree with the recommendation, we can help you implement it. We will identify and propose various products and services to meet your objectives. This is the financial advice part of the process.
We will then help you set up the financial products.
4 – Review
If you require ongoing service, we will conduct a review each year. Your planner will evaluate the progress made towards the recommended goals.
They will also see if these goals are still applicable and make any necessary changes. Any changes will then be agreed upon, and a report is sent before they are made.
If you have any queries, we can also address them.
Your Personal Finance Portal
Our clients have access to our Personal Finance Portal. They gain access to valuations, secure messaging, and the ability to share documents. There is also the option to integrate open banking, allowing our clients to see all their finances in one place.
Why Consilium Asset Management
We provide a comprehensive review of your financial circumstances and offer tailored service. Our financial advisors have extensive experience and can advise you on the best choices. They are knowledgeable in all aspects of financial advice.
We strive to make our advice tailored and up-to-date. This way, you can be certain you are taking advantage of your financial situation.
We also offer various specialist services, including retirement planning, estate planning, and tax planning. We aim to provide a financial planning service that gives you peace of mind and financial security.
We recognise that no two people are alike. Therefore, we invest time in getting to know you and your unique needs. This enables us to provide tailored advice to ensure your financial success.
What Matters Most is Getting Started
Your financial journey will be unique to you. Starting earlier gives you more options later. Financial planning creates security and freedom for your future.
We are here to help you create a financial plan that works for your situation. Our expertise can guide you through the complex decisions ahead.
Why not take advantage of our knowledge and book an appointment today? We can help you get started on the path towards financial security.
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Frequently Asked Questions
Below are a number of questions we have been asked by clients previously.
What are the key components of a personal financial plan?
A comprehensive personal financial plan typically includes setting clear financial goals, establishing a budget, building an emergency fund, managing debt, reviewing insurance coverage, and planning for taxes. It’s important to tailor these components to your individual circumstances and regularly review and adjust your plan as needed.
How often should I review my financial plan?
It’s advisable to review your financial plan at least annually or whenever you experience significant life changes such as marriage, having children, changing jobs, or approaching retirement. Regular reviews ensure your plan remains aligned with your current circumstances and long-term goals.
At what age should I start financial planning?
It’s best to start financial planning as early as possible, ideally in your 20s. Starting early allows you to benefit from compound growth and develop good financial habits. However, it’s never too late to begin – financial planning is valuable at any age and can help you make the most of your current situation.
How do I choose between an independent and a restricted financial adviser?
The choice depends on your specific needs. Independent advisers offer advice on a wide range of financial products from all providers, which can be beneficial if you want a comprehensive overview. Restricted advisers specialise in certain areas or products, which might be suitable if you have specific requirements. Consider your financial goals, the complexity of your situation, and the breadth of advice you need when making your decision.
What factors should I consider when evaluating the cost of financial advice?
When evaluating the cost of financial advice, consider the fee structure (percentage-based, fixed-fee, or subscription model), any additional costs like platform fees or trading costs, and the potential long-term impact on your investments. It’s important to weigh these costs against the value provided, such as expertise, time saved, and potential financial gains from optimised decisions. Remember, the cheapest option isn’t always the best value in the long run.