Financial planning, in our opinion, should be done using a holistic approach to cover the 6 main areas comprising of:
- Asset Management (including investment planning);
- Tax Planning;
- Risk Management (including insurance planning);
- Cash Flow Management;
- Estate Planning (including wills and trusts);
- Distribution Planning
To do a holistic (comprehensive) financial plan, a 6-step process needs to be undertaken:
1) Establishing and defining relationship with the client;
2) Gathering client data including goals;
3) Analyzing and evaluating client's financial status;
4) Developing and presenting financial planning recommendations and/or alternatives;
5) Implementing financial planning recommmendations;
6) Monitoring financial planning recommendations
To find out more, contact us for an appointment.