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Frequently Asked Questions
Financial planning is the process of framing financial policies in regards to investments, procurement, and administration of funds to meet life goals. It also helps entrepreneurs and investors make advance provisions for the needs that are likely to arise in the future.
Financial planning guides individuals towards the right direction by improving their decision-making skills in financial issues. A financial plan allows you to understand every financial decision you make and how it affects a different area of finances. A financial plan also helps in planning for unforeseen events, thus preventing financial stress and risky emergencies.
A good financial planner places their loyalty on the client and not the profit. Being independent is the right way a good financial planner can offer services without any limitations or restrictions. An independent financial planner also creates a customized plan to provide growth of the client’s wealth.
The rule of thumb does not apply towards saving because it depends on income level and age. Individuals can start by putting in 10 percent of their income every month and slowly increase it according to their goals.
In a financial plan, financial advisors should include a review of the client’s net worth, investment portfolio, cash flow, goals and objectives, retirement planning, insurance needs, and tax planning. With all these analyzed, advisors can implement a financial plan to meet the client’s needs.
A financial plan should be reviewed when there is a lifestyle change such as divorce, marriage, or death. Lifestyle changes affect the expenses of the client. Any change in financial position means that a financial plan should be reviewed to accommodate the change in goals and circumstances.
Clients should include information regarding investments held, saving needs, income and expenditure details, goals, and the number of dependents. The more accurate the information, the better the quality of financial advice and chances of achieving the goals.
According to the Financial Industry Regulatory Authority (FINRA), any person can be a financial planner provided they have the skills and knowledge required in financial planning. However, parties granted the authority to offer financial planning include insurance agents, investment advisors, practicing accountants, and financial advisors.
Factors that affect financial planning include age, individual goals, spending behavior, savings and investments, financial potential, and risk factors.
We’ll have an interal meeting to ensure a suitable strategy.
Agree on the proposed plan. Start to execute your financial strategies & goals.
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