The financial planning process
Upon appointment our first step will be to start to prepare a financial plan tailored to your particular requirements and situation. This is accessed through our unique Generic Wealth Management Solutions Programme.
We will spend some time talking with you to identify your goals over the short, medium and long term. After that we will find out details about your specific circumstances, and build up a comprehensive picture of your situation which we can then analyse.
This leads on to the formation of an action plan on how you can best reach your stated goals. Our report will explain the approach we have taken and why.
The next stage is to implement that plan step by step, and we will give guidance on the most suitable way to go about this, which can include recommending products available on the market at the current time.
Progress needs to be revised at regular intervals which we will agree with you, and adjustments made as necessary, depending on changes in circumstances or your initial goals.
The Generic Wealth Management Solutions Programme in accordance with the recommendations of the International Association for Financial Planning, defines financial planning as a six stage procedure:-
- Collecting and assessing all relevant and personal financial data.
(The Generic Primary Review)
- Identifying financial aims and objectives.
(The Generic Wealth Management Inventory)
- Identifying financial problems.
(The Generic Needs Analysis)
- Producing a financial strategy, the implementation of which should make the most effective use of resources towards the achievement of agreed financial objectives.
(The Generic Wealth Management Solutions Programme)
- Implementation of planning.
(The Generic Asset Model)
- Reviewing progress and modifying the planning as necessary to take account of changed circumstances.
(The Generic Benchmark Review)
The degree to which the individual benefits from this process will depend upon the extent of the involvement in it. This may appear time consuming but should be very rewarding.