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What is Financial Planning?

If you like to prepare for your future, where do you start?
You will need to find a way that you can manage your finances to achieve your life goals.
The following guidelines can be used during your financial planning process.
Each of these guidelines are important in developing a plan that is tailored to your own unique goals and circumstances:

Benefits of Financial Planning

Having a detailed financial plan provides you with a strategy to make practical financial decisions in all aspects of your life.
Following and sticking to a plan allows you the best possible chance of success in achieving your life goals and long-term financial security.

Financial planning can help you prepare for:

  • Retirement
  • Investments
  • Buying a house
  • Buying a car
  • Marriage
  • Children
  • Further education
  • Unexpected costs

Stage 1

Establish and Define a Professional Relationship

Find a financial planner and build a relationship with them so that they can understand and work together with you to achieve your goals or to address any immediate needs or concerns .

Stage 2

Gather Data and Set Goals

Having clear goals and providing accurate financial information is key in ensuring a meaningful financial plan. You and the financial planner should mutually define your personal and financial goals, understand your time frame for results and discuss how you feel about risk.

Stage 3

Analyse and Evaluate your Financial Status

The financial planner will analyse your information and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analysing your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies. With clear goals set and your financial information at hand, the financial planner is able to “draw a line in the sand” and establish where you are in relation to your goals.

Stage 4

Develop and Present Financial Planning Recommendations or Alternatives

Based on the information you provide, the financial planner will offer financial planning recommendations that address your goals. The planner will help you understand these recommendations so that you can make informed decisions. The outcome of the plan is to ensure that you have a plan to take you forward with confidence and provide certainty regarding your financial future. Raise any concerns you may have so that the planner can revise the recommendations appropriately.

Stage 5

Implement the Financial Planning Recommendations

Both you and the financial planner should agree on how the recommendations will be carried out. Your financial planner may carry out the recommendations or serve as your “coach,” co-ordinating the whole process with you and other professionals such as fund managers and platforms

Stage 6

Monitor the Progress of your Financial Plan

This process is ongoing and will constantly be monitored and re-evaluated by your Financial Planner. As your relationship grows and your circumstances and needs change, your Financial Planner will make the necessary amendments to your financial plan. Every effort is made to ensure that you stay on track in order to meet your objectives as discussed in the initial stages of the plan.


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