Understanding Your Personal Financial Plan


A personal financial plan is designed specifically for you and is intended to help you manage all aspects of your financial life. Think of it as a way of charting the best way for you to save, spend and invest in order to achieve your goals. Your financial plan helps you not only to meet the financial needs you have today, but also allows you to plan for tomorrow's dreams.

Your personal financial plan should help you take control of your life. 

That's why we take a unique approach to developing a financial plan designed just for you. Your Wealth Adviser will spend time getting to know you and finding out about your current circumstances, your needs and your goals for the future.

The plan your adviser creates takes into consideration your income, expenses, investments and debt and shows you how to manage your money to help meet your short-term needs and long-term goals, continuously protecting what you have and those you care for.

Your financial plan will help you to:
- Analyse your current financial situation.

In order to develop an accurate financial plan, you need a clear picture of your current finances.
Your adviser will ask you some important questions to help determine your current situation and your future plans, such as what your current income and expenses are; what your goals are; and what benefits you receive from your employer.

Protect against the unexpected
From life and disability income insurance to personal auto and home insurance, there are many ways to help protect your family from the financial impact of unexpected events. Your Wealth Adviser will help you decide which ones you need by determining how certain unexpected events will impact your family's current situation and goals. Knowing what you can’t afford to lose and what plans you already have in place will help in making the right decisions.

Grow your financial wealth
Whether you are saving for retirement, a home or car, or your children's education, you will need to decide which is the most important and how much time you have to achieve those goals. You will need to consider whether your past or current investments support your financial goals and understand what your past approach has been to things such as market fluctuations, risk and diversification.

Consider the tax implications
Understanding the general tax treatment of your assets is important and includes keeping track of tax, dividends, deductions and more. Things to consider include the tax implications of the financial products you own or are considering purchasing; which investment products offer tax advantages or benefits; and whether you would like your Wealth Adviser to work with your tax adviser.

Plan for retirementRegardless of where you are in life, retirement planning should always be high on your list of financial priorities. As part of your personal financial plan, your adviser will help you put the right plans in place to save for retirement. Current retirement plans, your future goals and the amount of income you will need during retirement should all be considered.

Leave a legacy
Once you are gone it is too late to worry about where your money will end up. Your Wealth Adviser will help you to put a plan in place to control where your assets go when you are gone - from supporting your family to funding a charity. In order to ensure that your intentions are realised, you need to be clear about what purpose you want your financial legacy to serve.
Source: Liberty

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