5-Steps to a successful financial plan
1. Gathering information
Your Financial Planner will need to analysis your financial situation. You should gather all your financial products and statements such as mortgage, life insurance, income protection, investments, loans and pension statements where applicable.
2. Market research
Your Financial Planner will analyse your information to assess your current situation 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 bank accounts, current insurance coverage, investments or tax strategies.
3. Presenting your financial plan
The Financial Planner will offer you a tailored financial plan. This will have recommendations that address your goals, based on the goals you have set out. The Planner will go over the recommendations with you to help you understand them, empowering you to make informed decisions. Your Planner will also listen to your concerns and revise the recommendations as appropriate.
4. Implementing the financial plan
You and your Financial Planner should agree on how the recommendations will be carried out. Your Financial Planner will carry out your recommendations or serve as your "coach," coordinating the whole process with you and other professionals such as mortgage brokers, accountant or solicitor.
5. Review.
You and your Financial Planner should agree on when a review need to take place to monitor your progress towards your goals. Your Financial Planner should report to you periodically to review your situation and adjust the recommendations, if needed, as your life changes.
For a brighter financial future, call Financial Wellbeing today in confidence 021 234 8990 for a free consultation. Alternatively, email us on info@financialwellbeing.ie and we promise to get back to you as soon as possible.
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