Financial planning is the process of achieving your life goals through proper management of your finances. Some typical life goals are; buying a home, saving for your child's education or planning for retirement.
The financial planning process consists of six steps that help you take a "big picture" look at where you are financially.
The process involves:
- Gathering relevant financial information
- Setting goals
- Examining your current financial status
- Developing a strategy or plan
- Monitor your progress
- Reviewing and making changes as circumstances change
The Benefits of Financial Planning
Financial planning provides direction and meaning to your financial decisions, especially in relation to superannuation and retirement planning. It allows you to understand how each financial decision you make affects other areas of your finances. For example, buying a particular investment product might help you pay off your mortgage a bit faster or it might delay your retirement significantly. A professional financial adviser helps you to understand the implications of these decisions.
By viewing each financial decision and it's impact, you can consider the short and long term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track.
A financial adviser can offer advice and assitance across financial issues such as:
- Wealth Creation
- Investment
- Income Protection
- Retirement Planning
- Taxation
- Personal Superannuation
- Corporate Superannuation
- Small Business Planning
- Salary Packaging
- Life Insurance
- Retrenchment and Redundancy
- Social Security Advice (Centrelink)
Financial Planning can help you:
- Set realistic financial and personal goals
- Assess your current financial health
- Develop a realistic, comprehensive and achievable plan
- Put your plan into action and monitor its progress
- Stay on track despite changes that occur throughout your life
Could you use a financial adviser?
Many people do not have the expertise, time or desire to actively plan and manage the more complex financial aspects of thier lives.
You can benefit from an objective, third-party perspective on what can be emotional and difficult decisions. Even if you are confident in your choices so far, it can be beneficial to have a financial specialist double check your planning efforts and help you stay focussed.
At Apex Partners we welcome the opportunity to talk to you about ways we can assist you and your finanical situation. Call us on 1300 856 338 to arrange a free, no obligation appointment.