Personal financial plan
What exactly is a personal financial plan?
To be honest this varies with different advisers. Some financial planners will produce a report hundreds of pages long and charge you accordingly. These contain all the analysis reports, plenty of standard documents explaining the recommendations and the products involved. They seem to believe bigger is better as it justifies the fees charged. In my experience most of our millionaire clients don’t even read these large complicated reports.
After we have carried out a financial analysis and sent you a much simpler financial report and recommendations we meet with you to fully explain the report and produce a simple more easily understood personal financial plan which usually can fit onto one or two pages.
What will your financial plan contain?
A 1-2 page bullet pointed form which agrees what will happen in the following time periods and the reasons why:
- What you will do now or this year to achieve your financial goals and objectives
- What you will do next year
- What you intend to do in the next 5 years
- What you intend to do in the next 10 years
- What you intend to do after 10 years
What happens after the financial plan is agreed?
You are sent a written copy for your records and we keep a copy. We then decide if you wish to implement the first stages of your plan. This is when I put on my independent financial adviser hat and financial advice actually kicks in.
Any questions on your financial plan?
Please call us on 01582 839280 or Email us.
