Step 1: Lifeplanning. This is
the process of getting to know you, personally as well as financially. How you
got to where you are now – and where you want to get to in the future. What
you want to achieve in the next 5, 10, 15, 20 or 30 years. What is important
to you? What drives you? What are
your lifestyle expectations?
In other words, what do you want your money to
do in the first place! FFP believes that without answers to these fundamental
questions no financial decisions can be made.
We will also work with you to identify the cost
of your current and future desired lifestyle allowing for all of the things that you want to do in your lifetime. Most clients find this an enjoyable part of the process as it helps them to identify what they want to
do with their life – now and in the future.
Step 2: Comprehensive Financial Planning.
This is where we analyse all of your existing investments to identify exactly what you have already, what they are worth now
and what we can safely assume that they will be worth in the future – taking into account performance to date and as
well as inflation.
Once we have this information available, including
a breakdown of your lifetime expenditure requirements we will then input this data into our financial planning software, the
most sophisticated available. Quite simply, it enables us to show you what your
financial future looks like. It is financial
time travel, if you like.
The financial planning meetings will produce
a detailed statement of your net worth, we will confirm your various income sources, available now and in the future, and
we will look at your expenditure requirements, based on you living the life you want to live.
We will also look at various catastrophe situations to consider the effect on you and your family should the worst
happen.
Then we will together look at various “what
if” scenarios in order to identify what needs to happen to ensure that your goals are achieved. This is when most clients suddenly understand what they need to do, and why. It’s when money starts to make sense.
This is when clients see the possibilities available to them, now and in the future.
Step 3: Independent
Financial Advice. Should your financial plan indicate that you need financial products to satisfy your needs (and
therefore your real goals and objectives) then and only then do we move to the third stage of the process – Independent
Financial Advice.
This is where we research the whole market to identify the financial products best suited to your objectives. This stage involves the use of sophisticated independent product research to compare product “wrappers”,
fund performance, volatility, asset allocation etc. This involves rigorous research
on our part including a detailed recommendation report.
People don’t plan to fail – they
simply fail to plan!
Step 4: Implementation.
Most people are full of good intentions but frequently fail to act. FFP not
only helps you make sound decisions (and prevent mistakes) but it also helps you to implement them. Without implementation any plan is bound to fail.
Step 5: Regular Progress
Reviews. Just as your car needs regular servicing and maintenance so
does your financial plan. Personal circumstances change (births, deaths, marriages, divorce health and job changes, to name
but a few).
