What is your plan?

Many people go through life without a complete overall financial lifetime plan. This purely means that they seek financial advice as and when their specific circumstances dictate it. Although this can prove effective for reacting to your needs, it doesn’t safeguard you from those unexpected situations that can sometimes emerge.  


Proactive, lifelong advice seeking and financial planning works towards building an extensive portfolio that can not only help you achieve your immediate needs but future goals. 


The financial adviser you choose will advise you on the most suitable solutions for you, putting together a solid financial framework from the ground up. All overarching financial plans will obviously be tailored to your individual requirements but the main aspects and priorities will follow similar stages to the below:


1. Foundation



The foundation is the most important part of your financial plan. Your adviser will discuss with you what your circumstances are at the moment and what you hope to achieve now and in the future. This information will then be used to develop a tailored plan that is unique to you.


2. Protect



Also of upmost importance, this secondary stage looks at protecting your current and future finances. No one likes to think about potential distressing circumstances like illness or death but it is even worse to go through these things with money worries so thinking about future protection ensures you can be confident in answering difficult questions such as these…


How would you and your family support yourself if you were unable to work through illness or an accident?

Would you be able to pay your bills if you lost your job?

Would your family be able to cope financially if you were no longer around?

Would you be able to replace your home and possessions after a fire or flood?


The answers to these questions will often include both protection and insurance products.


3. Plan


Once you have looked at your protection options you will then need to consider planning for your future. This could mean looking at what your requirements might be next month or even as far as in 50 years’ time.


There are a variety of different things you could plan for, we have outlined a few below…


Lifetime responsibilities:


Buying a home

Your retirement

Your children’s futures


Those more fun occasions:






4. Preserve


Once you have successfully created your financial plan and executed it, you may have saved up some extra funds or had a windfall. Preservation is the stage that makes you consider how to utilise this. Whether your reaching retirement and want to know the best way to spend your savings or pension or want to invest in your future or someone else’s, financial advisers will look at the options that ensure your assets are as tax efficient as possible. Financial advice also allows you to understand the different levels of risk that are involved such as the risk posed by inflation if you do nothing.