Turning a complicated financial journey into a very simple, easy to understand story
But successful plans require a significant degree of financial planning. By working through a series of logical stages, Partridge Financial will help you gain a better understanding of the options available to you. And by working together, we can devise and implement a holistic tailored financial plan to target your goals.
6 stages Partridge Financial follow to create your tailored financial plan for financial success
01.
1. Your current financial situation
In the first step, we will explain fully how we are paid and by whom. At the outset, we agree on how long the professional relationship should last and on how decisions will be made. It is crucial that we get to know you and determine your current financial situation with regard to income, savings, living expenses and liabilities. Our advice process and its success will depend on the quality and clarity of the information communicated. Preparing a list of current assets and liabilities, balances and amounts spent for various items enables us to build a bespoke financial plan as a foundation for your desired goals.
02.
2. Defining your financial goals
Next, we talk through your goals and objectives, both in the short, medium and long-term. Your adviser acts as a sounding board and explains how these will determine the creation of your tailored financial plan. They’ll ensure that they are quantifiable, achievable and clear and have a defined time frame and, importantly, separate your needs from your wants.
03.
3. Your current financial profile
Your adviser will then review the information provided about your current financial situation and your goals and objectives. They use this to produce a report that reflects your current financial profile. Your attitude towards investment tolerance and capacity for risk are also assessed, and this is analysed to determine your required asset allocation for investment or pension goals.
4. Personal financial analysis
04.
Based on the information you have provided, your adviser will then present your financial plan and the analysis we’ve completed. Each of the goals and objectives you’ve highlighted will be addressed and a recommendation for each identified. Depending on what services you require, this could include analysing your assets, liabilities, current insurance coverage, investments and pensions, or tax strategies.
05.
5. Financial plan implementation
Once the analysis and development of your plan is completed, your adviser will meet with you to outline the recommended courses of action. They’ll record any agreed implementation plan and provide all the necessary documentation to support your plan. Where applicable, they also coordinate the process with any other professionals such as accountants or solicitors you may receive other advice from.
06.
6. Re-evaluation monitoring
Your financial plan is a dynamic, ongoing process that requires continuous re-evaluating and monitoring. Your adviser will review this at least annually with you to look at any changes in your circumstances and, if necessary, amend your plans to incorporate them. Reviews can take place more often if needed, and each meeting provides you with the opportunity to discuss any specific questions you may have now to enable your adviser to adjust recommendations, if needed, as your life changes.
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We’re happy to help you. Ready to start a conversation?
Contact Partridge Financial Ltd. today to learn how we can help you. Through face-to-face or telephone based financial advice, we help you develop lifetime financial plans that factor in your short, medium and long-term objectives.