HOLISTIC FINANCIAL PLANNING
The ultimate aim for most clients is to achieve their financial utopia. It’s your definition of financial utopia that is important when building your financial plan.
The Financial Planning process begins by clearly defining where you want to be in the future in terms of your life goals and aspirations. Next, we look in detail at your current personal and financial position as well as analysing your current arrangements.
Then we develop strategies designed to help you move towards your objectives followed by the implementation of recommended solutions to help you achieve your personal financial plan. Finally, we regularly monitor the progress of your plan to make sure you stay on track.
“It takes as much energy to wish as it does to plan!”
Most people have goals that they would like to achieve and also providing the goals are not unrealistic they generally have the means and ability to achieve them. The fact is however the vast majority of people fail.
Of course, people don’t plan to fail, they simply fail to plan. If you were starting a new business today, the first thing you do would be to compile a business plan. Most people run their lives without any such plan in place. We help you by producing detailed written financial plans aligned to your life’s wants and needs.
“Achieving goals is about having the appropriate knowledge and expertise”
The small percentage of people who do actually make plans tend to lose direction along the way due to lack of knowledge. Typically, when working towards a goal in the future most people acquire financial products because they feel they should be doing something.
The problem with this approach is that there is rarely any analysis involved in what the most effective solution would be or how much should be invested or what is most tax efficient financial vehicle. Trying to achieve your goals in this way is like trusting to luck rather than sound financial judgement. Our role is to take the guesswork out of the equation.
At the exploration and understanding stages we spend time looking in great detail at your objectives and develop them into a well defined goals.
“Risk comes from not knowing what you are doing”
There are financial obstacles that actually prevent people from getting ahead: These include a lack of well-defined goals, ignoring the long-term effects of inflation, a lack of understanding of the balance between risk and reward. There are also every day risks involved in life, for example the financial implications of a premature death or a long-term disability.
Another obstacle would be the effects of taxation on investments. There are certain tax reliefs which very few people ever take full advantage of. Our role is to educate our clients via our highly qualified team of specialists and help you overcome all of these obstacles by looking at your entire financial picture.
“Action is the foundational key to all success”
Only after presenting you with the findings of the thorough analysis of all of your existing holdings and arrangements are we able to build detailed strategies that will show exactly what you need to do to help achieve your goals. Once we have presented these strategies to you, we will take your instructions on which route you wish to take.
These instructions will allow us to finalise your own personal “road map” that is specifically tailored to you and consists of a number of solutions that are underpinned by accepted financial planning techniques and tax efficient financial products. The final part of this stage is to take action and implement the solutions described in the plan which can sometimes be split into a series of short meetings. This approach helps you focus on your financial priorities in a progressive way as well as take advantage of timing particularly when tax planning.
The most important part of action centric financial planning is monitoring and reviewing. It is essential for us to meet regularly to ensure that your plan is working for you as well as to react to any changes in your personal or family circumstances, developments in regulation and tax laws as well as the general economic environment and your attitude to risk. Financial Planning is a continuous process. Every year we will either confirm the status quo, identify new or fine tune your objectives. Working together with you we will make sure that you have peace of mind about financial utopia for you and your family.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
LEARN MORE ABOUT OUR EXPERT FINANCIAL PLANNING PROCESS
At McGarvey Jones Financial Planning we recognise that our clients are central to everything we do. We are committed to developing long-term relationships with our clients to help them build, preserve and protect their wealth.