Financial planning is a 6 step process that provides you with two important things:

(1) An in-depth review of your current financial situation

(2) A blueprint that shows you how to achieve your goals and objectives for the future. Your goals might include buying a home, saving for a child’s education, or planning for retirement. It is important to remember that financial planning is a process, not an event.

Step 1: Establishing and defining the client-planner relationship
The planner will explain the process, find out what your needs are and make sure they can meet them. You can ask them about their background, how they work and how they charge.

Step 2: Identifying your goals
You work with the planner to identify your short and long term financial goals, this stage serves as a foundation for developing your plan.

Step 3: Assessing your financial situation
The planner will take a good look at your position, your assets, liabilities, insurance coverage and investment or tax strategies.

Step 4: Preparing your financial plan
The planner recommends suitable strategies, products and services, and answers any questions you have.

Step 5: Implementing the recommendations
Once you’re ready to go ahead, your financial plan will be put into action; where appropriate, the planner may work with specialist professionals, such as an accountant or solicitor.

Step 6: Monitoring and reviewing the plan and recommendations
Your circumstances, lifestyle and financial goals are likely to change over time, so it is important that your financial plan is regularly reviewed (at least annually), to make sure you keep on track with the goals you have set out.