WEALTH PROTECTION
This stage deals with protecting wealth. Wealth includes both non-material and material wealth. Non-material wealth consists of you and your near and dear ones.
On the path to achieving goals, there could be instances of job loss, migration, illness, disability, accidents, and death. We need to have a strategy to deal with these eventualities. Though the emotional pain can take long to come to terms with, being at our wits end can be of huge help. In order to mitigate financial stress, structured planning is vital. This kind of backing gives us confidence on a rainy day and prevents us from acting out of fear, or pressure.
Protecting material wealth is also important. This consists of a house, an office, a shop, other real estate, a car or other vehicles of transport, jewellery, etc. They need to be protected from fire, theft, burglary, cyclone and many other perils.
Lastly, you need to protect yourself from liabilities as well,
All these can erode wealth and hence a wealth protection strategy is the first step in any financial planning process.
WEALTH ACCUMULATION
After wealth protection strategies are in place, the focus should be on accumulating wealth.One of the biggest hurdles in wealth accumulation is borrowing. Further taking a loan on one hand and making an investment on the other hand is like pouring water into a bottom less jar. Irrespective of the amount of effort put in, you cannot succeed in filling the jar up. Therefore, the first step in wealth accumulation is to control debt.
After paying off debts the focus then shifts on investments, based on the financial goals. Wealth accumulation is also the first step towards Retirement planning, a plan to ensure a good life even at your old age.
WEALTH DISTRIBUTION
Wealth Distribution begins with providing for the golden years of life. This is then followed by bequeathing assets to loved ones.
The Benefits of Financial Planning
Can You Do YOUR OWN Financial Planning?
You may need help from a professional financial planner if:
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Things To Keep In Mind When Approaching Financial Planning -
How To Make Financial Planning Work For You -
Process
STAGE I
INTRODUCTION MEETING
In the first meeting we will explain the importance and process of financial planning to you. We will give you an understanding of how we can be of assistance and in which areas. We will also get a basic understanding of your objectives and goals. There will be no charges for this meeting.
STAGE II
ENGAGEMENT FOR SERVICES
if you decide to hire our services a formal Financial Planning Letter of Engagement will have to be signed.
Once the Letter of Engagement is signed, we will understand your current situation and financial standing, the responsibilities and dreams for which you want to save and invest money, your relationship with money, life style, hobbies, career, etc.
You will have to fill a Basic Data Sheet and provide us with documents we require in order to facilitate us in preparing a Personal Financial Plan for you.
STAGE III
PREPARATION OF FINANCIAL PLAN
On the basis of the Basic Data Sheet and the supporting documents we will:
STAGE IV
IMPLEMENTATION OF FINANCIAL PLAN
After preparing the plan, the next step is implementation of the financial plan.
STAGE V
REVIEW
In these meetings we review the changes that have occurred in your life, changes could be in lifestyle, health and career prospects, changes in family such as marriage, birth or death, financial goals or aspirations.
During these meetings we also review your financial health across income, expenses, assets (investments) and liabilities (borrowings).
Besides quarterly review meetings, we can meet / communicate as and when there are queries or suggestions with respect to the financial plan.
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