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What is Financial Planning?

Financial planning is the process of identifying and developing strategies to assist you to meet your financial needs, goals and objectives.

The financial planning process involves the following steps:

  • Gathering relevant financial information
  • Examining your current financial status
  • Coming up with a financial strategy or plan for how you can meet your goals
  • Implementing the financial plan
  • Monitoring the success of the financial plan, adjusting it if necessary

Using these steps, you can determine where you are now and what you may need in the future in order to reach your goals.

What are the benefits of Financial Planning?

Financial planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances.

For example, buying a particular investment product might help you pay off your mortgage faster, or it might delay your retirement significantly.

By viewing each financial decision as part of a whole, you can consider its short and long-term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track.

I am looking to retire in 2 years time. How long before I retire should I get advice from a financial planner?

You should seek advice sooner rather than later. That would give you time to decide on a strategy and become comfortable with that strategy. There will be enough other things happening in your life at retirement without having to grapple with major financial decisions.

I need to see an adviser but am worried about being charged excessive fees or paying commissions. Who can I trust?

Our suggestion is that you talk to a Certified Financial Planner who can explain clearly to you what services they can provide and what the costs will be. All fees and commissions must be disclosed to you so you know how much you are being charged and how much remuneration they are receiving.