What is Financial Planning?
Financial Planning is process of understanding your current financial position, your future goals, and how to achieve those goals. The instruments generally used for financial planning are life insurance, mutual funds, real estate, bullion, etc. The list is not exhaustive but includes the preferred choice of individuals.
Trust is most important factor when it comes to financial planning for two reasons : –
A) Long term duration.
B) Involves money
In today’s time where the world is filled with seller, it’s important to find true planners, who give respect to your hard-earned money.
Design Only is a free portfolio assessment service. In this, the experts shall evaluate your present investments followed by 15 minutes of consultancy.
Design & Execute
Design & Execute is a Fee-Based service. There shall be a personal RM ( relationship manager ) allocated to you. There shall be 2 detailed one on one meeting to chart down goals and assess the progress. The meeting generally lasts for 90 minutes. There shall be quarterly reports also. Benefits of Design & Execute are : –
a) Dedicated Manager
b) Quartely Detailed Report
c) half yearly detailed meetings
d) Special invitaion to Webinars & Confrences
1. Establish and Define financial planning process
During this first stage, I interact with you to know more about your current financial situation, present investments, past experience. I shall set the expectations and deliverables. Also, I discuss and define the fee structure and the time horizon it takes to complete the process.
2. Data Gathering
Once you agree on the services and fees, you would be required to provide investment details with documents. This is the data gathering process. The data collected shall be only used for Financial planning purpose only. .
3. Analyze and assess the financial status
Once data is shared, we shall have the same updated in our software to plan out a financial plan. We shall have a detailed discussion to understand your risk profile, goals past experience etc. In this stage we expect your family to be also there, this makes planning more robust.
After meeting and data collection we shall require a weeks time to design a financial plan. Since this would for your good part of your life and after that also, we suggest to read it word by word and pen down any doubt if you may have. We shall have the same addressed in the next meeting.
5. Execute the Plan
In this process, we schedule a meeting to make sure all doubts and questions with respect to the plan are cleared. Once you understand the whole concept of financial planning report, then the next step is to execute it. Execution involves scrapping of unwanted investments and placing your money as per the new plan.
6. Review & Redesign
Half-yearly review and monitoring will ensure that you are on the correct path. Hence, it is an ongoing process of any financial planning process. Apart from that, you shall be getting quarterly updates and monthly newsletters. In case you have still certain doubts you should definitely get in touch.
In case there are some changes financially or lifestyle we shall have the financial plan redesigned.
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