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How to Plan Financially

Making the decision to plan for your future is the vital first step of financial planning. We can help you with the rest.

how to plan financiallyFinancial planning is no more complex than establishing a number of key factors about yourself, where you want to end up, and how you want to achieve your goals.

Many sites have long lists of detailed questions about your finances, which can be intimidating for new clients. However, most can be distilled to four key questions that you need to ask yourself.

You can either do this before you go to see an IFA or you can come to the first meeting prepared to be asked by the IFA.

 

Four Esssential Questions:

 
Where are you today?

Be realistic about your finances: think about your monthly costs and income, who you need to support, and what you need to get by.

Where do you want to be?

Start with an ideal destination: what you like to do, where you'd like to live, how your family and self will look in the future. Even a rough idea is important, as you can refine your plans later as you get more information.

Which are the best routes?

For laypeople, this is the step where an IFA can really start to help by showing you new avenues for achieving your goals. But you can give this a good start by assessing yourself: if you are working toward your life goals, think whether your current plans can be improved.

What are the first steps?

After getting more information, seeing your IFA, and building your plans, the natural next step is getting started with your plans. Figure out what you need to do to commit to your plans, and make the changes needed to stick with them.


With a busy schedule, you may find it it difficult to give these questions more than just a cursory thought or a rough answer. When talking with friends or family who are in top financial form, it can be indimidating to realise that your own plans need some work.

But here's a secret: It's okay to be under-prepared.

Your financial adviser will take the time to understand your complete financial position, allowing them to help you prioritise your goals, protect your financial well-being against adversities and arrange your assets for greatest tax efficiency and maximum capital growth.

During the first meeting, a good financial adviser or personal wealth manager will study your individual circumstances, concerns and goals. From there, she/he can begin to formulate a bespoke financial approach to maximise your opportunities for stability and growth. You should take with you as much information as you can regarding your assets and liabilities in order that your adviser has the fullest picture possible. You've worked hard for your wealth, you want to ensure that it works hard for you

Additional Reading

  • How to Access Advice

    A guide on how to access financial planning resources either online or through our network of LGBT-friendly IFAs.
  • Personal Pension Plans

    Read our guide to personal pension plans and make sure you are saving in the right way to afford a comfortable retirement.
  • Paying for Financial Advice

    New rules for paying for financial advice
  • Identify Your Financial Goals

    Learn how to identify your financial goals, or better still let our professional advisers help guide you through the process.
  • What is Financial Planning?

    Everyone needs a financial plan. Why not read our sound advice on how to plan, investments, bonds and short and long term savings.

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