A Financial Needs Analysis.

While financial advice comes in many forms (and from many sources), personal financial planning has a set strategy, involving a thorough review and analysis of;

• all aspects of your financial affairs and those psychological factors that impact on your life,
• the preparation of a comprehensive individualised plan to help you achieve financial security in the long term
• market needs.

You need proper financial planning more than ever before. It has become more difficult to maximise investment returns in these uncertain economic times. Faced with ever-changing legislation, globalisation, many more complex financial products/services to choose from, higher and new taxes and a lack of time, it is becoming almost impossible for you to act on your own in creating wealth, protecting assets, business interests and income, choosing the appropriate voluntary or compulsory income instruments and in distributing your estate.

The first step for any financial plan is a Financial Needs Analysis.
It is the only way to gather information on your current situation, then to identify potential threats to your wealth. In fact, it is so important that it is legislated that any financial adviser MUST do a needs analysis before presenting any product or strategy to you.

What's required for a Financial Needs Analysis?

• Your personal details
• Your current assets and liabilities
• Your income lee expenses to determine any available income with which to work
• Your financial needs that need to be addressed and the order of their importance.
  Factors such as emergency funds, life and disability insurance, retirement capital, short-term insurance, a Will and so on.
• A schedule of current insurance policies and investments
• Your beneficiary nominations.
• Realistic assumptions as to future inflation and interest rates.

Your analysis should present you with a strategy that indicates what will happen in an emergency, or on your death or suffering a life-changing event. It will show;

• your survivors cash position on your death.
• your income position should you be disabled or suffer a dread disease.
• The most suitable products to immediately create the capital you will need to prevent any financial hardship in the event of any of the above happening.
• Your projected income flow at retirement and how much capital you will need to achieve a comfortable retirement.
• The most tax-efficient and rewarding products to grow your retirement capital.
• The best strategy and products to reach your short-term savings goals.
• Your risk profile in order to present the investment funds best suited to your profile.

An analysis will present you with answers to all of the above concerns. As you can see, it is not a simple process and you should seek professional advice - for which you need to pay.
Remember, free advice really has no value!

Some other points to note:

Negotiate a fee with your advisor upfront. Get it in writing so there is no misunderstanding.

If you place investments through your advisor, will the fees reduce by the commission generated?

Make sure that you get your analysis in writing - all of it!

Make sure you sign receipt of it.

I offer a registered and comprehensive FINANCIAL NEEDS ANALYSIS at a competitive cost. Please give me a call.

Don't leave your concern here. Call me for advice - no obligation!

Especially if for Your Financial Needs Analysis.