WHAT IS FINANCIAL PLANNING?

Some people ask that perhaps wondering what makes it different from having a long-term budget. A financial plan is a comprehensive evaluation of someone’s current and possible future financial state.

A financial plan needs a stable foundation. This framework is put together by financial advisors and the person. They look over the current net worth, the assets, future retirement and estate plans, and tax liabilities.

Once the metrics are in place, the financial advisor can make estimates of future asset growth. With this data, they can determine what steps need to be taken to achieve a client’s financial goals.

Most of all, a sound financial plan is based on what the client wants for themselves. If they are interested in generating a post-retirement income, that changes the details compared to a plan meant to provide additional cash flow.

Our Perth-based investment planners know that the key to success lies in flexibility. We will regularly meet with you to update you and advise you if any changes need to be made.

Every financial plan has parts. It all begins with financial goals. What does the client want to achieve? Whether it is having an estate as a legacy or just having income in their golden years, a goal determines everything else.

From there, a plan must also factor in the statement of personal net worth. The program uses currently available resources and assets to build a financial future. At the same time, it also tries to minimize the impact of existing liabilities.

Call us today, and our team in Perth WA can help with all of your financial planning needs.