The Financial Planning Process
The IFC Finance Financial Planning Process is a logical 6-Step Procedure:
- Begin the building of our relationship and Establish financial goals and desires
- Gather information
- Data Analysis
- Put together a Financial Plan
- Implement the plan
- Monitor and revise the plan if necessary
Step 1: At this early stage the financial advisor will introduce themselves and IFC Finance. They will explain the financial process and ask some questions to get a solid understanding of where you, the client are financially, at the moment and where you want to go.
Step 2: They now gather all the information necessary to tailor an effective financial plan that works best for you, the client. The Financial Advisor looks at areas such as (A) the time you are willing to invest to see any investment grow; (B) your attitude to market-risk; (C) we look at any current investments you have in place and assess how those are performing.
The Financial Advisor will also ask personal questions about you, the client; your health, your date of birth, your children details (what ages are they and so forth), your spouse details, etc.
It is necessary to have as much information as possible so that the Financial Advisor can put together a very comprehensive plan that works best for you, the client.
Step 3: Now that the Financial Advisor has gathered all the data, they will need to analyse it. Based on your current savings and investments and any proposed changes your advisor recommends, you both can decide if this will create enough wealth for you to achieve your financial goals. If not, your Financial Advisor will suggest some further changes to your financial plan to help you achieve this.
Step 4: Now that the Financial Advisor has all the information and data available to him/her they can put together a Financial Plan for you. Based on any earlier calculations the Financial Advisor will be able to map out steps on order for you reach your financial goals.
Step 5: Implementing your financial plan is the nest stage in the process. Saving into long-term savings plan like pensions may be daunting for many people as they may be reluctant to wait that long before they get to enjoy their investment. The best advice is to begin rolling out your financial plan immediately. A lot of people fail at this stage as they simply put it on the long-finger and then never act on it only to regret the decision down the line.
Step 6: Monitor and revise the plan if necessary. As you go through life things will change, for example you may buy a house, have children, change jobs, lose your job, set up your own business etc. The list is endless. Your financial plan will need to be adjusted to reflect these changes. For example, if you get a promotion at work and are now earning a lot more than you were previously you may have extra funds to invest and will want to adjust your financial plan accordingly.
IFC Finance – Your Financial Advisor
IFC Finance have over 30 years-experience in helping individuals and businesses put together and implement financial plans. IFC Finance, Irelands’ leading Financial Advisor will assist you in getting your plan up and running and they are always available for regular reviews of your plan.
Contact IFC Finance today to discuss your Financial Planning needs.
- Tel: 01-6601016
- E: email@example.com