Our Financial Planning Philosophy
When people hear the words ‘Financial Planning’ many still associate this with product specific advice about pension plans, investments and life insurance.
But Financial Planning is more than this. It’s about helping you to determine what dreams and goals you have in life are the most important to you, and then working out the most logical way of attaining these goals.
At Magenta, we work closely with clients to help them determine and prioritise these goals and then set out a personalised financial plan that shows the way in which they could be achieved.
As much as anything else, Financial Planning is about trust. It requires you to entrust us with all the information about your personal circumstances, your family situation, your hopes, dreams and your fears. Then it is about our ability to understand what is important to you and what you wish to try to achieve, so that we can be there for you at all times, but particularly at the ‘turning points’ in your lives, to ensure that you remain on track.
Generally, we follow a 6 step process:
- We get to know you…. your goals, dreams and ambitions and talk about your attitude to risk.
- We will also ask about your income, expenditure, savings, pensions, investments and other assets.
- We then can create your Lifetime Cashflow Forecast for you. From the information we obtain, we will provide you with long term cash flow projections which show what the likely outcome will be if you carry on as you are at present. This helps to determine whether any changes need to be made to your existing arrangements. We will also cover the ‘doom and gloom scenarios’ and ‘what ifs’.
- We will present our recommendations which will help you achieve goals and better your long term cashflow position.
- We will implement your Financial Plan. This may involve rearranging some existing investments or policies to improve their suitability, but it may also require you to agree to change your spending or savings patterns, for example.
- Finally, we will agree with you when we should next meet to monitor and review your plan. At that time, we check with you whether your plans are still on track, and/or whether there have been changes in your plans or circumstances since we last met.
If you would like to read our full Financial Planning Philosophy click here
Contact one of our friendly team today to talk about how Financial Planning can help you achieve security and happiness.