Your Plan

 

After the consultation and analysis stage, we put together your plan. This identifies the objectives that reflect your goals and ambitions for the future, and the strategies that will put them into effect. This will include specific recommendations and an action list, and also detail the review process we will use to ensure the plan stays on track to meet your objectives.

Working with You

We need to invest time in getting to know you, understanding you, your needs and requirements. We need to satisfy ourselves and yourself that our service is the most appropriate for your needs. If it is not, rest assured we will tell you and recommend you to another professional.

We will ask you a lot of questions about your current situation. We collate and analyse your personal information so that you can see clearly where you are today and identify the strengths and weaknesses of your situation relative to your goals. By preparing detailed cashflow projections we can establish what you will need to do in order to achieve your goals.

We will analyse your approach to investing and your attitude to risk. We will look at the investments you have made and why you chose them. Understanding your existing investments and recognising your requirements means that we can make sense of what you already have and make effective use of your resources.

Setting Goals

Establishing your values and goals is the first and most important stage in the development of your financial future. These will be the foundation of your financial plan.

Setting goals is about setting priorities. Very few people can have everything in life, so this part of the process is about prioritising what is important to you – what you must achieve, what you would like to achieve and what you could do.

Goals should be:

Specific -	you must be able to describe your goal in precise terms
Time bound -	dates must be agreed for the achievement of your goal
Costed -	how much will it cost to achieve your goal
Understood -	you need to understand what the achievement of the goal will mean

We are trained in helping you identify those goals that are important to you.

Understanding Financial Planning

Many clients come to us with a number of financial products. These are often investing in the same stocks, have different terms and often have very expensive commission structures. This is a consequence of successive single product financial advice. Often they can be good products in their own right but what is missing is the co-ordinated approach that ensures their performance is harnessed to meet your goals.

Financial Advice or Financial Planning

Many of our clients did not immediately realise that they need a financial plan, but they might have been prompted to ask for some financial advice. An inheritance, house or job change, thinking about retirement or selling the business are all events that can require expert advice.

The term Financial Advice describes a one-off transaction. For example it may deliver an investment product for the inheritance, or a new pension structure when you change jobs. What it will not do is to relate to all other aspects of your financial affairs, or take into considerations all your goals and aspirations.

Financial Planning is not transaction based, but takes a holistic approach to your financial affairs. It is based upon the identification of your personal objectives and goals. Once these have been identified alongside such personal characteristics as attitude to risk, tax position etc. the appropriate product structures and investment strategies are put in place to achieve these objectives.

Performance is measured over time to ensure delivery against these objectives. It is not a one-off transaction, but a service based relationship.

 Why Financial Planning?

For many people, money is not the most important part of their life. Family, friends, health, a successful career, developing your business, providing for dependents, recognised success, being respected, enjoying yourself, meeting your aspirations, all are important priorities. For many people, these quality of life issues are what motivates them, however, money is the ultimate hygiene factor. It is money that lubricates these issues, enabling them, making them happen.

Getting the most from your money will help you achieve your aspirations. Yet for many it does not make sense to become a money expert. It is a complex subject - many people cannot afford the time to find out about it. It makes more sense for you to focus on what you are good at, or what you enjoy. However, over time your financial affairs can become complicated. You often do not recognise that something needs to be done, until something happens to prompt you.

This is where the financial planner comes in. At R P Financial Planning, we specialise in working with clients like you, helping you meet your personal and professional aspirations. What drives our service is your plan. This converts what is important to you - your aspirations, values and objectives into an integrated, holistic financial strategy and plan. We become responsible for your financial health, but you measure our performance in terms that are important to you.

In effect you are delegating the management of your financial affairs to us. Allowing you to focus on those areas and priorities that you cannot delegate - reading your children their bedtime stories, taking your business to new heights, caring for loved ones, spoiling yourself.