What is Lifestyle financial planning?
We often find that the links between financial arrangements and what someone might want or need from life are either ill defined, broken or non existent. When these conditions exist, it is all too easy for that person to enter into financial arrangements that are just sold to them as being the ‘best' at the time. The outcome of this is that a collection of financial arrangements are accumulated in the hope that these will provide some form of financial benefit at some time in the future.
With Lifestyle financial planning we aim to provide a definitive link between what you want your finances to do for you throughout your life and what you might have as financial arrangements. This way of planning allows you to see how what you have can work for you and if there are any excesses or gaps that need to be addressed.
There are three distinct steps to follow (in the order shown) to create a successful Lifestyle financial planning strategy:-
- Life Planning
- Financial Planning
- Independent financial advice
Once a Lifestyle financial planning strategy has been created it is essential to regularly review it.
Getting sorted financially is a bit like getting fit and staying fit. In other words you cannot go to the gym once and expect to stay fit for life. Lifestyle financial planning is the same. It’s a long term process that involves careful and regular monitoring (via annual or more frequent reviews), and that’s why we offer a long term service. Once we have been through the three stage process with you, we will agree a review date.
Such reviews ensure that your strategy and planning are on track and that any changes in personal or financial circumstances are catered for.