A Step-By-Step Guide To Creating A Strong Life Plan…

Life planning can bring clarity, meaning, peace of mind and confidence to your financial world. It can help you to understand your aspirations and goals in life and enables you to live a fulfilled life without breaking the bank.

At Expert Wealth Management we have advisors that will help you to create a detailed life plan. These five simple steps highlight how we help you to gain a concrete and specific life plan:

Step One: Exploration

In this step we are interested in getting to know all about yourself, we want to know what your lifestyle is like, your objectives in life and what’s important to you. Getting to understand you and what your goals in life are can really help our advisors distinguish if we are capable of supporting and assisting you in the future.

Moreover, the key point of this step is to help you decide if we are the correct advisor for you, creating your life plan is an investment in both money and time and we want you to feel confident in your advisor.  If we both agree we are a good match then we will begin to discuss our services and charges, and to reassure you we will get you to sign a Client Agreement Act before any terms have been agreed.

Step Two: Discovery

In your first Discovery meeting, our advisors will ask you to bring relevant documents that will help us understand your current situation and future objectives. By bringing in these documents we can understand your aspirations in further detail and therefore assist you in prioritising these objectives.This is the perfect opportunity for you to discuss any current investments or financial products that you have in place as we will begin to create an investment strategy for you.

This strategy will be based on the level of risk you wish to take, our advisors will then discuss with you how we propose to manage those potential risks. During this stage we will carry out detailed analysis of your current financial situation and create a draft financial plan, this will include your personal cashflow forecast.

Step Three: Planning

Planning is a key role in the process, there can be many challenges that can prevent you from reaching you end objectives and creating a solid plan can help to tackle those issues. A plan can give you clarity and a personal cashflow forecast will highlight where you are now financially, compared to where you’ll be in the future.

Throughout this process there is two-way communication and with your ideas and input we can explain all your different opportunities. The planning phase is not restricted to one meeting and we understand it may take a long time to consider all the options.

Step 4: Implementation

After making sure you are completely happy and confident in your plan we can begin to put it into action. Our advisors all have fantastic communication skills and will work hard to keep you informed about the progress of your application.

This stage may require you to complete important paperwork, such as your medical history. In this stage we will also create a  ‘financial road map’ which is based on our advisors recommendations and will help you to understand what your future looks like.

Step 5: On-Going Review

This is a key stage as your objectives can change because of wider variables such as a new piece of legislation or economic conditions. Therefore we will continue to update and monitor your plan to try and meet your future goals.This step may happen monthly or quarterly, it will depend on both your flexibility and how elaborate your financial plan is, but we always advise reviewing it at least annually.

At Expert Wealth Management we focus on acting in the best interest of each client, so why not contact us today to see how we could help you.

Get in touch by calling 01993 772 467 or contact us online.