What does financial planning cover?

What does financial planning cover

When it comes to managing your financial matters, some focused planning will help you achieve the lifestyle and future you desire. So, what does financial planning cover exactly? Let’s take a deeper look so you can understand what’s involved when you work with us.

Cash flow for your lifestyle

People tend to think of cash flow as running a business, but it’s equally important for managing your day-to-day life. Even people with the highest incomes can find themselves with poor cash flow. In simple terms, this is the money you have coming in versus the money you have going out. How much do you need for your income to cover your monthly spending?

A financial planner will give you more clarity on how well your current income will be able to support you both now and in years to come. There is rarely a single solution; for most people, financial planning is a journey, and we help you navigate different eventualities. Our team will look at your lifestyle and aspirations, so we can help you plan your current and future lifestyle. Then, we will calculate realistic possibilities based on your personal situation.

Contingency for unexpected events

Like any journey, life can present detours and obstacles that need to be overcome. Sadly, death is a natural part of our lifecycle. So, it’s important to ensure you have financial protection in place for when you lose a partner. Serious illnesses and accidents can also affect us at any time. So, it’s crucial to have a contingency plan in the form of insurance policies that will cover your income, mortgage, and household bills.

Financial planning gives you the ability to prepare in advance should the worst happen. Along with big life events such as retirement and inheritance, our team also consider stock market volatility. This can be caused by national and global events, along with political and socio-economic factors that might affect your savings and investment strategies.

Saving and investing for your retirement

Retirement planning is becoming an increasingly important topic, especially as the government is looking to raise the state pension age to 68 for those born in the 1970s. Whether you have a 5-year, 10-year or 15-year retirement plan, the sooner you start saving, the more comfortable you will be. Government contributions give you a tax refund, so regular pension contributions can substantially increase the size of your pension pot.

Our financial planners take a logical and balanced approach to retirement planning; We will ask you what retirement looks like for you, calculating what you need in terms of income. We aim to ensure you can enjoy your retirement and not run out of money. We will review your savings, investments and pensions, including defined contribution and workplace pensions, defined benefit (final salary), and self-invested personal pensions.

Estate planning for your family’s future

Estate planning is an important part of financial planning, as this will help you understand the amount of inheritance tax needing to be paid by your family after you pass away. So, when your family receive their inheritance, they’re less likely to face any nasty surprises in the form of high levels of inheritance tax (IHT). It’s helpful to pre-plan your funeral arrangements too.

There are many ways to reduce your IHT, which can include gifting and trusts. It’s also important to ensure you have an up-to-date Will in place so your money, property and possessions go to the right people after you die. If you are part of a blended family, this is essential if you want to protect children and other family members from being disinherited.

Succession planning for your business

We don’t just help our clients plan their personal financial security. We also help people with their businesses in the form of succession planning. What happens to your business when you decide to retire or if you die while still at the helm? Owner-managed businesses can often include different generations of the same family. So it’s important to get a succession plan in place, especially when there are other shareholders to consider.

Financial planning ensures you can create a suitable exit strategy and succession plan. For example, if you are considering selling your business, we can provide you with the necessary advice and professional contacts to help you secure a profitable deal.

Who we work with…

Our team have a lot of knowledge, expertise and qualifications in financial planning, but we also work with specialists to provide a thorough service to our clients. When it comes to complex tax and estate planning, we are guided by professionals such as accountants and lawyers. This enables you to receive detailed advice so you have all the correct facts to hand.

Financial planning gives you control over your choices and any actions you need to take regarding your personal and business finances. Our team’s accreditations will provide peace of mind when discussing suitable ways to manage your money. In addition, our fixed fees are always tailored to your individual situation.

Do you need a financial planning review? Get in touch to speak to our financial planners.