Frequently Asked Questions

  1. What is financial planning?
  2. Where does the financial planning process start?
  3. Why should I speak to a financial planner?
  4. What type of information does a financial planner require?

What is financial planning?

Financial planning is the process of meeting your life goals through the proper management of your finances. Financial planning helps you make advance provision for financial needs that will arise in the future. The objective of financial planning is to ensure that the right amount of money is available in the right hands at the right point in the future to achieve an individual’s life goals.

Where does the financial planning process start?

First, we take a look at your goals, immediate and future. Where do you want to get to financially, and when do you want to be there. We discuss things like current financial situation, risk tolerance, capacity to save, and other things that would be relevant to you and your family’s specific financial situation. Because each client has unique goals, we do not take a ‘one size fits all’ approach, but rather customize our approach to the individual.

Why should I speak to a financial planner?

Above all, a financial planner works for you. As financial planners, we are in a position to provide you with advice and recommend products that match your needs and are the best performing ones available. Some personal finance software packages, magazines or self-help books can help you do your own financial planning. However, you should decide to seek help from a professional financial planner if:

  • You need expertise you don’t possess in certain areas. For example, a planner can help you evaluate the level of risk in your investment portfolio and revise your asset allocation;
  • You don’t have the time to spare to do your own financial planning;
  • You know that you need to improve your current financial situation but don’t know where to start;
  • You feel that a professional advisor could help you improve on how you are currently managing your finances;
  • You have an immediate need or unexpected life event such as an inheritance or major illness;
  • You want to get a professional opinion about the financial plan you developed for yourself.

What type of information does a financial planner require?

Typically, information regarding investments held, number of dependants, income and expenditure details, savings and financial planning needs, etc. The more accurate information you give, the better the quality of advice given. Consider a visit to your doctor. Without complete and fully accurate details, your doctor cannot prescribe the best course of action. The same applies to financial planning. In order to obtain the best service for your ‘financial health’ all details and specifics must be disclosed.