How to Navigate the World of Financial Planning with Ease

How to Navigate the World of Financial Planning with Ease

What Is Financial Planning and Why Is it So Important?

Financial planning is the process of evaluating your current financial circumstances and determining your financial goals; both short term and long term. The next step is to create a strategy to ensure these goals are achieved.

The process of financial planning is ongoing and has many different facets. Whether you’re looking for an additional investment income to become financially independent, seeking investment growth in order to produce a return or regular income, estate planning to ensure any wealth is passed on to beneficiaries and help to reduce tax on payable assets or even mortgage advice.

Although you can create a financial plan yourself, it’s a good idea to seek professional advice from a financial planner as they are specialists in their field. They take the time to understand your situation and your goals and will put together a personalized plan to suit your individual requirements.

How Does Investment Management Impact Finances?

The key motivator behind any financial plan is robust investment management. Investment management is the process of handling many different assets to meet investment goals. Deciding on where your money will be invested ultimately depends on your level of risk and the potential financial gain – also known as a risk profile. Risk profiles are built to suit each client based on their individual circumstances and goals.                               

What Is the Usual Process for Financial Plans?

The first stage of the process is to get to know you and what your objectives are. Your financial planners will then come up with a plan with you which sets out your immediate and future needs. Next, the plan is put into action and different financial strategies are implemented; usually that would include opening investment accounts, consolidating investment portfolios or bringing together pensions etc. Finally, the team monitors the plan and ensures you stay accountable.

Can I Find a Financial Planner Online?

Simply put – yes! There are thousands of financial planners to choose from and the best place to find FCA (Financial Conduct Authority) regulated firms is on the internet. While some firms focus solely on financial planning others offer a range of financial services.

One example of this is Fortuna Financial Planning, a boutique financial planning firm based in Mayfair, London, who provide completely independent financial advice across all areas of financial planning including investment management, retirement planning and estate planning. Fortuna also acts as a mortgage broker and their WordPress developers have even implemented a simple mortgage application form to help determine individuals lending requirements.

Before you choose a financial planning firm, you need to know exactly what service(s) you’re looking for. We recommend that you contact 2-3 firms and find out more about them, their process and ultimately decide whether you feel comfortable in working with them. There are thousands of firms online and so your choice really is endless.

What’s the Future of Financial Planning?

In the ever evolving world of finance, we can never be certain what the future holds for financial planning, although one thing is looking increasingly certain – as the world becomes more technology focused, financial technology (FinTech) will improve and automate financial processes which will inevitably affect how financial planning and investments are managed. We will also see trillions of pounds being passed from the baby boomer generation as they transfer their wealth onto their descendants. As a result, inevitably retirement planning will also be in higher demand especially as this generation are much more likely to outlive their parents.

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