How you make your money is your business. How to manage and protect it, is ours. Let us remove the burden of financial planning and management from your shoulders by working with you to devise a personalized, holistic financial plan robust enough to weather every season of your life – from wealth creation to wealth preservation and protection. Rest assured that any structure we put in place will not only be stress-free on your behalf, but tax efficient and cost effective too.

Our qualified and professional financial planners are able to help you set and achieve long-term financial goals through investments, tax and legal planning, asset allocation, risk management, retirement planning and estate planning.

The Personal Financial Planning Process

To allow for the protection of your wealth and the creation of financial freedom, it is crucial to follow a clearly defined financial planning process. This process is detailed as follows:

1.  Establishing and defining a professional relationship:
Your first meeting should be dedicated to establishing a clear understanding of your immediate needs and/or concerns as well as getting a firm grasp of what professional services your financial planner provides including their competencies and experience. Discuss how the financial planning process will unfold if you are new to the process and clarify the roles and responsibilities of both you and your financial planner going forward.
2. Understanding your unique objectives and needs:
Once you have established and defined your relationship with your financial planner, it is essential that you allow them to gather as much data and relevant information to enable the construction of a comprehensive financial plan unique to you. This will involve sharing not only accurate factual data, dreams, goals and aspirations, but also providing an indication of your values, priorities and attitude towards your financial wellbeing and defining timeframes for outcomes.
3. Analysing and evaluating your financial status:
With your financial information at hand, the financial planner is then able to analyse your current circumstances and establish where you are in relation to your goals and objectives. Various components of financial planning should be analysed during this process, including: personal financial management, risk management, retirement planning, tax and estate planning, investment management and business financial planning. Should it be determined that you are not on track, your financial planner will explain why and recommend solutions to assist you in this regard.
4. Developing and presenting financial planning recommendations
Once your financial information has been analysed, the financial planner will present their findings to you and guide you through the various financial solutions available, making recommendations accordingly. It is at this stage that other specialists from within the Hereford Business Units may be called upon to render specialist advice, such as investment management. The outcome of the plan is to ensure that you have a strategy in place to take you forward with confidence and to provide certainty regarding your financial future.
5. Implementing the financial planning recommendations.
Once you have agreed to the recommendations presented, it is crucial that your plan be implemented. This process may involve some responsibility on your behalf as well as the financial planner, or the co-ordination with other specialists. It is here when your financial planner will also present the products suitable to address the shortfalls in your planning or required to help you achieve your goals. As it is common place that not all recommendations can be addressed at once, time frames will need to be agreed upon to ensure you ultimately reach your goals.

Doing just one or two of the above will help your year be a bit easier and end off far more satisfyingly. Taking many small steps can help you make a major financial change. Call your adviser for more ideas and help on how to budget for the change ahead.

6. Monitoring and reviewing your financial plan
A financial plan must be reviewed on at least an annual basis or as your circumstances and needs change, this to both monitor progress and to confirm it is still meaningful and relevant to you. Discuss with your financial planner when this should take place and how often, but don’t hesitate to contact them prior to the review date if there has been a change in your personal or financial position.

Doing just one or two of the above will help your year be a bit easier and end off far more satisfyingly. Taking many small steps can help you make a major financial change. Call your adviser for more ideas and help on how to budget for the change ahead.

During the wealth creation phase of your life, focus on asset accumulation, budgeting, estate planning, debt servicing, insurance and assurance. Then when you reach the point where wealth creation is no longer necessary or viable, shift your attention towards wealth preservation. We will help you to manage and transition your portfolio through these life stages to ensure you are allocating your hard earned money correctly at any given point.

– Michael Dundulakis

How can we help grow, preserve or protect your wealth? Speak to a Hereford Financial Specialist now.