 Personal Financial Planning
Why have a Financial Plan?
For most people having financial plan means the difference between meeting your life goals and not meeting them or the difference between security and independence and the opposite.
Financial planning is the process of planning and managing your financial future to achieve your life goals.
These could include buying a home, owning a holiday house, saving for your children's education, managing debt or planning for retirement.
It's easy enough to work out what you want. The difficulty is putting yourself on the path to achieving it and that is where Phillips will help you.
Phillips uses a six-step process that helps you take a 'big picture' look at where you are and where you want to be financially. Using this process we help you work out what you need to do now and in the future to reach your goals.
The six steps of the financial planning process are:
- Gathering your financial data - such as details on your income, debt level, commitments, etc.
- Identifying your goals
- Identifying any financial issues - or deficiencies between where you are now financially and where you want to be.
- Preparing your financial plan - which will identify recommended investments and will address your attitude to risk
- Implementing your financial plan
- Reviewing and revising your plan - to ensure it stays up-to-date and relevant to the economic climate and your changing lifestyle
Although the process will be the same for everyone the outcomes will be very different depending on your needs and circumstances.
Learn more about these personal financial planning services:
Click here to access one of our specialist staff.
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