Financial Planning provides a picture of not only what your current but also your projected future financial circumstances look like. This enables the individual to take a “helicopter” view of their finances and assess if they are comfortable with the current state of their financial planning. This at times can provide uncomfortable reading. Unless you understand fully your economic situation, how else can you make the right financial choices for not only yourself but for your family and business.
The main objective of Financial Planning is for your Financial Advisor to collaborate with you to establish what your lifestyle costs (living expenses) are not only now, but also what they will be in the future. We then calculate will you have enough income earning assets at retirement age, to sustain the lifestyle you have become accustomed too. This helps to answer the question “how much is enough?”
Each category of client requires different solutions. However, before anyone can provide solutions they must first understand the challenges. Financial Planning helps clients to manage their financial circumstances in a tax efficient manner. It also provides clarity to a topic that is fundamental to the client’s standard of living which is so often an issue, but is not assessed and continuously “kicked down the road”.
We at Murray & Spelman (Financial Services) Ltd. are here to assist you and provide the financial clarity and peace of mind you require.
Original posting: Dermot Staunton LinkedIn
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