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Financial Planning Advice.


Financial planning advice covers a wide variety of investment related topics including budgeting, expenses, debt, saving, retirement and insurance. Financial advisor helps you in understanding how each of these topics work together and affect each other. Financial planning advice is important for laying the basis for a solid financial foundation for you and your family.

Essentials of a financial planning advice:



There are numerous sites available on the internet that provides financial planning advices free of cost. However, if you are thinking about going to a professional financial planner, you have to be prepared. You need to sit back and work out which advisor or planner will be best for you.

Check whether they are licensed.

Their charges for financial planning advice

Who do they work for?



It is important to remember the three key points mentioned above in order to prevent any malfunctioning of finances. By law, licensed advisors are required to:

• Consider your goals, needs and circumstances when they make their suggestions
• Explain very clearly and accurately about the cost of the advice and the investment
• Reveal if they have any vested interests, which may be in conflict with your interests.

There are three different ways to pay for a financial planning advisor:

Firstly a fee that covers their hourly rate which is usually paid upfront; or a commission when they complete the transaction; which generally is a percentage of the capital you invest; or a trailing commission; which is a percentage of your investment returns, as long as you hold on to the investment. This has opened more options for the people about how and when they pay for financial planning advice.

Financial planning advice can be offered by businesses such as: Banks, General insurance companies, Fund managers, Stockbrokers, or Accounting firms.

Steps involved in financial planning advice:

Identify Your Short, Medium and Long-Term goals- The first advice in financial planning is to identify your goals. Your short-term goals might include a wedding, a honeymoon, picnics, furniture or a new car. Plan your medium-term goals, such as having your own home and financing your kid’s educations. Finally, list your long-term goals, such as retirement and travel. Once you have identified your goals you can estimate how much money you will need to save each month in order to meet each of your goals.

Budgeting- Budgeting is one of the core advices given by the financial planners. However, while budgeting, do not forget your short-term, medium-term, and long-term goals. Try not to sacrifice one for the other.
Investment- It is advisable to invest in Money Market Funds to achieve your short-term goals, and the stock market for your medium and long-term goals.

Various firms look at the total financial picture of their clients before giving any financial planning advice. They work with them to define and refine their financial goals customising the necessary steps to realise these goals. This helps to achieve a long-term relationship with the clients because it is over time that financial security is required..


 
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