Why you need to have a financial plan review with a professional adviser

A financial review allows you to identify opportunities you may have overlooked and/or to identify tweaks that will enable you to course-correct for your period ahead.

Today, almost everyone gets a medical check-up done at regular intervals. Yes, it is extremely important to remain in the pink of health to achieve our dreams in life. Most of us also get our personal assets (such as car, air-conditioner, refrigerator etc.) serviced atleast once in a year in order to avoid them getting out of use. Well, but what many forget is that the same principle applies to our financial plans as well. Without a timely review of your financial plans, you are most probably bidding a goodbye to your financial goals!

A financial review is the step to take to help you grow and protect your wealth. This is where a qualified adviser can provide advisory support to help you navigate the complex financial situations in your life.

There could be many reasons for this. For example;

When a spender marries a saver, the relationship can suffer. But when both spouses can agree on common financial goals, things get easier.

Having children
The financial responsibilities of parenthood can be intimidating. Will you be able to fund their education? What if something happens to you? An adviser can help you navigate the maze of financial decisions that arise when you have a baby.

An aging parent
The cost of elder care is rising – whether care is delivered at home or in a facility. How can you take care of aging parents' needs without jeopardizing your own retirement plan?

Buying a home
When will it make sense for you to buy? How much house can you afford? And where will you get funds for your down payment? An adviser will help you to develop an investment plan that will put you in the home that's right for you.

Unforeseen circumstances
For better or for worse, financial surprises can require adjustments to your long-term goals. Your adviser can help you put an inheritance or other sudden windfall to good use – and protect yourself against the damaging financial consequences of a divorce or lawsuit.

Job change
Once you've settled into your new role, what should you do with your employer/self sponsored pension plans? Any decision you make can have tax implications. Advisers have specific knowledge in this area – so consult them first.

Managing a business
Whether you're still in startup mode or have been running your business for decades, you probably don't have time to deal with all the behind-the-scenes financial issues like starting a lumpsum/ regular investments in mutual funds, trading in stocks, or selecting the right type of insurance.

Retiring with dignity
Will all your savings last a lifetime? An adviser will help you to plan your spending and adjust your investments for the next chapter of your life.

Tax time
Not many people look forward to financial year end – but it's actually an ideal time to reassess your overall financial situation each year. An adviser may help you to address your financial services needs while keeping your tax issues in mind.

 During your financial review you'll have a confidential discussion with the adviser about a range of things, including:

  • where you live and any plans you have to move in the future
  • your family circumstances and financial commitments
  • the savings, investments and protection policies you already have
  • what you plan to do when you retire
  • your tax obligations at home and abroad, if any
  • how you feel about different levels of investment risk.

After your financial review the adviser will research the whole of the market and look at investments and protection plans from a number of different providers and select the investments and protection plans that are most suited to your needs and recommend options that are in line with your plans, priorities and attitude to risk.

When your adviser has completed the research, they will send you all their recommendations in a detailed report. If required they will arrange a second appointment - so you can discuss the report with them.

The recommendations in your report could include:

  • savings and investments to cover your children's school and professional course's fees
  • protection plans that may be required to mitigate the financial risk
  • retirement solutions to give you the lifestyle you want when you stop work
  • opportunities to take advantage of the potential tax benefits of saving and investments
  • estate planning solutions to protect and preserve your wealth.

If your circumstances change, your adviser will review your portfolio - and recommend ways to keep your financial plans on track. You can also discuss your portfolio with your adviser whenever you want – online or offline.The adviser may provide you facility to view your portfolio valuation online.

An annual review will increase the possibility of fulfilling your financial goals by allowing you to incorporate any personal or economic changes in your financial plan. A review also allows you to analyse your individual investments and determine if they are worth keeping. For example, if you have invested in equities, then it would be prudent to check the current standing and potential of stocks and equity mutual funds in your portfolio from time to time. It could be possible that a stock or equity mutual fund may not be performing well; and in case of an equity mutual fund scheme there could be a change in its investment objective or style, which no longer meets your purpose of investment. Similarly, if you are close to realisation of a certain goal, the asset mix for that goal will need to be shifted to less volatile asset classes such as debt and fixed income instruments.

A professional adviser will look for gaps in your financial strategy and help you correct them. Professional advice helps you plot a financial course with the confidence that you are using your resources wisely while avoiding the common pitfalls that so many fall prey to.



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