A process, not a product
Financial planning is the process of understanding where you stand today, defining what you want money to do for you, and organising your resources so the two connect.
It is not the purchase of a particular investment or policy. Products may follow from a plan, but they are not the plan itself.
What it looks at
A comprehensive plan considers your profile and family situation, income and expenses, assets and liabilities, risk appetite, insurance protection and your financial goals.
Looking at these together is what makes planning different from making decisions one product at a time.
What you end up with
The output is a written financial plan: a snapshot of your position, an analysis of the gap between your goals and current resources, and a sequenced action plan reviewed with an advisor.
Key Takeaways
- Financial planning is a process, not a product.
- It looks at income, expenses, assets, liabilities, protection and goals together.
- The outcome is a written plan with prioritised actions.
- Financial Planning
- Getting Started
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Start Your Financial PlanInformation published by 365 Wealth is intended for educational and general informational purposes only and should not be considered personalized financial, investment, insurance or tax advice. Individual circumstances differ. Please consult an appropriately qualified professional before making financial decisions.