Components of Financial Planning

Components of Financial Planning

 ComponentHow does it help youIt tells you about
1Fundamental PlanningAnalyses your current financial situation and plans for contingencyYour risk profile; Net worth; Asset allocation; Financial ratios; Efficiency of investments and effect of inflation on finances; Contingency fund required
2Insurance PlanningAnalyses various risks and finds your life and general insurance needsInsurance covers required for life, health, personal accident, critical illness, liability, home, vehicle, etc.
3Investment PlanningHelps build right investment portfolio through proper asset allocationRequired asset allocation as per your risk profile; Current assets-goal mapping; Fresh investments recommendations; Risk-adjusted returns from your investment portfolio
4Tax PlanningPlans tax efficient income, expenses and investments for higher savings and better returnsVarious kinds of taxes and their effect on investment returns; Tax benefits as per law & tax saving options as per your risk profile and time horizon for goals
5Retirement PlanningHelps in building a corpus to fund expenses in your golden years of retirementCorpus required on retirement to fund expenses maintaining lifestyle and adjusting for inflation & life expectancy; Current assets and fresh investments required to build that corpus
6Estate PlanningEnsures orderly transfer of wealth to your next generation as per your wishStrategies like nominations, wills and trusts; How and when to go for these; Minimizing taxes on your estate

Essentials that go into making your financial plan>>


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