The first meeting will be basically to get acquainted and build trust. You can put all your doubts and queries which will be suitably and honestly answered. We will explain the importance and the process of financial planning, and encourage you to share your objectives and life dreams. We will explain what will be our role and what you can expect from our financial planning service.
There will be no charge for this meeting and no obligation to continue further.
If you decide to continue with the unique financial planning experience, we meet again preferably involving your other family members also for better results. You will provide information and documents relating to your current financial position. For this you need to list all sources of your income and expenses under different categories. We will further discuss what goals and dreams you want to achieve, and help you in setting specific and realistic goals in money terms to be achieved within a specific time period and in order of priority. We will also understand your risk profile.
All this information is collected in a Data Gathering Form to be signed by you, along with required documents to facilitate us in preparation of a tailor-made financial plan for you. Based on the complexity of planning work involved, we give you a quotation of financial planning fee.
On the basis of information and documents provided by you, we will prepare a comprehensive financial plan for you. Among other things this involves:
- Analyzing your current financial situation, risk profile and financial goals
- Preparation of your Net Worth and Cash Flow Statements
- Current and Recommended Asset Allocation
- Contingency Fund Requirement, Risk Management & Insurance Planning
- Investment Planning, Retirement Planning, Debt Management, Tax Planning and Estate Planning
- Financial strategies to achieve your goals
- Product recommendations
- Action plan for implementation
After your financial plan is prepared, we meet to discuss it. We explain to you the recommendations and the action plan for implementation, and listen to your doubts and concerns. If you have any real concerns, the recommendations are appropriately revised and the changes are incorporated in the plan. The final written financial plan is then presented to you for implementation. We also decide mutually on when to review the plan, which will depend on your specific requirement, normally within a year.
Planning is only as good as the implementation. With the professional financial plan now in your hand, you just need to execute it to move closure to your dreams becoming real. The action points and the financial product recommendations in the written plan properly guide you in this process. We are available to you for proper guidance and help throughout the year.
Financial Planning is not a onetime exercise. It’s an ongoing process. In the dynamic world we live in, changes keep occurring in your life or in the economic environment. Hence constant monitoring and periodic review of the financial plan is necessary to keep it aligned to these changes and relevant to your life.
The review is required periodically, normally once a year. Or, it is required whenever a major event occurs like change of income tax or other financial laws, introduction of new financial instruments; or change in your life such as marriage, birth, death, career change, major change in health status, windfall gains or legacy, change of goals, etc. In review meeting we revisit you goals, income, expenses, investments, assumptions, asset allocation and other factors that go into making a financial plan. We note the progress made during the period from the initial plan, any deviations from it and corrections required. The whole financial planning procedure is repeated under the changed circumstances, resulting in some new recommendations and action points.
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