It is important to have realistic expectations of what your financial resources can achieve, to give you peace of mind that you can achieve what you want, when you want, without putting your future plans at risk. Key to this is understanding how each financial decision can affect other areas of your financial plans.
Need to visualise
You also that if there are any future bumps in the road on your journey, you have considered different ‘what if’ scenarios and have taken the right approach to protecting yourself and your family against the consequences.
Regular reviews of your personal plans and financial circumstances will also help you to adapt to your life changes and make you feel more financially secure and independent.
Your financial plan should start with you – your hopes, fears, goals and vision for the future, incorporating both your current lifestyle and your desired lifestyle.
Once you have a better understanding of your goals and what you want to achieve, together we can determine the required investment return in order to achieve your lifestyle goals.
Your required investment return will determine the asset allocation of your investment strategy, taking the associated investment risks into account.
It is important to look at a risk holistically in the context of what you are trying to achieve, including how realistic your lifestyle goals are based on your financial circumstances and what it is that you are trying to achieve. It is important to understand your risk profile in detail. This is not limited to investment risk, but also includes inflation risk and behavioural risk.
- Asset Allocation
Growing your wealth
Goals based investing
- Cash flow modelling
- Creating a financial roadmap
- Investment objectives
- Timescales and market activity and the impact of losses
- ‘What if’ scenarios
- Discussing legacy planning with your loved ones
- Inheritance Tax (IHT)
- Inheritance Tax Residence Nil Rate Band (RNRB)
- Lasting power of attorney
- Lifetime transfers
- Making a Will
- Preserving wealth for future generations
- Protecting your assets for the next generation
- Slicing up your wealth pie
- Children’s pensions
- Defined benefit (or final salary) pensions
- Defined contribution pensions
- Personal pensions
- Self-Invested Personal Pensions (SIPPs)
- The state pension
- Annual allowance and lifetime allowance limits
- Busting myths about pensions
- Increases to pension age and new normal minimum pension age
- Pension freedoms
- Pension withdrawal methods
- The lifetime allowance
- Delaying retirement
- Generating income from investments throughout your retirement years
- Importance of a retirement wealth check
- Retirement goal setting
- Retirement planning
- Reviewing your retirement plan
- Staggered retirement
- Taking control of your retirement plans
- What can I do with my pension?
- What happens to my pension on death?
- Discretionary Fund Managers
- Market timing
- Minimising risk
- Multiple asset classes
- Portfolio insulation
- Pound cost averaging
- Principles of investing