Financial planning is often mistaken as having a long-term budget. This is a reasonable assumption, but one that misses on the details and nuances involved. A financial plan is not just an allocation of money. It is an evaluation of someone’s financial condition, both in the present and in the future.

Financial planning involves current assets and net worth, future retirement funds and estates, and any liabilities. This creates a framework that financial advisors can use as a baseline, allowing them to study how best to plan for the future, given the present and what can be expected.

With the metrics available, the financial advisor makes estimates. Future asset growth can be mapped out and data analysed.

From there, the team can determine what needs to be done to achieve financial goals for the client.

A financial plan comes in parts. We have the goals that the planning intends to meet. It could be something as simple as generating more wealth. It might be a plan for the future, such as an estate or legacy. It might even be a retirement fund.

A financial plan has to be based on the goals of the client. If what they want is a post-retirement income that can let them live in comfort, that sets the tone and details. It creates a different situation from a client that intends to build an investment portfolio and retire early on dividends.

With our investment planners in Geraldton, we aim for flexibility. We don’t have a single strategy, but instead, adapt based on your goals. We meet with you to make any changes.

A plan also considers the statement of personal net worth. Financial planning uses currently available resources to build the future. At the same time, it also needs to know the liabilities, so it can work to minimise their impact.

Call The Financial Advisors Geraldton today so that we can help you with your financial needs.


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