Financial Planning (Part 2)

Take time out to sharpen your axe, you will cut your next tree down a lot faster…

We are living in the information age – and what a wonderful time in history it is. Need to know something or a tool to get something done? Chances are you can download it, 3D print it or, if you are old school, buy it at the store or even build it yourself.

In last month’s edition I spoke about all the elements needed to build a successful investment business. The illustration below will refresh your memory :

A comprehensive needs analysis for each of your clients is not just a good idea for you as a financial services professional, it is also a legal requirement. I googled “FNA Tool” and hundreds of options appeared instantly. Maybe the first question we must answer is “What are the components of a good financial plan?” :

  1. Budgeting
  2. Managing Liquidity (ready and easy access to emergency cash)
  3. A Retirement Strategy
  4. A Risk Management Plan
  5. Investing Your Money (a long term investment plan)
  6. A Tax Reduction Strategy
  7. An Estate Plan (transferring your wealth)
  8. Client Communication and Record Keeping

On a scale of 1 to 10, how would you rate your current Financial Planning Process for your clients? What aspects do you need to improve on?

If you have a Financial Needs Analysis (FNA) Tool that works for you – great. There are many great tools out there. Keep the above checklist in mind. If you do not have a FNA tool, drop me an email on adriaan@seedinvestments.co.za and I will gladly send you the Seed FNA tool (constructed by Cor van Deventer – Seed Actuary and Portfolio Manager). It is an easy to understand Retirement Planning and Discretionary Investment tool to help guide you and your client through their investment planning process.

We have started our engagement and coaching journey with the various Hampshire offices around the country, and I have really enjoyed the engagement sessions. We will continue to unpack all the components of investment value offering, and I look forward to engaging with you.

Our door is always open to help you,

Adriaan Giessing | Hampshire Advisors

Adriaan Giessing CFA
Head of Distribution

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