Advisory in financial Planning

Having a financial plan is like having a travel plan - it identifies where youre going, how and when youll get there, how much will it cost, and things to do along the way. A personal financial plan looks at where you are today and where you want to go. Then it sets out all the steps you need to take to get there. Everyone who is earning should draw up a financial plan. The plan will help you get the most from your money and help you in achieving your financial goals in life.
A financial plan is the road map for your financial life. It covers major financial areas of your life addressing aspects such as cash flow, savings, debt management, risk management, childrens education planning, taxes, retirement, estate planning, and of course, investments and a strategy for managing them. It is more than a guide. It is a written strategy that gives you a clear, pragmatic path to follow towards the accomplishment of your most important financial goals.

Some people naturally resist the process of creating a Financial Plan. Initially, it seems overwhelming and/or just too much of trouble. However, the potentially devastating consequences of not having it are far greater than the initial discomfort that you experience of the process. For most people we have worked with, the hardest part is just making the decision to get started. Once the process has begun, most clients find it engaging and interesting.

Why Financial Planning is Needed?

Having a financial plan is like having a travel plan - it identifies where youre going, how and Everyone wishes to have a comfortable retired life but without adequate planning will it be possible for your wish to come true? Probably not. Working span and post retirement span of a person is almost equal these days. When a person is nearing his retirement age he starts to look at about his achievements of various goals.Make retirement also one of your goals then why not start thinking about your retirement at the earliest and be proud of your decision of savings at an early age for a corpus to accumulate.
These are some important reasons to plan for retirement. Every person has a need to plan for his own retirement. Priorities may vary from person to person.

Risks of not having a financial plan

• You may be able to achieve what you want today but might not be able to achieve what you need few years down the line. Say, if you buy a new car now, you might not have enough funds later to buy your dream home.
• You may not see the big picture. Say, you may grow your wealth by making good investment choices but end up being tax inefficient and pay more taxes than you need to.
• You may take a short-term view of an opportunity and make rushed financial decisions, or fall into some scam trap. Worst of all, you may end up doing nothing (and just thinking of doing something) and never achieve your financial goals.
• You might become a victim of mis-selling and build a corpus of investment products that neither suits your financial needs nor your risk profile.
• You are very much likely to worry more about money and financial security. You may not know where you are today and where are you heading for.

Tips for Effective Financial Plan

• Be realistic with your investment returns; dont plan to outperform the markets.Account for market risk and dont assume the same return to repeat every year.
• Review your financial plan regularly to see if you are on track or need any changes in the plan.
• The need for financial plan is all the more very important in the turbulent economic times of today. If you dont have one till now, dont delay any more and Get it Now. Dont be self-satisfied that you will be okay whatever happens. Face the reality. Unless you develop a financial plan early, it will be too late.