Our 6 Step Financial Planning Process
The financial planning process at Forest Wealth is designed to provide a comprehensive and personalised approach to managing your finances, starting with client engagement, gathering information, comprehensive financial evaluation, tailored financial advice, implementation of advice, and continuously monitoring and reviewing your financial plan.
1
Client Engagement
The first and most crucial step in the financial planning process is understanding your unique circumstances. At Forest Wealth, we aim to partner with you to provide the best possible assistance.
This includes getting to know you better to understand your needs and tailor our services accordingly. During this phase, we focus on building a strong relationship based on trust and transparency.
We believe that a deep understanding of your personal and financial goals is essential for creating a plan that truly reflects your aspirations.
This step involves detailed discussions about your current financial situation, future goals, risk tolerance, and any specific concerns you may have.
2
Gathering Client Information
What is your cash flow situation? Do you budget with your income? What is your net worth and how much liquidity do you have? These are just some of the questions that we want to explore with you.
We don’t expect you to know all the answers, but we will cover that in step 3.
This phase is about collecting all relevant financial data, including income, expenses, assets, liabilities, insurance policies, and investment accounts.
The goal is to create a comprehensive picture of your financial situation.
This information is crucial for identifying strengths, weaknesses, and opportunities in your financial plan. We also consider your lifestyle, family commitments, and any other factors that might impact your financial decisions.
3
Comprehensive Financial Evaluation
This goes hand in hand with step 2. We will take the information that we have gathered with you and complete a full and holistic financial report for you.
We evaluate things like if you are on track to meet your retirement goals, are you saving, and is your emergency fund sufficient to help you in your time of need?
This step involves a thorough analysis of your financial data to assess your current financial health and future prospects.
We use various financial planning tools and techniques to evaluate your cash flow, net worth, investment portfolio, insurance coverage, and retirement plans.
The assessment helps us identify any gaps or areas that need improvement. It also provides a basis for making informed recommendations in the next step.
4
Tailored Financial Advice
Now is the time when your advisor can help you decide if you should invest and what you should invest in.
Together you should look at your retirement plans and decide if it is sufficient or if you should increase your contributions. We can also look at your savings and help you ascertain whether you are getting the best interest rates.
We will also address your long-term insurance needs and make sure that you have protection against the unforeseen and in the event of your death.
Based on the analysis and assessment, we develop a set of tailored recommendations designed to help you achieve your financial goals.
These recommendations may include investment strategies, retirement planning, tax planning, estate planning, and risk management. We also provide guidance on optimising your savings, managing debt, and improving your overall financial well-being.
Our goal is to provide you with clear, actionable steps that you can take to enhance your financial security and achieve your long-term objectives.
5
Implementing our Advice
Once you have set realistic goals with your adviser and have taken your entire financial plan into consideration, checking that the goals support one another, it is time to implement your plan.
Whether it’s investment or risk cover that needs to be implemented, we will assist you with this. This step involves putting your financial plan into action.
We help you execute the recommended strategies, whether it involves opening new investment accounts, purchasing insurance policies, or making changes to your existing financial arrangements.
We also provide ongoing support and guidance to ensure that the implementation process goes smoothly.
Our aim is to make the transition as seamless as possible, so you can start working towards your financial goals with confidence.
6
Monitoring and Reviewing your Financial Plan
Financial planning isn’t a static process and sometimes adjustments need to be made.
We keep on checking in and make changes as needed once we have reevaluated your goals and financial situation with you.
Regular reviews are essential to ensure that your financial plan remains relevant and effective. Life circumstances and financial markets can change, and your plan needs to adapt accordingly.
We schedule periodic reviews to assess your progress, update your financial data, and make any necessary adjustments to your plan.
This ongoing process helps you stay on track and ensures that your financial plan continues to meet your evolving needs and goals.
We are committed to providing continuous support and guidance to help you navigate any challenges and seize new opportunities as they arise.
By following these six steps, we aim to provide a comprehensive and personalised financial planning service that helps you achieve financial security and peace of mind.
Ready to take control of your financial future?
Contact us today to schedule a consultation with one of our expert advisors. Let us help you navigate your financial journey with confidence and clarity.