Lifestyle Financial Planning – What’s the process?

Lifestyle financial planning follows a distinctly different process to traditional financial planning – the key differentiator being that we focus on you, the client, rather than looking straight to the investment products available.

Why do we do this?

Well it’s simple really. Without knowing what you want to achieve for your future, how can we plan to ensure that you get there? Once we know what is important to you, we can build a lifestyle plan around that, ensuring that you have the finances you will need to make those dreams an achievable reality. Just saying one day in the future is not good enough.

Providing financial clarity for the future

Through lifestyle financial planning we make sense of our clients’ money. We help to provide clarity for the future and then organize your finances so that they are working for you, to aid you in achieving what you really want from life.

We help you develop your personal financial plan, so that you can experience the lifestyle you desire. Our solutions are bespoke to you and your individual circumstances. We only ever offer advice that we believe will advance you closer to your goals.

Our bespoke four-step lifestyle financial planning process

Financial planning process

1. Discovery

What, in life, is most important to you and why? What do you want your future to look like? These are the three fundamental things we seek to discover when we engage with you in the process of developing a lifestyle financial plan.

Clients are often surprised to discover that our first meeting barely touches on the finances you have and is much more focused around you as an individual. We will of course address your current financial situation, but we are equally as concerned with your daily needs and your future plans for a truly fulfilling life. During the discovery phase there will be a significant period of time spent clarifying your dreams and goals as for our advice to be specific, truly valuable and relevant to your plans, we need to know what these plans are.

2. Strategy

During the discovery phase we will have established a few key facts:

  • What are your current goals and future desires?
  • What is your current financial position?
  • How will your current lifestyle, and your future desired lifestyle, by affected by this?

Armed with the answers to these questions, and using sophisticated software that produces a realistic cash flow analysis, we will now start to strategically develop your lifestyle financial plan. One of the most revealing aspects of this comes through the modelling of potential outcomes and ‘what if?’ scenarios. Naturally we begin by projecting what your financial future may look like given what we know currently, but we also delve deeper than this.

Lifestyle financial planning enables us to look at possibilities and answer questions like:

  • Can I afford to return to education and learn a new skill?
  • What age will retirement be possible?
  • Can I take a career break and travel the world?
  • If I die tomorrow, what will happen to my finances?
  • Can I buy another property?

Considering the financial impact of the decisions you make is one of the most helpful ways to understand the steps you need to take to secure the future you desire. By covering all potential outcomes and possibilities, we can determine the income you will need in your future.

3. Implementation

Once we have your lifestyle financial plan we can look to implement it. Some clients choose to pause and consider things at this stage. As the main focus is on the plan itself, and its ability to help you look towards what may be achievable for you in the future, there is no hard sell when it comes to recommending the financial products that we feel will help you. Naturally though, should you wish to put your plan into action, we can arrange to set up any necessary financial products and investments for you.

4. Review

Life changes and as much as we can predict the most likely scenarios, no one knows with certainly what is waiting for them just around the corner. What is important to you today might be replaced by something different tomorrow and your goals and priorities may change. For this reason, we encourage you to review your lifestyle financial plan annually and update us with any new aspirations or financial changes. Working together we can adjust your plan as needed to keep you on track and free from having to worry if you will have enough money.

Would you like further details about how this unique process can benefit you?