Financial Planning

What is meant by ‘Financial Planning’?

Simply put, personal financial planning is the process of developing strategies for managing one’s finances that allow you to build long-term wealth while enjoying an acceptable lifestyle. It can be defined as: "a process of determining an individual's financial goals, purposes in life and life's priorities, and after considering his resources, risk profile and current lifestyle, to detail a balanced and realistic plan to meet those goals." The objective is to achieve financial security. While some people are inclined to think that financial planners only concentrate on giving advice about investments, this is actually not correct. A professional financial planner looks holistically at all aspects of your lifestyle, goals and financial requirements to develop a specific financial strategy suitable for your specific circumstances. The finalised plan will help you reach your financial goals effectively and efficiently.