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Financial Planning

Financial planning is a process of exploration that explores your desired lifestyle, considerate existing commitments and takes you where you want to be in future. Where a financial dream is something that you hope for; goal is something that you have planned for, a financial plan is something that turns your financial desires into reality.

Just as you evolve under a financial plan, we at Wisdom Consultancy take an ample amount of time to design and implement a robust financial strategy on the basis of individual financial situation and requirements.

However, if keeping track of your goals and investments become too difficult a task for you then a good financial plan can help you with long-term clarity without even complicating your existing lifestyle.

Financial Planning Process

Conventional Six Step process

  1. Introduction Meeting- Gather your Financial Data
  2. We meet to gain insight into each other. Gather data, establish goals and objectives. This initial meeting ask of projecting your goals or ask where you want to be in coming years.

  3. Data Gathering- Identify your goals
  4. Devise strategic solutions that enable you to use financial resources to achieve your lifestyle objectives. Collect comprehensive data on all aspect of your financial life. Here, emphasis is put on analyzing your situation, approach and accounts.

  5. Gap Analysis- Identify financial gaps
  6. At this stage, we identify financial issues and gaps created due to discrepancy of your existing and aspired goals. Outline clear course of action, set written recommendations and prepare solutions to match your goals. Large emphasis is put on identifying weaknesses, obstacles and conflicts.

  7. Prepare a financial plan
  8. Provide options that describe how to get there. Prepare a statement of advice, which sets out the strategies and recommendations that address your goals and information. It outline a valid pathway that would take you how you can get there where you have always proclaimed for. Evaluate alternatives, risks & opportunity costs.

  9. Annual Review
  10. Monitor and re-balance your portfolio periodically, review and revise your plan to ensure it stays up-to-date even in changing lifestyle. Review progress and update it accordingly. 

  11. Implementation & Financial |Action

    • In this step of the financial planning process, you develop an action plan. This requires choosing ways to achieve your goals. As you achieve your immediate or short-term goals, the goals next in priority will come into focus.

    • To implement your financial action plan, you may need assistance from others. For example, you may use the services of an insurance agent to purchase property insurance or the services of an investment broker to purchase stocks, bonds, or mutual funds.