Midas Fides Holistic Lifetime Financial Planning Process
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Preliminaries:
i) Free Introductory Meeting, Explanation of Process & Benefits (Min. 2 hours)
ii) Factfind Process. You will need to provide thorough detailed information.
iii) Letter/s of Engagement completed and signed
NB:A thorough financial planning review requires at least a half-day, your undivided attention,
thorough prior preparation by you, without interruption. Weekday business hours only.
1) Statement of Present Position
- Asset/liability summary and valuation
- Income breakdown, tax and net income
- Expenditure & outgoings
- Insurance protection arrangements and risk exposure
- Identification and statement of problems and issues
2) Attitudes, Emotions
- Risk/reward tolerance, appetite for risk, capacity for loss
- Prioritisation of financial objectives relative to lifestyle objectives
3) Statement of Objectives
- Prioritise & Quantify objectives, goals, targets
- Timescale for achieving objectives
- Tolerance for variability in goals (best and worst case outcomes)
4) Projection of Current Arrangements
- Apply growth assumptions to present assets & debt, relate to risk tolerance
- Apply assumptions to progress of debt
- Assume current savings rate maintained (or varied as specified)
- Earmark and match current arrangements to specific objectives
- Assume future lifestyle changes, eg to earnings, capital injections/spends etc.
5) Identify Mismatches
- Quantify likely shortfall/surplus in meeting objectives
- Quantify adjustment in funding required to meet mismatch
- Adjust growth projections & risk/reward tolerance
- Revise feasibility/achievability of objectives and timescale (“reality check”)
6) Formulate Strategic Solution
- Broad changes in financial and lifestyle patterns needed to reach goals
7) Specific Recommendations
- Changes to existing investments and risk profile
- Re-allocation of funds to new/different investments, savings, retirement plans
- Change of expenditure/outgoings patterns
- Revise insurance portfolio. Reduce/increase/add/remove/replace cover
- Implementation of recommendations
8) Set Regular Review Timetable and Stick to It
- Keep regular meetings and repeat above process each time, in order to
- Monitor, Re-Value, Revise, Adjust & Match to expectations
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