Midas Fides Holistic Lifetime Financial Planning Process

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