What is Lifestyle Financial Planning?
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What is Lifestyle Financial Planning?
- 1. David P. Devine CFP® CERTIFIED FINANCIAL PLANNER™Professional
- 2. People don’t want or need products or investments! Now more than ever… • They need clarity. • They need to hear the truth . • They need to know where they stand. • They need to know where they are heading. • They need to know what their financial future looks like. • They need to know what they must do to secure their future.
- 3. • Lifestyle Financial Planning helps answer the ‘What ifs?’. • Lifestyle Financial Planning helps YOU to identify, achieve and maintain your desired lifestyle. • Lifestyle Financial Planning is not about products or investments – They are just tools in the bag - used only when required to get the job done.
- 4. • More than 15 years experience involved in and running various businesses with 5 years involved in financial services. • Client solution centred and not product orientated. • Highly qualified having attained QFA (Qualified Financial Advisor), MIIPM (Member of the Irish Institute of Pension Management) and the CFP® (Certified Financial Planner) qualifications and a Graduate Diploma in Financial Planning from UCD. • Biggest reward is helping clients visualise their goals and helping them towards achieving them.
- 5. Lifestyle Financial Planning requires a three stage approach. 1. Life Planning 2. Financial Planning 3. Financial Advice
- 6. • Focuses on getting to know you. • Helps you identify what is important. • Understanding the lifestyle you want to enjoy now and in the future.
- 7. • Gathering your ‘hard facts’ and crunching the numbers. • Producing a picture of your financial future based on the way you are handling your finances today. • This information empowers you to make decisions about what to do with your finances in order to achieve your goals.
- 8. • Recommendations are made and your plan is implemented. • Incorporates a review strategy to monitor the progress of your plan to your goals. • One guarantee is that life will change, as will your plans so a good plan should be able adapt to these changes. • Having regular meetings at pre-agreed stages you will be able assess what changes can be made to stay on course.
- 9. • Lifestyle Financial Planning will help you to see how the reality of your financial future lines up with the image in your mind. • Lifestyle Financial Planning will help you establish what really is important to you and then use your finances in a way that lines up with those goals and values.
Notas do Editor
- Often a specific event or need will trigger the desire for professional financial planning guidance. Bringing all the pieces of your financial life together is a challenging task.Now more than ever, a Certified Financial Planner™ professional is an essential resource. From budgeting, to planning for retirement, to saving for education, to managing your taxes and your insurance coverage, “finances” doesn’t mean just one thing for most people—and “financialplanning” means much more than just investing.
- Knowledge of business ownership and the difficulties faced building and running a business.Experience of working with and helping business owners with their personal finances. First hand experience of product sellers and the effects of bad advice.Belief in proper financial planning and the benefits it can bring.Value on the importance of managing your personal finances while you are focusing on your business. WHY CHOOSE A CFP®PROFESSIONAL?Most people think all financial planners are “certified,” but this isn’t true. Anyone can use the title “financial planner.” Only those who have fulfilled the certification and renewal requirements of the FPSB can display the CFP® certification trademarks which represent a high level of competency, ethics and professionalism. And because they are held to a fiduciary standard of care, a CFP® professional is required to act in your best interest at all times.
- Myapproach to financial planning is refreshingly different, extremely effective, and yet very simple: I listen.I spend time working with you to discover what you want, determining the probability of achieving it, before creating your personalised financial plan which we implement together.LFP enables youto identify and visualise the life they intend to lead, helping you to plan and manage your finances in the best way to realise your individual goals.
- Identifying current lifestyle costs. Examining your income and expenditure in detail and showing where you actually spend money right now.Once a lifestyle target is identified a capital amount can be calculated that will provide future desired income.Working with what you have in order to get to where you want to be.Use of state of the art software to model different financial scenarios.Use of sophisticated behavioural analysis tools to determine your attitude to investment’.Help you understand that your financial decisions are inter-related.
- It is only ever at this stageis product discussed.Financial planning is a dynamic long-termprocess. Your financial goals may change over the years due to changes in your lifestyle or circumstances, such as an inheritance, marriage, birth, house purchase or change of job status. By revisiting and revising your financial plan as time goes you can reflect on these changes so that you stay on track with your long-term goals.
- You benefit from an objective, third-party perspective on what are often emotional, difficult decisions. In today's hectic world, having a financial planning expert helps you make sure you stay focused and follow through with your financial plans. Procrastination is the greatest enemy of financial independence, using a financial planner will help keep you on track.