Comprehensive Financial Planning
At Optimize, we translate your hopes and dreams into an actionable strategy to achieve your specific life goals.
What is Comprehensive Financial Planning?
Comprehensive Financial Planning is simply your list of short and long-term goals that are important to you, with a strategy of how you’re going to use your money and other assets to achieve those goals. It might involve designing your saving or investing strategy, creating a will to protect your family, or insuring that your family will manage without your income should you pass on prematurely. And remember that it’s always a good time to review or design your financial plan and determine how best to structure your pension plan, retirement savings, and other assets to achieve your specific goals. Fortunately, we are always ready to take that step with you and create a Comprehensive Financial Plan specific to you and your family’s particular situation.
Comprehensive Financial Planning starts by defining your life goals in the short, medium and long term. Prioritise your goals and think about what you want to achieve, but also think about some hurdles which you may have to overcome as well. Once you’ve set your goals, we will help you design a concrete financial plan to make them happen in the most efficient and practical manner possible. Comprehensive Financial Planning is about getting organised; being in control of your money rather than letting your money control you.
Our six step financial planning process below is simple yet highly effective:
Establish your goals in life
Prioritize which goals you want to happen first, second, and third. We will work closely with you to define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about opportunity, risk, and stability.
Develop a plan
Your plan will specify the necessary action items to achieve your specific goals. It will identify what you will need to implement, adjust, and create in order to get you on track to accomplishing you and your family’s goals in life. Your plan is the roadmap to achieving your goals.
Evaluate how close you are to achieving your goals
You will need to analyze your information to assess your current situation and determine what is required to meet your goals. Analyzing your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies is necessary at this stage of planning.
Examine your current assets
This step requires gathering your relevant financial information and statements. Documents such as your investment accounts, pension statements, mortgages, and any wills are critical to review prior to getting the advice you need.
Implement your plan
Follow your plan’s recommended changes and make it happen. Putting your plan’s recommendations into action one by one will ensure immediate results and ultimately get you and your family where you need to be. These concrete action steps will keep you on track.
Monitor your plan and make adjustments when needed
Your plan will need to be regularly monitored as you progress towards your goals. As life happens and changes occur with your goals, work, family, and otherwise, it is important to review your situation and adjust your plan on an ongoing basis.
The Benefits of Comprehensive Financial Planning
At Optimize Wealth, our comprehensive financial planning process examines the complete picture as it relates to your particular situation. We begin by listening to your specific goals and objectives. We then analyze various aspects of your financial situation to assess areas such as your pension plan, registered assets, general investments, and any company savings plans. Once we have completed our analysis process, we then turn our attention to designing a coordinated strategy to achieve your particular goals and objectives.
A Comprehensive Financial Plan will help you:
Optimize any company savings, pension, and other group benefits.
Define and quantify your goals as they relate to you and your family.
Protect your loved ones in various scenarios and situations.
Create an estate plan to provide for your loved ones before and after you are gone.
Determine your proper investment strategy.
Identify the optimal savings amount for your goals.
Minimize your current and future taxes.
The Result? Implement a comprehensive financial plan to achieve your specific family's goals in the most efficient and prudent manner possible.