What are the benefits of lifestyle financial planning?

Why is it that some people seem to have the ability to live the life of dreams and pass on their wealth to the next generation, when others are faced with huge tax bills, the prospect of selling their home or escalating healthcare costs?

Of course everyone’s situation is unique and who knows when enough is enough when it comes to your money. But thanks to lifestyle financial planning, we can help you determine your goals, so you can realise your dreams.

What is lifestyle financial planning?

It’s all in the name really. Lifestyle financial planning is about having a financial plan that is built around the lifestyle you want now and in the future, rather than around just financial products. So if for example you wanted to be able to go round the world for a year when you first retire, your lifestyle financial plan would enable you to do this.

Lifestyle financial planning goes beyond what we traditionally refer to as wealth i.e. assets, net worth, and valuations. It looks at trying to understand the things you want to achieve in your lifetime, your state of wellbeing, your values and finding what you want to be doing in 5, 10, 20 or 30 years’ time. It’s about you establishing your goals and needs and being in control of your life and your finances. And whilst it’s logical, it’s also emotional. We may need to dig deeper into your life and explore your relationship with money, before we can design a plan which will enable you to have sufficient funds to enjoy your perfect lifestyle

Your lifestyle financial plan

As part of our service, we can produce realistic illustrations or scenarios which help to showcase how far your current financial portfolio would last to deliver the lifestyle you desire and then devise a plan to fill in any gaps to help you achieve your goals.

Our experience with clients shows that once they have their lifestyle financial plan in place they suddenly understand it and feel more empowered to make the right decisions about what to do with their finances to help them achieve their desired results.  For some, it may be that they can book a 6 week cruise instead of a two week cruise, for others it may be that they seriously need to embark on a savings or wealth creation program to give them any chance of achieving what they want.

Once you’ve started implementing our recommendations, you’ll hopefully be able to start ticking a goal or two off your list. But it doesn’t stop there. The key to successful financial planning is regular review; making sure your plan keeps up with changes in the financial and economic environment, as well as the changing needs of you and your family over time. And so we will continue to review your plan with you to help ensure it stays on track.

The end destination may be on the horizon, but our involvement doesn’t end with just one piece of advice or an investment solution. Instead, this is part of the overall financial planning process and we find it extremely rewarding to be part of people’s long-term plans; seeing them achieve their lifelong ambitions.

Focus and clarity

Essentially, lifestyle financial planning brings focus and clarity to your financial plans, allowing you to maintain and achieve your desired lifestyle until you die. And most importantly, it enables you to do so without fear of ever running out of money, no matter what happens. So if you want to see how the reality of your financial future lines up with the ideal image in your mind then it will be of great benefit to you. In addition, it will help you to use your finances to deliver what is really important to you, both in the short, medium and long term.

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