| Financial Planning |
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| What is a personal financial plan? |
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| What can financial planning can do for you? |
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| Financial Planning |
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| We all have dreams! For buying a new car, that dream house, getting children education and higher education, children married in style, or simply retiring early. All these are also significant financial decisions. Astute long-term planning may make life financially secure, while inadequate or misguided planning could turn it awry. The process of meeting your life's goals, through prudent management of finances is what is often referred to as `financial planning'. |
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| Financial planning covers the various facets of individual's financial needs, which include Accumulating capital, Protection against risk, Investment planning, Estate planning, Retirement planning and Tax planning |
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| Many people think that financial planning is a once-and-done event that starts with the numbers and ends with investments and pie charts. But that's not what true financial planning is about. |
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| Financial planning is a comprehensive, ongoing approach that starts with helping you define your dreams, developing a plan to help you get there, then tracking your progress along the way, recommending changes where needed. |
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| What is a personal financial plan? |
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| A personal financial plan is an effective way to manage all areas of your financial life. You might think of your personal financial plan as a map that shows you how to save, spend and invest to reach your goals. Your financial plan helps you meet the financial needs you have today while you plan for tomorrow's dreams. |
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| Your personal financial plan should be about you and your life |
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| That's why we take a unique approach to develop a financial plan designed just for you. Your advisor will take time to get to know you and talk with you about your current needs and your goals for the future. |
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| The plan your advisor creates takes into consideration your income, expenses, investments and debt and shows you how to manage your money to help meet your short-term needs and long-term goals, all while protecting what you have and those you care for. |
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| Your financial plan will identify strategies and tactics to help you: |
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| Examine your present financial situation |
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| In order to move forward with a solid personal plan, you'll need a clear picture of your current finances. Your advisor will ask you some important questions to help you figure out where you're headed. These questions may include: |
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Do you have a clear picture of your goals and dreams? |
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What benefits do you receive from your employer? |
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How do you track your current income and expenses? |
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| Protect what's important |
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| From life and disability income insurance to personal auto and home insurance, there are many ways to help protect your family from the financial impact of unexpected events. Which ones are right for you? Which may be unnecessary? Your financial advisor will help you decide |
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How will unexpected events impact your family's goals? |
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What can't you afford to lose? |
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How have you prepared for financial risks, illness, long-term care or death? |
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| Accumulate wealth |
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| What are you saving your money for? Retirement? A home? Your children's education? No matter what your goals, you'll need to prioritize. Your financial advisor will guide you through the process, with questions like: |
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How do your current investments support your financial goals? |
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How much do you need, and how soon do you need it? |
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What has your approach been to market fluctuation? Diversification? Risk tolerance? |
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| Manage your taxes |
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| Keeping track of tax dividends, deductions and more can help you understand the general tax treatment of your financial service products. Consider the following: |
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Do you know the tax implications of the financial products you own or are considering purchasing? |
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Which investment products have tax-advantaged features or benefits? |
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Do you want your financial advisor to work with your tax advisor? |
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| Plan for retirement |
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| Whether you've just entered the workforce or you're getting ready to leave, retirement planning should always be on your list of financial priorities. Your advisor will help you make saving for retirement a part of your overall financial picture. |
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What do you dream of doing in retirement? |
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Do you have a plan to help make your retirement vision a reality? |
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Are you confident that you will be able to recreate your paycheck in retirement? |
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| Leave a legacy |
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| From supporting your family to funding a charity, it's important to talk about where your money will go when you're gone. Your advisor will help you take control of your financial legacy. |
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What purpose do you want your financial legacy to serve? |
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Do you have a plan to control where your assets go when you are gone? |
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Will your plan let you achieve all your goals? How do you know? |
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How will your intentions be realized? |
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| How financial planning makes a difference |
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| True financial planning is based on a long-term, one-to-one relationship with an advisor and involves a comprehensive, ongoing approach to managing all areas of your financial life. For many people, having a financial plan helps them feel more confident about their financial future. |
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| Recent reports show that 93% of couples and individuals who have a financial plan feel financially prepared for their retirement. Only 70% of people without a plan feel prepared. |
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| What can financial planning can do for you? |
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| Increase your confidence about financial matters |
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| Recent research shows that people who have written plans say they are: |
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Less likely to worry about retirement |
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More satisfied with the process of managing their finances |
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More likely to regularly review their plan – more than 1 in 3 people do so every year; more than 1 in 4 do it quarterly. |
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| Feel more prepared for whatever the future holds |
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| Your life changes, so your plan should too. Working with a knowledgeable financial advisor – someone who takes a genuine interest in your financial success – can help keep you on track with your objectives. |
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Review your plan regularly and track your progress toward your goals. |
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Apply new solutions, strategies and tactics as your needs change. |
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| Develop an ongoing relationship with a financial advisor |
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| A growing number of people have found that working with a professional financial advisor can help them feel more confident about their financial future: |
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As people age and acquire more assets, the more they use financial planners. |
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People of higher income do less of their own financial planning and rely more on advisors. |
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People experiencing a major life change (new job, divorce, etc.) often realize their financial needs have changed and their plan requires adjustment. |
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Most people who use a financial planner feel very satisfied and maintain an ongoing relationship with their advisor. |
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| V5 financial planning: INITIAL YEAR |
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| Financial planning is more than a one-time event or discussion. In the first year of your financial planning relationship, your advisor will get to know you and help you identify your needs and goals to develop your personal financial plan. |
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| Identify/prioritize objectives |
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| You and your advisor discuss your goals, worries and dreams to develop a clear vision of your financial future. |
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| Gather information |
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| You and your advisor review important documents like bank statements, tax returns, insurance policies and retirement plans. |
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| Analyze information |
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| Your advisor helps you understand the big picture of your finances, and how the different elements may relate to each other. |
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| Propose recommendations |
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| Your advisor will present your personal financial plan and review it with you. |
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| Take action |
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| You and your advisor work together to help you move forward on your plan with specific financial solutions to help you meet your needs. |
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| Track your progress |
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| You'll meet with your advisor periodically to track your progress, revisit your goals and make adjustments as necessary. Typical checkpoints include a six-month review and a year-end review. The financial planning process doesn't end there, however – you'll continue working toward your goals in year two and beyond. |
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| V5 financial planning: Ongoing years |
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| The financial planning process is centered on a one-to-one, ongoing relationship with your financial advisor. After developing your financial plan with your advisor during your first year, you'll continue to meet periodically. Your advisor will address any life changes and help you adjust your plan based on your current needs and goals. |
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| Annual review |
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| You'll meet with your advisor to review your plan and identify your financial goals for the coming year. |
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| Tracking checkpoint |
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Your advisor will address any life changes and adjust your plan based on your current needs and goals. |
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| 6-month review |
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| Your advisor will review your progress toward your goals and may address key topics, such as tax management strategies and employee benefit decisions. |
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| Year-end review |
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| Your advisor will prepare for the coming year of your financial planning relationship by confirming your financial goals and objectives and addressing any questions or concerns you may have. |
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| Workplace financial planning |
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| Empower your employees to take control of their financial lives |
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| Building a relationship with V5 Financial allows you to offer your employees financial planning services such as one-to-one consultations, educational events, online resources and other communication strategies. |
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| How we can help your organization |
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| V5 Workplace Financial Planning can help you get more from your employee benefits investment. Work with us to craft a program that can include: |
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General financial planning and education |
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Retirement planning |
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Company benefits education |
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| Value for employees |
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| By approaching each employee on a personal, one-to-one level, we can help create financially confident employees who: |
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Utilize your total benefits investment |
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Put their total compensation package in perspective with their financial goals |
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Reduce financial-related stress at home and work |
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