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Fiinancial Planning an Introduction

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Information about Fiinancial Planning an Introduction
Business-Finance

Published on February 14, 2009

Author: pakfinpro

Source: authorstream.com

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FINANCIAL PLANNINGAn Introduction : FINANCIAL PLANNINGAn Introduction ACME Financial Services Independent Financial Advisors Presented By: Shabbeer Hussain Independent Financial Advisors Office # 3, 21-C, 22nd Commercial Street, DHA Phase-II Ext, Karachi. Ph: 92-21-7095238, 8695075, 5391228, 0345-3420674 Email: shmconsulting@yahoo.com, acmenetwork@gmail.com URL: www.shmconsulting.com.pk (A division of SHM Consulting Group) Who We Are? : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 2 Who We Are? ACME Financial Services is one of the independent consulting firms dedicated in financial planning, and management consultations to individuals, companies and corporate sector. ACMEFS offers you value-added guidance on a wide variety of financial issues that improves your present and future plans also. What is financial planning? : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 3 What is financial planning? Financial planning is the process of meeting life goals through a “big picture” approach to managing finances What is financial planning? : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 4 What is financial planning? Comprehensive financial planning uses an integrated approach to monitor all aspects of someone’s financial situation: Investment Planning Insurance & Risk Management Tax Planning Retirement Planning & Employee Benefits Estate Planning Why Need of a Financial Advisor ? : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 5 Why Need of a Financial Advisor ? Financial advisor can help you in maintaining standard of living and accumulate prosperity. Everyone with substantial assets, needs sound financial advice Sound financial planning, particularly in personal financing, to safeguard the wealth The greater the wealth more complex the affairs, the more it needs guidance What do you want out of life? : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 6 What do you want out of life? What matters most to you? More time with family Financial security Peace of mind Independence What will money do for you? Travel, vacation plans Lifestyle in retirement Eliminate debt Children's education Do you need a financial plan? : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 7 Do you need a financial plan? Do you carry any debt where the interest is not tax deductible? Do you feel that you may be paying more than your fair share of income taxes? Do you ever worry that your investments are not performing the way they should? Do you have any concerns for your family’s ability to maintain their lifestyle if you died or became disabled? Are you self employed or a shareholder of a small business. Death and Taxes : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 8 Death and Taxes “In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin Financial Planning STEPS : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 9 Financial Planning STEPS Step 1: Determine Where You Are Financially Step 2: Set Goals Step 3: Develop A Plan Step 4: Monitor Your Progress Step 1: Determine Where You Are Financially : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 10 Step 1: Determine Where You Are Financially Calculating Your Net Worth Analyzing Your Cash Flow Calculating Your Net Worth : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 11 Calculating Your Net Worth Net worth = what’s left after you subtract your liabilities from your assets Analyzing Your Cash Flow : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 12 Analyzing Your Cash Flow Assessing your cash flow will: Indicate your ability to save Let you size up your standard of living Indicate if you're living within or beyond your means Highlight problem areas Step 2: Set Goals : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 13 Step 2: Set Goals Questions to be addressed before setting goals How long will you continue to work? What will happen with your income -will it remain the same, rise, or fall? What will happen with tax rates? Step 2: Set Goals : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 14 Step 2: Set Goals What investment rates can you reasonably expect? What about the rate of inflation? How much involvement do you wish to have in managing your investments? Short-Term Goals : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 15 Short-Term Goals Pay off credit card and consumer debt Start savings plan Set aside cash for a contingency fund equaling 3 months' expenses Acquire additional term life insurance Acquire individual disability insurance Medium-Term Goals : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 16 Medium-Term Goals Start college savings plan Diversify investment portfolio Convert term life insurance policy to cash-value policy House Building Capital Building Long-Term Goals : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 17 Long-Term Goals Purchase retirement property Retire at age 60 Maintain pre-retirement standard of living during retirement Step 3: Develop Your Plan : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 18 Step 3: Develop Your Plan Flexibility Liquidity Minimization of Taxes Flexibility : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 19 Flexibility You need a plan that's flexible enough to change with your circumstances throughout the major and minor life events you experience. Liquidity : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 20 Liquidity Most financial advisors recommend that you have funds available that are equivalent to 3 to 6 months of your expenses. Appropriate locations for these funds are checking, savings, and money market accounts. Minimization of Taxes : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 21 Minimization of Taxes Minimizing taxes must serve as a means to meet your objectives; it isn't an end in itself. An effective plan will minimize both income taxes and estate taxes. Step 4: Monitor Your Progress : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 22 Step 4: Monitor Your Progress Here are the general questions to ask: Have your financial goals stayed the same? Are you meeting your budget? Are you earning the investment rates of return you anticipated? Step 4: Monitor Your Progress : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 23 Step 4: Monitor Your Progress To what degree is inflation affecting your finances? Has your tax situation changed? Getting Started : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 24 Getting Started Our Responsibilities: To gain an understanding of your financial situation as it relates to this planning engagement. Determine to what extent you will be able to meet your goals, needs and priorities. Identify possible problem areas that should be addressed. Present you with our recommendations and clearly explain the options available to you. Our Promise to You : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 25 Our Promise to You There is no charge for the initial consultation and you are under no obligation to continue once we have confirmed the planning fee. The financial plan is yours to do with as you see fit. You may, at your own discretion, implement any or all of the recommendations made with any financial advisor or financial institution you choose. The financial benefits you can expect to receive by implementing the financial plan will be no less than 5 times the fee charged for the plan or the fee will be reduced accordingly. Our Promise to You : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 26 Our Promise to You There will be no direct charges to you for this financial plan. All I ask is that if you decide to purchase any financial products as a result of my work, you agree to do so through me. If for any reason you are not satisfied with the scope and detail of the completed financial plan you may return all copies of any documents provided to you as notice of your wishes to terminate our relationship. All recommendations presented to you, including those involving the sale of a financial product, are made with your best interests in mind. At no time will you be under any obligation to accept any advice provided to you or to implement any of the recommendations contained in the financial plan. Responsibilities of The Client : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 27 Responsibilities of The Client The Client will make every effort to participate in the financial planning process. Ultimately, it is the Client’s responsibility to implement recommendations and make their financial plan work in their life. The Client should approach our financial planning meetings with an open mind. This will help the Client to learn more during the financial planning process. The Client is responsible to make sure that they understand what AFS is explaining to them. The Client is responsible for disclosing all relevant facts and information that are necessary for AFS to provide accurate and comprehensive advice for the Client’s unique situation. Get Financial Services Consultancy : ACME Financial Services Independent Financial Advisors +92 321 2797881, 021 7095238 28 Get Financial Services Consultancy At ACME Financial Services, we diligently understand the situation. That's why we provide a free, no obligation and impartial financial planning consultation. We will look into your situation in its totality and advise you accordingly. We do not want to just sell clients mutual bonds or investments funds etc., we want to help in planning finances and managing wealth. To achieve the goal, we have to know what your current situation is and how everything fits together. If you are interested in financial planning, call us +92 321 2797881 without any hesitation.

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