Professional Financial Planning and Analysis: What to Expect?

Professional Financial Planning and Analysis

Increasingly, people in India now look up to professional financial advisory services to manage their money. But what should one expect from such a service? Read this post to find out.

The ever-increasing responsibilities in our personal and professional lives often leave us with little time to think about how we are managing our finances. Most of the time, we are focussed on managing and keeping up with our current expenses. Consequently, whilst we dream of the life that we want to live, we don’t always have a solid strategy to get to it. Even when this realization dawns and people start searching for ways to save and invest, the plethora of options now available in the market often confuses them.

It takes a lot more than mere intent to plan your finances. Your financial plan needs to be based on your goals, cashflows and circumstances. Owing to this, professional financial advisors are enjoying widespread popularity in the country because they help you craft a solid working strategy that is aligned to you, thereby help you live stress-free in terms of financial stability.

Here are a few of the services you can expect from a professional financial advisor. These services generally include-

  1. Planning your Goals

Every professional financial planning service begins with getting a deep understanding of you and your life goals. We have different goals that we’d like to accomplish in our lifetime – from buying a 4-wheeler, a home, creating an investment portfolio, saving for children’s education, retirement, there are many different things that we would like to fulfil.

Professional financial advisors can help in turning these life-goals into financial goals and plot milestones that are achievable and spread across various life-stages. They help classify what you want to achieve into short-term goals and long-term goals and devise a strategy that helps you achieve each of these goals. With the help of a good financial advisor by your side, you are better-equipped to plan and achieve your goals.

  1. Complete assessment of your finances

The next immediate step in a financial planning service is a complete assessment of your current financial condition. All your assets and liabilities should be taken into consideration to understand thoroughly where you stand, financially.

It is only after assessing your finances that the professionals can start work out a customised plan that is tailored to your goals and finances, and helps you achieve your objectives.

  1. Personalised Plan

On the basis of the financial assessment and goal-planning, the financial advisor would then start working on a personalised strategy built around your needs, expectations and ability. Depending on what your objectives are, the strategy would involve investment recommendations, paying off loans, tips to save more money, save taxes, and more.

As the plan would be customised as per your current financial conditions and your goals, it’ll be better able to help you live a life where you can easily afford all of your life choices.

  1. Regular Reviews and Plan Adjustment

The job of the financial planner is not done once they provide you with a personalised money management plan. A good financial planner monitors your adherence to the plan and also reviews your progress against this plan on a regular basis, advising any improvements or corrections in the plan to help you get optimum benefits.

A single strategy cannot work in every market condition as market conditions fluctuate regularly. Likewise, your personal circumstances also change with time. It is only when the strategy is tweaked time and again in line with these can you get the best results for yourself.

  1. Online Progress Tracking

Many of the top financial planning and analysis service providers also offer online dashboard solutions to clients to help them easily track their progress as per the plan. This eliminates the need for the clients to get in touch with their advisor every time they’d like to know about where they stand wrt their goals.

As the details are available online, clients can easily access and review it according to their convenience and can get in touch with their advisor in case of any clarifications/concerns.

The wide range of services that professional advisors offer has made them a preferred choice for people who are serious about money management. Now that you know more about what to expect from them, start looking for a reputed financial planning setup to take your first step towards financial freedom.

Related posts

Leave a Comment