The Planning Trumps The Plan

As a professional financial plan builder I know the benefits of creating lifetime financial master plans. I’ve now created hundreds of plans for clients and more importantly I’ve also updated hundreds of plans. It’s a pleasure to create the first financial plan for a family - listing all of their goals and what they wish to achieve, with money being the facilitator of these goals. The plan should list everything that requires time, money and planning in order to achieve it.

The initial plan is not the important element of the process - it’s the planning process that’s crucial. The initial plan will be the foundations. Financial plans are built to be fluid and in flux, reflecting life. A rigid plan is not a real plan. I’m now approaching a decade of creating financial master plans for the families I serve and I’ve seen huge changes during this time.  Changes that were unthinkable when the plans were first created. I have also seen families achieve their goals and apply the correct behaviours to ensure they are not derailed.

Our complex world is full of surprises, set to try and test our ability to stay committed to our carefully thought out financial plans. I know from experience that it’s very hard to stick to an agreed plan without having a caring adviser in your corner – somebody to hold you to account and be a sounding board for major decisions. It’s also important to have somebody who can identify any financial misbehaviour and ensure there are no gaps in your plan.

The real value is created by frequently coming back to your plan (at least annually) and making the changes that become necessary as life plays out. The plan itself reflects just one period of time - the planning process trumps the actual plan. I will ensure you focus on the planning and that the plan just comes along for the ride.

The content of this article is for information purposes only and does not constitute a personal recommendation. You should always speak to an FCA regulated financial adviser when considering financial advice. Any recommendation made will be based on a full suitability assessment that will include a comprehensive review of your circumstances, needs and objectives.