We believe that comprehensive financial planning requires a multidisciplinary approach. Comprehensive financial planning involves a detailed and thorough review and analysis of all facets of your financial situation. This includes areas such as cash flow analysis, retirement planning, risk management, investment management, and tax management. It is only through comprehensive analysis that the true financial condition can be determined and a proper plan can be tailor-made and recommended.
The Comprehensive Financial Planning services analyses your financial health thoroughly and provides a detailed road map to reach your financial goals. It takes into account all financial needs like children’s education, children’s marriage, retirement, and re-structures loans and tax optimization.
The steps involved in Comprehensive Financial Planning with Piggy Wealth Management Team:
Establish a relationship with your financial advisor: We believe it is essential to establish a clear and understandable relationship between the client and the financial advisor. Our financial advisors clearly explain and document the services we provide and define the responsibilities of this relationship clearly.
Define your objectives: The second step in developing a comprehensive financial plan is to define your objectives. At Piggy Wealth Management, we start by getting a clear understanding of your situation, which is to understand, where you currently are, what are your objectives and financial goals, and more importantly, the time frame to achieve your financial goals. Once, these objectives are defined, it will help your financial advisor to determine strategies, tactics, and financial instruments required to design your portfolio and address some of the specific components of a comprehensive financial plan such as:
- Retirement planning.
- Funding for education.
- Children’s marriage.
- Debt structure.
- Tax minimization.
- Protection of assets and income.
Analyzing your present situation: We believe it is crucial to analyze your present situation. This will help your Financial Advisor determine whether or not you are on target to meet your objectives. The accurate quantitative information will help to create a path to achieve your defined objectives and will help address your concerns, and provide your financial advisor a general sense of your risk tolerance and resources available to help cover any existing shortfalls or surpluses. This will provide for the development of a more effective, accurate, and attainable comprehensive financial plan.
Develop your plan: Upon defining your financial objectives and goals, and understanding your present situation, your financial advisor will identify the various options and strategies that are best suited to meet your goals. They will review the benefits and potential risks associated with each to provide you with a clear understanding of the same. They will then refine the options to develop a customized plan that best meets your needs and help you achieve your financial goals.
Implementing your strategy: After preparing a tailor-made investment plan, which would cater to your financial objectives and goals, we would walk you through every step in the evaluation and selection process of the financial instruments and schemes and share the financial plan with you to ensure that the strategy is implemented in a precise fashion.
Monitor your path: We recognize that over time circumstances may change in such areas as work, marriage, education, health, and retirement planning. Additionally, economic conditions may require us to revisit the initial plan. For these reasons, regular consultations to discuss changes and make any adjustments to the plan are a must. Client meetings or calls are conducted regularly in a scheduled manner as well as on an as-needed basis.
We provide continuous assistance to our clients on applicable tax strategies, investment alternatives, and financial planning concepts via statements, portfolio performance, quarterly newsletters, and other market information.
We believe that long term financial success does not happen by accident, or overnight and nor will it happen on its own. It requires customized planning and frequent review that only comes from the services of a competent advisory firm.