Is financial planning a term only associated with finance professionals? Do we actually need to plan our finances? What if we are earning so well that we are able to save enough money into our bank account at the end of the month? Why should we think so far into the future and jeopardize our life of the present?
These are some questions that crop up when we think of financial planning. As the name suggests, financial planning is nothing but a plan for spending presently and saving for the future. All of us should plan our finances appropriately so that we not only secure our retired life but also secure the happiness of our near and dear ones. Financial planning not only grows your hard earned money but also supports you in times of contingency or any unforeseen circumstances, eventuality etc. It also helps in providing for higher cost of education, marriage or any dream project. It also provides for medical expenses. To put it in a word, financial planning is completely goal oriented.
There are various ways we can plan your finance.Whatever we do, we must make sure that we know that our money is being wisely spent. It is very important to remember that the main aim of financial planning is to secure cash for covering future expenses. As long as we are earning a monthly salary, we don’t bother about saving money. But what about the time when we won’t have a regular monthly income? Financial planning takes care of that time.
We have been in the business of financial planning for some time now and are confident of providing you with the options that will benefit you both in the short and the long run.
WHAT WE DO
At AIFS our core focus is to provide goal oriented financial planning and services to our valued customers with honesty and integrity . We carefully listen and understand your beliefs and aspirations around your money and assets. We take a closer look at your financial history and habits which may have interfered with you in reaching your financial success and ultimately peace of mind.
You are aware that our financial world is changing constantly . Staying on course is like navigating a new world with an old map. So your financial plans must recognize and adapt new realities while mitigating the risks by remaining dynamic as changes in life occur.
Who needs financial planning ? Answer is everyone Financial planning is a life long process that assists you and your family in taking control of your financial future at different stages.Most people find managing their finances to be a challenge. Along the way we may face obstacles, hazards and many opportunities. We may struggle with the anxiety relating to the challenges of day to day life, having less time to think about financial solution OR retirement which may be twenty years away. By developing a financial plan you and your family will.
(1) Have a better understanding of your present financial status.
(2) Determine attainable retirement, children education, children marriage, insurance and other financial goals .
(3) Reduce the effect of unexpected events such as disability, premature death etc.
(4) Review goals, funding strategies and alternatives where goals have to be compromised.
(5) Have the necessary financial resources set aside to fund these goals as they occur.
At AIFS we try to anticipate and leverage domestic as well as global opportunities logically and rationally in creating your financial plan. We combine discipline along with creativity and innovation to develop goal oriented financial plans that will take care of the following:
(1) Tax efficiency
(2) Investment
(3) Protection / Risk
(4) Contingency
(5) Asset Accumulation
(6) Financial Provision For Future Of Children
(7) Retirement
We start with you where you are today and anticipate future scenarios where by discovering
the optimal way of achieving financial success.
AIFS is all about building an authentic customer adviser relationship. So as in life changes happens and any unforeseen circumstances may enter the picture we will work together, helping find the delicate balance between planning the future and enjoying today. Educating, empowering, informing you is our role we take very seriously. The more we empower you with financial inputs the higher your success in reaching your goals and ultimately the peace of mind.
The financial planning process consists of the following six steps:
The financial consultant should clearly explain and document the services that he or she will provide to you and define both his/her and your responsibilities during the financial planning engagement. The financial consultant should explain fully how he or she will be paid and by whom. You and the consultant should agree on how long the professional relationship should last and on how decisions will be made.
The financial consultant should ask for information about your financial situation. You and the consultant should mutually define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. The financial consultant should gather all the necessary documents before giving you the advice you need.
The financial consultant should analyze your information to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.
The financial consultant should offer financial planning recommendations that address your goals, based on the information you provide. The consultant should go over the recommendations with you to help you understand them so that you can make informed decisions. The consultant should also listen to your concerns and revise the recommendations as appropriate.
You and the financial consultant should agree on how the recommendations will be carried out. The consultant may carry out the recommendations or serve as your coach, coordinating the process with you and other professionals such as attorneys, accountants or stockbrokers.
You and the financial consultant should agree on who will monitor your progress towards your goals. If the consultant is in charge of the process, he or she should report to you periodically to review your situation and adjust the recommendations, if needed, as your life changes
Courtesy- https://www.fpsb.org/learnaboutfinancialplanning/financialplanningprocess.html