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Top tips for building your financial plan

by Sarah Dunsby
27th Nov 23 10:38 am

Building your financial plan is a great way to start reaching your financial goals.

Whether you’ve already started planning or not, have you considered different ways to improve your approach?

Here are some top tips for building your financial plan to help you achieve the successful outcome you desire.

Consider a wealth management firm

The services of a wealth management firm can be one of the most effective ways to elevate your financial planning.

They can take your plan from a simple and generic idea to a detailed approach tailored specifically to your needs.

Your modern wealth management firm can offer a wide range of expert services, regarding financial planning in particular, but also expert advice packages, investment management, and a variety of useful resources.

As you carry out each step of your financial plan, knowing you have the skill and experience of wealth managers on your side, you can find the confidence you need to build your wealth in the right way.

Establish clear and achievable goals

Another useful tip is to try and establish achievable and clear goals. Naturally, you’ll want the best for your financial future, but try to keep in mind how realistic each goal is.

To help with this, your financial expert can assess your unique situation and help you create rational goals that align with your current circumstance.

This can provide a clear route to your goals that takes into account all of your current income, assets, challenges, and any other specific requirements.

Explore different investment options

It’s also important to explore a range of investment options when financial planning, as you can maximise your wealth for the future by investing in different accounts.

Are you saving for retirement? Then why not take advantage of tax-efficient savings with a pension as well as Individual Savings Accounts (ISAs)?

You can also help balance out your risk by investing in different accounts and portfolios. This can help you build more wealth resilience and have protection around your money for the future.

Take into account partners and dependants

Financial planning for yourself is one thing, but if you have a partner, family, or any financial dependants in your life, it’s good to know how you can account for this in your approach.

For instance, you can explore different ways to maximise your savings by using your and your partner’s tax allowances each year.

Or, you can more accurately tune your financial goals by taking into account your partner’s circumstance – e.g., will you be retiring at the same time?

Keep gaining new knowledge

Another key thing to think about when retirement planning is how you can constantly evolve your plan with new insights and knowledge.

On the one hand, this can come from expert insights and resources from your modern wealth manager, such as webinars, events, or tailored guidance.

Alongside this, you can constantly monitor external factors such as inflation, tax rates, and any news that affects the financial industry.

This can all help grow your knowledge to apply it within your plan and adjust certain aspects where necessary for optimal wealth building.

Which of these tips will you be putting into action first? Or are there any other useful ideas you have?

If you’re ever unsure of what steps are best to take, speak to a financial expert who can offer great advice on how best to approach your situation.

Please note, the value of your investments can go down as well as up.

The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any finance decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.

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