Financial planning
Financial planning is the process of
providing advice and assistance to help individuals, families, or legal entities
achieve their goals and objectives through the proper management of financial
resources.
The process includes analysing the current financial position, any obstacles that put the objectives at risk, and developing recommendations and options for the client to consider. For a more detailed explanation about the process please read our background to financial planning.
At Grove Securities we believe that when assessing how a client can achieve their objectives it is important to understand what motivates the client and what helps them sleep at night. Not only does this assist greatly in crafting well tailored solutions, it assists in developing a more personal relationship, instilling a greater sense of confidence, greater efficiency and a reduction in any service level frustration.
While we are all familiar to varying degrees with
financial matters such as wealth creation, retirement, life insurances,
investment, estate planning and superannuation, to name a few, it is not until
we bring all of these things together in light of constantly changing
legislation, family circumstances, aspirations, age(s), health, tax positions,
employment and a myriad of other circumstances that it becomes evident that just
knowing your goals is not enough to achieve them.
Obtain real benefits
To achieve your goals and aspirations it helps to work
through the circumstances, issues, and constraints that might exist. A well
crafted plan will help to navigate you toward your goals in an efficient
and effective manner. This might be a comprehensive plan or more narrowly
focused advice on the achievement of one or two objectives only.
With a comprehensive plan you will receive a document concisely detailing a strategy, or range of strategies, that will move you toward the achievement of your life goals and help to avoid the pitfalls. Drilling down from the strategic level you will also receive specific action items that will enable you to utilise your financial resources to best effect. It will be presented in any easy to read format and will be explained so that you can understand the reasoning and logic behind the advice.
Initially many people aren't clear on what goals they actually have and by default assume that a safe fall back is to try and make as much money as possible. The process that we undertake is valuable in that it gets people thinking about what is really important to them in life…. It's not always about striving for the most money.
For example, would you be able to achieve a certain level of retirement income in a more reliable way, could you cut down on work earlier, how would you and your loved ones manage if you were to become disabled, will the structure and distribution arrangements of your assets provide maximum benefit to your dependents upon your death, or will you have the cash flow to be able to avoid selling assets at a potentially bad time.
Of course a vital part of any financial plan does include making the best use of your financial resources and the management of wealth.
Where appropriate it will provide detailed recommendations in relation to investment planning (portfolio design and management, superannuation, borrowings, taxation and legal structures), risk management and insurance, retirement and estate planning. Salary sacrifice, social security, education funding, charitable planning and business succession planning may also be covered.
For businesses we may also be able to assist by delivering practical advice in relation to succession planning, performance analysis (e.g. key business ratios, income and expenses), strategic planning and maximising shareholder value on exit.
Please visit our Information Centre
to see case study illustrations contained in our newsletters. These provide
a small insight into some of the benefits that can be obtained from the
application of sound financial advice. You are most welcome to contact us for
illustrations that might be more applicable to someone in similar circumstances
to yourself.
No
minimum amount of money
As you may have gathered you do not
need a minimum amount of money to invest in order to seek our
advice. We can assist in you in many facets of your financial life that may not
require any investment. For example we may be able to assist you in qualifying
for Centrelink benefits, salary sacrifice arrangements, or estate planning.
