Financial Planning

WealthFolio Financial Planning
Financial Planning is the process of meeting one’s life goals through the proper management of personal finances. It’s best to understand the above definition by breaking it up into three parts;

Part I- Wealth Folio Financial Planning Process:

WealthFolio follows a standard six-step process to deliver Financial Planning service consisting of:
1. Establishing and defining client relationship
2. Gathering client data, including goals
3. Analyzing and evaluating current situation and needs
4. Developing and presenting recommendations
5. Implementing the recommendations
6. Monitoring and reviewing the Financial Plan

Part II- Meeting one’s Life Goals:

Individuals and families have many goals in life to fulfill for which they will have to save, accumulate and grow
their money.

The most common life goals are:
1. Children’s future including education and marriage
2. Buying a house
3. Comfortable Retirement
Other goals may include going on regular or one time vacations, purchasing a car/vehicle, corpus for starting own business and being debt free (home loan, car loan), etc.

Part III- Management of Personal Finances:

Wealth Folio Financial Planning is all about managing finances of an individual or a family.  While offering solutions to clients, the following aspects of personal finance are  analyzed as a whole rather than seeing them in isolation:
1. Income
2. Expenses
3. Assets
4. Liabilities
5. Insurance
6. Taxation
7. Estate

Posted in Knowledge base

Leave a Reply

Your email address will not be published. Required fields are marked *

*