What is financial planning?

What is financial planning?

At Ellacotts Wealth Planning, we believe that effective financial planning starts with understanding you—your needs, wants, goals, and concerns. Our process begins with a Discovery meeting, provided at our expense and with no obligation on your part to engage our services. This meeting allows us to explore your unique situation and guide the discovery process based on your input.

Building a long-term relationship is essential. It’s important for us to demonstrate how we can add value to your financial situation, and for you to feel confident in our ability to work together over the long term. Without mutual trust and alignment, a successful financial planning relationship cannot be sustained.

Financial plans are snapshots in time. As your circumstances, objectives, and the world around you evolve, your plan will need adjustments. We believe in a structured review process to monitor and adapt your plan, ensuring it remains relevant and effective. Regular reviews help us identify and address changes early, preventing potential issues from becoming significant problems.

Our goal is to provide you with a dynamic and responsive financial plan, ensuring your financial future is secure and aligned with your evolving goals.

STEP 1
Establish your goals in life – short, medium and long term

STEP 2
Work out what assets and liabilities you have – write them down

STEP 3
Evaluate your current financial position – how close are you to achieving your goals?

STEP 4
Develop your plan – create a “route map” for achieving your different goals

STEP 5
Implement your plan – make the changes and make it happen

STEP 6
Monitor and review your plan at least yearly and make adjustments when needed

Financial Advice at Ellacotts Wealth Planning

While financial planning and financial advice are often used interchangeably, we see a clear distinction between a comprehensive financial planning approach and specific financial advice addressing an immediate concern or objective.

We understand that there are times when you might not need an all-encompassing financial plan. This doesn’t mean that financial planning wouldn’t be beneficial, but rather that the timing might not be right.
For instance, some people will only seek advice because they have a specific need that needs to be addressed, for example working out how much they can contribute to their pension.

However, we do not take on all one-off pieces of financial advice. If a specific piece of advice involves an investment strategy or financial product, you must be prepared to commit to an annual review. The “scandal” of endowment mortgages taught us that neglecting to review investments or financial products is a bad idea. Expecting an investment to perform well without regular oversight is unrealistic.

Our commitment is to provide honest, reliable, and professional financial advice, ensuring that your best interests are always our top priority.

Speak to our Wealth management team