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Ok. Got itA comprehensive financial plan based on expert advice can help you achieve your goals despite life’s unpredictability.
A comprehensive financial plan for life can be a map to the financial future you want.
A comprehensive, long-term financial plan can mean the difference between reaching your goals and aspirations and facing financial disaster. But how do you ensure your plan caters to all your current and future needs and remains relevant? This is where the value of professional financial advice is immeasurable.
While you may not be able to control life, you can control how you plan for it.
The pandemic served as a stark reminder of how quickly things can change and how unpredictable life is. But while you cannot control the fact that life happens, you can control how you choose to plan and prepare for life’s twists and turns. Importantly, you also need to plan for the legacy you want to leave after your death for your family or a cause you care about. It could even be a tool for future generations, even multiple generations.
Prioritising your future planning today can help you achieve your goals and aspirations throughout life.
A key challenge for many is that we are so busy trying to juggle the daily demands of life that we tend to focus on simply trying to make it to the end of each day, with little to no regard of the future. As a result, we seldom think about the financial plans we have or should put in place. (Or we do think about it but then feel it’s too difficult or overwhelming, so it shifts to the back of our minds.) Yet these plans are vital to help you handle the unexpected effectively and achieve your goals and aspirations throughout your life.
Watch our webinar about what to consider during different life stages.
Your financial plan should cater to every aspect of your life, today and in future.
While solving for single needs is important in the advice process (particularly in your earlier life stages), without a holistic financial plan there is a real risk that you will not achieve all your goals. A well-considered, comprehensive financial plan for life is critical to enable you to take control of your financial destiny as it serves as the map to the financial future you want. A comprehensive financial plan will not only help you make more informed decisions, but will also help you feel more confident about your financial matters.
Financial advisors fulfil a pivotal role in helping you set up an appropriate plan by providing expert advice and support.
When it comes to your financial wealth, it’s important to recognise that every financial decision you make affects your ability to protect what is important to you and to achieve your life goals and aspirations. Here a financial advisor can provide you with personal and objective advice to enable you to make better financial (and in effect, life) decisions and avoid financial disasters throughout your life. They do this by:
If you choose to ‘go at it alone’ and create your own financial plan, there are many obstacles to overcome, eg navigating the complex landscape of financial products, staying objective, and understanding the true impact of your decisions today on your long-term outcomes.
Financial advice covers a lot more than where and how to invest.
A common misconception is that financial advisors only focus on investments, ie helping you select the right investment solutions to deliver a particular return. However, the value of advice goes way beyond this. A holistic financial plan should cater for all the interconnected parts of your global financial situation, including estate planning (structuring your wealth optimally and leaving a legacy), investment planning (managing, growing, and preserving your wealth, and planning for retirement), risk planning (protecting your wealth), banking and lending (transacting and borrowing), and philanthropy (giving and making a difference).
Estate planning is a vital component of your financial plan because it is about making sure you plan for both during and after your lifetime. |
Contrary to what most people think, an estate is actually a ‘living thing’, which means it must cater for both during and after your lifetime. Examples of the benefits of proper estate planning today and in future include the following:
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While professional advice is not free, not getting advice also carries a cost.
Like other professionals, advisors will charge an advice fee for the services they provide. If you choose not to get advice, you should consider and weigh up the financial and emotional costs of getting it wrong.
To illustrate the importance of obtaining professional financial advice about your financial plan, here are a few examples of some common financial mistakes:
Personal, objective advice can help you make the most of your money. It’s always a good idea to connect with a professional advisor when you make financial decisions, no matter the relative size or importance. Personal, objective financial advice can:
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Want to benefit from personal, objective advice about your wealth management plan? Here’s what to do:
Get an income, grow and protect your wealth with our Nedbank Private Wealth investment products and services.
We connect you to so much more than great advice. We provide insights, technical expertise, global opportunities, and a wide range of solutions and services.
Be certain that every financial decision you make reflects what is important to you and your loved ones.
Get an income, grow and protect your wealth with our Nedbank Private Wealth investment products and services.
We connect you to so much more than great advice. We provide insights, technical expertise, global opportunities, and a wide range of solutions and services.
Be certain that every financial decision you make reflects what is important to you and your loved ones.