Posts Tagged ‘financial planning’

Investment Management Companies and What They Do

Saturday, December 1st, 2012

Money and finance is an essential area of all of our lives. We work hard to earn money and a few of us are more successful than others. For those who are lucky enough to manage to save, it becomes neccessary to efficiently manage our finances sensibly. This can be done by using effective financial and wealth planning solutions. There are many experienced Investment Management Companies that can help us with our personal banking, investment management, tax planing, retirement planning and property manangement.

At a time when the number of bankruptcies and insolvencies in Great Britain increasing it is essential to get the correct investment advice especially with the ecconomic climate as it is at present.

Wealth Management Companies and Investment Manangement Companies can help us to achieve this. There are a huge amount of financial products in the marketplace and choosing the right products that best suit our own personal circumstances is a complex task. Investment Management Companies with a proven track record in attaining long term growth and maximum profit, can help you maximise your savings, as well as providing valuable advice and products relating to portfolio management, trust and estate management, tax planning, banking and inheritance tax planning.

Investment Manangement Companies work with many other financial institutions and have a number of financial tools at their disposal. They will begin by reviewing your current financial position and circumstances including existing savings, pension provisions and insurance plans. They will discuss with you your plans and long term financial goals together with your thoughts on risk and reward prior to producing a strategy for your ongoing plans.

They will then provide you with a report which will be able to propose options on how to improve your current financial position such as, stock market investments, structured savings and investment products, retirement planning, property management and even tax structuring and inheritance tax mitigation. This will be the guide for your financial future and your Wealth Manangement adviser will remain in contact with you over the years, muh like your accountant would and be able to provide you with up to the minute advice on where the most appropriate areas for your investments are and supply you with the statistics and figures you require to monitor the ongoing performance of your savings.

Learn more about Wealth Manangement and visit Heartwood Wealth one of the UK’s premier Investment Management Companies.

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How To Choose A Financial Adviser

Wednesday, February 29th, 2012

If you want to know how to choose a financial planner you can trust, then you’re in the right place.

With over 15,000 financial planners in Australia, choosing the right financial planner can appear to be a daunting task. That’s why, in this article we’ll discuss the 3 steps for choosing a financial planner.

Step 1 – What Type Of Advice Do You Need?

Different financial planners provide different types of advice. Some specialise in investments, while other specialise in insurance, or retirement planning.

Choosing a financial planner who’s qualified for the type of advice you require is essential.

The major types of financial advice are:

* Personal Protection Advice

* Wealth building and cash-flow management

* Retirement Advice & Pre-Retirement Planning

* DIY Superannuation Advice

Financial advisers may have experience in all of these specialisations but they may only be proficient in one or two. It is essential to choose a financial planner who specialises in the type of advice you need as each specialist area has its own unique rules, legislation and strategies.

Step 2 – Five Methods For Choosing A Financial Planner

Once you know the sort of advice you need, the next thing to do is to start creating a short-list of financial advisers who provide the advice you require. There are many ways to find a financial planner. In this article we’ll discuss 5 different ways to choose a financial planner.

1. Ask Your Existing Service Providers

2. Ask A Friend

3. Contact Professional Associations

4. Specific Google Search

5. Use The Find A Financial Planner Matching Service

Let’s look at each of these options in more detail.

1. Ask Existing Service Providers

If you use the services of an accountant, mortgage broker or legal professional they may be able to help you choose a financial planner by referring you to a partner business. This will only be worthwhile if the partner business can provide the specific type of type of advice you need.

The downside of this method is the potential conflicts of interest. If your accountant has a better relationship with the financial planners than they do with you, then they may make a referral to support their friend which would be in their best interest but not yours.

2. Ask A Friend

Friends or family members who have received financial advice in the past are another potential referral source. Find out if they were satisfied with the level of service and ongoing support they receive.

Keep in mind that not all financial advisers specialise in all types of advice, so if it is insurance advice you are after it may not be sensible to ask a retiree for a referral to see their retirement adviser, and so on.

3. Contact Professional Organisations

There are several professional associations who can assist you to find a financial planner from their member database.

* Association of Independent Financial Advisers

* Australian Financial Advisers Association (AFA)

* Financial Planning Client Advocate

* Financial Planning Association (FPA)

Obviously, professional organisation will only refer you to a financial planner who is part of their member base.

4. Specific Google Search

Using the type of advice you require as a search term, such as “Insurance Advice Sydney” may help you uncover a planner. The biggest problem with this method is that there is no third party referral, as with all the other methods mentioned in this article.

5. Use Our Online Matching Service

The Financial Planning Client Advocate offers free matching service called “Find A Financial Planner” on their website www.findafinancialplanner.com.au. The service matches you with a financial planner based on your location and the sort of advice you need, which means you will be matched with a specialist financial planner for your advice needs.

One huge benefit of using the FPCA’s matching service is that every financial adviser listed on their website must complete and an accreditation with the FPCA before they can be listed. This gives consumers an extra layer of comfort knowing that a third party has reviewed the financial planner’s advice practices.

Step 3 – Qualify Your Financial Planner

When searching for a financial adviser on FindAFinancialPlanner.com.au you know your adviser is FPCA approved, they have had background checks and an accreditation process to guarantee that they meet our high standards.

If you choose to go it alone, the following are some tips to help you qualify the financial planner you choose.

1. Check They’re Licensed – In Australia, financial planners must hold, or be employed by a business that holds an Australian Financial Services (AFS) licence.

2. Request A Financial Services Guide (FSG) – A Financial Service Guide (FSG) outlines the services offered, fees involved and what to do in the unfortunate event of a complaints. Obtaining a copy of the FSG which will help you assess a financial planner.

3. What Are The Fees & How Are They Charged? – Before you proceed with any advice, make sure you understand exactly what the fees are and how they will be charged?

4. Who’s Behind The Advice and Why? – An adviser may be limited to recommending companies products as many financial planning firms are owned by or licensed by financial institutes. These institutions may be banks, life insurance companies and fund managers. Recognising who is behind the advice that you receive will help you identify any possible conflicts.

If you want to learn more about how to choose a financial planner then visit the Financial Planning Client Advocate (FPCA) where you can also find a financial planner near you.

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Personal Finance Advice And What You Need To Know

Friday, January 20th, 2012

Personal finances will be out of control if you do not have a method in place of tracking your budget and being mindful about your spending. If your financial situation is in chaos, you need to acquire the right knowledge and learn to properly manage your finances. This article will show you some helpful ways you can get your finances in order and regain control.

Keep an envelope with you in your purse so you can put receipts and cards in it. That way, you have a safe place you can store business cards and receipts. You’ll need these later for your records. You may need them to compare to your credit card statements in the small chance that you are double charged.

Buy your food in large quantities to save money and spend less time shopping. As long as you can use up what you buy, purchasing in bulk will be cheaper. You will be able to save time by cooking enough meals using this meat that can last you for a week.

Don’t make the mistake of neglecting to maintain your home or your vehicle in an attempt to save money. By keeping these personal assets in good condition with the proper upkeep, you minimize the risk of having to make a major repair down the road. Taking excellent care of your possessions will save you money over time.

It’s never too late to put your finances in order. If you do this, you will be prepared more than if you had never done it at all. Starting to organize your finances can only be good for you.

Being aware of the value of an item is critical when deciding how to dispose of it. This prevents a person from giving it away, putting it in the trash or selling it at an extremely low price. People stand to receive a nice surprise when they discover they own something valuable and it’s worth a lot of money.

Try to arrange it so that your debit card automatically pays off your credit card at the end of the month. Making this arrangement avoids you forgetting to ever do so.

Find a checking account that is free. Some places to look for free checking that you might not have considered include credit unions, local banks, and online banks.

When it comes to foreign exchange trading, let profits run in order to be a success. Use this technique wisely, however, and do not allow greed to control your decisions. It is important not to push it too far and know when it is best to take your profits and stop trading.

Managing your personal finances may help you see what your financial standings are, and can lower your stress. You can eliminate a lot of stress and focus on other aspects of your life, which may have been neglected before, when you attend to your finances.

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Planning and Saving Early for a Secure Retirement

Thursday, September 22nd, 2011

It has always been a good idea to plan for a comfortable retirement and save for it as early in one?s career as possible. In today?s rough and tumble economy, early planning and saving is even more essential. The busted housing bubble has robbed 60% of the American family?s equity in their home causing a reduction of over $100,000 for an average family of four. Social Security certainly can?t be depended upon no matter what changes the politicians make to it. It is very apt to crumble due to lack of funding. People?s incomes are either remaining the same or heading south, making saving any amount difficult, if not downright impossible.

Whether you fit the financial circumstances above or not, the economic outlook is not good, with inflationary pressures, possible tax increases and a dollar that is approaching hazardous levels, no one is immune to the broader forces at work in today?s global economy. The little pig who built his house of brick stands alone and may survive until and during retirement because he has built his financial future on a solid foundation. The little pig is wise.

Start Early

Of course, no matter when you start, saving for retirement is a must, but if you start early, you will gain the huge advantage of compounding. Look at your 30-year mortgage and you see how the small principal pay-down early in its life gradually eats away at the massive balance, until down the road, your monthly payment is more principal than interest. Your savings work the same only in reverse.

A return of 8% annually on an investment will double your initial cash outlay around every nine years. After 30 years, a $1,000 investment, then would be worth approximately $10,000. The $1,000 you invested 15 years ago would not be worth half that amount. It?s value would approach only about $3,000. The $1,000 you invested ten years ago would be worth about $2,000 and for five years ago, about $1,400. The late years see the booming magic occur, because of the compounding, yielding bigger and bigger numbers in every one of those final years.

Take Advantage of Tax Deferrals By All Means

So, now you see that if you are compounding $700 or $800 per year instead of $1,000, you would wind up with tens of thousands of dollars less in your retirement nest egg at the sunset of your career. This is what happens to you and your money if you are silly enough to invest only post-tax dollars instead of pre-tax dollars. IRA?s Roth IRAs, 401(k)s, 403(b)s and other investment opportunities the government allows where you can defer taxes must be taken advantage of to the total extent you can manage.

This lowers your taxable income now and every $100 you put into a tax-deferred account today in lieu of gracing the coffers of the IRS could mean another $500 or $1,000 in your pocket when you retire. You must pay taxes on the money as you withdraw it after retirement, but chances are good your income level and tax bracket will be reduced at that time resulting in less taxes paid. Tax deferrals are an all around win for you now and later.

Other Considerations

Balancing your budget today with plans for your future can be a very complex equation indeed, particularly with career changes and the slings and arrows of outrageous fortune that happen to all, like marriage, kids, college, divorce, medical and natural disasters, keeping us constantly on edge with the changing needs of today versus the needs and desires of the future.

It is important to deal properly with employer matching contributions, rollovers, and beneficiaries and to choose the right kinds of funds ? long-term, short-term, treasuries, growth, income, gold, college funds, insurance, mutual funds, monetary funds. It?s a lot to keep up with in an ever-changing and fast-paced market place and fickle economy. You are the expert on your needs, but your financial planner is the expert on matching your needs to the investments that will work best for your financial future.

If you are in the Ann Arbor area please visit Kennard Wealth for help with Ann Arbor business retirement plans, Ann Arbor financial advice, and other related topics.

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