When we meet our clients, we go for structured counseling. People often relate Financial Planning to Investments but the fact is Investment is the last part of any financial plan. Many times people can save a lot of money without investing any money but they lack basic financial knowledge. In our first session, we financially educate our clients and make sure they understand each and every aspect of their finance. In the second session, we do their budgeting and implement all the strategies. In a very subtle manner, we cover all the following aspects of any individual.
|a) Goals Planning||Goals planning is the process of setting individual life goals through proper introspection of resources, prospective earnings, future expenditures & aspirations. Life goals can be short term or long term. It can include buying a house or car, savings for a child’s higher education, planning for retirement, or simply creating substantial emergency funds These goals are achieved through a thorough comprehensive financial plan and required behavioral changes within a stipulated timeframe.|
|c) Risk Management||Risk Management includes the risks that are related to your financial life. These risks are mitigated with the help of insurance. Insurance is a critical & most important part of any Financial Plan. We must secure our dependants’ lives by the way of Term Insurance. In case of a sudden demise, no one can replace you but the insurance money can replace your income which would take care of people you love and care for. Similarly, one should get optimum Health Insurance Cover for uncertain medical emergencies. Thus most of your insurance needs are met just by having a Term Insurance Plan & a Health Insurance Plan.|
|d) Tax Planning||To save tax in a legitimate way is everyone’s’ right. But sometimes it’s better to pay taxes to earn good benefits in the long run. For Instance, taking home loans or buying cars for the sole purpose of tax benefit is not beneficial. It means that people are ready to pay a higher amount of interest rather than a lower amount of tax on that income. At Planwise with the help of designated tax professionals, we take care of all the Tax-related issues in the best interests of our clients.|
|e) Retirement Planning||Retirement can be a function of wealth and not a function of age. We can retire any time we want if we have enough resources/ money to last for our lifetime. What if, rather than compulsion, retirement can be a matter of choice. We strive hard to make this happen for our clients. At Planwise we make you aware of the aspects that can affect your retirement. Considering the life expectancy, lifestyle changes, longevity, and Inflation. We prefer to use a conservative and conventional approach to set, meet and achieve your retirement corpus, so even if you retire at the superannuation age, this question won’t haunt you, “Will I be able to maintain the desired standard of living post-retirement for the rest of life?|
|f) estate Planning||It is the process by which one can arrange the transfer of assets in anticipation of death or incapacitation. With the help of various tools like Will, Trusts, Power of Attorney, Gift Deeds, etc, we carry out the estate planning process so that the intended beneficiaries get benefited from the transferred asset.|
|g) Investment Planning||Investment is the last but most important aspect of Financial Planning. Almost all the goals that we have planned are to be achieved through proper, disciplined, and well-followed investments. At Planwise we go for a conservative but dynamic investment strategy. We provide well-diversified portfolios using the mutual funds, stocks, and other investment tools. A periodic review is conducted to evaluate the performance of the portfolio, followed by recommendations for change in investments|