What is Financial Planning?
Financial planning is the process of meeting your life goals through the proper management of your finances. At Declan Maher Financial Services Ltd, we offer Innovative and client focused financial planning for Individuals, Business Owners and Professionals. We provide Insightful, Professional advice to our clients to help them achieve their Financial Goals. Using an established Financial Planning process, we evaluate a client’s financial situation and objectives then provide advice accordingly.
The financial planning process, as described by CFP® Board, has six steps that help you take a “big picture” look at where you are financially. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals.
Establish the relationship with the client, inform the client about the financial planning process and the nature of financial planning engagements.
Identify the clients Personal and Financial Objective, needs and priorities. Collect all relevant Qualitative and Quantitative information from the client.
Asses the clients Financial situation, Analyse the strengths and weaknesses of the clients current financial situation and compare them to the clients objectives, needs and priorities.
Develop the Financial Planning Recommendations and present them to the client
Implement the client’s financial planning recommendations. Identify appropriate financial products or services that are suitable to the client’s financial situation and reasonably address their needs, objectives and priorities.
Review the client’s situation on an ongoing basis. Financial planning is a Dynamic process and may require updates due to changes in a client’s personal or economic circumstances.
Everyone’s retirement plans, needs and ambitions are different. Therefore there is a broad range of pension options which we will help you to make sense of. Each option is designed to help make your retirement planning as straightforward, effective and financially rewarding as possible.
Portfolio management is the creation and maintenance of a coordinated collection of investment assets. The aim is to manage risk and return in response to your changing needs and market conditions.
Part of the financial planning process is ensuring that your income is protected and that your family have the security of a replacement income in the event of death, illness or disability.
Identifying opportunities where tax savings can be made, to ensure efficient tax planning, such as film finance relief and pension planning.
Estate & Succession Planning
To protect your family in the event of your passing or incapacity, it is important to have a plan in place to ensure that your estate is passed to the people you want, in a tax effective and efficient manner. Changes in legislation mean that the thresholds for gifts have reduced and the potential tax payable on these gifts has increased. At Declan Maher Financial Services Ltd, we provide you with expert advice and work with external tax or legal specialists in dealing with more complex estate planning issues.
Making a Will
One of the biggest financial planning mistakes is not making a will. If you do not have a will, on your death, your assets will be distributed under Intestacy laws based on the 1965 Succession Act. This can cause problems, delays and additional costs for the surviving spouse.