The Financial Planning Process – Annual Meeting

This is the last blog in explaining The 6 Step financial planning process. We’ve done a lot so far:

  1. We had the initial meeting to find out about what is important to you, what makes you tick and what you are trying to achieve.
  2. You did your homework and gathered all your data, including the cost of life.
  3. I then went off and prepared your financial plan, identifying shortfalls and coming up with suggestions and structures you need to put in place.
  4. We then had the financial planning meeting, going through your assets, liabilities, making adjustments to the plan I drafted and coming to an agreement on the most important areas to action.
  5. We then implemented those areas so your financial plan became a reality and not just something you knew had to happen.

If you followed those 5 steps, wouldn’t everything be fine and you can walk away knowing the future will be fine? We all know that life doesn’t going in a straight line. What is important to you today may not be as important to you next year. There are lots of things that you may change:

  • Another child
  • Marriage/ divorce
  • Move house
  • Move job

There are even more things that are outside of your control:

  • Stock market crash/ rally
  • Change in income tax rates
  • Change in pension legislation
  • Made redundant
  • Interest rate increase
  • Health issues

That is why it is important to tweak your financial plan on a regular basis to ensure that your finances stay on track with your goals. It can be difficult for people who are in good financial shape to feel that they need an annual planning meeting but financial planning is a journey, not a destination. You need to keep things up to date so only small adjustments are made each year instead of massive, costly ones when a major event occurs.

I hope theses articles on the financial planning process has helped you understand what goes into a financial plan and how it can help you. As always, if you have any questions, contact me at