Waveney McKenna

Within Waveney we feel that financial planning and financial advice are very different. The former relates to really knowing our clients, where they are now, what they want to achieve and what plans they have in place at the moment to get there.

In depth knowledge allows us to look at lifetime cash flow forecasts which can include school fees, weddings, buying your child their first car, helping them with expenses as well as your own more traditional retirement needs. The following graph is an example of lifetime cash flow forecasting:-

In this example the individual’s mortgage is due to be repaid at age 55 with income ceasing from age 60, there is a slight increase in income from age 65 as the state pension commences although the client needs to either reduce expenditure or increase their income as income is insufficient to meet expenses in retirement. “What ifs” can be built into the planning process and in this case the client would have sufficient income if they downsized their home for example.

This analysis is also undertaken assuming a partner dies or becomes disabled so that any life cover or disability insurance shortfall can be ascertained.

Once the financial plan is agreed then it is possible to move towards the financial advice process. The financial advice process offers recommendations with regard to the tools required to meet the objectives and shortfalls highlighted within the financial plan. These tools can include pension provision, including Self Investment, family pension trusts, ISAs together with protection arrangements—life insurance, critical illness cover and income protection.

The investment of assets within any tax wrapper is also important and we undertake an analysis of your risk profile to allow us to formulate an asset allocation and investment strategy to meet your requirements. This often includes accessing specialist discretionary management together with passive investment techniques.

If you would like more information on our financial planning service then do call either Ian Burrows or Liz Burrows on 01733 425818.