What is Financial Planning?

Financial Planning is the process of developing strategies to assist clients in managing their financial affairs to meet their life goals.

The process of Financial Planning involves reviewing all aspects of a client’s situation across a wide range of financially related activities, including inter-relationships among often conflicting objectives such as the need for long term financing of old age and future health against the short term need for either personal enjoyment and or the financing of borrowings.

Our Approach

The starting point for Financial Planners in advising clients is to:

Understand who our client is, what has shaped their outlook on life and financial matters.
What their current financial position is and how is this likely to evolve in the future if left unaltered.
What goals and desires they have for themselves and their families.

From this data it is possible for MGM to identify what potential clients must do to improve their overall financial worth by using not only appropriate financial products but also interacting with their legal and taxation advisers in issues that are conducive to their best interests.

What are the Steps Involved?

Defining the Scope of Engagement

Here we explain the process we will follow, find out your needs and make sure we can meet them. You can ask us about our background, how we work and how we charge.

Identifying Your Goals

You work with us to identify your short and long term financial goals – this stage serves as a foundation for developing your plan.

Assessing Your Personal Situation

We review your personal position – your assets, liabilities, income, personal expenditure, insurance coverage, investment or tax strategies and personal legal situation.

Preparing Your Financial Plan

We recommend suitable strategies, products and services, and answer any questions you have.

Implementing the Recommendations

Once you’re ready to go ahead, your financial plan will be put into action. Where appropriate, MGM may work with specialist professionals, such as an accountant or solicitor.

Reviewing the Plan

Your circumstances, lifestyle and financial goals are likely to change over time, so it’s important that your financial plan is regularly reviewed, to make sure you keep on track.