WHAT IS

A SMART FINANCIAL PLAN?

Protecting and providing for your family is the most important job in the world. A job that we all take very seriously. Providing for yourself so that you don’t become a burden in later years and providing for your family after you’re gone can be achieved with the right kind of financial planning.

We believe that developing a Smart Financial Plan is one of the most beneficial journeys you can undertake to ensure that you can Live YOUR Best Life. Knowing what you want to achieve in life is the first step. Thereafter, you need to know how to invest the money to make sure you can reach those goals.

A Smart Financial Plan includes:

Everyday Finances – we will look at the way you spend your money and recommend changes to help you spend it wisely. We will not put you on a “starvation diet” – we will show you how to balance what you want from life now with what you need to do to achieve your goals.
Retirement Planning – we will develop a plan to enable you to retire. We will take what you have now, and work out how much you will need to contribute each month in to achieve your desired objectives.
Investment management – we will assess your risk profile in order to understand which investments are best suited for you. This will involve a Finametrica risk tolerance assessment, as well as a risk capacity and a risk need assessment.
Estate Planning – we will discuss your wishes in the event of your passing, and then calculate the Estate Duty, Capital Gains Tax, and executor’s fees that you will incur. We will do a liquidity analysis to ensure that your estate has enough cash to pay these expenses, as well as death related expenses and the repayment of debts. We will also assess your will and trusts and make suggestions for how to optimize these.
Business Plan – if you own a business, we will integrate your plan for the business into your personal plan. This will include assessing the business structures and payouts to optimise for tax, and look at succession planning strategies.
All of this will be within the context of your current situation and expressed future needs.

We will then work with you to prioritise and order your next steps so you know exactly how to go about organising your financial affairs.

THE PROCESS

WE FOLLOW TO BUILD YOUR PERSONAL PLAN

We will partner with you to build your unique step by step plan to financial freedom, understanding where you are, where you want to be, and your risk, income and expense profile in order to design a realistic plan.

PREPARATION PHASE

After we agree the outcomes you desire, we begin the preparation phase.

There are three major components of this:

Information collection – you provide us with the information we will need with respect to your income and expenses, assets you own and liabilities that are due.
Reflections journal – we will give you a Southern Pride Wealth reflections journal that has 15 questions we need you to answer. If you are married, these will be done independently. This helps us understand what your vision of retirement and your life until then is.
Assessments – we get you to do two short tick box assessments – one on your view of your financial health, and a risk assessment.

We will then meet to discuss your reflections and clarify any questions you may have.

PLANNING AND PRESENTATION

We will then set to work on your financial plan. This is often quite iterative and we’ll ask you clarifying questions where we need more information.

Once it is ready, we will then meet for a three hour discussion where we will present the plan to you, and gain your feedback. This is a great discussion where we understand your views on our recommendations.

If more work is needed, we will prepare for that and present back to you again.

AGREEMENT AND NEXT STEPS

We will agree next steps for you, and next steps for us, until we have a plan you are comfortable represents the best way possible to meet the needs we have discussed.

When you are comfortable with the outcome, the process is complete. You will receive both a presentation and a Record of Advice (word document).

It is then up to you whether you want us to support you in implementing the plan and managing your financial wealth in an ongoing partnership. You can select a variety of plans from a once a year review to quarterly reviews with everyday access to a financial planner.