The Annual Planning Meeting: How up to date is your financial plan?
Life rarely stands still. Neither should your financial plan.
This is the latest in our series of practical articles on the value of financial advice. You can read previous articles here: Want to Know? Click here
Life changes. Markets change. Tax rules change. Your financial plan should keep pace. An annual planning meeting gives us the opportunity to check that your plan still reflects your goals, circumstances and priorities – and to adjust where needed – to keep you on track for the future.
A few reasons why reviewing your financial plan matters:
- Update Life Changes
Your financial plan should reflect your current reality. What mattered last year may not be what matters today. Marriage, children, career moves, property purchases, or retirement plans can all impact your financial strategy.
- Review Your Progress
See how you’re tracking against your financial goals and whether any adjustments are needed. Regularly checking in on your financial goals helps provide the confidence that you are moving in the right direction.
- Ensure Your Investments Remain Appropriate
Just as markets move and portfolios drift over time, your risk appetite or time horizon may have shifted too. We will ensure your investments remain aligned with your objectives and risk profile.
- Identify New Opportunities
Tax changes, new investment options are available, and financial planning strategies evolve. Reviewing your financial plan can reveal potential savings and new opportunities.
- Confirm Your Protection is Still Adequate
This helps towards a greater peace of mind for you and your family. Your income, debt, and dependents change. Your life and risk cover should keep up. We will review insurance, healthcare, and estate planning arrangements.
How to Prepare
Preparing for a meeting beforehand sets clearer and productive outcomes. To make the most of your review, consider bringing updates on:
- Changes to income or employment
- Significant expenses or debt changes
- New assets or investments
- Family or relationship changes
- Retirement goals and timelines
- Any questions or concerns you’ve been thinking about
Key Takeaway
Our annual planning process is designed to keep your financial plan relevant, effective, and aligned with your goals as life evolves.
If it’s been a while since your last review, or you’d like to update your Will, please reach out to your adviser or financialplanning@fairbairnconsult.co.za.
Business news from the MD
It is a joy to welcome our newest team member, Xolani Moyo a certified financial planner (CFP®) professional based in Johannesburg. Xolani’s experience, commitment and care for his clients are a great mesh with our approach, further strengthening the depth and capability of our advisory team, while his presence in Joburg has the potential to open doors for us. Welcome Xolani
Unlock more with Discovery
Are you a Discovery Insure client without a Discovery bank account? Discovery is shifting its offering to be based on the bank, and this affects its integrated model and your Discovery benefits. If this affects you, please reach out to us to see how you could unlock even more value from your Discovery portfolio.
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