In general usage, a financial plan is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans.
We at Khwahish Investments come across over this fundamental question every now and then. Why should an individual or a family trust their hard earned savings in the hands of an entity or an individual. This is all the more relevant today as Investors can invest directly and save a part of their expense. This is surely tempting. Ease of investing online and saving part of expense is alluring.
However, this Is just one part of the story. With over thousands of investment products like equity, mutual funds, insurance, debts, fixed deposits, gold etc the choice and right combination of product has to be correct. Going forward consistent monitoring of investments becomes extremely important. More so in the absence of an advisor rebalancing of the portfolio with the changing market and political conditions needs to be done by the investor on his own hence, a Financial advisor may be indispensable.
The financial planning process is a logical, six-step procedure:
- determining your current financial situation.
- developing financial goals.
- identifying alternative courses of action.
- evaluating alternatives.
- creating and implementing a financial action plan.
- reevaluating and revising the plan.
Essential Components to a Financial Plan
- Goals & Objectives to be listed by priority and should be as specific as possible.
- Income Tax Planning
- Net Worth Creation
- Risk Management and Insurance
- Planning for Retirement, Education, and Special Needs
- Cash Flow Management
- Investment Planning
- Access to a broad range of actionable strategies customized to your risk profile and time horizon right from intraday, overnight, short term to positional calls
- Quantitative strategies for positional traders to maximize risk adjusted returns
- Customized advice across all asset classes - Equities, Derivatives, Commodities, Currencies and Mutual Funds
- Dedicated Relationship Managers and advisory team to provide timely recommendations (on select a/c 's)
- Integrated view of our advice across all platforms - Desktop, Web, Mobile & Tablet, Smart Watch