PAM Guide to Wealth Management

Chapter Three - The financial planning process

Each of the private wealth advisers described in Chapter two may take different approaches to managing your financial affairs. But there are certain key elements that should be included in any wealth management approach.

The ultimate aim of this process is to achieve your financial objectives. This can only be done once you and your adviser have determined the time scale in which you want to achieve your goals and the level of investment risk with which you are comfortable, as well as drawing up a lifetime cash flow forecast. The planning should also ensure your assets are passed to your beneficiaries in the manner you wish and are structured in the most tax efficient fashion possible for you and your beneficiaries.

This chapter takes you through the financial planning process, so you are armed with the right information and know what to expect from your adviser. The financial planning process is divided into two key parts planning and implementation. This chapter will focus on the planning process, with later chapters going into greater detail about the implementation.

Different wealth managers will be used for these two stages. For example, an asset manager is likely to be called on to manage your investment portfolio, but determining the asset allocation, investment objectives and level of risk will usually be carried out by you and your wealth manager, such as a private banker, and IFA, or more specifically a wealth or financial planner.

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