Implementation and review

Once you have agreed on your plan, it can then be implemented. Your adviser will assist you every step of the way to ensure that your financial plan is implemented with a minimum of fuss.

Regular reviews will be conducted to ensure the plan is on track, or adjusted to suite your changing.

Using a financial plan can give you great comfort in knowing you are preparing for your financial future.

Implementation of Plan

The last step of the financial planning process involves monitoring the financial plan’s implementation and progress towards meeting goals and objectives. It should be no surprise that the world that we live in constantly changes. Due to these changes, its important to ensure that our financial plans are up to date.

Financial planning is an ongoing process that entails defining goals, gathering data, measuring progress and changing course when necessary. Financial plans should be considered a “living document”, which means that it is continually edited and updated. This ensures that the recommendations that you have implemented are still relevant and needed to help you reach your goals.

The elements of personal finance have the tendency to change, some more than others. A minor change in one of these elements (budgets, investments, financial risks, estate plan, etc.) can severely impact your ability to meet your financial planning and life goals.

To ensure that minor changes in your life are incorporated into your financial plan, its recommended to review and revise your plan at least annually. In the best case scenario a financial plan would be revised upon realizing that some facts or assumptions in your financial plan have changed.

Cash Flow and Budget

Our budgets have the tendency to change from month to month. Monitor your financial plan to ensure that income and expenses haven’t changed enough to jeopardize your success. This also includes reviewing debt levels and the trends of other liabilities. It’s a good idea to consistently monitor the use of credit cards and other lines of consumer credit.

Risk Management and Insurance

Reviewing our risk management strategy ensures that our current insurance coverage is adequate. Changes in lifestyle, home value and other financial planning elements can effect whether you have the right coverage. It’s also a good idea to shop around for new insurance deals once in a while. This can help lower your expenses.

Savings and Investments

Financial markets are in a constant state of flux. Assumptions, such as expected investment returns, have a huge impact on retirement planning and the accomplishment of our other goals. Ensure that your savings and investments are performing well (relative to the broad market). You many need to change your asset allocation, increase liquidity through asset sales or increase your savings rate.