TST: Wealth Management: Views on Financial Planning and Money Management

Below is the screen capture from the Sunday Times earlier this week:

You can notice that for Retirement Planning, more than 70% wants their retirement fund to be enough to maintain current lifestyle and their family is well protected and provided for when they retire.

And the Top 4 topics where investors need more information is:
1) Writing a Will
2) Lasting Power of Attorney (LPA)
3) Estate Planning
4) Succession Planning

For Writing a Will with 78% requiring more information, we have ample information about it in this blog, check this out especially:
1) Does everybody have a Will?
2) FAQ on Will
3) CheatSheet : Estate Distribution

As for the LPA, we will be sharing what is LPA and the FAQs about LPA next month.
If you need any clarification, feel free to contact us.

Wealth Maintenance

This Wealth Maintenance analyses your general financial health such as cash flow and debt position. A net positive cash flow with no over-committed liabilities is considered healthy. We will guide you to effectively manage your cash flow and suggest ways to reduce, or avoid, unnecessary borrowing.

Key considerations:

• Cash flows
• Emergency funds
• Debt analysis
• Tax planning

Five Steps of Financial Planning

Basically there are only five steps to a financial planning process:

1. Gather & Establish Objective
2. Analyse & Evaluate Information
3. Develop Plans and Recommendations
4. Implement Plans & Recommendations
5. Review Periodically

Five Pillars of Wealth

The Five Pillars of Wealth are the essential elements in a comprehensive framework that covers the wealth management needs of an individual from a complete perspective. Every individual who cares about his/her financial life will benefit from this framework whether he/she is just getting by, rich, poor or broke. Later we shall see that dire consequences await those who do not adequately address any of the crucial pillars of wealth management.

1. Wealth Maintenance
2. Wealth Accumulation
3. Wealth Protection & Preservation
4. Wealth Enhancement
5. Wealth Distribution

Or Wealth M.A.P.P.E.D in short.