Financial Planning
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Financial Planning Services
What is Financial Planning?
Financial planning is process of meeting your financial goals through proper management of financial resources. It is not just buying a products like a pension or an ISA. A financial plan is comprehensive evaluation of an investors current and future financial state.Dream of buying a new car , a dream house , getting your children married in style or simply retiring early to live life king size. There are two ways you can deal with finance in your life:
Without planning :- Wherein at some point of time in future , you will have money and then you will decide how to use that for your goals.
With planning: – You decide well I advance what are your goals and how you will achieve them. Financial planning gives you more clearity in life , it provides direction and meaning to your financial decision . It helps you to provide the right balance your present and future lifestyle.
The first step to financial planning is establishing goals and defining the client planner reationship.This lays the foundation for the planning process and provides clarity about the client’s financial destination.The planner should ask open ended questions about needs,goals,dreams,objectives,risk appetite,past experience,financial strength and weaknesses etc.
For formulating a sound financial plan ,revelant data about financial information of the client, the collection of necessary documents and structured questioning is required . All the information should be documented in order to visualize data and provide prudent recommendations.
The financial and other data gathered about the client is analysed and evaluated by the financial planner to get an in-depth understanding of the cient’s situation with respect to his needs ,goals and objectives and determine the gap between the two and path that must be followed.Based on the services requested, the assessment and analysis will be customised.
Based on the analysis and evaluation of the customer data and needs ,the financial planner develops alternatives and recommendations to meet goals and objectives and presents them to the client. Client feedback is taken and reviewed. Concerns are addressed and the plan is developed by incorporating relevant recommendations and revisions.
This is the most challenging step because strong and sophisticated plans can be developed and revised but it is still a document on paper. It requires immense focus and discipline to implement the plans and stay with it.
Plans need to be dynamic and must evolve with the need of the hour .So, monitoring and reviewing the progress of the plan regularly and systematically is an important step in financial planning process.
| Name | Aman Rawat | Ankit Garg |
| Current age | 25 | 30 |
| Retirement Age | 60 | 60 |
| ROI | 15% | 15% |
| SIP | 5000/m | 5000/m |
| Tenure | 35 | 30 |
| Total Amount Invested | 21,00,000 | 18,00,000 |
| Amount at the time of maturity | 5,70,74,219 | 2,81,58,852 |
| Benefit | 2,89,15,366 |
It is very important aspect for each and every individual to plan for their child higher education. Every person has to make a plan and invest some money for their child education ,so that the person will not suffer in future. A small amount investing for child education can provide the child better and bright future.Lets take an example :-
Current age of child = 4 years
Higher education will start from 18 years and for 5 years Current cost education = 4 lacs.
ROI= 12%
Inflation=4%
Monthly amount should be invested= 7260 R.S.
This small investment can lead to give your child better education.
A small amount of investment can lead to large fund accumulation for your marriage , so invest early and fulfil your marriage dream as you have planned or wished
Tenure20
| Name | Kajal | |
| Current age | 10 | |
| Marriage Age | 30 | |
| ROI | 12% | |
| SIP | 5000/m | |
| Total Amount Invested | 12,00,000 | |
| Maturity Amount | 45,99,286 |
Every individual has a dream to purchase their self house. It is possible by either accumulating amount or taking home loan. For eg:-
Tax planning is the analysis of a financial situation or plan from a tax perspective .The purpose of tax planning is to ensure tax efficiency. Through tax planning all elements of the financial plan work together in the most tax-efficient manner possible.
Importance of Financial Planning
Financial planning helps you determine your short and long term financial goals and create a balanced plan to meet those goals. Here are reason why financial planning is effective with the help of expert financial advisor :-
- Income:- It’s possible to manage income more effectively through planning. Managing income helps you understand how much money you will need for tax payments and other monthly expenditures and savings.
- Cash Flow:- Increase cash flows by carefully monitoring your spending patterns and expenses. Tax planning ,prudent spending and careful budgeting will help you keep more of your hard earned cash.
- Capital:- An increase in cash flow can lead to an increase in capital .Allowing you to consider investments to improve your overall financial well being.
- Family security:- Providing for your family’s financial security is an important part of the financial planning process. Having the proper insurance coverage and policies in place can provide peace of mind for you and your loved ones.
- Investment:- A proper financial plan considers your personal circumstances ,objectives and risk tolerance . It acts as a guide in helping choose the right types of investments to fit for needs.
- Standard of Living:- The savings created from good planning can prove beneficial in difficult times. For example you can make sure there is enough insurance coverage to replace any lost income should a family bread winner become unable the work.
- Financial Understanding:- Better financial understanding can be achieved when measurable financial goals are set the effects of decisions understood and result reviewed. Giving you a whole new approach to your budget and improving control over financial lifestyle.
- Assets :- A nice cushion in the form of assets is desirable .But many assets come with liabilities attached. So I becomes important to determine the real value of assets.
- Savings:- It used to be called saving for a rainy day. But sudden financial changes can still throw you off track. It is good to have some investments with high liquidity. These investments can be utilized at the time of emergency.
- Ongoing Advice:- Establishing a relationship with a financial advisor you can trust is critical to achieving your goals. Your financial advisor will meet with you to assess your current financial circumstances and develop a comprehensive and develop customized for you.
What Mudraguna provides through financial planning?
OUR COMPREHENSIVE FINANCIAL PLANNING SERVICES
In financial planning services our focus will be on building a comprehensive financial plan for the clients based on the various factors which affects the clients decision making w.r.t to the financial planning. In the comprehensive financial planning services we consider the overall aspects of the clients which includes various financial planning aspects such as investment planning, retirement planning, insurance planning, tax planning, child education, child marriage, buying a house etc. which will help the clients in achieving their goals in there specified time horizon. In financial planning we define.
- The financial status of the people
- The risk appetite of the people based on their goals
- The time horizon required to achieve the goals
- The time horizon required to achieve the goals
- The funds in which the investment needs to be done
- The funds in which the investment needs to be done
- Implementing the financial plans
- Reviewing the financial plans as per the people needs and market scenario
Apart from the above mentioned aspects we also considers the following relevant areas which are important for achieving your financial goals: