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How to make a Financial Plan

Written on the 7 August 2018

How to make a Financial Plan


Making a plan with your finances means you can start to get ahead financially. But a financial plan also helps you to manage life events such as buying a home, having kids, paying for education, or planning for retirement, without having to sacrifice the future that you want.

The right financial plan can help you minimise the bad, make the most of the good times and protect against the unexpected.

After you've spoken to a financial adviser, he or she will provide you with your plan in a document called a 'Statement of Advice'. It sets out your situation, goals and your adviser's financial recommendations. The Statement of Advice will vary from person to person because it has been written with your individual circumstances in mind.

Financial advisers will help you to grow your wealth by explaining a number of investment strategies including shares, property and bonds.

They'll also look at strategies to protect your family and your wealth if you were hurt or even in the event of your death, such as life insurance and income protection.

Working with a financial adviser doesn't mean you hand over control of your financial plan. You'll always have the freedom to make decisions that you feel most comfortable with. But you can rely on your financial adviser to offer strategies and professional advice to help you make the right decisions.

Once you have made your financial plan, it's not the end of the story. As BT's Bryan Ashenden says, 'One of the most important things is that your adviser can work with you to make sure that your plan is adjusted over time as your circumstances change so that you have the best possible chance for success.'

If you're interested in making a financial plan, BT can help you find an adviser who is right for you. Get moving and book a complimentary initial meeting with a financial adviser.

The information is current as at 11/08/2015.

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