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Successful financial planning

Five steps to success for financial planning

We spend our lives planning; our next vacation, for a family, buying a yacht! To realize our plans, goals, information, organization and compromises are required. After a 5-step financial planning process, the opportunity to develop a winning financial plan should increase significantly.



Step 1:

 Define and agree on your financial goals and objectives.


The goals and objectives will indicate the financial plan and should provide a roadmap for your financial future. They should include the following features:

  • Quantifiable and achievable
  • Clear and have a defined time frame
  • Separate your needs from your desires

They should be agreed upon and documented with your financial advisor to help you measure progress. They should also be reviewed regularly to capture changing circumstances and ensure that they remain relevant.

Step 2:

 Gather your financial and personal information.

The financial planning process and its success depend on the quality and clarity of the information communicated to your advisor. Your advisor will fill in detailed economic facts to capture all the relevant information about your finances. This includes:

  • Income and expenses
  • Resources and debts
  • Risk setting, tolerance and capacity

Step 3: 

Analyze your financial and personal information.

Your financial advisor reviews the information in step 2 and uses it to produce a report that reflects your current financial profile. The following conditions are developed to improve your understanding of your financial situation and to identify areas of strength or weakness:

  • Solvency ratio
  • Degree of savings
  • Cash liquidity
  • Debt service ratio


Step 4:

 Create a financial strategy and offer it to your boss.

The financial plan is created using the information from step 2 and the analysis results from step 3. Step 1’s goals and objectives should all be addressed, and a suggestion made for each. It will include the following:


  • Net assets (a balance sheet)
  • Annual consolidated tax calculation
  • Annual cash flow statement (shows surplus or deficit)
  • The consumer and the adviser sign the report once it is delivered and debated.

Step 5:

Implementation and review of the financial plan

When the analysis and development of the plan are complete, the advisor will describe the recommended measures. This may involve implementing:


  • A new pension or investment strategy
  • Switching debt supplier
  • Additional life or serious health insurance
  • Adjustment of income and expenditure


The advisor can make the recommendations or act as your coach and coordinate the process with you and other professionals. Auditors or investment managers. They can also handle the interaction with financial product providers.


Financial planning is a dynamic, ongoing process that requires continuous monitoring. The measures recommended in the plan should be reviewed regularly, and the goals should be reviewed annually to consider changes in income, asset values, and business or family circumstances.




Financial planning that follows a correctly defined and documented process provides the greatest chance of a successful outcome. It does not guarantee financial security or wealth but offers the opportunity to pursue both and requires proper analysis, discipline and expertise.