What are the components of an NZFP Game Plan?
In order to construct a clear and sound Game Plan, we explore a variety of areas that influence your ability to achieve your goals and objectives and, ultimately, your financial independence and wealth. This process allows us to form a complete understanding of your financial situation and any gap that needs to be filled.
We call these areas Planning Components. They include elements of planning around your Lifestyle, Investment, and Estate needs to name but a few. We also recognise the importance of including other professionals such as lawyers, accountants and insurance brokers, where a more specialist service is required.
The 8 components
Lifestyle Planning is about your current lifestyle requirements and what they are likely to look like going into the future. By exploring these we are able to help determine the financial resources that you will need to support them.
Cash flow Management
Once you know what you need in the future to fund your lifestyle, the Cash Flow Management component will help you define the pathway to get there. It identifies your monthly income, expenses and big ticket purchases and formulates a plan to give you the ability to put money aside for the future.
This key component helps you understand what debt you have and create a plan to manage it. Debt can be an obstacle to achieving your lifestyle goals and objectives. Most people have debt and while some debt is healthy, you need to understand the impact of it and have a plan in place to manage and ultimately reduce it.
The Savings component identifies your surplus cashflow and how to accumulate it for your future needs. Having a savings plan gives you options and flexibility to do the things you really want to do. A structured savings plan will allow you to fund lump sum items such as travel, upgrading cars and home purchase, and in conjunction with KiwiSaver, allows you to create your financial independence.
In July 2007, the New Zealand government introduced a workplace savings scheme called KiwiSaver. Your NZFP Game Plan considers how KiwiSaver can help you accumulate savings to fund your future lifestyle and the options available to you once you draw down these funds in retirement.
Insurance provides you with peace of mind should something not go according to plan. There are many options to choose from. By taking into account your lifestyle goals and financial and personal commitments we are able to help sort through your insurances to ensure you have the appropriate cover.
Estate Planning is about ensuring that you have the documents and structures in place to protect your assets and ensuring that they are dealt with according to your wishes. While we cannot put in place wills, trusts, guardianships, and enduring powers of attorney, we will work with your lawyer to ensure the most appropriate structures are in place. We will then work with your lawyer and/or accountant to ensure all of your planning works together to achieve your financial objectives and wishes.
Sound Investment Planning forms the fundamental component of most Game Plans. It looks to achieve a balance between risk and return, income and growth, and if required the longer-term preservation of the capital base. It is important that we work with you to understand your changing lifestyle requirements and how short-term events can impact on your future well-being. We pay special attention to understanding your risk profile, to ensure that your portfolio is tailored to match your unique circumstances.
What types of Game Plans are available?
There are a number of Game Plans available to suit your life stage. Click on one of the examples below to see what they are about.