One of my favourite books as a child was Alice in Wonderland. I often think of the exchange between Alice and The Cheshire Cat at a crossroads when I’m explaining the reason we need to plan…..
Alice: ‘Would you tell me please which way I ought to go from here?”
The Cheshire Cat: “That depends a good deal on where you want to get to.”
Alice: “I don’t much care were.”
The Cheshire Cat: “Then it doesn’t much matter which way you go.”
Planning allows us to bring the future into the present… So we can do something about it now.
How we Plan
1. Define our working relationship
We begin by establishing what our Financial Planning Process involves and what you will get from the process, so that you are clear about what we do, how we do it, and what you will have at the end: a roadmap for your financial future.
2. Establish your Why & What
This is the most difficult – and rewarding – part of the process, where we park the finances and work with you to establish what you want to achieve in the short, medium and long term., That may include moving you or your family back to Ireland, sending your children to college, planning for retirement, effecting a career change, achieving an investment goal, ensuring you are tax compliant in both the United States and Ireland or simply putting some structure on your finances.
3. Planning your Future
Once we have established your Why, we can then consider the financial implications of achieving your Why. To do this we must look at where your finances currently stand in relation to your Why. For this we need to look at the four main pillars of your finances: Income, Expenditure, Assets and Liabilities. Once we have gathered this information, we can create the ‘Base Plan’. This will be the starting point for your future Financial Plan,
4. Engage with Tax and Legal experts
Once we have established where you are and where we want to go… we will engage with the tax and legal experts to ensure that your current and any future plans are compliant and portable, no matter where your plan takes you. This is all the more significant if you imagine moving country at any stage in the future.
5. Present the Plan and Recommendations
Once we you know your Why, and the experts are happy that our route is the correct one, we will draw all of the components of the plan together and present you with your financial roadmap which will clearly illustrate your financial position over your chosen time horizon. We will set out our recommended steps to achieve your Why, and outline any changes you should make to your current arrangements.
6. Implement the Plan
Once we are happy with the plan, we work with you to implement the recommended steps in the plan. That may be tax planning to ensure your plan is tax efficient and compliant, estate planning to ensure your estate goes where you want in the most tax efficient manner or establishing investment portfolios that will finance your plans.
7. Evaluate and Monitor
Life rarely runs in straight lines. Some years you will spend or earn more than expected or your investments will perform better or worse than expected. Our plans will be robust enough to ride out these bumps in the road, but we also need to ensure that the plan continues to be the correct one for you and adapts to changes in your Why. We will review your plan on an annual basis or sooner if there is a major change in your personal or financial circumstances.
Creating a Robust Financial Plan is not easy so we get A little help from our friends….
Voyant Cash Flow Planning Software. This software helps us handle the myriad details, changes, and ‘what-ifs’ that creating a financial plan entail. Voyant is a state-of-the-art powerful tool which allows us to analyse your current situation and by taking into account your future wants, needs and dreams allows us to create what your future cash flows out to mortality will look like.
We use four main matrixes: Income, Expenditure, Assets and Liabilities.
The software allows us to focus on every detail big and small. The more detail we can provide, the better the information we get back.
With Voyant, we will work together, leaving no stone left unturned and ensuring that every possible future scenario is addressed, from how much you can spend in a given year, to what happens if you live to be 112.
