A financial plan can give you a clearer picture of how your various financial components fit together. At a basic level, does your income cover your outgoings, and will it keep pace with inflation that has been persistent in recent years? Will you be able to meet expenses such as buying a property, paying for a child’s education and investing for a comfortable retirement?
What steps should you take to make your money work harder – and what pitfalls should you avoid? Maybe you can save on costs or refine your investment approach to improve your financial position? You should consider, too, whether you are making the most of your ISA and pension allowances, and are doing all you can to be an efficient investor. Your life and your financial circumstances will frequently change, and often throw up surprises – assessing your financial plan can help you adapt and even anticipate these changes.
However, you don’t always need full financial advice to help you remain on track for a secure future. A financial planning ‘MOT’ can be the ideal option to give you more clarity, more confidence, and more control as you manage your wealth.
What is a financial planning MOT?
A financial planning MOT helps you to explore your financial options and assess how they could lead to diverse outcomes. We all know that taking different routes with our money can produce different (and not always favourable) results. To make your financial plans more effective – and maximise your financial circumstances – now you can get personalised projections and guidance from an expert adviser.
It’s easy to build, improve and sense-check your plans for the future
Gain individual insights (or joint insights for couples) across all your accounts now.
- Powerful tools help you build a plan and visualise how your wealth could grow.
- Sense check your overall investment mix, tax efficiency, level of savings and financial goals.
- Personalised information and guidance so you can better understand how your choices could impact your financial outcome.
- Discuss options to maximise your financial plan in a 30-minute personalised guidance call with an expert adviser.
How your Financial Planning 'MOT' works
A simple step-by-step process:
- Set up your MyNetwealth profile and enter any information on your investments, such as your pension (and any other assets you may own) into the Wealth Tracker
- Include your current contributions and your financial planning goals in the Wealth Planner
- We will bring this together to help you get the clarity you need – and help you make the right decisions for your future
Need more help? This video demonstrates how to get started and how the powerful projection tools can give you tremendous financial clarity.
What is included with your Financial Planning MOT
Map out your finances: Consolidate and summarise your financial goals, current wealth and investments.
Target your goals: Guidance on the likelihood of achieving your goals with your current investments and financial arrangements.
One-to-one session: 30-minute personalised guidance call with an expert adviser to discuss your plans.
Financial 'MOT' report: Detailed report of key takeaways as a reference point for planning, decision making, and revisiting if circumstances change.
What is NOT included
Specific recommendation: Instead, we will focus on your current allocation and level of risk, and how these compare to your plan.
Personalised tax advice: Instead, we offer guidance on how to be tax efficient and make the most of the relevant tax allowances and wrappers.
Implementation of your plan: Instead, we will give you clear next steps which you can apply, or you can work with our wider team to see how Netwealth could help you.
If you would like a personal recommendation, and/or for Netwealth to implement your plan, our award-winning advice and investment management service can help you with all your financial planning and investment needs – for an all-in low cost. Find out more about what we offer.
A clearer picture of your finances now… and for the future
Make the most of your money. No matter what your circumstances are, having a clearer picture of your finances now, and being able to project potential outcomes can be very useful. You can plan ahead with more clarity, make better informed financial decisions and feel more in control and more confident about what you can realistically achieve. Why wait?
Please note, the value of your investments can go down as well as up.
Netwealth offers advice restricted to our services and does not provide independent advice across the market. We do not offer advice in relation to tax compliance, personal recommendations with regards to insurance and protection, or advise upon the transfer of defined benefit pensions.
