Flying in the face of convention is never less than challenging. But without the challenge there’d be no stimulation, no motivation and no reward, three core components of the L & S Accounting Firm ethos. Our exceptional depth of talent across many disciplines allows us to deliver a total solution to our clients – whatever their size, their geographic profile or their need. By integrating skills from across the firm we deliver an unrivalled team architecture that truly answers clients’ demands for single-source solutions.
Many of our most innovative solutions are specifically designed to support greater customer-centricity, including:
This is where the adviser introduces himself or herself and typically explains the financial planning process to a client or prospective client. The adviser may ask open-ended questions to uncover anything and everything from immediate financial goals to feelings about market risk to dreams about retiring in the Caribbean.
You've gathered the relevant data, now analyze it! Following the retirement planning example, the data you've gathered can help you arrive at some basic assumptions. Let's assume you have 30 years until retirement, you've already saved $50,000, you expect an 8.00% return on your investments, and you can save $250 per month going forward.
Let's say you need $1 million to reach your goal. The previous assumptions (in Step 3: Analyze the Data) brought you just $100,000 short at around $900,000. If you can handle taking more market risk, you could increase your exposure to stocks in an aggressive portfolio of mutual funds and assume a 9.00% rate of return.
Now you simply put your plan to work! But as simple as this sounds, many people find that implementation is the most difficult step in financial planning. Although you have the plan developed, it takes discipline and desire to put it into action.
It's called "financial planning" for a reason: Plans evolve and change just like life. Once the plan is created, it's essentially a piece of history. This is why the plan needs to be monitored and tweaked from time to time.