At Royal Square Financial we understand each season of your life, whether your career is kicking off or you are planning on retiring, we follow the 6-step financial planning process to find the best fit for your current and future needs. With the expert advice of a financial advisor, your wealth can grow while you sleep peacefully at night, building on your dreams and goals of the future.
Our financial advisors dedicate time in building a relationship with you in order to better understand your unique circumstances, commitments, and goals in order to guide you towards planning for your future financial wellbeing.
The 6-step financial planning process
1. Building a professional relationship
Through the establishment of a professional relationship, your financial advisor will clearly explain the services that will be provided to you wherein in both your and the financial advisor’s responsibilities are clearly outlined.
2. Data gathering that includes your financial goals
The financial advisor will enquire about your current financial position and together you will clearly define your personal and financial goals including information regarding the time frame and risks involved.
3. Evaluation and analysing of your financial position
The financial advisor will evaluate and analyse the information supplied by you to determine what your actions should be in order to achieve your goals. This is dependent on the services you have asked for and could include analysing your assets, liabilities, current cash flow, current insurance coverage, investments and strategies regarding tax.
4. Development and presentation of financial planning recommendations
The financial advisor will present you with recommendations and alternatives that clearly address your goals based on the information you provided previously. The financial advisor will go over the recommendations with you and give a detailed explanation to help you to understand in order to make informed decisions.
5. Implementation of financial planning recommendations
Your financial advisor will implement the financial planning recommendations as per your request and coordinate the entire process with you and other stakeholders such as insurers and asset managers.
6. Monitoring of financial planning recommendations
You and your financial advisor should be in agreement over the monitoring of your progress towards achieving your financial goals. The financial advisor will periodically send you reports to review the situation and give recommendations on adjustments when your current lifestyle needs change.
Saving for Specific Goals
Each new season of our lives are built on new goals and dreams based on current needs and circumstances. We have hopeful dreams for the future such as an overseas holiday, buying a new house, a brand new car, or even setting out to start a family.
Our financial advisors will recommend solutions suited to your requirements and unique risk profile. Meeting these goals will involve:
- Clearly identifying the goal;
- Calculation of the amount required to achieve to the goal;
- Deciding on the amount of time required to achieve the goal; and
- The disciplined saving of funds in order to realize the goal
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Education Planning and Policies
It is no secret that education is the foundation for a successful life.
Through the education planning process, you will be able to understand the specific educational needs of your children from a cost perspective and thereby be able to make the necessary provisions by means of a policy to ensure their future educational needs are met.
Provision shouldn’t only be made for education, but also to ensure your child’s education is ensured in the event of your untimely passing.
Risk Planning
Unforeseen circumstances such as sudden disability, illness, and even death all have a considerable impact on your financial wellbeing.
In the context of a Financial Needs Analysis (FNA), Risk Planning uses a six-step process to evaluate the impact of these life-altering events and through the mitigation of these risks, appropriate methods are suggested to insure you against these risks.
Through our financial advisors, you will have access to industry-leading products as well as a comprehensive list of product providers.
Estate Planning
Throughout your lifetime assets are accumulated to increase your wealth and it is imperative to eliminate uncertainties of the administration of your personal and financial matters in the event of your death by maximising the value of your estate.
The Estate Planning process includes setting up a will, trusts and the administration of deceased estates to ensure that your loved ones don’t need to deal with the complexity of having your estate finalised.
A will enables you to select beneficiaries, name the executor of your estate and provide peace of mind to your loved ones in the transferral of your estate. A trust enables you to ensure your assets are managed and preserved by your appointed trustees to best benefit your selected beneficiaries.
Our financial advisors will assist you in structuring your estate planning by use of wills, trusts, beneficiary designations, power of appointment, property ownership, donations, and power of attorney; specifically the financial power of attorney and medical power of attorney.
Inter-vivo Trusts
Testamentary Trusts
Wills
Estate Liquidity
Estate Tax
Budgeting and Debt Management
By following the steps provided to you by one of our financial advisors, you will be well on your way to achieving objectives set by you in the planning process to set up your personal budget and to gain a comprehensive understanding of getting the most out of your income and expense management.
