Like all great plans, even wealth planning has an end-game. Typically, the idea is to accumulate enough wealth to enjoy a healthy retirement and to pass on a legacy to your family.
But what about everything else that happens along the way? If you’ve ever assembled flat-pack furniture, you’ll probably have a humorous tale or two about poorly written instruction manuals and not enough screws to put it together correctly. Financial planning can be like this. Without adequate instructions and without taking every nut and bolt into account, you run the risk of ending up with something that doesn’t function the way you intended.
Traditionally, financial planning tends to focus on one aspect, retirement. It can fail to consider all the other aspects of your life and how they affect your wealth management and legacy planning solutions, for example. Holistic planning, however, is a more rounded and more effective way to look at your finances and build a more secure future.
What is Holistic Planning?
Holistic planning considers all areas of your life, such as your beliefs, goals, objectives, values, and ambitions, and uses that information to build a customized and comprehensive wealth plan.
Ask yourself these questions:
- What’s important to you?
- What are your hopes and dreams?
- What are your beliefs?
- What do you wish for your family?
- Who currently advises you?
Your answers to these questions lay the foundation for a holistic wealth plan. For better, more holistic planning, dig deeper.
- How do you intend to achieve your goals and objectives?
- What do you value the most?
- What’s crucial for the short-term?
- What is vital for the long-term?
- What circumstances could affect or hinder your aspirations?
- What is your preference for dealing with unexpected events?
The next stage of holistic planning looks at specific financial events, how you will plan for them, and how you will develop contingencies should something go wrong. These financial events often comprise the following, but this is by no means an exhaustive list.
- Real estate
- Building your business
- Selling your business
- Philanthropic efforts
- College/university fees
- Investment options in line with your values
- A financial crash or boom
- Sudden loss of income
- Marriage or divorce
- Sudden illness/incapacitation
The information you provide will help you develop a complete picture of your ideal financial journey and what you can do when faced with – or hit by – one of life’s curveballs.
Benefits of Holistic Planning
By going through the holistic planning process, you will develop a clear picture of what’s most important to you. It places the focus precisely on what you want and need, not what others want and need for you.
Holistic planning also accounts for sudden or unexpected situations. It equips you to deal with a crisis without suffering substantial financial loss.
Holistic planning is the way to go if you would like:
- A financial plan with the ability to evolve as your needs change
- Contingency plans for the unexpected
- Goals aligned with your beliefs and ethos
- A clearly laid out path to follow to achieve your goals
Investing in a Holistic Planning Manager
With so many aspects to take into consideration, holistic planning can seem confusing and laborious. Hiring a holistic planning manager makes the process easier, more enjoyable, and even more satisfying. Professionals know the right questions to ask to get the information needed to build your wealth plan. A holistic planning manager will also be able to help you decide on contingency plans and how to face the unexpected.
Their expertise, financial knowledge, and relationship with you combine to make a holistic planning manager one of your most valuable assets.
It’s Never Too Early to Start
Successful holistic planning begins as early as possible. You’re never too young to plan your financial future. The earlier you begin, the easier it may be to accumulate wealth.
The beauty of holistic planning is that it’s as versatile as you are. You can revisit your plan regularly and make adjustments as your life changes. This way, the plan always stays relevant to your needs.
Unlike your flat-pack furniture, holistic planning includes all the crucial elements to create a robust and sturdy wealth plan for the short and long-term. The more comprehensive you are, the better your holistic planning and its ability to weather all storms.
Just as you wouldn’t start building complex items without clear instructions, you shouldn’t go through life without a financial plan. Discover the value of holistic planning and start building financial stability and security today.