Before we begin do you have a financial advisor?
If you have an advisor are they engaging with you and helping you reach your goals?
If not, consider getting a financial planner who acts as your coach, has integrity and is passionate about seeing you grow.
Step 6: Monitor
Monitor is to continuously track and observe the progress of something while keeping a record of the changes. Monitoring assists with revising and reviewing the progress to ensure the long term outcome is achieved.
When looking at this step of our process we prefer the term monitor instead of the word review. Some clients describe the idea of a review as this big daunting task, when actually we need to be in the habit of monitoring our situation on a regular basis and not allowing it to build up in our minds.
At Growmatter we want to empower and encourage our clients to keep track of things more often.
Over time you become more aware of your situation which means you are more in control of your finances. When clients reach this level of control the input we provide is more valuable as they are looking for ways to improve.
Never a dull moment
Things are constantly changing in our lives and we need to regularly update and review our financial plan. We should seek advice and realign our financial plan before, during or after any significant financial change. A good guideline is to review your financial plan once a year with a professional. This is not a cut and dry plan but more like a line in the sand, reviewing more frequently can be a good thing if you are undergoing significant changes.
Buying property, having children, changing jobs are just a few things that should trigger a meeting with your financial advisor. We consider the guideline of reviewing once a year more of a fail-safe. Even if nothing significant changes in your life it is important to revise your portfolio and consider the external factors. The products, tax laws and the economy are just some of the factors that are changing and can have an impact on your finances.
This process can be a simple email with a summary of all your policies and investments attached. It could be a more technical meeting to update your will, relook at your medical aid or address your retirement shortfall. Sometimes we can even enjoy a cup of coffee and talk more about the goals you have and how you want to plan for them.
Our financial planning process is geared towards protecting, helping and guiding our clients. We work closely with you to achieve your goals and financial plans.
During the entire process we work together, you are not alone and we are always here to answer questions and explain things you are unsure about.
Join us
For more information or to start your financial plan contact us
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