Facebook TwitterLinkedInYoutube Start Planning for your Financial goals
Schedule Your Free Consultation
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Holistic investment planners, financial planning Chennai, Private wealth management Chennai

Holistic investment planners, financial planning Chennai, Private wealth management Chennai

Financial Planning chennai India, Private wealth management chennai India, Investment Advisory India, Systematic Investment Plan, Mutual Fund SIP, Mutual Fund ELSS, Tax Saving scheme

  • Home
  • About Us
    • Who we are & What we do
    • Services
      • Financial Road Map
      • Retirement Roadmap
      • Asset Allocation Plan
      • Webinar
      • Money Management
      • Wealth Management
    • In the Media
    • Testimonials
    • What Makes Us Different
    • How we can help you
    • Specialties
    • Honors and Awards
    • Vision & Mission
  • Resources
    • Blog
    • Articles
    • Podcast
  • Ideal Client
  • Contact Us
Holistic Investment - Financial Plan

Financial Plan Review: What makes a Financial Plan workable?

Is financial planning a one-time activity?

Once the financial plan is created, do you need to continue your relationship with your financial planner?

Will the financial plan which you created in your early life, hold good till your retirement ?

Do you need to handhold with your financial planner untill you achieve all your financial goals ?

The answers to all these questions will be unfolded somewhere in this article.

1) Changes and Deviation:

When you create a financial plan, you create it with some assumptions.

a) Change in salary

One of the assumptions may be your increment rate. This increment happens on a yearly basis. Remember when there is any big change in income, it directly impacts your financial plans and so this is taken into account while making a financial plan,

Say you have assumed your salary increment rate at 12%. You may get only a 10% increment in one year and a 15% increment in another year. This is a change and a deviation from your assumption. Not only this, but there may also be a job loss, a job change, a promotion, long sabbatical, or other such events where your salary may change drastically. Then there is a need for a close review.

b) Change in the tax status

If you had a change in salary or maybe a change in the income tax laws and now you fall into a different tax bracket, then there is a need to revise the financial plan. It is done so that the tax liability is reduced. If you fall into the highest tax bracket, then you can undertake tax planning so that you can save tax optimally. Remember when doing tax planning, it’s not just Section 80 C of the Income Tax Act, there are also other provisions that can be used for your benefit.

c) Change in risk tolerance and risk appetite

Risk tolerance and risk appetite are important while making a financial plan. They keep changing. For example, as a young investor, you would be willing to take more risks and hence your investments would be directed into risky investments such as equity or real estate. But if you are retiring, your risk tolerance would be lower, and so your asset allocation has to be revised.

d) Change in your financial goals

Priorities change over time. One of your financial goals may be to buy a property at the end of 5th year. Though you have planned to buy the property at the end of the 5th year, you may locate a very good property at the end of 4th year itself. You don’t want to miss it. You may want to prepone your financial goal. At times, even after the 5th year, you may not be able to locate a good property. So you may want to postpone your goal for one more year.

Or for example, in your early stages of life, you would have wanted to spend more on lifestyle, entertainment, travel, etc. But this might take a turn when you are married and have kids and a family for which you are responsible. Again, this is a change and deviation from our original assumption.

In between, you may want to include a goal, remove a goal, or modify a goal. So reviewing your financial plan is needed.

2) The Relevance of the Financial Plan:

Decide if all the financial goals you set are still relevant. Have you lost interest in any or want to add new financial goals?

When you create a financial plan, it will be relevant to you 100%. At the end of one year, because of the changes and deviations as mentioned above, the financial plan created at the beginning of the year may be relevant to you only by 70%. At the end of the 3rd year, it may be relevant to you only by 30%.

A workable and achievable financial plan needs to accommodate the changes and control the deviations. To accommodate the changes and control the deviations, doing periodical financial plan review is important. Periodical financial plan review only makes the financial plan workable and achievable. The financial plan review makes the plan up-to-date and keeps it relevant.

3) Continuous Process:

Financial Planning is not a one-time activity. It is a continuous process. You should have a long term relationship with your financial planner. A professional financial planner can handhold with you during your journey towards financial goals. You need to periodically check if the financial plan is still on track, even after the changes in the circumstances. If it is not on the track, then how do you bring it back to the track?

Also sitting or just standing on the right track will not take you to the destination. On the right track, you need to run at the right speed to reach the destination at the right time. All these things need to be monitored frequently to check our progress. This monitoring becomes possible by doing periodical reviews on your financial plan.

Periodicity of Financial Plan Review

The next logical question is how frequently we need to do the financial planning review. Generally, once in 6 months, we need to do a review. If the situation demands, then we can go up to 4 reviews in a year.

Who initiates the review?

The Financial Planner or the client…? It depends. Financial Planner will initiate the review process once in 6 months to check things are going as planned or not. As a client, you may initiate financial planning review, when circumstances at your end changes like, you get an increment or promotion, the demise of one your dependents… During these kinds of situations, you need to come forward and initiate the financial planning review.

These are few factors based on which you know how often you should do a review.

    a) Financial goals: You need to review your financial plan after achieving each of your financial goals.
    b) Financial products: If you have financial products that mature at short intervals, you will have to review more often.
    c) Personal factors: If you have changes in the number of dependents, salary, etc. you will require a review of your financial plan.

You need to work out financial planning reviews periodically, then only the financial plan will work out for you. And this will help you achieve your financial goals promptly.

Happy Reviewing!

If you are looking for professional assistance in creating a strong , sound, sensible financial plan, then you can take advantage of our

Budget

 

PREVIOUSNEXT

Primary Sidebar

Client Login

Recent Posts

  • Kotak Wealth Optima Plan-ULIP Review (2022): Is it Good or Bad?
  • A Workable Financial Planning Guide For 35 – 45-year-olds
  • Kotak Platinum Plan-ULIP Review (2022): Is it worth investing in?
  • Kotak Single Invest Advantage Plan: An Elaborate & Insightful Review
  • ICICI Pru Guaranteed Income For Tomorrow Review [2022]: Worth Buying Or Not?
Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews.

Footer

  • Articles
  • Gallery
  • Ideal Client
  • Jobs(Full Time)
  • Podcast
  • Services
  • Testimonials

Connect With Us

Holisticinvestment.in
10/15, Second Cross Street,
Seethammal Extn.,
Teynampet,
Chennai – 600 018,
INDIA.

Copyright © 2019. Holisticinvestment.in All rights reserved.

×

30 Mints Offer

×