What is Financial Life Planning?

Financial planning is a familiar concept to many of us, but what about financial life planning? You might assume it’s the same thing, but actually, this term refers to a distinct approach within the financial services sector.

Hansford Bell is a team of financial life planners. Over the years, we’ve helped scores of clients use their finances to cultivate the lifestyle they want. From wealth management to retirement income advice to later life lending, we deliver all our services with your interests at heart.

In this blog, we help you get to the bottom of financial life planning and explain how our process works.

What is Financial Life Planning?

Financial life planning can be defined as a process of understanding your life goals and planning how to achieve them using your finances. It’s about working out what fulfilment means for you, and using your finances as a means of achieving happiness – rather than allowing your happiness to hinge on money, and centring your ambitions on financial gain.

The process is more holistic than traditional financial planning, and places a greater focus on defining your core personal values and shaping the financial plan to fit. The actions you take as a result of the plan will be about using wealth intentionally and actively bringing your personal aspirations to fruition.

For example, if you determined that environmental and social responsibility was at the core of your beliefs, your financial life planner would help you shape your investment portfolio around ESG criteria.

See more: A Guide to ESG Investing

Benefits of Financial Life Planning.

At Hansford Bell, we believe there are numerous benefits to this process over traditional financial planning. Financial life planning is:

• Intentional – financial life planning is all about you and your goals. By plotting your finances around your ambitions, it’s much more likely that you will achieve them and live in the way you want to live.
• Responsible – financial life planning prompts you to truly consider your core values and make conscious investment choices. As a result, you will be using your wealth to bring about a wider social environment that reflects your beliefs.
• Sustainable – sustainability isn’t just about the environment. Financial life planning enables you to secure your wealth against the unknown through considering the insurances you and your family need to feel financially safe.
• Sensible – planning your finances with consideration for your estate and your inheritance tax bill will enable you to pass on the maximum wealth you can to the next generation. Your financial plan can also take into account the different requirements of each life stage.
• Enjoyable – above all, financial life planning is about cultivating your dream retirement. If you want to take fancy holidays and world trips, your plan can reflect these aims. Equally, if you want a quiet later life tending to your garden, your plan can take this into account too!

Financial Life Planning Process.

We’ve discussed what it is and why it’s good, but how does financial life planning actually work? Here’s a quick rundown of our process here at Hansford Bell.

We Get to Know You

During a FREE initial consultation, we get to know you a little better. Then, once you decide you want to work with us, we hold an in-depth consultation where we help you determine your life goals – both personal and financial. To do this, we ask a range of targeted, thought-provoking questions, helping you think in ways you might not have done before and truly get to the root of who you are and what you want.

We Research & Plan

Armed with the information you have provided us with and a true understanding of what drives you, we get to work. Using cutting-edge cash flow forecasting software, we project your finances overtime. We also conduct detailed research into the available products and investment opportunities that suit your aims and values.

We Put Your Plan into Action

Once you have digested the plan, made any adjustments, and given your consent, we work quickly to get the ball rolling. We take the stress out of the process, handling things on your behalf so you can focus on living your life. We also discuss things like Wills and Lasting Powers of Attorney.

We Keep an Eye Out

The process doesn’t end once the plan is in action. That’s why our financial life planners continually monitor your plan and hold regular reviews to make sure it’s working for you. If any adjustments are needed, we sort them out – no stress.

Want a snapshot of financial life planning? Download the Little Book of You!

Your Trusted Financial Life Planners.

If you want to get started creating a financial life plan that reflects your personal ambitions, our friendly team can’t wait to hear from you.

Talk to us today!

Note: This blog is for general information only and does not constitute advice. The value of your investment can go down as well as up and you may not get back the full amount you invested.

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