Holistic Financial Planning
The two main approaches to financial planning are focused and holistic.
The focused approach, as the name suggests focuses on one specific aspect of financial planning. For example, retirement planning or family protection.
The holistic approach looks at all aspects of a persons financial planning. Every aspect of a person’s finances has an impact on another element. E.g. The amount a person can save is base on the level of income and expenditure. Whether a person has bought a property will have an impact on the level of income they will need in retirement.
Where a potential client has existing financial products a review of these can often identify opportunities for them to save money due to efficiencies achieved with in the industry over recent years. Consequently, I have found this approach to be favoured by clients in most cases.