“Planning is the action of bringing the future into the present so that you can do take decisions about it”. We at Kesari Financial Services, care for your dreams and plan ahead to see that money doesn’t obscure your aspirations.
Financial Planning Process:
- An initial meeting to educate you about our process and answer your queries
- Understanding your needs and objectives and data collection
- Identification of your financial concerns
- Preparation of personalized financial plan that suits your needs and concerns
- Presentation of your financial plan and answer your queries
- Implementing of agreed recommendations
- Periodic strategic review and revision of plan
Planning Process
We can define the whole process in 6 simple steps-
ESTABLISHING AND DEFINE PLANNER & CLIENT RELATIONSHIP:
“Information is better than Perception”
Financial Planning is a contract based on Fiduciary Relationship between the Planner and the Client. It is therfore very important that as a planner we explain your responsibilities, understand your expectations from us and at the same time define our deliverables including the scope, limitation, compensation/remuneration.
Only after we are resonable sure of achieving your objective, we would like to offer our services and proceed further
- GETTING ORGANISED, DATA GATHERING INCLUDING GOALS SETTING:
“Many people fail in life, not for lack of ability or brains or even courage but simply because they have never organized their energies around a goal.”
Getting Organised: Many a times the information pertaining to your finances are available in Bits & Pieces….. we assist you in consolidating all such information and getting organised.
Data Gathering: Just as a Physician needs adequate information before prescribing any course of action, We collect the required Financial information like Income(s), Expenses, Asset(s), Liabilities(s), etc…. before we proceed to draw a plan.
Goal Setting: A Goal is not a goal unless it is defined in monetary terms and with a specific time horizon. We help in identifying your goals and assist you in defining the goals which are realistic.
- ANALYSING AND EVALUATING CURRENT FINANCIAL STATUS:
“One sees great things from the valley, only small things from the peak.”
Just as your physician looks at your past medical history and current living habits, before suggesting medication, we at 3rd EYE Financial Planners, would also analyze your past financial history and current spending and saving habits, along with your cash flows, risk exposures, investments, retirement corpus, taxation, estate and wills before we proceed to draw your plan.
- DESIGNING ROAD MAP TO ACHIEVE YOUR GOALS:
“A war may be won without a plan, but to win a battle you need strategic planning.”
At 3rd EYE Financial Planners, we ensure that you not only achieve your goals in the shortest possible route, but also ensure that your journey is also comfortable and in the process may suggest better alternatives to your plans.
We would be broadly working on:
- EMERGENCY FUNDING:
“You cannot solve a problem in the same frequency in which it was created.”
In life you should be prepared for the unexpected, and this is why you need an emergency fund. The best you can do is to prepare for emergencies that require access to additional money and having an emergency fund is the ideal solution.
Financial emergencies can come in the form of a job loss, significant medical expenses, home or auto repairs or something you’ve never dreamed of. The last thing you want to do is be forced to rely on credit cards or a loan which could simply compound the problem.
- RISK MANAGEMENT:
“The greatest glory in living lies not in never falling, but in rising every time we fall.”
We carry many risks along with us in our day to day life knowingly or unknowingly which may cause setbacks to our Finances disturbing our cash flows not only ours as an individual but also the whole family as such.
We at 3rd EYE Financial Planners will ascertain all the risks at all stages in your journey of life, and suggest very cost effective ways of mitigating them, even before you realize them.
- CASH FLOW MANAGEMENT & BUDGETING:
“Never act on impulse. Plan first. Think through. Then act.”
Your wealth is worth nothing if it is not available to you when required. We at 3rd EYE Financial Planners help you manage your cash flow in such a way that money is readily available when you need it, whether for any emergency, or to fulfil any goal or to buy something you desire or for any such other need.
Also many a times we tend to over spend which leads us to negative surplus having a bad impact on our Cash Flows. This leads us to low savings or low on regular investments, hampers our future Goal funding. We at 3rd EYE Financial Planners help you plan your expenses prudently through the process of Budgeting, helps you manage your Cash Flows.
- DEBT MANAGEMENT
“No debt in the world goes un-paid.”
These days it’s hard to go through life without taking on a little debt. Unless you plan on saving up enough to buy a house with cash, chances are you’re going to need to get a mortgage. If you’re thinking about going to college or hoping your child goes to college, you may need to partially rely on student loans. Borrowing money is just a financial tool, but when it isn’t used properly it can cause more harm than good. Learning how to utilize credit and when to take on debt will help you keep your finances in good order.
- Analysis & Funding:
“You cannot change the direction of the wind, but can adjust your sails to reach your destination.”
Every individual has some Goals to be fulfilled, whether to buy a Car/ House, to go for a Vacation, Fund for Children’s Education/Marriage, etc…. But many a times not all Goals are possible, one strives very hard to achieve such goals but may not be able to achieve it due to lack of funds, it is also seen that even if he/she is able to achieve the current Goal may not be able to achieve their future Goals due to lack of planning & analysis.
We help you to Analyse, Prioritise your Goals and make a Road Map to achieve the same.
- Retirement Planning:
“God helps those who help themselves”
Gone are the days when Parents depend on their children during their dependency days. Even the system doesn’t assure any remuneration or relaxation for the senior citizens. Now every retired couple needs to fund for their own Retirement. Over and above the cost of living is going upwards every day because of inflation. You need to create a second line of income which will replace your income requirements during hard days.
We at 3rd EYE Financial Planners will help you calculate the future requirements and plan strategies to achieve retirement goal for leading financially independent retired life.
- Investment Planning:
“You get the Chicken by hatching the egg, not by smashing it.”
Most savers, realize much later in their life that their investment values are marginally higher (sometimes even lower) than their cumulative savings. But it’s too…… late in the day and they begin to get into riskier instruments, without understanding them to make up for the lost opportunity. We at 3rd EYE Financial Planners understand our clients’ Investment objectives and guide them with the best possible path to achieve them in a systematic and scientific manner which would complement their risk appetite.
With our understanding backed by solid experience you will immensely benefit from our analysis, methodology, timing, consistency and reliability.
- Tax Planning :
“He who refuses to embrace a unique opportunity loses the prize as surely as if he had failed.”
All these days you could just save some amount before the end of the Financial Year and reduce your tax liability, because the income earned out of the investment and the maturity proceeds were both tax free. Now it is necessary to know about the tax implications at all the stages – at the time of investing, during the accumulation period, and eventually at the time of maturity of your investments. 3rd EYE Financial Planners will look into all these in detail, in the planning process.
- Estate Planning:
“The fragrance always remains in the hand that gives the rose.”
It is not how much you bequeath but how smooth is the transition of your estate to your loved ones. You will experience the pleasure of engaging us in this task.
- IMPLEMENT THE PLAN:
“The proof of pudding is in eating”
Just as a dream remains a dream unless it is rehearsed, planned and executed, we at 3rd EYE Financial Planners assist in identifying the most appropriate, non-complex efficient instruments, which will help in meeting the objectives without deviation, from among the suitable options available at any given time, and execute the same diligently.
6.REVIEW:
“Good, better, best; never let it rest till your good is better and your better is best.”
Success of the plan depends on proper follow up and review. It is required to take appropriate steps at the given point to realign the plan with the projections and not to deviate from the expectations.
Reviews are of 2 types, Plan Review & Portfolio Review
Plan Review: The financial situations like Income Earnings, Expenses/Outflows, Assets Acquisitions/Disposition, Liabilities Raised/Pay Off, etc are very dynamic, which is expected to change very often, which has to be aligned with the Plan, hence the Plan needs to be Reviewed at least annually. However, we can review it in between based on certain events like – an addition in the family, unexpected inheritance, unforeseen events and the like.
Portfolio Review: Markets whether Equity or Debt are Globally interlinked and are therefore are very Volatile, which makes it necessary to Review the Portfolio periodically which includes Portfolio Rebalancing, Modifying Asset Allocation, Switching Options, Grabbing Opportunities in the Market and adding new suitable investment options introduced from time to time.
In the course of action we would also provide you with your Investments Capital Gain account statement along with personal Balance Sheet.