Building a Successful Plan
Creating a comprehensive financial plan with Dragon Wealth involves several key components working together to help you achieve your financial goals.
Here’s our detailed breakdown:
1. Financial Goals
Short-Term Goals: We identify what you want to achieve in the next 1-5 years, such as building an emergency fund, saving for a holiday, or paying off debt.
Long-Term Goals: We define your aspirations for the next 5-30 years, like retirement savings, buying a home, or funding your children’s education.
2. Current Financial Situation
Net Worth Statement: List your assets (savings, investments, real estate) and liabilities (mortgages, loans) to calculate your net worth.
Cash Flow Analysis: Track your income and expenses to understand your spending habits and identify leakages in your plan for areas for improvement.
3. Budgeting
Monthly Budget: We create a budget that allocates funds for essentials, savings, and discretionary spending. Adjust it regularly to reflect changes in your financial situation.
Savings Plan: We establish a savings strategy that prioritises your goals, including automatic transfers to savings accounts or investment funds.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
4. Investment Strategy
Asset Allocation: We determine how to diversify your investments across different asset classes (stocks, bonds, real estate) based on your risk tolerance and time horizon.
Investment Portfolio: We build a portfolio within the solution tax wrapper aligned with your goals, focusing on both growth and income, and regularly review it to ensure it meets your changing needs.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
5. Risk Management
Insurance Coverage: We assess your protection needs, including health, life, disability, to protect your financial well-being.
Emergency Fund: We aim to ensure you save 3-6 months' worth of living expenses in a readily accessible account to cover unexpected costs.
6. Tax Planning
Tax Strategy: We develop a plan to minimise your tax liabilities through strategic tax efficient investment planning and utilising available deductions and credits.
Year-End Review: We conduct a review before the end of the tax year to make adjustments that could enhance your tax situation.
7. Retirement Planning
Retirement Goals: We estimate how much you will need to retire comfortably, considering lifestyle, healthcare, and longevity.
Retirement Accounts: We help you to utilise employer plans and individual retirement accounts to save for retirement, taking advantage of any employer match.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
8. Estate Planning
Wills and Trusts: We help to ensure you create the right legal documents that outline how your assets will be distributed upon your passing and designate guardians for dependents.
Beneficiary Designations: Regularly update beneficiaries on accounts and policies to ensure they align with your wishes.
Will writing involves the referral to a service that is separate and distinct to those offered by St. James's Place.
Wills and trusts are not regulated by the Financial Conduct Authority.
9. Regular Review and Adjustments
Annual Review: We set a schedule to review your financial plan at least once a year, making adjustments based on life changes, market conditions, or shifts in your goals.
Ongoing Education: We ensure to keep you informed about financial matters change in legislation and the ever-changing market conditions.
David Shepherd
Dragon Wealth
Discover how our tailored advice can help secure your finances today and deliver on your aspirations for tomorrow.
