Overview of Financial Planning

Single Needs

  • Based on Individual’s Priority

          i.      Protection – Life Coverage, Healthcare & Family Income Protection

         ii.      Savings – Retirement, Savings for Lifestyle & Education

         iii.      Investment – Regular investment or Lump sum investment

 

Multiple Needs

  • More than one needs at a time

                i.      Combination of products is needed to meet the goals.

               ii.      Higher budget is required for optimum planning

               iii.      To address for the area of concerns while planning

 

Comprehensive Personal Financial Planning

  • To get to know the current financial status
  • To identify the financial goals of individual
  • To address the priority
  • To take note on the existing resources
  • To identify the risks that may  encounter
  • To plan for possible solution
  •  Comprehensive planning based on

                 i.      Wealth protection
                ii.      Wealth accumulation
                iii.      Wealth consumption
                iv.      Wealth distribution

  • Planning for priority is chosen if total budget is not sufficient.