StudentShare solutions
Triangle menu

Financial planning - Essay Example

Not dowloaded yet

Extract of sample
Financial planning

The purchase of own residence would require one time down payment for the property. The salaries and the income of the household are mostly spent in the expenses for livelihood and therefore the source of funds is an issue for the couple to purchase the property. The couple is also worried about Vincent’s health as he is prone to heart attack as a hereditary symptom for which the family needs idle funds during emergency. The third on the priority list is to plan for a holiday tour in Europe which is desired by the client. Educational Planning Vincent and Linda are concerned about the high school education of their child Julie who is about 3 years old at present. The couple want to save for their child’s education in about 9 years time for which they wanted to start saving. The issues related to the education planning of their child is that Vincent may lose his job of an accountant due to strategic take-over of his employer by another bigger player in the industry. Also Vincent and Linda are not expecting any further increase in their salaries in the recent years. Thus the financial constraints in financing their child’s education could be serious issue for Vincent and Linda. Investment planning The investment planning of Linda is the next issue that is being faced. While Linda and Vincent are concerned about streamlining her investments, they also have the obligation to meet their monthly instalments payments of various liabilities. This requires sorting out of Linda’s superannuation funds which is currently distributed into three different schemes into one scheme so that the payments and receipts could be properly tracked. Risk Management Vincent and Linda should take into account the risk of repayment of new credit card debt that they have acquired recently. This requires a payment of $5000 on a monthly basis while the actual surplus of the family is $3000 after meeting all expenditures. Thus the client faces the issue of defaulting on the payment of credit card debt. Financial planner’s assistance to the client The various ways in which the client could be assisted through financial planning in order to address the identified needs are given as follows. Assistance: Home and Health needs In order to address the first three needs against which specific issues have been identified as above, the client should be advised to undertake loans from the banks as well as undertake investment strategies to increase their wealth in order to meet the needs within a period of five years. In order to buy the home, the client could be advised to undertake a loan from the bank for purchase of property. By showing their employment proofs, the client would be able to get the loans. The savings of rental payments which were happening before could be used to accumulate funds for meeting medical emergencies like heart attacks. The accumulated savings could also be used to finance holiday plans as per the priority of the client (Cordell, 1999, p.57). Assistance: Educational needs The educational need of their child is ranked fourth in the priority list of Vincent and Linda’ ...Show more

Summary

Financial planning Contents Contents 2 Financial planning: Needs and Issues of the client 3 Home and health planning 3 Educational Planning 3 Investment planning 4 Risk Management 4 Financial planner’s assistance to the client 4 Assistance: Home and Health needs 4 Assistance: Educational needs 5 Assistance: Investment needs 5 Assistance: Risk mitigation 5 Analysis of the Fact Finder document 6 Strength and weakness 7 References 9 Financial planning: Needs and Issues of the client The various needs and issues of the client that have been identified in the various areas of financial planning are given as flows…
Author : muhammadschaefe
Financial planning essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Financial planning"
with a personal 20% discount.
Grab the best paper

Related Essays

Personal Financial Planning
Jeff needs to be very careful to use the money in such a way that he may fulfill his plans after retirement. Obviously he would like to use his money to earn some profit on it. The financial institutions are there to help such people.
10 pages (2500 words) Essay
Personal financial planning
today. Bismarck: The Bismark healthcare system owes its history to the German Chancellor (Otto Von Bismarck). This healthcare system is somewhat based on the model of a government welfare state as implemented by the chancellor. Funding for the healthcare system comes from a kind of insurance that is largely funded by employers, employees, and the government which would be familiar to many Americans.
1 pages (250 words) Essay
Practicing financial planning (easy)
You all have your retirement age set at 65, normally people wish to retire after attaining some level of income, what are your projections on the matter of joint income at the age of retirement? I notice that your life expectancy is two years apart with the highest at 79, I wish to know if you have any lifestyle diseases such as diabetes or any health conditions that require long-term attention.
3 pages (750 words) Essay
Financial Planning
A Financial Planner is always set and has capabilities to help others in dealing with various financial issues. Planners' tasks are plentiful, but foremost include investment planning, appropriate advice on cash flow, estate planning, business planning, risk management and insurance planning, retirement planning, and many other issues relating to Finance1 together with an estimate of the probable outcomes of the recommended strategy.This assigned study describes the relevance of financial planning for clients as useful tools of financial services guide & skills requirement, Client Financial Fitness Assessment and its use as a useful strategy.
8 pages (2000 words) Essay
Financial Planning
A Financial Planner is always set and has capabilities to help others in dealing with various financial issues. Planners' tasks are plentiful, but foremost include investment planning, appropriate advice on cash flow, estate planning, business planning, risk management and insurance planning, retirement planning, and many other issues relating to Finance1 together with an estimate of the probable outcomes of the recommended strategy.This assigned study describes the relevance of financial planning for clients as useful tools of financial services guide & skills requirement, Client Financial Fitness Assessment and its use as a useful strategy.
8 pages (2000 words) Essay
Career in Financial Planning
Money and finance is a very sensitive issue to many including individuals and corporations. Keeping this in view, the first and foremost aspect of prime importance that needs to be understood by a financial advisor or planner is the ability to develop that trust that will transmit the confidence required to enable the recipient to accept the planner's advise, not just as one among several options available but as the only choice worthy to be considered.
3 pages (750 words) Essay
Financial Planning and Control
This paper analyses the different aspects associated with an engineering business model placing emphasis in financial models. The major topics covered in the
4 pages (1000 words) Essay
Financial Planning
onal costs that would come along with the purchase of the house include the payment of property taxes, property transfer tax, and the insurance costs. The inspection cost would also be incurred if they wanted to have their house inspected and the survey fee who would verify the
1 pages (250 words) Essay
Financial planning
he use of pro forma financial statements can allow a manager the ability to project the financial results of the firm years into the future (Investopedia, 2015). A strategic plan is needed to allocate resources across the company in an optimal manner. The human capital of the
1 pages (250 words) Essay
Financial planning
This policy assures a stable rate for ten years duration in life. However, one is not hooked to the system until the end of the ten-year but is free to terminate the premium at any given time without penalty by terminating the premium payment ( Fedorowicz,
1 pages (250 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation