Why is a Financial Plan so Important?

We all have financial goals and objectives, but sometimes fail to document what they are. Without a proper financial plan, it’s difficult to know whether you and your family are on track to secure your financial future.

For young families this may include things like planning for third level education costs, ensuring the correct amount of life or income insurance is in place, and understanding how to increase the chances of a comfortable retirement.

As we go through life, the financial plan is crucial for more detailed modelling of retirement expectations, managing financial risk, how to exit a business and draw down income post retirement, thinking about estate planning and more.



What Role Does a Financial Adviser Play?

Using a professional adviser takes emotion out of analysing financial decisions. It gives you access to someone who knows about investments, financial protection, and constantly changing rules on taxation and pensions. It provides you with someone to educate you and your family on how to achieve your financial goals and objectives.

An unbiased Financial Adviser is independent of any bank or insurance company.

A Financial Adviser knows you, your financial goals, aspirations and objectives.

The adviser begins the relationship by mapping your full financial situation, building and presenting you with a financial plan – including current & future cashflow analysis, life insurance, savings, investments, pension and more.

On an ongoing basis, the adviser will do the following:

  • Meet you at least once a year to check on progress toward your goals and review your affairs.
  • Analyse your financial risk tolerance, lifetime cashflow projection, investment and life insurance coverage – again at least once per year.
  • Ensure the ongoing suitability of your investments.
  • Point out things you don’t see, or are not thinking about.
  • Be fully transparent about what you are being charged every year for advice, asset management and any other services. Hint: If your adviser tells you that your full cost is a 1% annual management fee (AMC), you are not being told the full story – Ask for a breakdown in euros for each charge you are paying.
  • Charge you a pre-agreed fee rather than being compensated by an opaque commission structure.
  • Work with your tax and legal advisers where required.



Your Goals & Objectives

Financial goals and objectives change as we go through life. These should be incorporated into your financial plan as additional insurance, savings or investment needs or tax planning arise. Examples of when changes might need to be made to your plan include:

  • Getting married or Having children
  • Change of employment
  • Starting a new business venture
  • Buying a home (or downsizing later in life)
  • Acquiring a windfall or inheritance
  • Retiring from employment
  • Becoming ill



Please get in touch if you’d like to see how we can help you achieve a sense of security about your finances.
We do not charge for an initial consultation.


John McWey

Managing Director, Ardbrack Financial Limited.

www.ardbrack.com          021-4773833



Disclaimer: The content of this article is for general information purposes only. It does not constitute tax or investment advice as it does not take into account the investment objectives, knowledge and experience or financial situation of any particular person or persons. You are advised to obtain professional tax and investment advice suitable to your own individual circumstances. Ardbrack Financial Limited makes no representations as to the accuracy; validity or completeness of the information contained herein and will not be held liable for any errors or omissions.