Financial planning is a familiar concept to many of us, but what about financial life planning? You might assume it’s the same thing, but actually, this term refers to a distinct approach within the financial services sector.

Financial life planning can be defined as a process of understanding your life goals and planning how to achieve them using your finances.

It’s about working out what fulfilment means for you, and using your finances as a means of achieving happiness – rather than allowing your happiness to hinge on money, and centring your ambitions on financial gain.

The process is more holistic than traditional financial planning, and places a greater focus on defining your core personal values and shaping the financial plan to fit. The actions you take as a result of the plan will be about using wealth intentionally and actively bringing your personal aspirations to fruition.

For example, if you determined that environmental and social responsibility was at the core of your beliefs, your financial life planner would help you shape your investment portfolio around ESG criteria.

Benefits of Financial Life Planning

At Grosvenor Wealth Management, we believe there are numerous benefits to this process over traditional financial planning. Financial life planning is:

• Intentional – financial life planning is all about you and your goals. By plotting your finances around your ambitions, it’s much more likely that you will achieve them and live in the way you want to live.
• Responsible – financial life planning prompts you to truly consider your core values and make conscious investment choices. As a result, you will be using your wealth to bring about a wider social environment that reflects your beliefs.
• Sustainable – sustainability isn’t just about the environment. Financial life planning enables you to secure your wealth against the unknown through considering the insurances you and your family need to feel financially safe.
• Sensible – planning your finances with consideration for your estate and your inheritance tax bill will enable you to pass on the maximum wealth you can to the next generation. Your financial plan can also take into account the different requirements of each life stage.
• Enjoyable – above all, financial life planning is about cultivating your dream retirement. If you want to take unforgettable holidays and world trips, your plan can reflect these aims. Equally, if you want a calmer later life spending time with the family and tending to your garden, your plan can take this into account too.

Financial Life Planning with GWM

Change can come at any time in your life and can take many forms: receiving an inheritance; selling your business; the arrival of your children or grandchildren; or making the big step into retirement.

Whichever situation you find yourself in, it’s important to make the right choices to achieve the best long-term outcomes for everyone.

In all the excitement of opening a new chapter in your life it can be difficult to focus on making financial decisions. That’s why the support of a trusted and experienced Financial Planner is crucial at such times.

We provide advice to help you understand your financial capabilities better. Get in touch today to find out how we can help you plan for the future.

PLEASE ALWAYS REMEMBER: Grosvenor Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. The value of investment can go down as well as up and you may not get back the original amount you invested. Tax treatment is dependent on individual circumstances and may be subject to change. Tax and Estate Planning is not regulated by the Financial Conduct Authority.