Needs Management

Gather Data

Any Financial Plan commences with the the setting of goals versus your provisions . This is dependent on numerous factors such as:

  • Are you Single, Married or a cohabitant?
  • Balance sheet
    • Assets
    • Liabilities
  • Income and expenditure
    • Salary, commissions – type of earnings
    • Investment income if any
    • Salary deductions & nett pay
    • Surplus/deficit
  • Insurance and assurance provisions
    • Life and disability cover
    • Employee benefits – pension and provident funds
    • Medical aid and health care provision
    • Savings and investments in place
  • Short term insurance to protect your assets 
    • Home insurance
    • Car insurance

Analyze Data

Analysis of the gathered data includes detail and accurate interpretation thereof:

  • Important that all assets and liabilities are accounted for
  • An understanding of ownership of the said assets
    • Personally owned
    • Trust owned
    • Third parties if applicable

Create Plan

A plan can only be compiled with detailed needs analysis first:

  • Needs versus provisions
  • Shortfalls versus surplus in relation to themes
    • Health
    • Life
    • Wealth
  • The information is accurately computed utilising our financial planning and modelling tools
  • A plan is implemented based on analytical outcomes

Implement Plan

Once agreed and decided upon the financial plan is implemented across both focus areas namely wealth protection and wealth creation which each have their own strategies:

  • Wealth Protection
    • Needs versus Provisions = Plan
  • Wealth Creation
    • Needs versus Provisions = Plan
  • Specific tactics and actions

Monitor Plan

Ongoing monitoring of financial plan is critical for success – “Rome was not built in a day”

  • Life events and change impact your financial plan:
    • Getting married
    • Having children
    • Career advancement
    • Health events, accidents, dread diseases
    • Your twilight years
    • Death of family member

Set Goals

Having life and financial goals is a basic requirement for your financial plan – “If you fail to plan , you plan to fail”

  • What happens if you die or become disabled?
  • How do you protect your income in the event of illness , an accident or retrenchment?
  • What happens if you get a dread disease?
  • How do you plan to fund the education of your children?
  • How do you fund the purchase of your first car or home or overseas holiday?
  • When do you wish to retire, what are your needs and how will you be able to afford to do so?