Financial Needs Analysis
1. Financial Needs Analysis (FNA) and what it entails
All of us are, at some stage during our life, are concerned about at least one of the following events:
- Dying too soon and whether we have made adequate provisions for our dependents, estate duty and creditors?
- Becoming disabled and how we would cope if we had to lose the ability to earn an income?
- Being hospitalized and whether we have appropriate and sufficient medical cover?
- Living too long and whether we will outlive our wealth or vice versa?
- Future liabilities and goals; education, marriage and asset acquisitions to name but a few realities that require concise planning.
- Inflation and tax and whether we have taken proper account of the impact of such external factors over the long-term.
A Financial Needs Analysis is the process of determining your current financial realities and how well these are aligned to your future dreams, goals and objectives in a tax effective manner. This comprehensive assessment process ultimately culminates in a detailed overview of your financial situation, with a specific focus on your risks and how these can be mitigated over time.
This analysis thus provides you with a professional and personalized financial action plan on how to manage your short and long-term financial well being.
2. What information is needed in order to complete a Financial Needs Analysis?
- Details of all assets and liabilities
- Latest Will
- Marital status and marital regime
- Information regarding dependents
- Corporate pension or provident fund benefit information
- The trust deeds if you are the founder, beneficiary or trustee of a trust
- Family history in order to determine longevity
- Risk profile with regards to investment strategies
- Goals in respect of each life eventuality
- An appointment with a qualified and independent financial adviser.
Contact us for more information
