Warren Buffett, the famous American investment guru once said – “Someone is sitting in the shade today because someone planted a tree a long time ago.” This quote aptly describes the process of Financial Planning.
The FPSB (Financial Planning Standards Board) are the globally recognised professional body for financial planners. They describe Financial Planning as a process for developing strategies to help people manage their current financial affairs to meet life goals. What does this really mean?
For close to 20 years, we at Ollie Moran Financial Services Limited have been helping individuals, families and corporate clients reach their life goals through proper management of their finances. This can mean protecting your current and future income and dependents, enhancing retirement provisions, boosting savings, clearing debt or even extracting wealth from a business. We know that every client is unique with their own financial goals and circumstances and that it doesn’t matter at what stage you are in life, everyone needs a financial plan. For that reason, every client develops a personal relationship with one of our financial planners and has a bespoke financial review tailored to their specific set of needs. We pride ourselves on our highly qualified team with expertise across personal financial planning, retirement financial planning, investment management and wealth extraction.
Financial Literacy refers to the knowledge and understanding of financial services and products. Two-thirds of Irish adults struggle to understand the complex wording and jargon in financial services. As part of your financial life plan, we do not use complicated language or processes. We work with each and every client to ensure you have full clarity on the best way to achieve your financial goals because we want financial literacy to be part of your life. So where do you start? Engaging a financial planner may seem like a daunting prospect but it certainly doesn’t need to be. There are 6 steps to the financial planning process:
This can determine whether we are the right fit for you and if we feel we have the right skill sets to help you achieve your financial goals. We want to know what moves and motivates you, where you are now and where you want to be.
We conduct a FactFind to find out more about you and your family, your current financial status and your life goals. Our own OMFS FactFind is a bespoke questionnaire where you can detail your current income and expenditures, long-term savings and debt etc. This should take approximately 15 minutes to fill out, and we use this to forecast right through to retirement and beyond. The more information you give us the more accurate and tailored financial plan we can map out for you.
Using the information you have provided to us we can determine which areas need dedication in order to reach your financial goals. We will assess any products you currently have in place and whether these are the best in class and the best price available to meet your needs. We will also identify any gaps in your cover from a holistic perspective.
We search the market for the product or products that best meet your needs. We have an agency with all the main institutions and access to countless products in the market so we can source the best products for your personally tailored and unique plan. We can make recommendations which will bridge the gap between where you are currently and where you want to be.
Choosing your products and providers is your decision but it’s certainly one we can help with. You may specifically prefer one provider because of the service you have received in the past, or you may wish to diversify your portfolio through a range of different providers. We will help you decide what product and provider is the best fit for you. We understand that not everything can be achieved in a short space of time so we can help you prioritise what is most important to you, and implement a plan to meet all your goals throughout your financial planning journey.
Your financial and life goals will evolve and change over time, so we conduct monthly, quarterly, bi-annual or annual reviews with all our clients to ensure your meets are always being met even as they change over time.
Many of us live month-to-month or probably more accurately paycheque-to-paycheque. We know we have a healthy income but for some reason, there is nothing left at month-end. Sometimes we move money into a savings account only to find we are dipping into it again by the end of the month. The money we earn between now and retirement needs to sustain us long after we retire. It doesn’t matter if you are months, years or decades away from retirement – now is a great time to start your personal financial planning journey. Making a financial plan at the start of the year ensures you have a clear pathway for the year ahead. The introduction of the Finance Bill 2022 also means now is a great time to work with a financial planner to devise a financial plan. As tax rates and tax credits in Ireland have been revised as of 01 January 2023, it is a great time to establish new financial habits as our income shifts to reflect the updated tax rates and bands. Find out more about the Finance Bill 2022 and what this means for you here.
Here at Ollie Moran Financial Services, we aim to guarantee a professional, friendly and efficient service. Our team brings together a variety of perspectives and professional experience to the process of financial planning. Whether your primary relationship is with our Financial Planners, Ollie (Certified Financial Planner) or Kate (Qualified Financial Adviser, Retirement Planning Adviser) or our Client Services Manager Donna (Qualified Financial Adviser) – we guarantee expert and impartial advice in all areas of personal financial planning, retirement financial planning and the achievement of financial goals. If you feel our services can meet your needs then please call us on 061 337578 or submit a contact request here.