A financial review is a thorough analysis of your financial outgoings that is performed by a professional. Just like your car requires a key to start, a financial review is the key to putting a financial plan in motion. Building and executing a comprehensive financial plan requires a personal financial review. A review of your financial situation is a valuable process that you can use to improve the accuracy of your financial planning.
Your financial adviser can help you in conducting a financial review. The review is even more important for expat families living around the world, as they might have assets scattered across various countries. It’s essential to be informed of all aspects of your financial situation in order to put a solid plan in place.
Your financial review is more like an interview between you and your financial adviser. As wealth management and investment planning can be a complicated process, it is always best to clarify details and get expert guidance. The review is split into categories:
Income
A detailed fund analysis is integral to the plan, as your adviser should know how much you earn and how much you spend each month and each year. Expat clients sometimes have income from various sources generated in different regions. Currency exchange rates can affect your worldwide income so your consultant should consider currency risks before designing your financial plan.
Investments
Sharing the specifics of your investment portfolio with your adviser is a critical step in developing a sound financial strategy for you. Bank deposits, passive income, savings plans, pension pots, property investment portfolios or any other such type of investment should be added to a comprehensive list that helps strengthen your investment plan and build wealth over time.
Retirement plan
A significant part of a financial review is related to retirement planning. Getting the right retirement advice requires your adviser to have a clear picture of your retirement goals. Your financial consultant should know everything about your pension pots and how much you have invested in various pension schemes. A pension transfer could be an option you haven’t considered that your adviser could assist you with further.
Insurance
Insurance policies are a significant component of a financial review. Your financial adviser should be aware of which policies are appropriate for inclusion in a new financial plan and which policies should be modified to meet your budget requirements better. Insurance includes a wide range of financial products that could reduce your taxable income.
Design a comprehensive investment plan with Melbourne Capital Group.
Melbourne Capital Group offers expert financial planning services to expats around the world. Hailing from diverse backgrounds, our team of Private Wealth Managers are united by their proven experience and expertise in navigating financial markets. Our fully qualified advisers, highest-quality customer service and our dedication to our clients can make a notable difference in every expat’s financial life.
To discuss you and your family's financial requirements, contact me, I will be happy to assist with whatever questions you may have.
Rob
Robert Gourlay
Private Wealth Manager
T:(+6)01151565649
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