Bursting the Myth of Financial Planning (1) – What it is really about

Bursting the Myth of Financial Planning (1) – What it is really about

There are those who travel and those who are going somewhere. They are different, and yet they are the same. Successful people have this over their rivals: they know where they are going.” Mark Caine

Successful people live their lives on purpose – they plan in advance and implement their plan along the way. Financial planning is one of their a must have plan.

Financial planning is beyond being about financial products. Many people have a misconception when they hear about financial planning. They think it is about financial products that financial advisers/planners are running behind them to sell.

In fact, financial planning is about developing strategies and following through based on our own unique priorities to achieve what is important to us. It is about people and their financial wellbeing now, and in the future. As you can acknowledge that every great accomplishment has a sound strategy behind it. So do financial planning. Imagine, what would a person’s life be like if he or she had a financial strategy based on what was truly important to them?

To develop a financial plan, understanding our clients current situation, resources, their  goals and values becomes very important part of the process. Then we look at to see whether there is any gap between where our clients are now, and where they want to be in the future, if there is any, then tailored made strategies will be developed and implemented to remove that gap. It is a very process driven and disciplined approach to accomplish what you want for your future.

Yes, we, financial advisers/planners, use and recommend financial products especially when we see a need in implementing strategies on behalf of our clients. However, it does not mean financial planning is about financial products. Those products including property, shares, fixed interest products, insurances, superannuation funds you name it, are just financial means to help clients set up and achieve their unique goals.

You might think some people do not have a plan, or any particular goal. Actually, when we think what we would like to set out to do with our lives, I can tell you, we often make a “bucket list” for objectives and then apply ourselves to achieving those objectives by utilizing certain instruments or tools. I call it “an informal way of planning.”

In general, some of our goals might take such a short term - like less than 12 months - to be achieved while others take longer. That is why having a properly tailored plan creates clarity and financial road map for success. 

Just remember; we, human beings, like consumption products, move from one life-cycle to another until we die. Hence, we need planning for each of our life-cycles if we want to cruise throughout smoothly. As you can imagine, a person’s financial and lifestyle needs can be different at the age of let’s say 29 compare to at the age of 39, 49 or 58. Even financial planning needs of both a single person and a couple at the same age can be different. That is why setting in place some personal objectives and arranging financial means to satisfy those objectives in the short, medium and long-term becomes important. It is about understanding what is really important to us, and how to accomplish them more effectively.


This document has been prepared by HQ Financial Solutions, an Authorized Representative of Lifespan Financial Planning Pty Ltd ABN 23 065 921 735,AFSL No.229892 based on providing for information purpose only. Accordingly, reliance should not be placed on this material as the basis for making a financial or other decision. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including HQ Financial Solutions, Halle Yilmaz or Lifespan Financial Planning Pty Ltd, accepts responsibility for any loss suffered by any person arising from reliance on this information. Before acting on this material, you should consider its appropriateness, having regard to your financial circumstances and needs, and  talked to a financial adviser in that field.

Halle Yilmaz is a financial adviser and business consultant. As a financial adviser, she gives solid advice that can create rapid and lasting results for her clients. Sign up for her free E-Book and download “7 Steps to Healthy Wealth Management.”

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