A full Financial Plan was built for Mr & Mrs Hope several years ago showing them to be on track to meet all of their goals. A change in their circumstances led us to update their plan which identified that they could no longer meet all of their short to medium term objectives. The impact of these changes on their lifetime cash flow meant that the clients needed to clearly identify which goals were more important to them.
Mr & Mrs Hope, with our assistance, needed to choose between maintaining private education for their very bright child and moving to a more desirable and larger family home. Their finances would not allow both. They also travel extensively, in business class, and wished to continue to do so.
Following extensive discussions, we were able to clearly identify that the most important of these objectives was their child’s education followed by the ability to travel in style. The purchase of a more desirable house had to wait. . A revised Financial Plan showed that in the short term, they should continue to live in their current property to maintain over the longer term in order meet these more important objectives.
Whilst it took three more years of good performance from their assets, the objective to move was achieved.
Incorporating lifestyle planning with financial planning allows us to help clients to clearly identify what matters most to them.