What working with Ruby Red Financial Planning looks like.
Given that everybody is different and have hugely varied aims for their financial futures, we at Ruby Red Financial Planning tailor each financial masterplan to each client, focusing on what is important to you.
To enable us to prepare the best plan for you, we take the time to get to know you and what you want from the future. We can then generate your personalised financial masterplan and help keep you on track with our financial forecasting tools.
There are three key stages we go through at the outset:
Discuss your short, medium and longer term hopes, dreams and objectives
We discuss what your financial future looks like. This can be absolutely anything you like – there are simply no ‘right’ or ‘wrong’ dreams! Some people have extravagant dreams for retirement, with overseas holiday homes or supercars. Others simply want to know that they will have sufficient provisions to ensure they do not have to worry about money into retirement, or know when they are in a position to be able to retire early.
Create a Financial Masterplan
Once we know what we are trying to achieve, with the assistance of our sophisticated financial forecasting tools, we create your bespoke financial masterplan to get you to where you want to be.
At this stage we also look at your financial position, so your assets and liabilities, your incomes and expenditures so we understand what fundamentals we can utilise in creating your plan.
We also formulate high level general plans at this stage – for example, you need to protect human capital (you and your ability to generate income), make provisions to save an additional amount per annum for retirement etc.
Independent Financial Advice
After identifying your future financial plans, and creating your financial masterplan, if it is apparent that the use of a financial product would assist you in achieving your goals, we are a fully authorised, regulated, independent financial advisor and can therefore provide you with a personal recommendation on the most suitable financial product.
The could be a pension, ISA, general savings account, financial protection, tax efficient investments, trusts or tax planning, along with the underlying investments required within any wrapper identified.
We can then implement these products to facilitate your overall bespoke financial masterplan on your behalf.
Once the plan has been implemented, we will meet regularly to review the progress and keep you on track to meet your identified goals.
Of course, these plans are created with the long-term in mind.
Part of the Ruby Red Financial Planning service is to help guide you through these ups and downs. With the financial planning tools we use, we can simulate any ‘what if’ scenario and analyse how these could impact your long-term plans to assist you in your decision making.
For example, what if you wanted to change career, but it would include a year or two at a reduced level of earnings? Or, what if you wanted to start a family and one parent to stop working to bring up the child – would you be financial able to support the family?
Alternatively, it could be that you unexpectedly inherit a lump sum, have a lottery win or get offered find yourself in a position where you are earning a significantly higher amount of income that you are used to and your plans going forward change?
All can be simulated and discussed to ensure you remain on the right track.
Finally, we know that investing can be intimidating. We therefore also incorporate financial and behavioural coaching within our services.