Holistic financial planning

Financial planning goes far beyond the usual financial and asset advice. The goal is not the short-term effect, but a coherent concept for building up, increasing and securing assets. This requires in-depth knowledge of the areas of financial products, real estate, financing, insurance and taxes so it is best to consult Palm Beach private wealth advisors. Only the networking of optimal investments with the tax and legal framework results in a coherent concept in which the succession of assets in the event of inheritance is also included.

 Principles of proper financial planning

The principles of proper financial planning  ensure holistic financial planning. These principles apply in all phases of the planning process.

Completeness means collecting,analyzing and planning all customer data appropriately. This includes in detail: all assets and liabilities, income and expenses, income and expenses, the recording of necessary personal information and the mapping of the customer’s personal target system.

Networking means taking into account all effects and interactions of the individual data in relation to assets and liabilities, income and expenses, income and expenditure, including personal, legal, tax and economic factors.

Individuality means placing the respective customer with his person, his family and professional environment, his goals and needs at the center of the financial planning and not making any generalizations on these points.

Correctness means that the financial planning is basically error-free, carried out in accordance with the current state of legislation and recognized methods of financial planning. Planning cannot be correct per se, it can only be plausible and correspond to generally accepted planning calculation methods.

Comprehensibility means that the financial planning, including its results, is to be presented in such a way that the customer understands and can understand it and that the questions raised in the context of the order are answered.

Documentation obligation means that the financial planning, including its premises and results, must be made available to the customer in writing or in another suitable form.

Compliance with ethical rules means that a consultant in private financial matters must observe the ethical rules that apply to him in the interests of his clients – priority of client interests, integrity, objectivity, fairness, professionalism, competence, confidentiality and diligence.