3

The wealth framework – the importance of a plan

‘Good fortune is what happens when opportunity meets with planning.’

Thomas Edison

I’ve already explained the importance of setting clear goals, developing financial planning policies and understanding your financial personality. To develop a successful wealth plan, you need to put these goals into a wider context and review your overall financial position both as it is today and how it might be under various scenarios throughout the rest of your lifetime.

A good wealth plan should include the following elements:

  • the wealth summary – detailing your, goals, current personal information and financial resources
  • the financial plan – including analysis of your lifetime cashflow position, estate ...

Get FT Guide to Wealth Management now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.