What is Financial Planning

Whatever stage you are in life, you will always have dreams for your future and your loved ones. The question is, how do you get there?

With so many saving and investing options available, you need to know which steps to take today to achieve your goals tomorrow.

At National Bonds we believe that understanding your goals is the key to successful financial planning. Tell us what really matters to you and together we will identify your needs and build a plan that helps turn your dreams into reality.

Financial Planning Steps

Step 1: Establishing a partnership

A financial planner is your partner through this journey and will work with you to achieve your goals.
The first step in this process is to understand responsibilities, plan accordingly and agree on how decisions will be made throughout the term of the partnership.

Step 2: Setting goals

In order to reach your goals and achieve your personal ambitions, you need to know where you are today and where you want to be in the future. You need to have a starting point and an ending point, the time frame and an estimated dirham cost.

Your list of future goals doesn’t need to be 25, 50, or even 100 items long; a small actionable list of items is definitely less confusing to start with.

Once you have your "bucket list" down, you can begin converting your dreams into financial goals by making them specific and measurable with a date and price. Remember to prioritize goals depending on your current stage of life.

Step 3: Analysis and evaluation

Analysis and evaluation are keys to any successful financial plan. Throughout this partnership, we assess your current financial situation and determine how to accomplish your goals. Depending on requirements, these such assessments include analyzing your assets, liabilities in cash flow, Takaful insurance coverage and investments or tax strategies (if relevant).

Step 4: Recommendations and alternatives

Based on your goals, we go step-by-step through a plan to help you understand each financial recommendation in order to make a clear decision. Listening and understanding your concerns is crucial to suggesting the right alternatives where required.

Step 5: Implementing recommendations

Once these recommendations have been implemented, we will be your coach to coordinate with other trusted professionals such as: accountants, stockbrokers, attorneys, notaries or trust managers.

Step 6: Monitoring recommendations

Life changes and situations change frequently, as a result frequent monitoring is also crucial to achieving results and meeting financial goals. During this step, both you and the financial planner will assess, report and adjust recommendations as required.