{"id":2122,"date":"2017-01-17T00:08:02","date_gmt":"2017-01-17T00:08:02","guid":{"rendered":"http:\/\/www.prosolution.com.au\/?p=2122"},"modified":"2018-03-08T17:17:18","modified_gmt":"2018-03-08T07:17:18","slug":"power-simple-financial-plan","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/power-simple-financial-plan\/","title":{"rendered":"The power of a simple financial plan"},"content":{"rendered":"<blockquote><p>It&#8217;s tough to make predictions, especially about the future &#8211; Yogi Berra<\/p><\/blockquote>\n<p>Quite often we think a complex problem requires a complex solution but often that\u2019s not the case. \u201cWhat should I do with my money now so that I can enjoy a comfortable retirement?\u201d seems like a complex question to answer. There are so many options and making the wrong decision could be quite painful. To add to this, <em>fear<\/em> often propels people to overengineering a solution.<\/p>\n<p>Many financial advisors like to create complexity because complexity creates dependency i.e. you need the advisor to implement a complex plan \u2013 you can\u2019t do it yourself. The common perception is that you can charge more for something that\u2019s seems complex.<\/p>\n<h3>Unnecessarily complex financial plans create many problems<\/h3>\n<ul>\n<li>Complex plans are more difficult to understand and this increases the risk that you\u2019ll be sold inappropriate or unnecessary products or investments,<\/li>\n<li>Complex plans are more difficult to implement,<\/li>\n<li>Complexity creates (compliance) risk,<\/li>\n<li>Complex plans bamboozle investors to hide fees i.e. fees are less transparent,<\/li>\n<li>Complexity often creates more fees and costs; and<\/li>\n<li>More can go wrong.<\/li>\n<\/ul>\n<p>However, with simplicity, there\u2019s nowhere to hide. A simple plan is very transparent. A simple plan is low risk and often lowest cost. And because simple plans are easy to understand, they make people feel comfortable and empowered.<\/p>\n<p>When I develop a financial plan for a client, I document it on one page. This process forces me to crystalise the plan into simple, easy-to-understand steps. Complexity is avoided wherever possible \u2013 but obviously not at the cost of generating more wealth. Sometimes a level of complexity is necessary and appropriate.<\/p>\n<p>It\u2019s a real challenge to develop a simple solution to any complex problem. But rewarding when it\u2019s done successfully.<\/p>\n<h3>My One Page Plans cover six key areas<\/h3>\n<ol>\n<li>Summary of your long, medium and short term goals<\/li>\n<li>Summary of the plan<\/li>\n<li>Your investment rules \u2013 which are very important as they help you resist making potentially costly emotional (driven by fear and greed) decisions<\/li>\n<li>Summary of your progress to date<\/li>\n<li>Key future considerations or issues that need your attention<\/li>\n<li>12 to 18 month implementation plan i.e. what you need to do.<\/li>\n<\/ol>\n<p><a href=\"http:\/\/www.prosolution.com.au\/wp-content\/uploads\/2017\/01\/opfp.pdf\" target=\"_blank\"><u>Click here<\/u><\/a> for an example.<\/p>\n<p>In summary, keep things as simple as possible. If you truly don\u2019t need a SMSF for example, don\u2019t establish one.<\/p>\n<p>If you need help developing your one page plan, please don\u2019t hesitate to reach out to us.<\/p>\n<p>&nbsp;<\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>It&#8217;s tough to make predictions, especially about the future &#8211; Yogi Berra Quite often we think a complex problem requires a complex solution but often that\u2019s not the case. \u201cWhat&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[536,30],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - 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