Financial Advice and Planning

Financial needs
A financial need is when you require money to realise a personal goal. For example, you might want to:

  • retire with a healthy nest egg
  • buy your own home
  • give your children the best education possible
  • ensure the financial well-being of your family should you die or become disabled.

If you concentrate on just one need you run the risk of leaving an important need unfulfilled. For example, if you concentrate solely on saving for your child’s university education you might neglect saving for your retirement.

It is always best to look at all your needs together because then you see the big picture. This allows you to compare, evaluate and prioritise all your needs to ensure that you address the right ones in the right order.

Black Marlin’s financial products suite currently addresses three main financial needs, namely:

  • retirement
  • protection/risk
  • savings

Retirement needs
One day you will want to retire in comfort and maintain your current lifestyle. You will need an income that allows you the financial freedom to pursue your dreams and goals.

The best way to ensure that level of income when you retire is to analyse your retirement need and let us help you find a solution to meet those needs.

Start saving as soon as possible because the younger you are when you start:

  • the lower your payments will need to be to meet your goal
  • the more chance you have for your savings to grow
  • the more time you have to recover from bad economic conditions or life events.

…but it’s never too late to start.

If you participate in your company’s retirement plan, don’t breathe a sigh of relief. Company retirement funds might not give you sufficient money to live comfortably when you retire. The only way to know for sure is to analyse your retirement need and look at what provision you already have.

Protection or risk needs
To ensure that you are able to reach your financial goals, you will need to protect yourself against unexpected events. Therefore, when prioritising, always consider if protection should be a priority for you.

Protection gives you …

…peace of mind that your family will be financially provided for should something happen to you. There are important life events that you should be prepared for:

  • if you die, you’ll want to know that your family is financially secure. Expenses you should consider include one-off expenses, such as settling debt and immediate cash required for e.g. funeral expenses. Also consider an income to pay for their living expenses.
  • if you can’t do your job due to illness or injury, you’ll want to know that your income is protected. Consider one-off expenses, such as making adjustments to your house and settling debt, as well as an income to live off.
  • if you are diagnosed with cancer or suffer a stroke (referred to as dreaded diseases) you’ll want provision for unexpected non-medical expenses, which could include the cost of recuperation and changes in lifestyle.

Savings or investment needs
Everyone has things they’d like to have or do in the years to come. Maybe you want to put down a deposit on your first home or renovate your existing one. You could be planning an overseas holiday or thinking about your child’s education.

Although many people dream about winning a lottery as the way to reach their goals, it’s highly unlikely you ever will. A steady plan of saving and investing takes discipline and time. Unlike any lottery, this tried and tested way will help you reach your goals.

Black Marlin typically offers savings products with the view to look at investment terms of 5 years and longer. If however, you have a savings need of less than 5 years, contact us so that as we can assist you with a bespoke solution.

Needs Analysis:
Death:
If you die, you’ll want to know that your family is financially secure. Expenses you should consider include one-off expenses, such as settling debt and funeral expenses, as well as an income to pay for their living expenses.
Disability:
If you can’t do your job due to illness or injury, you’ll want to know that your income is protected. Consider one-off expenses, such as making adjustments to your house, settling debt as well as an income to live off.
Dread disease:
If you are diagnosed with cancer or suffer a stroke (referred to as dreaded diseases) you’ll want provision for unexpected non-medical expenses, which could include the cost of recuperation and changes in lifestyle.

Financial planning
Financial planning helps you to develop a plan to meet your life goals. This involves:

  • assessing your financial situation
  • determining your needs and goals
  • finding solutions to meet needs
  • implementing those solutions
  • monitoring and reviewing your entire plan and making the necessary adjustments.

The advantages of financial planning are:

  • like a map, it gives you the direction to achieve your financial goals
  • it allows you to see the big picture of how your finances fit into your life
  • it allows you to make adjustments when your personal circumstances change
  • it gives you a sense of security and peace of mind that you are on track with your financial goals.

The ‘Six steps financial planning methodology’
Black Marlin has incorporated the six-step financial planning methodology which is an internationally recognised financial planning process.  These six steps are:
Step 1:
Form a relationship between you and Black Marlin. You need to understand what services we provide and we need to understand your personal circumstances.
Step 2:
You provide us with your personal information, including your financial goals.
Step 3:
We analyse this information.
Step 4:
We help you to meet your financial goals by giving you appropriate recommendations and enabling you to choose a solution that best meets your personal circumstances.
Step 5:
Implement your chosen solutions.
Step 6:
Regularly review and monitor your financial situation to ensure that the solutions continue to meet your needs and circumstances.

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