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What Succession Financial Planning Looks Like

8 March 2022

Everyone has a different story. Our life, what has happened to us and for us, is a complex arrangement of opportunities and challenges that shape how we think, feel and act. This is why financial planning is a personal journey, because whilst we all think money might be universal, it’s deeply personal.

Succession financial planning takes a further step back and looks not only at what we need to plan for today but how we can help future generations improve their financial behaviour.

Financial planning is the process of creating, protecting, using, and preserving wealth during a lifetime and after that to leave a legacy of financial soundness.

At SFP, we believe that our clients deserve the peace of mind that their financial affairs are in good standing by following the professionally recognised Six Steps of Financial Planning. We aid in creating a plan of action and coordinate the management of that plan to ensure that you achieve your future financial goals and dreams.

This is because a dream without a plan is merely a wish. In our financial planning journey, we work through specific areas of focus as they pertain to each client’s needs. In the same way that we all behave differently with money, we feel differently, and we need to take our journey at our own pace.

The six steps of financial planning are a cycle of milestones that are all connected so that we can move in either direction, depending on how life looks. It’s essential to have flexibility because life seldom sticks to our plans. We can move seamlessly from assessing the current situation to choosing portfolio changes and back again. The process is then applied to several areas of our financial responsibilities.

Whilst some of the fundamentals of succession financial planning rest on budgeting and tracking our spending and saving, we need to include risk planning, short-term medical cover and short-term insurance early on in the planning journey. These create the building blocks for more significant succession financial planning conversations, inside of a secure framework to protect wealth whilst using it to live the life we’d like to live.

Depending on your current situation, we then explore longer-term savings for things like financial independence, big purchases and succession wealth. Estate planning and trust management become useful instruments to preserve your wealth.

Ultimately, all of these help us build a comprehensive succession financial plan for you and your loved ones. The integration of who you are and how you want to best use your wealth with the financial planning tools and products available, is the key to successful succession planning.

Sanlam Life Insurance is a licensed financial service provider.
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