ABOUT

Starting as an idea in 2019, the concept of simplifying the complexity of the financial industry was our top priority. In an industry where products and services change frequently, deciphering complex terminology should not be a problem that our clients must face. FSP Wealth’s expertise is in making wealth planning as simplistic as possible. FSP Wealth makes complexity, simplified.

ABOUT

Starting as an idea in 2019, the concept of simplifying the complexity of the financial industry was our top priority. In an industry where products and services change frequently, deciphering complex terminology should not be a problem that our clients must face. FSP Wealth’s expertise is in making wealth planning as simplistic as possible. FSP Wealth makes complexity, simplified.

OUR PROCESS

FIRST MEETING

30 - 60 Minutes

During our first meeting our planners want to know more about who you are and what your financial needs are. During this meeting we will gather all the relevant information from you. Our planners will based on these information provided, assist you in accordance with FSP Wealth processes. Depending on the information provided, your planner may request a second meeting.

PROCESSING OF INFORMATION

1 - 6 WEEKS

A financial or risk solution and report takes a lot of effort, time, and experience to create. Because it entails analysing many parts of the client's information, this process could take up to 6 weeks. Each strategy is customized to meet the unique goals and objectives of each customer since we don't believe in providing our clients with mass-produced solutions.

PRESENTING OF PLAN

60 - 120 Minutes

As this report is typically a substantial document that requires the client's complete attention for the whole meeting, it is one of our criteria that all impacted parties—spouse in the case of family or directors in the case of a business—be present at the presentation of the report. We therefore advise clients to set aside some uninterrupted time for this input. For the purpose of achieving particular objectives and/or goals, the use of various items may be advised.

IMPLEMENTING OF PLAN

1 WEEK - 6 MONTHS

After the client approves the suggested advice, FSP Wealth will be designated as the client's advisor, and the implementation process will start. Depending on the size of the engagement, a full implementation may take a week to several months. The adviser and/or helper takes the client step by step through the process. In addition to the quantification of physical activities that each partner (advisor and/or client) will be accountable for, the procedure incorporates the activation of financial instruments.

MONITORING

TERM OF THE RELATIONSHIP

We want to develop multigenerational ties with our clients that last for a very long time. Theoretically, this should imply that this is a continuing process because, as was already established, relationships are reciprocal. We rely on our clients to keep us informed of any changes to their circumstances. The Service Level Agreement will specify the frequency and breadth of formal feedback (both "face to face" and online) after agreement with the planner. This agreement may be terminated at any moment by either party.

OUR PROCESS

FIRST MEETING

30 - 60 Minutes

During our first meeting our planners want to know more about who you are and what your financial needs are. During this meeting we will gather all the relevant information from you. Our planners will based on these information provided, assist you in accordance with FSP Wealth processes. Depending on the information provided, your planner may request a second meeting.

PROCESSING OF INFORMATION

1 - 6 WEEKS

A financial or risk solution and report takes a lot of effort, time, and experience to create. Because it entails analysing many parts of the client's information, this process could take up to 6 weeks. Each strategy is customized to meet the unique goals and objectives of each customer since we don't believe in providing our clients with mass-produced solutions.

PRESENTING OF PLAN

60 - 120 Minutes

As this report is typically a substantial document that requires the client's complete attention for the whole meeting, it is one of our criteria that all impacted parties—spouse in the case of family or directors in the case of a business—be present at the presentation of the report. We therefore advise clients to set aside some uninterrupted time for this input. For the purpose of achieving particular objectives and/or goals, the use of various items may be advised.

IMPLEMENTING OF PLAN

1 WEEK - 6 MONTHS

After the client approves the suggested advice, FSP Wealth will be designated as the client's advisor, and the implementation process will start. Depending on the size of the engagement, a full implementation may take a week to several months. The adviser and/or helper takes the client step by step through the process. In addition to the quantification of physical activities that each partner (advisor and/or client) will be accountable for, the procedure incorporates the activation of financial instruments.

MONITORING

TERM OF THE RELATIONSHIP

We want to develop multigenerational ties with our clients that last for a very long time. Theoretically, this should imply that this is a continuing process because, as was already established, relationships are reciprocal. We rely on our clients to keep us informed of any changes to their circumstances. The Service Level Agreement will specify the frequency and breadth of formal feedback (both "face to face" and online) after agreement with the planner. This agreement may be terminated at any moment by either party.

THE FOUR STAGES OF YOUR FINANCIAL LIFE CYCLE

Accumulation

You often make less money when you initially start your job and secure your first full-time salary in the real world — perhaps because you’ve just moved out of the house or finished university.

You may already be in debt during this time, such as through study loans, and some people in this stage of life may even get married, have families, or borrow money to buy a home, which frequently makes borrowing and the subsequent debt inescapable.

The best thing you can do during this period is establish sound financial practices right away and, to the greatest extent possible, live within your means by earning less money than you spend and saving more money than you spend (unless you have high-interest debt that would be better paid off sooner, then you may want to prioritise paying this back over stockpiling your savings).

This is also the perfect moment to develop long-term financial plans, thinking about where you want to be in a few years and how you’re going to get there. Additionally, if you can afford it without jeopardizing your ability to save money or pay off debt, now is a great time to invest and take advantage of the market’s long-term development.

Growing

There is less emphasis on managing income and cash flow when a person gets more established in their work, often earning a greater income and having more experience managing their finances.

Instead, money management and growth are more of an emphasis. To diversify your sources of income, you may elect to invest in things like real estate, or you may decide to invest in stocks or funds on the stock market, supported by research on each stock or fund, the overall economy, and the investing strategies will most likely to be profitable for you.

This stage should also include careful planning for the future, such as saving for future costs like children’s education, preparing for unforeseeable events like death and illness with insurance and wills, and carefully saving for retirement by putting as much money as you can manage into retirement accounts.

Protecting

This is the phase where you most likely won’t have the security of an employer-provided salary. As an alternative, you will be paying yourself out of the limited nest egg that you have built up over the course of your financial life cycle.

The most important thing to keep in mind at this time is to avoid overspending. The last thing you want is to be forced to live on a tight budget in your later years of retirement because you made hasty financial decisions in your early years of retirement.

In order to maintain your level of living throughout retirement while taking into consideration the expected increase in healthcare expenditures and the potential need for assisted living, it is likely that you will wish to use the budgeting techniques you acquired in the first stage of the financial life cycle.

Transferring

Your money is transferred to something or someone you care about in the final phase. This process may start right now and take the form of communal donations and gifts from individuals. Alternatively, it might wait till your passing.

When transferring and receiving wealth, financial understanding is essential to prevent potentially disastrous errors. Taxes are among the most important financial factors affecting wealth transfers. If not done appropriately, the beneficiary could face serious tax repercussions. This is why having proper estate planning and a valid will is essential.

A will ensures that your property and belongings are distributed to the people you wish to receive them. Your estate may not be distributed in the manner you intended if you do not have a legally binding agreement stating your intentions.