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6 Components to be Included in a Financial Plan

Wednesday, 29 June 2016

By Kotak Securities:



Here's a checklist for effective financial planning.
  1. 6 Components to be included in a Financial Plan

  2. ASSESSING PRESENT: This part of the planning has to deal with taking stock of all the assets and resources you own currently. This helps you understand your current financial situation. It is the most important thing to do while doing financial planning.

  3. DETERMINING CONSTRAINTS: Everyone has some limitation or the other. These could be because of familial responsibilities, lack of access, government regulation and so on. These need to be taken into consideration while forming your financial plan. Determine constraints in financial planning areas like taxes, legalities, time horizon, liquidity, risk appetite and obligations.

  4. EVALUATING THE PLAN REGULARLY: A financial planning is a dynamic process and not a static one. This is because individual circumstances keep on changing. For example, 10 years ago when you made the plan, you had no monthly loan liabilities. Today, you have to spend amount of loan in installments. This changes your liquidity constraints and requirements. For this reason, your financial plan should be evaluated on a timely basis.

  5. SETTING OBJECTIVES OR GOALS: Now that you have your starting point, figure out your ending point – set your goals and objectives. This should be both in terms of the return you expect on your strategies and investments as well as the risk you are willing to take. That said, remember that a financial plan can consist of multiple goals of varying durations.

  6. DETERMINING APPROPRIATE PLAN AND STRATEGY: After analyzing the goals and constraints, various alternative strategies are designed. Compare these and find out the pros and cons of each plan. The best plan – which achieves the goals in the most efficient manner – should be chosen.

  7. ADJUSTING AND MODIFYING THE PLAN: After evaluating the plan, if a change is required, the plan should be altered keeping in mind your current situation. Appropriate modifications are an absolute must.
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Disclaimer: Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +22 43360000, Fax No.: +22 67132430. Website: www.kotak.com. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097. Telephone No: 42856825. SEBI Registration No: NSE INB/INF/INE 230808130, BSE INB 010808153/INF 011133230, MCXSX INE 260808130/INB 260808135/INF 260808135, AMFI ARN 0164 and PMS INP000000258. NSDL: IN-DP-NSDL-23-97. CDSL: IN-DP-CDSL-158-2001 Investments in securities are subject to market risk; please read the SEBI prescribed Combined Risk Disclosure Document prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts. Compliance Officer Details: Mr. Manoj Agarwal. Call: 022 - 4285 6825, or Email: ks.compliance@kotak.com. In case you require any clarification or have any concern, kindly write to us at below email ids:
  • Level 1: For Trading related queries, contact our customer service at 'service.securities@kotak.com' and for demat account related queries contact us at ks.demat@kotak.com or call us on: Online Customers – 30305757 (by using your city STD code as a prefix) or Toll-free numbers 18002099191 / 1800222299, Offline Customers – 18002099292.
  • Level 2: If you do not receive a satisfactory response at Level 1 within 3 working days, you may write to us at ks.escalation@kotak.com or call us on 022-42858445 and if you feel you are still unheard, write to our customer service HOD at ks.servicehead@kotak.com or call us on 022-42858208.
  • Level 3: If you still have not received a satisfactory response at Level 2 within 3 working days, you may contact our Compliance Officer (Name: Manoj Agarwal) at ks.compliance@kotak.com or call on 91- (022) 4285 6825.
  • Level 4: If you have not received a satisfactory response at Level 3 within 7 working days, you may also approach CEO (Mr. Kamlesh Rao) at ceo.ks@kotak.com or call on 91-(022) 6652 9160.

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